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"3,250 of NAMA’s Irish homes are lying empty" - NWL


Dublin 4

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Nearly a year ago, there was criticism on here that NAMA still didn’t have a proper handle on its Irish residential property – NAMA would merely say that 9,200 homes were rented but there were 4,000 other homes whose status was not clear. This week in the Dail, we got an update and it seems that right now, some 3,250 of NAMA’s Irish homes are vacant.
That’s a pretty awful indictment of NAMA’s asset management capability.


3,250 of NAMA’s Irish homes are lying empty

Gotta hand it to the Lake - one of Ireland's top sources of info.

Repoes in the post on top of this & the other prop oversupply outside NAMA with the EZ Crisis, Taxes n Cuts all add to the expectation of more falls.

So tell us all peeps - what should be done with NAMA's oversupply & why? :|
 

Ulster-Lad

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Fire sale or bulldozer. There are loads of these estates where people are living in a few of the houses with no services.
 

Dublin 4

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NAMA Firesale v Bank Repo Firesale = a lot more Neg Eq :shock2:

Bulldozing = collateral wiped out... :?

 

blokesbloke

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It seems a criminal waste for them just to stand there and rot.

Is there a need for more social housing? Could they be used for that?
 

commonman

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It seems a criminal waste for them just to stand there and rot.

Is there a need for more social housing? Could they be used for that?
The problem there i think is the locations of a lot of these houses is not great, people are not going to live in the middle of no where that day is gone.
 

Dublin 4

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So is the money ;)
 

ocianain

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3,250 of NAMA’s Irish homes are lying empty

Gotta hand it to the Lake - one of Ireland's top sources of info.

Repoes in the post on top of this & the other prop oversupply outside NAMA with the EZ Crisis, Taxes n Cuts all add to the expectation of more falls.

So tell us all peeps - what should be done with NAMA's oversupply & why? :|
Author of the article is incorrect, he/she utilizes the old fallacy of composition argument; it does not follow that if 3000+ units are brought to market rental rates would stay the same, if fact they should drop as directionally the commodity (housing) is going long; this would tend to further devalue properties. The solution is to demolish unoccupied housing.
 

Thomaso12

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House the homeless in them and give them some type of job to improve the areas.
 

florin

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The problem there i think is the locations of a lot of these houses is not great, people are not going to live in the middle of no where that day is gone.
Yep, mostly fields in culchie-land with no jobs, buses, trains, or broadband.
 

Dan_Murphy

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NAMA Firesale v Bank Repo Firesale = a lot more Neg Eq :shock2:
Yes, but the alternative is that people who don't own their own home must pay higher rents and those looking to buy their own home must take on bigger mortgages.
 

Dublin 4

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Yeah - lose, lose, lose :|
 

ivnryn

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It seems a criminal waste for them just to stand there and rot.
Right better to sell a house for EUR 1 and then at least someone gets a benefit.

Is there a need for more social housing? Could they be used for that?
It is unlikely that there is nobody who would be willing to live in them. As long as there are people who would move into them, if given the chance, then they should be sold.

Ofc, the new owners would have to cover completion of the rest of the estates, so maybe they are literally worth less than nothing.
 

wombat

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It seems a criminal waste for them just to stand there and rot.

Is there a need for more social housing? Could they be used for that?
Most of them were built in small towns where there is no demand and likely never will, they seem to be afraid to plough them under.
 

Lord Muck Savage

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Author of the article is incorrect, he/she utilizes the old fallacy of composition argument; it does not follow that if 3000+ units are brought to market rental rates would stay the same, if fact they should drop as directionally the commodity (housing) is going long; this would tend to further devalue properties. The solution is to demolish unoccupied housing.
Why hold properties at an inflated value and everything else that follow such as costs, wages etc? If we’re going to become competitive as a country we’ll need to reduce costs all round otherwise we’ll forever be burdened with high unemployment and emigration .
 

ocianain

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Why hold properties at an inflated value and everything else that follow such as costs, wages etc? If we’re going to become competitive as a country we’ll need to reduce costs all round otherwise we’ll forever be burdened with high unemployment and emigration .
All decisions are political decisions but all decisions have consequences, that's how we got into this mess after all. If we assume all these empty homes are rented/sold the valuation of housing in those markets will go down, this will put pressure on people paying their mortgages as their homes start to go under water. This will fuel defaults, this is/was happening in California, where like Ireland whole developments stand empty. It's a bad situation all around.
 
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