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 Post subject: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 11:27 am 
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Too Big to Fail

Joined: Aug 8, 2008
Posts: 3032
Location: Cathair na dTreabh
A consortium purchased 50+ houses for €500k in a Roscommon housing estate in 2016.

That's less than €10k per house. And they look really nice. Same are on daft for €103k
How is this possible when there is a housing crisis?
Why aren't the local Council not buying them for rural resettlement or for the social housing list in Roscommon - even if the locals admit that Ballaghadereen is a social welfare town? If each house were rented out on the rent supplement scheme, the consortium would make profits quickly. Why are 'vulture funds' allowed to buy assets for such a low price?
Are the government not serious about housing being a priority?
Makes me :-x :-x


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 12:45 pm 
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Joined: Mar 14, 2013
Posts: 1605
temene wrote:
A consortium purchased 50+ houses for €500k in a Roscommon housing estate in 2016.

That's less than €10k per house. And they look really nice. Same are on daft for €103k
How is this possible when there is a housing crisis?
Why aren't the local Council not buying them for rural resettlement or for the social housing list in Roscommon - even if the locals admit that Ballaghadereen is a social welfare town? If each house were rented out on the rent supplement scheme, the consortium would make profits quickly. Why are 'vulture funds' allowed to buy assets for such a low price?
Are the government not serious about housing being a priority?
Makes me :-x :-x

You have to feed the vultures cos they pay soooo much tax

Still not even the refugees would think ballaghaderreen is a nice town

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 4:24 pm 
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Joined: Apr 9, 2014
Posts: 1835
temene wrote:
A consortium purchased 50+ houses for €500k in a Roscommon housing estate in 2016.

That's less than €10k per house. And they look really nice. Same are on daft for €103k
How is this possible when there is a housing crisis?
Why aren't the local Council not buying them for rural resettlement or for the social housing list in Roscommon - even if the locals admit that Ballaghadereen is a social welfare town? If each house were rented out on the rent supplement scheme, the consortium would make profits quickly. Why are 'vulture funds' allowed to buy assets for such a low price?
Are the government not serious about housing being a priority?
Makes me :-x :-x


It is strange old world where people complain when somebody buy an asset nobody wants and makes a return.


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 4:56 pm 
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Too Big to Fail

Joined: Aug 23, 2008
Posts: 3336
Location: Bogtrotterland!
Luan wrote:
temene wrote:
A consortium purchased 50+ houses for €500k in a Roscommon housing estate in 2016.

That's less than €10k per house. And they look really nice. Same are on daft for €103k
How is this possible when there is a housing crisis?
Why aren't the local Council not buying them for rural resettlement or for the social housing list in Roscommon - even if the locals admit that Ballaghadereen is a social welfare town? If each house were rented out on the rent supplement scheme, the consortium would make profits quickly. Why are 'vulture funds' allowed to buy assets for such a low price?
Are the government not serious about housing being a priority?
Makes me :-x :-x


It is strange old world where people complain when somebody buy an asset nobody wants and makes a return.

It's because the council are are passing up the opportunity of getting cheap social housing that could be rented out to local people, instead we have a vulture fund buying them up dirt cheap in the hope of making a killing later and exporting all the profits to a tax haven.
In the meantime allowing migrants to stay at the taxpayers expense, as well as (presumably) underpaying NAMA (taxpayers) for the properties in the first place.

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 5:54 pm 
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Joined: Apr 9, 2014
Posts: 1835
dolanbaker wrote:
Luan wrote:
temene wrote:
A consortium purchased 50+ houses for €500k in a Roscommon housing estate in 2016.

That's less than €10k per house. And they look really nice. Same are on daft for €103k
How is this possible when there is a housing crisis?
Why aren't the local Council not buying them for rural resettlement or for the social housing list in Roscommon - even if the locals admit that Ballaghadereen is a social welfare town? If each house were rented out on the rent supplement scheme, the consortium would make profits quickly. Why are 'vulture funds' allowed to buy assets for such a low price?
Are the government not serious about housing being a priority?
Makes me :-x :-x


It is strange old world where people complain when somebody buy an asset nobody wants and makes a return.

It's because the council are are passing up the opportunity of getting cheap social housing that could be rented out to local people, instead we have a vulture fund buying them up dirt cheap in the hope of making a killing later and exporting all the profits to a tax haven.
In the meantime allowing migrants to stay at the taxpayers expense, as well as (presumably) underpaying NAMA (taxpayers) for the properties in the first place.

I am not sure how you can draw the conclusion that they underpaid Nama - especially if nobody else was in the market.

Also Nama offered Roscommon 136 social and affordable housing but apparently they only had demand for 10.

http://midwestradio.ie/index.php/news/3 ... and-for-10


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 6:23 pm 
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Of Systemic Importance

Joined: Nov 4, 2011
Posts: 5468
Location: SthDub
Bermuda registered company buys ultra cheap houses and hotel in back of beyond.12 months later, they land a Govt contract to house hundreds of refugees. Nothing to see here


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 7:14 pm 
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Of Systemic Importance

Joined: Dec 28, 2006
Posts: 5578
Luan wrote:
It is strange old world where people complain when somebody buy an asset nobody wants and makes a return.

they weren't advertised for sale on daft.ie
if they were I would have seen them.


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Sun Jan 08, 2017 7:44 pm 
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Joined: Jun 16, 2007
Posts: 2618
Location: Oighearland
FreeFallin wrote:
Bermuda registered company buys ultra cheap houses and hotel in back of beyond.12 months later, they land a Govt contract to house hundreds of refugees. Nothing to see here




Nothing at all. wonder if the incessant FOI requester goody-two-shoes-types* will be filing one of them?
No wonder Sir Peter Sutherland was doing the PR to get refugees in, because his buddies in the vulture fund space were going to literally make a killing or two on this transaction, every pun intended. welcome to the money system 8-


*we know very well who they are

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 6:42 am 
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Property Magnate

Joined: Jun 13, 2008
Posts: 610
Something sounds very off about that deal. Even though it's in Roscommon those houses could have sold for a lot more. Were they NAMA properties?

Ever hear of people selling stuff back to themselves at a low price?
Come on journalists investigate! Who bought them...who sold them...


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 12:31 pm 
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Posts: 11941
NAMA Job Lot. NAMA had 40 apartments in Portarlington for sale all last year with an asking of €1.5m....and no takers either. Now gone POA meaning less than €1.5m for sure.

As for Roscommon, I did say it could solve ALL our problems .....if we were serious. :)

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 1:00 pm 
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Joined: Mar 31, 2010
Posts: 2638
According to a report on Newstalk this morning the authorities considered ninety other locations (which were found to be unsuitable) before settling on the vacant hotel in Ballaghaderreen...makes you wonder just how bad the others were.

http://www.irishtimes.com/news/social-a ... -1.2929384
When it closed in 2010 and moss slowly began to creep up the tarmac drive and beak-ins were reported, its empty, boarded-up cavern came to represent the decline of the town during the dark years of recession.

Meanwhile....

https://www.irishexaminer.com/ireland/s ... 38248.html
Anti-Islamic leaflets have been handed out in Ballaghaderreen ahead of the arrival of some 80 Syrian refugees in the town this month. According to a report in The Western People, a group of four or five individuals, who are believed not to be from the north-west Co Roscommon town, handed out the literature in the town centre on Saturday. The literature makes reference to terrorist groups such as Islamic State and Al Qaeda. It also urges the people of Ballaghaderreen to “preserve freedom in the West” by refusing Muslims entry into Ireland and to “crush them once and for all”.


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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 1:11 pm 
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Joined: May 3, 2007
Posts: 11941
HiFi wrote:
According to a report on Newstalk this morning the authorities considered ninety other locations (which were found to be unsuitable) before settling on the vacant hotel in Ballaghaderreen...makes you wonder just how bad the others were.


I would think that more well appointed hotels in the Midlands now closed, will come into use this year. The Department of Justice pay better than tourists with Groupon vouchers. :)

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 1:19 pm 
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Too Big to Fail

Joined: Sep 13, 2012
Posts: 4705
HiFi wrote:
Meanwhile....

https://www.irishexaminer.com/ireland/s ... 38248.html
Anti-Islamic leaflets have been handed out in Ballaghaderreen ahead of the arrival of some 80 Syrian refugees in the town this month. According to a report in The Western People, a group of four or five individuals, who are believed not to be from the north-west Co Roscommon town, handed out the literature in the town centre on Saturday. The literature makes reference to terrorist groups such as Islamic State and Al Qaeda. It also urges the people of Ballaghaderreen to “preserve freedom in the West” by refusing Muslims entry into Ireland and to “crush them once and for all”.


Local Sinn Féin councillor Michael Mulligan wrote:
I have to condemn this outright. It is incitement to hatred. I have never seen anything as bad as this leaflet. The whole thing is just shocking.

It makes "Brits out" seem a bit tame by comparison alright. :D

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 2:33 pm 
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Joined: Mar 14, 2013
Posts: 1605
2Pack wrote:
HiFi wrote:
According to a report on Newstalk this morning the authorities considered ninety other locations (which were found to be unsuitable) before settling on the vacant hotel in Ballaghaderreen...makes you wonder just how bad the others were.


I would think that more well appointed hotels in the Midlands now closed, will come into use this year. The Department of Justice pay better than tourists with Groupon vouchers. :)

Some of the hotels, closed and open are housing homeless families
I mean, why would you want to live in a house when you can have a glorified bedsit
best sell those cheap houses to vulture funds before anyone gets ideas

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 Post subject: Re: €10k houses in Co Roscommon
PostPosted: Mon Jan 09, 2017 2:35 pm 
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Joined: May 3, 2007
Posts: 11941
werpen wrote:
best sell those cheap houses to vulture funds before anyone gets ideas

I'm sure the owners of the €10k houses will be prepared to let them out to Syrians for €500 a month. By the summer I should think. They will get their investment back in a tad over a year that way. :)

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