Norniron Posted February 8, 2012 Share Posted February 8, 2012 markets move on 2 factors fear & greed Travelling over the M3 Lagan bridge one can see the monuments of greed 1. Unfinished apartment blocks 2off -diagonally across the road from Central Station What's happening with these buildings? 2. James Clow apartments Only a few lights on at night - who owns the flats - who's paying the mortgages here? Who's selling? 3. Boat Any lights ever on here? 4. Obel Only a few lights on at night - who owns the flats - who's paying the mortgages here? Who's selling? Who's renting at silly rents ? 5.Titanic Quarter Only a few lights on at night - who owns the flats - who's paying the mortgages here? Who's selling? Who's renting at silly rents ? 6.Cathedral Quarter/Custom Square/Victoria Centre How many developments is there in such a square mile - its embarrassing!! Why no fire sales(US style) for all these unoccupied homes from the individual owner /developer/other/NAMA/.......the greed times in NI will never come back (end of!!) - Granny always said half a loaf is better than no loaf - flat owners/developers whats going on?? Is every flat really owned by then banks then? They decide wht to do? Titanic Quarter - who would rent these flats at the quoted rents? Its NI for goodness sake not Arab mayfair!! Would one buy a can of baked beans for a £5 - I think not - why o why did people buy or rent at the greed prices?? Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted February 9, 2012 Share Posted February 9, 2012 Has the Titanic quarter sunk ? Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted February 9, 2012 Share Posted February 9, 2012 Has the Titanic quarter sunk ? Never! The Titanic is unsinkable! Oh wait... Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted February 9, 2012 Share Posted February 9, 2012 (edited) Why no fire sales(US style) for all these unoccupied homes from the individual owner /developer/other/NAMA/.......the greed times in NI will never come back (end of!!) - Probably because the banks cannot afford to realise the losses on their balance sheets. They can currently value them at mark-to-model and count them as (over)valued assets. If they actually tried to sell them the mark-to-market value would be a lot lower. I had hoped that 'rates on empty homes' would help motivate sellers. But I am not sure how it would effect this type of property. Edited February 9, 2012 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
PJ1977 Posted February 9, 2012 Share Posted February 9, 2012 I had hoped that 'rates on empty homes' would help motivate sellers. But I not sure how it would effect this type of property. A developer built property which has never been lived in is exempt from 'empty homes' rates Quote Link to comment Share on other sites More sharing options...
koala_bear Posted February 9, 2012 Share Posted February 9, 2012 Probably because the banks cannot afford to realise the losses on their balance sheets. They can currently value them at mark-to-model and count them as (over)valued assets. If they actually tried to sell them the mark-to-market value would be a lot lower. I had hoped that 'rates on empty homes' would help motivate sellers. But I not sure how it would effect this type of property. Close but not quite. The banks seem to be realising the easier losses at the moment i.e. concentrating on bigger corporate write downs >£25m (low hanging melons) as this requires less effort. The banks are realising losses at a rate that allows them to offset the losses efficiently against the profits they are currently making to minimise tax. This means they it will take along time to start reaching the large number of smaller individual losses (residential properties) which are require a lot more effort to sort and they are probably hoping things might have recovered a bit before it gets to that point but as we all know there won't be a recover until there have been a reasonable level of write downs. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted February 9, 2012 Share Posted February 9, 2012 This means they it will take along time to start reaching the large number of smaller individual losses (residential properties) which are require a lot more effort to sort and they are probably hoping things might have recovered a bit before it gets to that point but as we all know there won't be a recover until there have been a reasonable level of write downs. Thank you kb. I wonder when this process will start. NAMA is a 7 year project IIRC. It has been running for 2 years? So another 5 years? Will they extend it when they realise that market conditions have not improved? Sing along... turning Japanese, I think we're turning Japanese, I really think so. Quote Link to comment Share on other sites More sharing options...
Norniron Posted February 9, 2012 Author Share Posted February 9, 2012 Thank you kb. I wonder when this process will start. NAMA is a 7 year project IIRC. It has been running for 2 years? So another 5 years? Will they extend it when they realise that market conditions have not improved? Sing along... turning Japanese, I think we're turning Japanese, I really think so. Quote Link to comment Share on other sites More sharing options...
Norniron Posted February 9, 2012 Author Share Posted February 9, 2012 baked beans can scenario true cost of the beans can is 26P Along came a greedy grocer -I'll try selling this can for £5 Along comes a customer he buys the can (can is now worth this price of £5) Greengrocer thinks someone actually bought it at that price even though the can is only worth 26p!! I'll try even selling it now for £5.50!! Along comes a customer he purchases the can now at the new price of at £5.50 after greengrocer tells him the prices are going up you need to buy now if you want to eat Customer being greedy buys the can (True value of the can is still 26p) This goes on & on price of can going up but customers still prepared to have their beans on toast All of a sudden the greengrocer dies & his shop is taken over New owner sells the can at a lower price telling customers he is discounting the can by by 25% (True value of the can is still 26p) Customer think that's a good deal I'll buy at that discounted price. Grocer maintains his prices for a while as the customers are happy with this great deal Grocer puts posters in windows & advertises on the radio about his discounted prices (even though true value of the can is still 26p) Customers queue up for the beans.... Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted February 9, 2012 Share Posted February 9, 2012 You've got a good grip of the problem. I buy the fridge packs for £1 when they are on offer. It really pays to shop around. And leave the windows open. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted February 9, 2012 Share Posted February 9, 2012 Does that not bugger up the air-tightness and mechanical heat exchanging thingy? And the rest....... Quote Link to comment Share on other sites More sharing options...
Democorruptcy Posted February 10, 2012 Share Posted February 10, 2012 You've got a good grip of the problem. He's missing the vital bit. The greengrocer says to his banking friend "If I offer my 26p beans at £5 will you lend some mug the money? You will make lots of interest on the loan and if he cannot pay you back the government will". Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted February 10, 2012 Share Posted February 10, 2012 I buy the fridge packs for £1 when they are on offer. It really pays to shop around. And leave the windows open. Does that not bugger up the air-tightness and mechanical heat exchanging thingy? lmao Quote Link to comment Share on other sites More sharing options...
JoeDavola Posted February 10, 2012 Share Posted February 10, 2012 4. ObelOnly a few lights on at night - who owns the flats - who's paying the mortgages here? Who's selling? Who's renting at silly rents ? Mate of mine is renting a studio apartment (bedroom/kitchen/living room in one room) furnished for £450 a month. Apparently there are very, very few people in the building. Quote Link to comment Share on other sites More sharing options...
Norniron Posted February 10, 2012 Author Share Posted February 10, 2012 who lives in the TQ,the James Clow ,the Obel,the Cathedral Q etc.. If you do would like to hear from you why you do so? Is it a case of e.g 1. Live rent free to make the place look like its lived in? 2. Saves the developer paying out for security of the place? 3. Won the Eurolottery so bought the whole place at a cheap deal from the bank 4. EA's put me in here so every time when they get asked " who the hell would pay those stupid prices your asking" they can then refer to the likes of me 5.Other e.g I'm a manager looking after the world's oldest occupation Quote Link to comment Share on other sites More sharing options...
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