Allsop Auction - 15th May 2013

Catalogue out on April 17th from the usual source:

Curious as to whether the stock will be any better.

Highly unlikely I would have thought

would assume more of the same dross

Allsop Auction fatigue here :unamused:

Some properties from the west would be welcome, but I guess I will have to wait until AIB start the repos. Not long now…

there was 1 property in Galway last time and that was in a less than ideal location and a bit rough around the edges, we cased the joint out with a drive by and decided that the pikes that lived there would be best left there.

We will know tomorrow morning…

Just as likely that we wont know till the evening. They’re rarely organised enough to get the properties up on time.

Will that really change much though? David Hall is fond of repeating a statistic on his Twitter feed that says the Irish banks hold a stock of X repossessed houses but only sold Y of them last year. I don’t remember the exact numbers but it’s something like just under 900 houses repossessed but only thirty something sold. So if they are selling less than 5% of the houses they have repossessed when repossessions are low is there likely to be a flood of repossession sales when they start to repossess more or will they just be sitting on them or maybe renting them back to the former mortgage holders?

There is a repossessed house 3 doors down from me - bust awntrapaner. Tenants moved out 9 months ago. No effort to rent or sell. The only ones making any money on it is receivers. Anyone know why the banks take so long. Interesting to see if it makes an auction soon as loans were to foreign bank.

Increased reprocessions could be having a big impact on the number of properties available for rent on Daft.

Do you mean the number of properties for rent is up lately?

No, Werpen example could well be typical of what will happen once reprocession kick off thus reducing the number of properties available to rent.

Yes, the number of properties available to rent in Dublin is up 10% to 2,016 since the start of April.

I really don’t understand that logic. Surely it’s a zero sum game, (except if repossessions drive people to emigrate, which is not unlikely). Hoping for higher rents as a result of repossessions seems like grasping at straws to me…

Reflect upon the possibility of every reprocessed property sitting ideal for 9 months to a year :slight_smile:

A higher number of rental properties would be great for renters as it would mean competition and lower rents, thus lower prices/yields.

Gee, I do hope that no one breaks into them or burns them down - Are they insured? Will the banks pay property tax?

Every repossessed property? A bit too much wishful thinking on your behalf!

Indeed. Lower rents would be better for everyone right across the economy. Except landlords, but I’m ok with that. It’s hard to have much sympathy for anyone who sees repossessions as an opportunity to jack up the rent!

Wishful thinking or not, you now appreciate why it is not a “zero sum” game as you previously stated :slight_smile:

IMO there is a shortage of rental property in Dublin and anything that has the potential to reduce supply is not a good thing.

I understand from other threads that you consider increases of 12% or less as “broadly in line” so that is no point in quoting Daft rental reports.

Every repossessed property?

Given that the vast majority of repossessions are likely to come from the BTL sector, and many of these units may not even be occupied it’s difficult to see how they will have any impact on the availability of rental units. Right? And what about the BTL units that are occupied? I’d be surprised if the tenants even realise that the ownership of the property has changed. And what about the private residences? A lot of them are probably already abandoned with the owners having emigrated, while other properties will be rented back to the former mortgage holders. No change in the rental supply there either, although it could be argued that there will be an increase in supply as the new owners (banks or whoever) will be motivated to ensure that the property is occupied.

Of course there will be some properties where an eviction is required and these cases will require alternative accomodation. Many of them will move in to other properties they might own, or in with relatives or friends while they resolve their problems, others will emigrate. And others will enter the private rental market. If you are hoping that these few eviction cases will present you with the opportunity to increase rents then I think you will be disappointed. I would expect that the banks will be forced to put in place a process to get the property back on the market as quickly as possible.

Either way, every repossessed property?