The Irish Times says it was 2004 and €1.4m (although the calculation ends up with a similar outcome - 78% fall from theoretical peak).
From the bit I hear on RTE drivetime, himself and the wife “live in the area” and whilst out walking spotted the house and an application by the developer/builder to have it demolished, they then contacted him, never telling him that the husband worked for Nama. It was well known “in the area” that the builder was in Nama. When Nama came out with their mortage offering he rang and asked if he could apply for a Nama loan and was told yes. He didnt specify he was buying this house. I am a bit unclear as to whether he rang as a Nama employee or as Joe Bloggs
Nobody knows anything, nothing is written down, it was outside the scope or knowledge of ‘NAMA’, nobody is to blame, the taxpayer loses out on this deal - so what’s changed from the boomtime?
Sweet F**k All
Enjoy paying your taxes so that this guy can enjoy the property he is entitled to.
I think either way if we accept that the peak in property prices was 2007 this Man managed to purchase a property at a reduction
of around 75% and his new job is most interesting although I am SURE that no conflict of interest exists .Mr Farrell left NAMA in April to work as the head of the Irish operations of UK-based Forum Partners, which is a €5bn real estate investment management firm that is scouring the Irish market, and other markets, for distressed debt deals.
Today’s Evening Herald herald.ie/news/nama-storm-ov … 90556.html :
Does NAMA have a record of giving permission to Mr Dowd to sell the land?
Does NAMA give NO oversight whatsoever when one of the developers on its books is selling distressed properties? Does NAMA simply - note the word *simply *- continue to let the developers wheel and deal, unsupervised and with little or no limitations placed on them as if they were trustworthy? **
Is NAMA completely and utterly dysfunctional?
** If so, could someone please steer me in the direction of a developer in Galway: I could give him a €50,000 pressie for his childer if he sold me a €750,000 property for €410,000. Win win for all of us. NAMA wouldn’t give a fuck and the Irish taxpayer is so used to being screwed over by cute hoors that they’re immune to it at this stage and shure that’s the way things run in this country.
It is time Frank Daly admitted that NAMA is utterly incompetent to the extent that it boarders upon existing as a State agency that is manifestly
corrupt and fell on his sword.
`Perhaps someone handy with maps might be able to suss out any relevant planning history from the following source:
I’ve tried unsuccessfully.
No evidence of a planning application, granted, refused, withdrawn,invalid or archived in the last 10 years…
Who is to know whom to approach with the opacity of NAMA.
When one approaches a developer to enquire as to availability doesn’t that immediately put the buyer at a disadvantage?
“well known in the locality to be in NAMA”; who do the locals get that information off. Banks don’t discuss the financial affairs of their customers with the public.
No way for one to know if a developer is in NAMA if you don’t know the bank he got the loan with.
If you look at the NAMA website the details it gives on properties it holds are scant.
NAMA says on its website/pdf many of the properties were not up for sale so why bother approaching the vendor about them.
The only one who could have known how to approach this as a purchaser was an insider because too many details would be in doubt for anyone else to extend money and effort on doing the due-dilligence required for a property that NAMA may not be planning to sell for years.
Months ago I posted here that I’d be interested in purchasing a house in one of the estates near my home town but that NAMA were unhelpful, how I was unwilling to deal with the developer who built the development because without the approval of NAMA he couldn’t authorise the sale.
I feel the game is stacked in favour of the insider based on my experience and what we see here for this property in Lucan.
The developer who sold the land, Thomas Dowd, might be this following guy who is listed on solocheck.ie as having some 45 directorships:https://www.solocheck.ie/IrishDirectorInfo?directorName=THOMASPATRICKDOWD&h=3804160167
Amongst these directorships are:
ACP FINANCIAL SERVICES
NOLLAIG NOMINEE LIMITED
AVESTUS NOMINEES LIMITED
ACP FINANCIAL SERVICES HOLDINGS LIMITED
QUINLAN PRIVATE CLIENT LIMITED
DUBLIN STREET PARKING SERVICES
So, Ixus, I’d say you have the right Thomas (Avestus) Dowd, the developer.
If Fergus Farrell of Avestus is a brother of Enda Farrell (NAMA employee who bought the site for a song from Thomas Dowd), then I’d say you’ve probably found the insider contact.
Here are 10 of the 14 companies of which Fergus Farrell is director:
QUINLAN NOMINEES DIAGONAL THREE LIMITED
QUINLAN NOMINEES DIAGONAL ONE LIMITED
QUINLAN NOMINEES DIAGONAL TWO LIMITED
OBSERVATORY BUILDING MANAGEMENT COMPANY LIMITED
OBSERVATORY RESIDENCES MANAGEMENT COMPANY LIMITED
OBSERVATORY BASEMENT MANAGEMENT COMPANY LIMITED
Course there isn’t, it is in Fucking FINGAL innit.
Thomas Dowd and his Mrs applied to build a large ‘executive’ Orchitect designed contraption of 570 sq m + in 2005 and was refused over scenic amenity/size/mass/prominence/sympathy/appropriateness etc etc etc.
It fell into dereliction since 2005 with no subsequent planning applications made by any party. This means Farrell can refit/revamp but not change it.
With its planning history it probably is worth around €400k, need a maaaaajoooooor revamp and one will not get permission to ‘ronchify’ or extend it any time soon.
There is and never was a PLANNING APPLICATION TO DEMOLISH!!!
It is not listed on the Derelict Sites Register in Fingal either, what sort of shite is this from Farrell and Kramer.
Here, therefore, is Enda Farrell and Alice Kramer’s proposed refurbishment on the house (and for which they were recently granted planning permission):
Planning permission for development at Sundaywell. The development will consist of the refurbishment, alteration & extension on two floors (72.88 sqm) of the existing 1970’s dwelling, the demolition of the existing outbuildings, provision of a new double garage (57.86 sqm) & landscaping works
You can read the recent planning history of this property in the manager’s order:
Nice find Doubleglaze. The Eoin Farrell and Alice Kramer who were granted permission to renovate Sundaywell do not live “In The Area” but in a separate county, out in Dunboyne Co Meath. Somebody seems to have a really crap PR bunny acting on their behalf.
The interesting question for me is whether this Alice Kramer is the self same person who works in compliance for Ernst & Young ( as already mentioned upthread) or another Alice Kramer entirely.
This, of course, would be the self same E&Y who have made at least €8.4m out of NAMA to date…and not for auditing either.
My guess is she’s handy with the sewing machine, as there is a “sewing room” in their proposed development.
There is a user called Kramer on weddingsonline, from Monaghan, who is handy with the sewing machine and who got married in Monaghan, where she’s from, in 2008. Said she was self-employed. weddingsonline.ie/discussion … 2241ceb442
NAMA ‘cleared’ own executive to buy developer’s property - Thomas Molloy -> independent.ie/national-news … 90392.html
NAMA has no record on ‘clearing sale’ of property to employee - Thomas Molloy -> independent.ie/national-news … 90922.html
Well with 2 acres at least we wont be hearing this
Has this been posted yet?
Nothing about this in today’s papers. Is that it over now?