Developers reducing price before NAMA

Anboby else seen similar incidents

House Type 3, Corraun Village, Racecourse Road, Roscommon, Co. Roscommon
property-vultures.com/History/353791.html

An Driseog Type A, An Driseog, Brierfield, Moylough, Co. Galway
property-vultures.com/History/328007.html

House Type E, Chapel Wood, Killmuckridge, Co. Wexford
property-vultures.com/History/385115.html

House Type A, The Lawn, Macroom, West Cork
property-vultures.com/History/124627.html

House Type E, Dun Álainn, Listowel, Co. Kerry
property-vultures.com/History/421949.html

Yes - have seen a massive increase in ads for houses in the papers. One (can’t remember teh paper) had “Secure with €1,000” as the banner over a house worth (ok, ok. with a price tag :slight_smile: ) of €350k

Also the junk mail has started up again.

This would suggest (to my simple mind) that NAMA is not a bailout for the developers afterall - they must think they’ll get a better price then they will get from NAMA?

I dunno. I still think it will bail out the developers. What I don’t think it will do is bail out the housing market…

“SELL, SELL, SELL” strategies rarely lead to rising prices…

Looked at the prices and reductions in the links… they range from 15% to 33%… no idea if they are on top of other reductions or if they are reduced from 2005/6/7 prices…

But the prices are still ridiculous, this doesn’t look like a fire sale before NAMA kicks in to me… looks like the banks/developers giving the oul marketing another rattle, and if th houses sell… great!

Maybe the banks have had a few more inquiries for mortgages recently… It may be people are thinking of buying again, it may be a lot of people believe we have hit the bottom…or it may be people chasing firesales… or a combination

Either way the banks have access to the data and if they see a pickup in inquiries they will respond.

Well I’ve been exposed to the “NAMA will put a floor on prices” mantra so it’s rattle, hoping to suck in any remaining suckers who believe they’re getting a deal.

Again i don’t know - The discounts are in rural area’s only and are around 30% average. From what i’ve been seeing in the Mid West, new development prices are very sticky and have not fallen to the same extent as individual private sales

McInerny Homes have 6 developments in Limerick mcinerneyhomes.ie/Current-Developments-Limerick.aspx#
with no discounts that I am aware of. McInerny have stated that most of there developments will be NAMA destined. Not a hope of selling them at current prices and there are full page advertisements on local papers every week for these

Exactly, one thing we know about Credit Contractions… Assets Fall…

What most Economoists dont agree is the price rises…?