Ulidia
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Posts posted by Ulidia
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You can also buy a cheap house in Bagdad !!
A bit noisy but year round sunshine !!
MISS JONES
Er ... actually, property prices in Baghdad tend to be high and, given the downturn in violence, thousands of misplaced people and a limited supply of quality buildings, prices are rising. Its not uncommon to see villas in the safer neighbourhoods of Baghdad selling for over $1million.
I just hope that you know more about the Northern Irish property market than the Baghdad market ....
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What about job creation ?
Do developers not employ builders ?
Do builders not employ tradesmen ?
Do tradesmen not pass their skills onto apprentice tradesmen ?
What happens when there is no development the brickies, plasterers,plumbers,electricians,roofers,joiners,architects,plant hire/sales,quantity surveyors,
engineers etc. etc. do ?
Perhaps they will all go and build the olympic stadium ?
We will then lose one of the only things N.I. has ( skill set )
MISS JONES
The Northern Ireland population does not have a sufficient skill set as is - one of the reasons why the province has had limited success winning and retaining sustainable inward investment. Thats been one of the problems of the property boom in recent years i.e. it was able to mask continuing underlying negative trends within the local economy - esp the decline of the traditional manufacturing sectors.
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Can you advise what banks were saying they would only quote with 75% ltv?
To be honest, I would be surprised if any mainstream lenders were prepared to go above 75% LTV for BTL purposes at the moment - especially given that some lenders are looking for up to 20% deposits for residential borrowers.
From a quick look at the Money Facts website (www.moneyfacts.co.uk), I cannot see a single lender publishing higher than 75% LTV for BTL mortgages.
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1) do you feel property investors have as much “right” to buy property as FT buyers?
I think that, in general terms, property investors should have as much right to purchase property as residential purchasers.
That said, given the important wider social aspects to housing, I do believe that some (probably taxation-based) incentives should be provided to certain sectors i.e. key workers, FTBs. I would be much less inclined to provide taxation-based incentives to property investors which, IMO, is one of the key mistakes the RoI government made.
2) Is property investment antisocial?
It can be but need not be.
I see nothing wrong with people owning multiple properties if they can afford them and have sufficient capital invested in the properties upfront to allow for a buffer in the case of economic downturn / long periods where the properties are not producing income. However, I do believe that the "get rich quick" attitude of many so-called investors has been damaging to our society / our economy and, in particular, I have a general distaste for short-term flipping.
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still trying to sell george's family home in east belfast too - you fancy it BB?
Believe it or not, I think there is a good buy there ..... assuming that you can get 20% or so off the asking price.
Whether its sad or not, I think there would be a good B&B opportunity and there are plenty of George Best fantatics to market it to
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I am no football fan. However, I'm sure I am not alone in recognizing the flawed footballing genius, working class hero, and world icon, that George Best was, is and always will be.
George did many things that people like me (and you) only can only dream about... he lived his life to the full.
George Best, "I used to go missing a lot...Miss Canada, Miss United Kingdom, Miss World."
Journalist , "Mr Best, where did it all go wrong?"
To describe George as a 'drunken bum' says alot about the person giving that description!
There is a proverb that says that the best way to judge a man is not by the way he treats his equals, but by the way he treats his inferiors. If you treat your servants or employees badly, it is a poor reflection on you; that the true measure of a man is how he treats someone who can do him absolutely no good.
George Best is a useful example of the economic downturn. I buy and sell various types of memorabilia and, from his death until last year, any George Best match-worn Northern Ireland shirt with good provenance was selling for well more than £10,000 and often closer to £15,000.
However, thats not the case anymore ...... one sold for approx £2,700 @ Bonhams last week. It had been up for sale in a number of different Bonhams auctions over the past 12 months or so, with an initial selling estimate of £10k-£12k.
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It really is impossible to tell what will happen. However, I would imagine that the developer will be, at least somewhat, flexible for the following reasons:
- many of the purchasers will be unable to complete at the original sales price due to lower LTVs offered by lenders and lower valuations, meaning that purchasers will need to put in considerably more capital at time of purchase than they may have initially intended. Its one thing for a developer to go after experienced, very wealthy property investors who are sitting on large property portfolios that have been built up over a decade or longer. However, its practically self-defeating to pursue legal action against those who technically cannot complete for the reasons outlined above as it will simply cost the developer money, with no or little end financial benefit.
- at completion, unless there's a significant turnaround in market sentiment (which we all acknowledge is unlikely in the short-to-medium term), there will be few other prospective buyers for the units i.e. even if the developer can obtain some damages from clients who have reserved units, what will the developer do with these empty units. They will be difficult to market and, in all likelihood, unsellable at their original prices. Empty units will simply further depress what is intended to be a high-profile development and will impact upon the developer's plans for further phases of the project.
There's also the attitude of the bankers to be taken into consideration. I'm not sure how leveraged the developer is. However, I'd imagine that its bankers' will look for sales closure as soon as possible - even if this means a lower sales price, as that would be unlikely to impact upon the bank's lending position. In fact, I would imagine that it would only be upon successful sales closure of a sufficient % of units that the bankers will provide further funding for the next phases of the development.
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AMAZING - corporatist (anti competitive , anti capistalist, and anti democratic) solution provided before anything!!
GET REAL PEOPLE
THIS IS TREASONABLE GLOBALISM AT WORK
I am a UNIONIST BIG TIME - but I will never forgive the Irish people if they don't secure their national independence and trounce the corpoate sponsored ambitions of their knavish ( as ours is knavish too) Government.
To be honest, I cannot see such a solution being viable in any manner.
Many of the banks in RoI are foreign-owned (i.e. Ulster Bank as a subsidiary of RBS, National Irish Bank as a subsidiary of Danske Bank, Bank of Scotland Ireland as a subsidiary of HBOS, IIB Bank now KBC Bank of Belgium etc) and it would be impossible to achieve agreement to consolidate in many cases, esp as some of the banks have pan-European models.
Furthermore, such a proposal would be contrary to much of the European Union competition and internal market regulations.
I'm surprised that BoI and AIB are viewed, implicitly if not explicitly, by the Irish Government as the strongest banks in RoI, given that some of the smaller Irish banks have significantly larger parent companies with considerably lower exposure to the Irish economy and Irish property market.
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so to calculate
160,000 - Final Selling Price
Im not saying its the best idea in the world, but at an arguable 20K its certainly not as bleak as YadaYada points out
Leaving aside the taxation aspects (including any capital gains tax), the success of the above venture is based on a projection of the property price doubling over a ten year period ...... and thats' something upon which, at best, the jury would be out on.
Edited to add: I am not anti-property investment. In fact, I have actively sought out property purchases and have purchased property this year, albeit not in UK.
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So as no ones misunderstood my post, I’m not giving my tuppence worth to help the market rise; on the contrary I want the markets to fall. I am in the market to buy so the cheaper the better. The point is that there are tremendous bargains to be had over the next year and that you should be looking at buying.
I'm assuming that you are currently sitting on a considerable amount of cash if you are looking to buy additional properties i.e. given the fall in valuation of those properties you have already purchased from 2006 to 2008 which will be taken into account from a LTV portfolio perspective when you look to increase your BTL stock.
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However, it is likely that legitimate investors will be given the opportunity to apply for the correct tenurial instruments although this may be at additional cost. Although Caveat Emptor certainly applies everywhere, it should give investors looking for cheap land, with no interest in complying with all of the regulations, pause for thought. For legitimate developers and investors, this is a sign of maturity in the regulatory market and is the reason why the likes of Banyan Tree, Shangri-La and Raffles are investing in the country.
It is a reasonably exciting time for property development in parts of the Philippines. That said, the new Shangri-La project announced for Ortigas is reportedly on hold for the time being (the one at Bonifacio Global City will proceed to soft-selling next year). In addition, whilst the first phase of Raffles sold out very quickly, the second phase (typically larger units) is a more difficult sale.
If its a lifestyle purchase, then Palawan is certainly an option that's worth exploring (however, its not an easy place to get to, even when you arrive in Manila). However, if its a purchase for income purposes, then one of the middle-end condominium buildings in Metro Manila is preferable - from one of the consistent and well capitalised developers such as Cityland.
I'm already fully invested in Makati (more at the higher end, which is definately experiencing some slowdown). However, if I was looking to make another investment in Philippines' real estate, it was almost certainly be a condo @ Manila Bay i.e. the historic part of Metro Manila.
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Article on why the apartment price increase in latest survey is, like in last survey, misleading...
http://www.newsletter.co.uk/news/Apartment...-but.4702946.jp
In most of the South-East Asian markets, where apartments make up a considerably larger proportion of sales, accounting rules have been introduced whereby the apartment sale is only recorded (for purposes of tracking property prices) at point of handover - not at reservation or signing of contract. Not sure why that isn't the case in UK as it would allow for a more realistic comparison.
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Hi djw, thank you for the information.
It's interesting that your deal was subject to income multiples and Lagansiders was subject to loan-to-value.
I know 2 people who's mortgages are reseting early next year. I know I'm going to be asked my opinion...
In theory, the price of any mortgage should be impacted by both income multiples and the loan-to-value ... since they're the primary risk aspects of the loan. I'd imagine that, in today's environment, lenders would look at both criteria before approving a loan, but I'm a banker so what would I know
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Don't know about capitulation but how about this
http://www.propertynews.com/brochure.php?r...=1&sort=h2l
*** £10,000 CASHBACK ON COMPLETION!!***
or more correctly *** over pay by £30,000 and we'll give you £10,000 of your money back on completion***
instant negative equity :angry:
I've never paid much attention to these sorts of cashback deals. However, surely the 'lucky' buyer(s) would need to declare the cashback amount to the Inland Revenue and it would be subject to tax, or is there some sort of legal way around this?
As for capitulation, my friend remortgaged his 2 up / 2 down terrace on Soudan Street in 2006 ... the mortgage stands at circa £110k and he thought he was still in a positive equity position. However, his near neighbours recently sold their better-condition property for £83k (circa half of original asking price and 30% drop from latest asking price), having come down from an original asking price of £160k to £110k in £5k increments over the months:
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By 2018 I will be a multi millionaire. You too can be too. Well……..
Its 2008 and I already am a multi-millionaire ....
... in Philippine Pesos
....... though given the way sterling is falling these days, the Peso will soon be worth as much as the £ 
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I have put my money where my mouth is - I am a small property investor. At the start of the year I had my main residence and two BTL's, all in Ballymena. In addition I have several foreign properties. Since January 2008 I have purchased two new properties in Ballymena and am currently in the process of completion on two more properties (another in Ballymena and one in Carrickfergus). That's four mortgaged properties, when everyone was saying mortgages were non-existent (complete myth).
By 2018 I will be a multi millionaire. You too can be too.
I agree that property, like other assets, can be a very lucrative investment. However, I fail to see how its a sure fire way to being a multi-millionaire when its depreciating in value i.e. in basic terms, the two properties you bought earlier this year are now worth less than you paid for them.
Out of interest, where are your properties abroad?
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Ah - 'The Cres'. I remember it well.
Many a memorable Thursday night there. The nights where they sold ultra-cheap out-of-date booze are legendary.Weren't those apartments the ones where buyers were intimidated out by the local 'paramilitary' thugs, a big news story some years back? I wouldn't buy one if they were 10 grand, frankly.
Actually, ISTR that lots of property around that area was bought by Southern investors. I wonder how all that has worked out for them. I wouldn't like to roll up in a Range Rover with Dublin plates to collect the rent
Thursday nights - £1 a pint and unlimited amounts of sawdust free of charge
Yes - there was a lot of tension after Sandy Row / Donegal Road locals complained of apartment residents flying tricolours and playing republican music etc. This spilled over into almost a week of protests outside the apartment building in 2004 which attracted significant media attention.
I remember keeping an eye on the prices at that time, assuming that the asking prices would drop significantly. However, they didn't drop at all. It was rumoured that many of the apartment owners were Southern-based and that they had collectively decided to ride out that particular storm.
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Also, I believe T*tty von Tramp is its most famous resident - allegedly.
Titty von Tramp does live there and has done so for a number of years .... although she's a bit on the tall side and her voice is a bit deep for her appearance, she is actually very friendly and is respectable. I'd be happy enough with her as one of my neighbours
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Any comment on the construction quality of bass buildings?
I'm not sure as to the underlying construction quality. However, the apartments at Central Park (in the adjacent street) are finished to a considerably higher specification and more spacious. The apartments I've been in @ Bass Buildings have all been very crowded / boxy and the building does not seem to be particularly well maintained. Central Park is being well maintained, probably in part due to the commercial establishments on the ground floor.
IMO, if your determined to purchase an apartment right in the heart of the city centre, Central Park would deserve serious consideration ... so long as the price is right.
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I agreed a bid on a house in Belfast (circa £295,000) in early August with the intention of re mortgaging my current property to fund the purchase. I planned to rent my current house until what I had assumed was a 'correction' in local prices levelled off. The financial package has taken a while to put in place and in the interim we have had a global financial crisis.
The global financial crisis was well underway before you agreed the purchase
In addition, is your "financial package" actually confirmed? You state that you are intending to fund the purchase through a re-mortgage of your current property and to sell it in due course. However, given the likely fall in value, not to mention the difficulty in selling a house at its perceived value in today's market, I'd be somewhat surprised if a mainstream lender would fund this unless your current property still have significant equity remaining and you can clearly demonstrate that you have the income to fund what is essentially a double mortgage.
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Erm, isn't it 55.25%
(((100*(1-0.15))*(1-0.35))/100)*100
EDIT: to add as total from peak... 100 is used to simplify math
I think its the 15% fall already plus further 35% fall from current level (i.e. 0.35 x 0.85) - the 35% fall from current level would equate to 29.75% at peak prices.
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I think the issue with John Lewis is primarily over difficulties securing planning permission in Lisburn. Planning permission has been refused twice. However, to the best of my knowledge, there is another application underway so the planned Dublin store may be in addition to the intended store @ Lisburn.
Re Bass Breweries - they lend out considerable sums of money to social clubs and bars so wouldn't be too surprised if they're projecting some bad debt write-downs.
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The bankers - well I think they did see it coming but it was too profitable to convince them to change their practices.
I think the bankers saw a downturn in prices coming .... but I genuinely don't think that they saw everything unraveling so quickly.
Not trying to defend the UK / Irish retail banks at all but, to some extent, they are in a no-win position at present i.e. they are being blamed for lending recklessly in recent years, thereby fueling the boom and getting people into unsustainable debt levels ..... yet, now that they have tightened their lending criteria, the government and some consumer groups are pressuring the banks to go back to the all-time high lending levels of H1 2007
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I wasn't looking for details of every single policy that he has - just the one or two standout ones that give you such hope! Like I said I didn't really follow the elections closly so am unable to make an informed decision as to how good a president he will actually be.
I don't think that the underlying policies were a deciding factor in Obama's election victory. I've been following the election race closely since the first primaries at the start of the year and actual policies are rarely discussed, even in the Presidential Debates.
Here's an interesting clip from a US radio talk show host which shows how little the actual policies matter in terms of how most people vote:
I have typically been more sympathetic towards the Republicans than the Democrats in the US, but was glad that Obama won as I believe he has a better chance of restoring some credibility to the US on the international stage than McCain. The fact that the US was close to having this person as Vice-President (with a 1 in 3 chance of becoming President during the term, given McCain's health issues) is just plain scary:
Ni Property Auction Website
in Northern Ireland
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I'm not a bear - I am a realist. I have properties.