DNG McCormack Properties, the joint agents for the sale, had put a guide price of €150,000 for the entire site, but the selling price was over four times that figure.
Mr McCormack said it was “great to have it sold” and described it as a "vote of confidence in the market
Not much of a vote of confidence at 10k a pop.
Things must indeed be slow down that neck of the woods.
If the buyer makes a profit at least they won’t have to pay cgt.
Maybe Nama bought it through some SPF that’s connected to the trust…In order to boost market confidence
The new owner could finish out the estate, for say 20k a house, sell them at 70k each (about the build cost of a semi) , and make a fortune. At 70k finished I suspect they would sell in the morning. He will still have 53 sites left. He will develop them and sell them for more, hiring building workers. That a market working.
Everybody except existing property owners, the original developers, and the original bank(and its shareholders- possibly us) will be very happy.
Ssssssh! Dont rock the appletart. The establishment has nearly got the Europeans to take their buddies’ development losses over while those same buddies get back into business and maintain close to celtic tiger levels of lifestyle. Sure theres also collaterol damage to the irishtaxpayer but hey thats life.
Sssshhh, ignore the fact that nobody tried to sell those apartments in Longford at market clearing rate.
A professional landlord/property management company has no problems with apartment blocks as they are easier to maintain.
According to my plastic ruler it is 2.8km from the street named Main Street in Longford. It is not out in the back and beyonds and the apartments would have sold and rented at a price.
Point taken, but if I read the article correctly, I expect the issues is whether you have to build out the other 58 houses for which there is planning permission in order to sell the other houses. Obviously, people may well be happy to buy if the ones which have been built are properly finished.
I imagine they’ll fit out a section, do the surrounding groundworks and sell those. Then move on to the next section. When they’ve done all that, they’ll look to develop, bit-by-bit the remainder. They might even apply for change of planning to decrease the density of the remainder too?
Whatever, I think it’ll be a smaller team doing work bit-by-bit - the traditional model for developing estates in Ireland…