Board index » The IRISH PROPERTY BUBBLE » The Golden Circle » NAMAwatch (Pt. I)

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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Thu Dec 03, 2015 5:06 pm 
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Planning Tribunal Attendee

Joined: Apr 3, 2015
Posts: 1106
Anyone know the details of plans for the glass bottle site?

From WIKI its 25 acres.
Custom House Docks is 72 units per acre,
Would it be safe to assume you could multiple the two and get 1,800 units in that site alone? You could generate more green & community space by building higher.


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Fri Dec 04, 2015 12:57 pm 
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Of Systemic Importance

Joined: Nov 4, 2011
Posts: 6046
Location: SthDub
So 320k is seen as an alright price for an FTB to kick off with.
Thats a big multiple of the average salary in this country...but it looks like official Govt policy now

http://www.independent.ie/business/iris ... 58641.html
Quote:
Nama's chief executive has said that virtually all of the 20,000 homes it plans to build, located mainly in Dublin, will go on sale for less than €320,000 each
"In Dublin house prices are typically in the €300 to €330 per square foot price bracket," he said. "We can see from some of the schemes that have been launched that people in the starter home bracket can get up to about €320,000.

"Anything that is between €320,000 and €400,000, the market is much more muted...but once its €320,000, [for] the first-time buyer, that's the limit of their capacity under the [Central Bank] prudential rules."

Speaking later, he said: "I would say that 95pc-97pc of them [the new housing units] will be in that starter home price bracket. There will be some that will be more than that, but it will be very few."

A majority (78pc) of the homes to be constructed under the plan will be in the capital, with a further 15pc in neighbouring counties (Kildare, Wicklow and Meath), while the remaining 7pc will be outside the greater Dublin area. Nama expects to have 2,300 units completed by the end of the year.


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Fri Dec 04, 2015 1:14 pm 
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So just to be clear: these buildings will cost 320k or so because that is the absolute maximum of what most people can afford, rather than because it will cost that much to build them? Ok, cool.


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Fri Dec 04, 2015 1:16 pm 
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Joined: Nov 6, 2006
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Location: Hollywood
So 320k is how much a "STARTER home" (such a thing does not exist but whatever).


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Fri Dec 04, 2015 1:45 pm 
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Property Magnate

Joined: Dec 29, 2012
Posts: 641
Blindjustice BATONEFFECT wrote:
So 320k is how much a "STARTER home" (such a thing does not exist but whatever).


In a city where 70/80k a year is still viewed as 'huge money' that gets you into the top 10% of earners nationally. Still at least it's not london. Which is just fucked up.


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Fri Dec 04, 2015 3:28 pm 
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Too Big to Fail

Joined: Feb 6, 2007
Posts: 4201
Barney Gumble wrote:
muirgheasa wrote:
Surely though I can't be the only one wincing at the statement that these will mostly be "starter homes"? Even outside of the whole idea of "starter homes" being a thing, one of the major issues I have with Dublin at the moment is that there is very little quality family housing inside the canals. Is that just not even on the radar for anyone in government?

I thought the exact same. I can think of loads of reasons that 20,000 'mostly starter home' apartments in one area is a bad idea, and the only argument I can think of that is in favour of it is that the government can point and say 'starter homes! See!'.

The "starter home" concept is completely oxymoronic in a market with a turnover rate of around 2%. That means that the average turnover rate of houses is approx 50 years. If you're going to buy, you have to be thinking medium to long-term.

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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Fri Dec 04, 2015 3:40 pm 
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Property Magnate

Joined: Nov 8, 2006
Posts: 519
Compared to the "Hobbit Hole" for 14K the 320K NAMA price tag seems a tad expensive. I guess the price of the land for one of these in little old Ireland will be ~300K so we end up with the same overall price tag :twisted:


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Sun Dec 06, 2015 12:34 pm 
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Under CAB Investigation

Joined: Feb 9, 2007
Posts: 2358
Location: Still Awaiting The Pearly Gates
Three Quarks wrote:
Is there any precedent anywhere for what is effectively a State agency building private housing? Does this happen in Scandinavia, for example?



As I live here I can think of one, that is excellent

https://en.wikipedia.org/wiki/Housing_a ... ment_Board

provides 80% of housing in Singapore cheap to citizens(not a citizen, then fuck off!)

Very good well run etc.


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Mon Dec 07, 2015 2:29 pm 
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Of Systemic Importance

Joined: Nov 4, 2011
Posts: 6046
Location: SthDub
Well, all this talk of NAMA building houses has definitely spooked the remaining Developers....they've gone running off to Europe to cry about it!

http://www.irishtimes.com/business/comm ... -1.2456507
Quote:
Five leading property developers have told the European Commission that the market for new houses in Ireland is likely to “descend into a state of crisis” by the time the National Asset Management Agency winds up operations in 2020.
They said this is because so few non-Nama builders and developers will still be in business by that stage, due to an inability to compete on level terms with the State agency.
“When Nama is eventually wound up, the market for new houses is likely to descend into a state of crisis far more severe than the current situation, as a result of the lack of surviving property developers who are capable of producing the volume of housing required annually,” the developers state in their complaint to the commission, which was filed on Friday.
The complaint was filed by developers David Daly, Paddy McKillen and Michael O’Flynn, and by Dublin-based companies New Generation Homes and MKN Properties.
hey note that Nama is due to wind down its activities in 2020. In the meantime, they say many developers not supported by Nama will have exited the market because of an inability to compete with the agency in terms of its cost of funding.

They say Nama’s cost of finance is about 2.5 per cent and that the agency lends money to its debtors, as part of work-out agreements, at 5-6 per cent.
By contrast, developers not supported by Nama can expect to pay 14-15 per cent for funding. The developers say Nama’s low cost of capital is a result of its having the benefit of a State guarantee when borrowing.
The complaint follows a recent announcements by Nama and the Government that the agency would build 20,000 new homes, mostly in Dublin, between 2016 and 2020.


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 Post subject: Re: NAMA €5.6 billion plan to build 20,000 new homes
PostPosted: Mon Dec 07, 2015 2:35 pm 
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Of Systemic Importance

Joined: Dec 28, 2006
Posts: 5579
landbanks are only worth money when there is a scarcity of property.
site value tax seems ever more sensible by the day although DLR country council would probably just see it as an excuse to increase site taxes and be shamefully wasteful building the sort of facilities that no normal person wants or needs with a limitless budget since shure the landowners of the area will pay for it.


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