irishtimes.com/newspaper/bre … king3.html

Article links to prospectus.
115 properties for sale - not a huge difference from the Shelbourne auctions in number of properties.
Is that all an economy of c.€150 bn and 2 million residential properties (ok, 1.7m occupied) can absorb?

Would 1,000 new properties for sale (and you know they are out there) tank/spook the market??? XX

So this was priced at 1.9mil in 2008?
myhome.ie/residential/brochu … ath/138075

The market price was certainly nowhere near that sort of money so whilst it is 80% off the asking price, it is far from an 80% drop in value.

This is just a big fucking NAMA lie.

The 1.9 million referred to the proposed “residences” at Kileen Castle that were never built and have disappeared from the web site:

web.archive.org/web/200901051851 … ences.html

web.archive.org/web/200710200239 … illeen.htm

Loughmore Square is an entirely different and cheaper development:

sherryfitz.ie/resi/buy/Devel … &ST=7&pc=1

Prepare to be fucked more like it.

independent.ie/lifestyle/pro … 02432.html

Any mention of the golf club membership is this never-to-be-repeated ultra special NAMA offer?

Is there fuck?

killeencastle.com/homes-for- … square.asp

There’s that “from” word. So a drop from €845,000 to “from” €360,000 without club membership. That is a maximum drop of 57.4%.

Lying fuckers.

This is another example of web forums being leagues ahead of the professional media. A few minutes of digging by jxbr and the truth is revealed. Are the journalists involved in that piece too lazy to find the truth or are they actively trying to avoid the truth?

the latter me thinks

I double-dare any journalist, especially one working for the so-called paper of record, to check some basic facts before printing such shite as this.

Where are the sub-editors and editors that lies like this can be printed without NAMA being subjected to even the most basic scrutiny?

Hold the front page my arse. They are too busy holding one another’s cocks.

This NAMA scheme is utter wank. It is an attempt to pass off crappy properties in poor locations to idiots at apparent but illusory discounts. As I was driving to a meeting this morning, I heard the twin cunts of Pat Kenny and Grandma O’Rourke witter fawningly of this scheme. Kennycunt even used the phrase that this would help people in negative equity. How in fuck’s name would that work?

Kind of the new Home Choice Loan but on NAMAnoids?

haha you’re in top form.

That is funny because in the very same section they had this piece were the negative equity crowd were crying into their cornflakes about how this had made their situation worse.

irishtimes.com/newspaper/fin … ml?via=rel

These are some scenarios for this scheme based on different property prices and assessed discounts after 5 years:

Interest Rate                                4.50%         4.50%         4.50%         4.50%         4.50%
Notional Property Price                   €200,000      €300,000      €400,000      €500,000      €600,000
Nama Notional Discount                         20%           20%           20%           20%           20%
Deposit Required                               10%           10%           10%           10%           10%
Mortgage Amount                           €180,000      €270,000      €360,000      €450,000      €540,000
Mortgage Duration                               20            20            20            20            20
Monthly Mortgage Payment                 €1,265.30     €1,897.95     €2,530.60     €3,163.25     €3,795.90
Amount Paid After 5 Years               €75,917.93   €113,876.89   €151,835.85   €189,794.81   €227,753.78
Assessed Decrease After 5 Years                10%           10%           10%           10%           10%
Value After 5 Years                       €180,000      €270,000      €360,000      €450,000      €540,000
Revised Mortgage Payment                 €1,138.77     €1,708.15     €2,277.54     €2,846.92     €3,416.31
Total Repayable                        €273,304.53   €409,956.80   €546,609.06   €683,261.33   €819,913.59
Net Amount Repayable                   €197,386.61   €296,079.91   €394,773.21   €493,466.51   €592,159.82
Revised Monthly Mortgage Payment         €1,096.59     €1,644.89     €2,193.18     €2,741.48     €3,289.78
Monthly Reduction After 5 Years            €168.71       €253.06       €337.41       €421.77       €506.12

Assessed Decrease After 5 Years                15%           15%           15%           15%           15%
Value After 5 Years                       €170,000      €255,000      €340,000      €425,000      €510,000
Revised Mortgage Payment                 €1,075.50     €1,613.26     €2,151.01     €2,688.76     €3,226.51
Total Repayable                        €258,120.95   €387,181.42   €516,241.89   €645,302.36   €774,362.84
Net Amount Repayable                   €182,203.02   €273,304.53   €364,406.04   €455,507.55   €546,609.06
Revised Monthly Mortgage Payment         €1,012.24     €1,518.36     €2,024.48     €2,530.60     €3,036.72
Monthly Reduction After 5 Years            €253.06       €379.59       €506.12       €632.65       €759.18

Assessed Decrease After 5 Years                20%           20%           20%           20%           20%
Value After 5 Years                       €160,000      €240,000      €320,000      €400,000      €480,000
Revised Mortgage Payment                 €1,012.24     €1,518.36     €2,024.48     €2,530.60     €3,036.72
Total Repayable                        €242,937.36   €364,406.04   €485,874.72   €607,343.40   €728,812.08
Net Amount Repayable                   €167,019.44   €250,529.15   €334,038.87   €417,548.59   €501,058.31
Revised Monthly Mortgage Payment           €927.89     €1,391.83     €1,855.77     €2,319.71     €2,783.66
Monthly Reduction After 5 Years            €337.41       €506.12       €674.83       €843.53     €1,012.24

The buyers takes all the risk by funding the cashflow over the first five years. The buyer’s repayments are initially set at the full value of the property without taking into account the so-called future NAMA discount.

Only after 5 years, when the property value is assessed and the discount, if any, set (by what mechanism, who does it, who guarantees their independence, what appeal process, does any work done on the property that increases its value affect the valuation process, etc.) do the buyer’s repayments drop to the revised amount. The buyer then can get credit for the assessed overpayment.

5 years is a long time for the details of this scheme to forgotten.

So, as a buyer, what would you prefer: actual lower repayments now or possible lower discounts in the future when you have taken all the risk and the pain of higher repayments? A bird in the hand is worth a kick in the bush.

This is a pump-and-dump scam.

chunky 20% price drops on the Naul ones today

myhome.ie/residential/brochu … lin/215474 (bottom of page for drops)

I am chastened :blush: : I should not have reproduced the Minus 80% without a few minutes research myself!

However my original question was more to do with the volume than the price.
The number of properties is about the same as an Allsop auction, which happens every 3 months or so.

:question: Is that really all the volume the market can bear? :question:

Sir - your poor reporting has provoked at least seven different profanities from an irate jxbr. Is this a record?

Up yours etc.,


If they were normal asking prices with a further 10-15% off to the offer price, then they might be there. But, NAMA seem to be claiming that there’s no bargaining on those prices. How in heavens name will they be able to value those houses 5 years from now, in such a small estate, and with so many styles?

That made me laugh.

I presume that the phrase ***Kennycunt ***is not regarded as a profanity but as accurate.

Is there a list anywhere of the properties for sale

Having said yesterday these properties were way overpriced, and woe and behold this afternoon they are dropped by on average 20%, i have to ask what sort of clowns are running this setup ?

How many “professionals” are involved in this from Nama to Pr companies to auctioneers and they couldn’t even get the most basic things right. Just typical form of the irish establishment, a pack of back slapping jokers.

Fill yer boots ballsy… :unamused:

The point about the 80% reported decline is well made.

But would an asking price of €475,000 in October 2009 and a “fixed” asking price of €275,000 today be unrealistic. CSO says houses outside Dublin declined by under 30% since October 2009. So what would the settled price have been in October 2009? 10% off asking? 20%? Say 20% and then take off another 30% and that gets you to €286,000 which is in the ballpark of the €275,000 “fixed” asking price today. Though you mightn’t get golf membership thrown in.

great stuff :smiley:

Has anyone bought these places? Drove in last week for a gawk and its like a ghost town. In the middle of nowhere