Auction it and they will buy...

rte.ie/news/2012/0711/63-hou … 0-000.html

Knock em down, eh? No point in selling, eh?

The 14 acre ghost estate would have a maximum agricultural value of, what, 140k? Less knocking down costs of maybe 10k a house, so let me see, that would be +140k-630k versus +640k for a sale…

I’ve always said NAMA was a scam, it is a many-handed scam. Debt-relief for the formerly rich. Profits for the professions. Asset hiding for the rich. Knocking down houses is another part of the scam.

Your wallet is being picked, your watch removed, you’re being beaten over the head too…

Bought them for 10k a house so. That’s more like it 8)

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.

Nama is designed to stop this market working.

+1

What are the chances the houses were sold to a developer in NAMA?!

There’s a market for everything, just not the kind of market some people want.
NAMA is crime being perpetrated on this country.

Never a truer word…

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.

Sshhhhh, ignore that fact that these are nice houses close the the centre of the town as opposed to apartments in a field outside Longford and the arguement is won.

Have you been to Tullow? It’s not bad, but it’s no steamy metropolis…

How is a builder going to build houses for €20K a house. Would that even cover the planning contributions let alone builing the houses? Or are we taling slave labour.

Horrible story re block paving business in the UK using slaves:
thejournal.ie/slavery-travel … 9-Jul2012/

Yep, I was down there a couple of months ago. Seemed busy.

Way nicer than Longford too.

You see,

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.

Is this going to run into planning issues if it was planned as a retirement village?

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…

As per google maps those apartments are in the countryside.

There shouldn’t have been planning for apartments there in the first place and regardless of what the market might or might not do, we as a society should aspire to better.

I live in an apartment 4km from the street called Hauptstrasse in Heidelberg.

Your complaints come a couple of years too late.

Great to see a story illustrating what many of us have said.

I’ve no idea, but the report seems to answer that question