Wednesday, 27 June 2012

NAMA Demolishes Apartments...

State bad loans agency NAMA has decided for the first time to demolish a derelict apartment block it owns.

The apartment block -- in the Gleann Riada estate on the outskirts of Longford town -- comprises 12 unsold units that are in disrepair.

It is understood another half a dozen NAMA-controlled ghost estates will be knocked down before the end of the year as the loans agency returns half-built houses and apartments to green areas. NAMA controls about 280 unfinished developments, some 10pc of the total.

Local Fine Gael councillor Peggy Nolan said the Gleann Riada development was "Longford's Priory Hall", referring to the apartment complex in north Dublin that had to be evacuated last year due to shoddy building work.

Residents of the Longford estate have staged a long campaign to have their development properly completed.

The unoccupied apartment block at the entrance to the development has also been vandalised.

There are 90 houses on the estate on Strokestown Road that won't be affected, 80pc of which are occupied.


Ms Nolan said demolition work was already under way and that some of the area would be returned to grass.

She said original plans for the Gleann Riada estate had been for the inclusion of a hotel, creche and shops, none of which have been built.

Last week, Longford Town Council said it had served a health and safety notice to residents in the estate, which was built by Antrim developer Alastair Jackson. There was an explosion on the estate earlier this year caused by a build-up of methane gas.

The council said there were "major defects" in the estate's sewer systems and that there had also been an accumulation of hydrogen sulphide levels in some homes that exceeded World Health Organisation guidelines.

Report by John Mulligan - Irish Independent

Sunday, 17 June 2012

Mortgages In Arrears Hits New Peak...

Number of mortgages in arrears hits new peak of 14pc...

ONE in seven mortgage holders is now in arrears, according to calculations by a leading ratings agency.

Large numbers of these homeowners are understood to be avoiding getting into talks with their banks on restructuring their mortgages.

Moody's also said house prices would fall another 20pc.

The rating agency said its calculations show 14pc of residential mortgage holders are now in arrears, which works out at 107,000 households. This is a new peak, it said.

Figures released by the Central Bank last month showed 10.2pc of mortgage holders were three months or more behind on their payments.

"The steep decline in house prices since 2007 has placed the majority of borrowers deep into negative equity," it said.

"Irish house prices have already fallen by 49.9pc between September 2007 and April 2012, and Moody's expects that house prices will fall a further 20pc from today's levels."

Central Bank figures show that there are 764,138 mortgages in the market.

Last month, the Central Bank said 77,630 mortgage accounts were in arrears for 90 days or more in March. On top of this, another 38,658 mortgage holders have an agreement from their bank to lower their monthly repayments.

Moody's said yesterday that 5.5pc of mortgage accounts were a year or more behind on repayments in April. This works out at 42,027 mortgage holders.

The 360-plus day delinquent loans (which are used as a proxy for defaults) shot up from 4.23pc of the outstanding portfolios at the start of the year.

Moody's bases its figures on a basket of mortgage accounts that have been packaged together and sold on to investors. These mortgages are still serviced by the originating banks.

The ratings agency's arrears figures tend to be more up to date than the data produced by the Central Bank. The Central Bank figures tend to concur with the ratings agency's a few months later, financial experts said.


Moody's also said the Irish economy would only grow 0.2pc in 2012.

"In this weak economic recovery, it will be difficult for distressed borrowers to significantly increase their debt servicing capabilities and so arrears are likely to continue increasing."

Mortgage lenders have begun to give the Central Bank information about how they are helping home owners in arrears.

The bank has asked for the information after a report by BlackRock said mortgage lenders needed to make significant improvements in the way they deal with mortgages.

The Central Bank will use the information to start publishing revised mortgage arrears data later this year.

Report by Charlie Weston - Irish Independent

House Prices To Fall Another 20pc...

IRISH house prices are expected to fall by another 20pc, according to a new report by Moody’s Investor Services.

The report states that house prices have fallen by 49.9pc between September 2007 and April 2012.

''Moody's expects that house prices will fall a further 20pc from today's levels (bringing the aggregate peak-to-trough fall to 60pc)," it added.

It added that the majority of Irish homeowners are now “deep into negative equity.”

And it also said that he performance of Irish prime residential mortgage-backed securities continued to deteriorate during the three months ended April 2012.

Given the current climate, Moody's said the Irish economy would only grow by 0.2pc in 2012. "In this weak economic recovery, it will be difficult for distressed borrowers to significantly increase their debt servicing capabilities and so arrears are likely to continue increasing,'' it warned. reporters

Wednesday, 13 June 2012

Allsop Space 6th July 2012 Auction Catalogue...

Allsop Space Auction Venue - 6th July 2012
The Shelbourne Hotel
Dublin 2
Start Times
Single Session
Auctioneer’s Announcements 10.45 a.m.
Lot 1 not before 11.00 a.m.

Lot     Type     Location     Reserve Price will not exceed this figure
1    Investment Flat    Dublin 2    €135,000
2    Investment Flat    Galway City    €120,000
3    Investment Flat    Malahide    €75,000
4    Vacant Freehold House    Killiney    €95,000
5    Vacant Freehold House    Galway City    €50,000
6    Investment Freehold House    Newbridge    €30,000
7    Land/Site    Gort    €27,150
8    Investment Flat    Dublin 8    €75,000
9    Vacant Freehold House    Mountshannon    €40,000
10    Vacant Freehold Building    Moville    €45,000
11    Investment Freehold Building    Wicklow    €100,000
12    Land    Castlemaine    €50,000
13    Vacant Freehold House    Bunclody    €35,000
14    Vacant Flat    Bundoran    €17,500
15    Vacant Flat    Cratloe    €75,000
16    Vacant Freehold Building    Waterford City    €50,000
17    Investment Freehold Building    Dublin 22    €295,000
18    Vacant Freehold Building    Dublin 2    €1,000,000
19    Vacant Freehold House    Castlerea    €40,000
20    Vacant Flat    Chapelizod    €90,000
21    Vacant Flat    Carrick-on-Shannon    €25,000
22    Retail    Dublin 7    €130,000
23    Investment Freehold Building    Waterford    €410,000
24    Land/Site    Sligo    €5,000
25    Vacant Freehold Building    Dungarvan    €20,000
26    Vacant Freehold House    Shercock    €50,000
27    Vacant Freehold Building    Ballinrobe    €15,000
28    Vacant Flat    Kilrush    €40,000
29    Vacant Freehold Building    Kilmore Quay    €40,000
30    Investment Flat    Portmarnock    €120,000
31    Vacant Freehold Building    Athy    €50,000
32    Vacant Freehold House    Ballinasloe    €50,000
33    Vacant Flat    Clifden    €55,000
34    Investment Freehold Building    Limerick City    €260,000
35    Vacant Flat    Portlaoise    €30,000
36    Land/Site    Kilcoole    €30,000
37    Vacant Freehold House    Mullingar    €125,000
38    Vacant Freehold Building    Wexford    €230,000
39    Vacant Freehold House    Mountrath    €35,000
40    Vacant Freehold House    Inchigeela    €45,000
41    Vacant Freehold House    Blackrock    €105,000
42    Vacant Freehold House    Loughrea    €75,000
43    Vacant Freehold House    Dublin 15    €90,000
44    Vacant Freehold House    Derrygoan    €20,000
45    Vacant Freehold House    Kilrush    €20,000
46    Vacant Flat    Dublin 16    €70,000
47    Vacant Freehold Building    Rathmines    €600,000
48    Vacant Freehold House    Rathangan    €85,000
49    Vacant Freehold House    Milltown    €150,000
50    Investment Freehold Building    Dublin 3    €140,000
51    Vacant Flat    Cratloe    €75,000
52    Vacant Freehold House    Schull    €270,000
53    Investment Freehold House    Salthill    €85,000
54    Vacant Freehold House    Tuam    €25,000
55    Investment Freehold Building    Ballyfermot    €250,000
56    Vacant Freehold House    Mountrath    €35,000
57    Land/Site    Tullow    €35,000
58    Investment Flat    Dublin 8    €75,000
59    Retail    Killaloe    €30,000
60    Vacant Freehold House    Blessington    €47,500
61    Investment Freehold House    Blessington    €47,500
62    Investment Freehold House    Blanchardstown    €80,000
63    Vacant Freehold House    Dublin 1    €35,000
64    Investment Flat    Newbridge    €20,000
65    Vacant Freehold House    Ballybane    €50,000
66    Vacant Freehold House    Bunclody    €40,000
67    Vacant Freehold House    Skibbereen    €75,000
68    Investment Leasehold House    Glasnevin    €70,000
69    Industrial    Drogheda    €135,000
70    Investment Flat    Sligo Town    €25,000
71    Investment Freehold House    Dublin 7    €100,000
72    Investment Freehold House    Newbridge    €26,000
73    Investment Freehold House    Ballyjamesduff    €40,000
74    Investment Freehold House    Mulhuddart    €90,000
75    Investment Flat    Limerick City    €30,000
76    Investment Freehold House    Swords    €120,000
77    Investment Freehold Building    Arklow    €95,000
78    Vacant Freehold House    Coolkenno    €15,000
79    Vacant Freehold House    Mervue    €75,000
80    Vacant Freehold House    Crosserlough    €45,000
81    Investment Flat    Dublin 8    €75,000
82    Vacant Flat    Carrick-on-Shannon    €30,000
83    Retail    Raheen    €30,000
84    Investment Freehold Building    Arklow    €95,000
85    Vacant Freehold House    Mountrath    €35,000
86    Investment Leasehold House    Dublin 12    €45,000
87    Investment Flat    Castletroy    €65,000
88    Vacant Freehold House    Rathfarnham    €220,000
89    Vacant Flat    Kilrush    €30,000
90    Vacant Flat    Dublin 2    €160,000
90 Lots sorted by Lot Number    Lots: 1-90 

A Ghost Estate For Just €50,000 !

Auctioneers to sell 14-house ghost estate in Co Kerry for just €50,000...

DEPENDING on how deep your pockets are, you can pick up a ghost estate of 14 houses for only €50,000 or a Georgian House for €1m in the Allsop Space auction next month.

A total of 90 properties are available at the event on July 6.

Another unusual property on offer is Whites Castle, Athy, Co Kildare, a 15th century castle in the centre of the town, which also has a €50,000 guide price.

The auctioneers are hoping to raise about €8m from the auction, which is below the €13m it achieved in its last auction in May. But then there are fewer lots this time and less valuable commercial properties.

The ghost estate was conceived as a multi-million holiday home development at a pivotal point on Kerry's tourist trail.

The 14-house lot at Annagh Banks in Castlemaine, Co Kerry, is about to be auctioned for only €50,000. It will be the first time that Allsop Space will include a full ghost estate as one lot at auction.

The houses vary in size and some have attic space, but it will be up to the buyer to divide up their accommodation into bedrooms and reception rooms. At present they are built to only shell finish and have not been fitted out.

In contrast, the most valuable lot will be the four-storey over-basement Georgian house at 26 Merrion Square in Dublin, which is being sold by a private vendor.

It had previously accommodated a language school, a bank headquarters and a family home. It retains many of its original features and the original layout is largely intact.

The cheapest Dublin house to go for auction is a three-bedroom semi in Killiney, which has a €95,000 guide price.

The most expensive Dublin residential house is 1 Three Rock Grove, Harold's Grange Road, Rathfarnham, Dublin 16 -- a three-bedroom detached house with a €220,000 guide price.

A Dublin city centre penthouse apartment is also expected to attract strong interest as the three-bedroom duplex at 14 Hogan Square near Merrion Square and Holles Street hospital is guiding at €160,000.

Outside Dublin the cheapest house is a one-bedroom town House at Clancy Mills, Kilrush, Co Clare, which has a €20,000 guide price.


It is closely followed by a two-bedroom bungalow at Sun Street, Tuam, Co Galway, which has a €25,000 guide price.

Despite recent government figures showing that Dublin apartment prices had risen in March and April, the auctioneers have cut the guide prices for one-bedroom apartments at The Tannery complex at Cork Street, Dublin 8, to €75,000.

In April 2011, one-bedroom units in this Liam Carroll development had sold for between €93,000 and €103,000.

So in March of this year, when some more of them were brought to auction, the guide price was increased from €85,000 to €90,000.

However, the one-bedroom units failed to sell and so they cut the guide to €75,000.

Robert Hoban, director of Allsop Space, said that the price cut was a reflection of the weaker demand for one-bedroom flats.

Among the commercial properties to go for sale is the 20-bedroom Drinagh Court Hotel, in Drinagh, near Wexford town, which has a €230,000 guide price.

It is being sold on the instructions of the receiver, Smith & Williamson Freaney, who is also selling two Waterford pubs.

One of these at 45/47 Morgan Street, Waterford, has a €50,000 guide price and comes with five bedsits.

A Dublin pub, The Stout Bar at Lower Rathmines Road, Dublin 6, has a €600,000 guide price and it comes with four flats in an adjoining investment property.

Report by Donal Buckley - Irish Independent

Sunday, 10 June 2012

It'll Take 43 years To Fill Empty Houses...

200,000 homes may need to be bulldozed -- bank

AN explosive report has claimed that Ireland has so many empty houses that it would take up to 43 years to fill them all.

Deutsche Bank figures suggest that there are 289,451 empty houses in Ireland, including almost 60,000 vacant holiday homes. This represents a vacancy rate of 15 per cent. As the Deutsche Bank map shows, the empty properties are highly concentrated around the Atlantic coast with Kerry and Donegal particularly badly afflicted.

This glut of empty homes will have a major impact on future property prices.

"Demand for housing is the key factor as to how long it will take for this oversupply to be reduced, and aside from demand for second homes the key driver should be population growth," Deutsche Bank notes. Based on 2011 figures which showed population growth of just 13,000, and the average number of residents per house, the bank estimates that it could take until 2055 for the glut of houses to be worked through.

The report says that if current population trends are sustained, housing oversupply will take 43 years to clear (this excludes holiday homes from unoccupied houses in the calculations). If holiday dwellings are included in calculations, the oversupply will take 57 years to clear.

However, the 2011 population growth figures were well below the levels seen over the previous decade. But such is the scale of vacant property that even at pre-crisis, boom-year population growth levels it would take almost 10 years to clear the backlog. And this is before taking into account developments which may subsequently be completed, and houses which are still being built -- 10,480 in total in 2011.

Our vacancy rate of 15 per cent is almost five times greater than in the UK. The average vacancy rate in England is 3.2 per cent, with 719,000 empty homes out of 22.8m.

"Barring a sudden and sizeable recovery in Irish net migration, or a politically controversial policy of demolishing large volumes of excess housing stock, housing oversupply will remain a feature for many years, possibly decades, to come," says Deutsche.

"This has ramifications for any bank with development loan exposure, and also for the mortgage market, where prices have continued to fall and oversupply makes any reverse of this trend unlikely in the near term.

"Over 200,000 houses would need to be demolished in order for the housing supply to fall to three years of current population growth."

Nama announced last month that it would spend around €2bn to complete unfinished commercial and residential developments around the country. It indicated that some greenfield sites would also be built "in anticipation of future supply shortages in some market segments". This would create 25,000 jobs in the construction sector, according to Nama chairman Frank Daly.

In April 2010, Nama boss Brendan McDonagh told the Oireachtas Public Accounts Committee that the state agency would consider bulldozing properties in certain circumstances, but that this would not be the "first option".

Report Nick Webb - Sunday Independent