Shady practice on that website that they block you from reading the articles if you don’t accept cookies.
Ah yeah, no first time buyer would have been interested in any of these properties
What makes it a “starter home”?
This “starter home” phrase annoys me. It’s like “getting on the ladder”. We’re not all looking to be property tycoons, for many of us there’s only one step on the ladder. People buying houses and expecting a return so they can upgrade is a huge part of problem with housing stock in the country.
I’m not suggesting it’s money laundering but hypothetically it would be a great way to do it. Laundering foreign money tax free through REITS and getting an Irish passport as part of the deal.
Well that was fucking obvious.
Seems like nobody is talking about why it was sold for 1.7million, when the house was originally bought for 350k.
FF claiming that it’s fine because “only a deal between two investment companies, no first time buyer was involved”
The reason why this house is now valued at 1.7million is because it comes with an agreement from the council to be used as a long-term lease for a social tenant for 25 years.
This means the council have agreed to pay “market rent” to house the tenant for 25 years, and have agreed to handle all of the maintenance of the property during the tenants lease. They also agree to pay this regardless of if there is a tenant living in the property, and it is their responsibility to find another tenant such that the existing tenant gives up their tenancy.
At the end of the lease the council also agrees to fully restore the property to its current state, and return the property to the owner
That deal alone is why this house is now valued at 1.7 million. It’s a guaranteed low cost and reliable investment for any investor. It’s guaranteed money every month with literally no responsibility for the owner. It’s an insanely valuable investment.
What’s not being talked about is how the original company who bought the house for 350k, and then did the relatively easy ground work to establish the long-term lease, just by signing into a long-term lease agreement with the council has now flipped this property for 1.7 million.
Are we to pretend that this won’t severely distort the market, when you can buy an average 3-bed home in Dublin, sign into a long-term lease agreement with a desperate housing stricken county council and make an absolutely insane return for such little investment?
9 comments
He’s right
Whoever or whatever paid 1.7 million for that house is not living in the real world
For reference, these are the registered sales for the estate
https://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/PPR-By-Date&Start=1&Query=(%5Baddress%5D=*Castleview%20close*%20OR%20%5Beircode%5D=Castleview%20close)&County=&Year=&StartMonth=&EndMonth=&Address=Castleview%20close
Shady practice on that website that they block you from reading the articles if you don’t accept cookies.
Ah yeah, no first time buyer would have been interested in any of these properties
What makes it a “starter home”?
This “starter home” phrase annoys me. It’s like “getting on the ladder”. We’re not all looking to be property tycoons, for many of us there’s only one step on the ladder. People buying houses and expecting a return so they can upgrade is a huge part of problem with housing stock in the country.
I’m not suggesting it’s money laundering but hypothetically it would be a great way to do it. Laundering foreign money tax free through REITS and getting an Irish passport as part of the deal.
Well that was fucking obvious.
Seems like nobody is talking about why it was sold for 1.7million, when the house was originally bought for 350k.
FF claiming that it’s fine because “only a deal between two investment companies, no first time buyer was involved”
The reason why this house is now valued at 1.7million is because it comes with an agreement from the council to be used as a long-term lease for a social tenant for 25 years.
This means the council have agreed to pay “market rent” to house the tenant for 25 years, and have agreed to handle all of the maintenance of the property during the tenants lease. They also agree to pay this regardless of if there is a tenant living in the property, and it is their responsibility to find another tenant such that the existing tenant gives up their tenancy.
At the end of the lease the council also agrees to fully restore the property to its current state, and return the property to the owner
That deal alone is why this house is now valued at 1.7 million. It’s a guaranteed low cost and reliable investment for any investor. It’s guaranteed money every month with literally no responsibility for the owner. It’s an insanely valuable investment.
What’s not being talked about is how the original company who bought the house for 350k, and then did the relatively easy ground work to establish the long-term lease, just by signing into a long-term lease agreement with the council has now flipped this property for 1.7 million.
Are we to pretend that this won’t severely distort the market, when you can buy an average 3-bed home in Dublin, sign into a long-term lease agreement with a desperate housing stricken county council and make an absolutely insane return for such little investment?
His attitude is one example of why it is fucked