Targeted investment opportunities plc

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Lalaland

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I am interested in a property going to auction in Galway on the 6th of October next:
odonnjoyce(****dottycom****)/residential/brochure/3326699

I was very interested in the house and I have viewed it several time, I've had an Engineer inspect it etc. According to the auctioneer the property is a
repossession/ receivership sale as a result of the owner (a high profile Galway based developer going into NAMA) however the Contract of Sale:

photos-a.propertyimages(***dottycom***)/media/9/9/6/3326699/c4e13213-f106-4f6f-9ec4-48dbf6e66474.pdf

listed Targeted investment opportunities plc as the Vendor and also the property is listed on the Property Price Index as have being sold last December '14 for ~€224k, which is considerably lower that the conservative AMV of €295k.

Surprisingly the Auctioneer isn't aware of the history of that recent sale and says they are selling the property on behalf of a Receiver.
What is going on? I'm confused!

PS as a new poster I cant use url links so please format the addresses as need be.
 
Thanks for stick up the link.

Well, I think it is more than a little odd that the auctioneer is mixing up the vendors as being a Receiver acting on behalf of NAMA; with a PLC with global wide interests. Furthermore, to me it looks like the Vendor is in line for a ~100k windfall for a year long investment, again that purchase unknown to the auctioneer.


I'm not sure if this is the correct forum for my query!
 
What exactly is your query? What you have posted amounts to speculation but you haven't actually asked a clear question. Can you also put something more useful as the thread title? Just stating a company name is not in line with the posting guidelines.

(oh and where are you getting "~100k windfall" from? 295 -224 = 71 that is a pretty massive approximation)

I am assuming you are trying to imply that there are some shady dealings going on? A property price increase does not necessarily mean shady dealings especially in a rising property market. The vendor, whoever they are, will of course try to maximise the price they can achieve. They must think that the market will support the price, on investigation you can see from the property price register that it appears to be a dramatic increase in price over the last 10 months.

If you think it is overpriced - don't buy it or offer lower.
 
Interesting as I have a post where Targeted investment opportunities plc were the purchasers of a property at what I believe was very much under market value from a BoI repossession. Peculiarly BoI are involved with Targeted Investments in this one. If the deal was as sweet as the one I created a thread about the property may not be overpriced at its Amv of €295k. I know property prices are increasing but the AMV is suggesting that an almost 40% per annum increase is achievable.
I do not know enough about Galway prices to know what this house will achieve but I would not be surprised if it went over the AMV as it is in a good location.
Will watch with interest
 
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so-crates said:
What exactly is your query? What you have posted amounts to speculation but you haven't actually asked a clear question. Can you also put something more useful as the thread title? Just stating a company name is not in line with the posting guidelines.

(oh and where are you getting "~100k windfall" from? 295 -224 = 71 that is a pretty massive approximation)

I am assuming you are trying to imply that there are some shady dealings going on? A property price increase does not necessarily mean shady dealings especially in a rising property market. The vendor, whoever they are, will of course try to maximise the price they can achieve. They must think that the market will support the price, on investigation you can see from the property price register that it appears to be a dramatic increase in price over the last 10 months.

If you think it is overpriced - don't buy it or offer lower.
Click to expand...
Okay, sorry for the delay in responding. It was suggested that my previous posts were speculative and I felt it best to wait till the property went to auction.

The facts:
December 2014: In a private (not on the open market) sale NAMA sells the property to Targeted investment opportunities plc for ~€224k
October 2015: In todays open market auction Targeted investment opportunities plc sell that property for €382k

The above are observations, how would you interpret them? How do others interpret them?
I call that a windfall.
 
I did say in my thread about a property that I believe was sold at 40% under its true value involving the same parties as above that it looked a bit peculiar.
A €158k return on €224k in 10 months or just over 70% speaks for itself no matter how you dress it up or try to defend the parties involved.
I wonder how much was spent marketing the property prior to Targeted investment opportunities plc.
There must be some strange "Celtic .........." roaring in Galway that we have not heard about. Hope it is no relation of the "Celtic Tiger"
 
Dermot said:
I did say in my thread about a property that I believe was sold at 40% under its true value involving the same parties as above that it looked a bit peculiar.
A €158k return on €224k in 10 months or just over 70% speaks for itself no matter how you dress it up or try to defend the parties involved.
I wonder how much was spent marketing the property prior to Targeted investment opportunities plc.
There must be some strange "Celtic .........." roaring in Galway that we have not heard about. Hope it is no relation of the "Celtic Tiger"
Click to expand...
I should have also mentioned that the property has had absolutely zero work or money spent on it during that 10 months period. It has been in a derelict state for a number of years. In fact due to recent internal fire damage (squatters were frequenting the property) the property should have lost value in terms of its physical condition.
 
Lalaland. Do you know if the property was marketed prior to its earlier sale in Dec 14 to Targeted investment opportunities plc
 
Well, I cant say with absolute certainty that it was not. However, I definitely didn't see it advertised prior to that sale and any on-line search that I have done doesn't yield any historic marketed listing.

I could fill a room with people that would have gladly paid 50k over what Targeted investments paid for it.
 
Lalaland said:
I could fill a room with people that would have gladly paid 50k over what Targeted investments paid for it.
Click to expand...
I can well understand that.


In the thread that I opened on the sale of a house involving Targeted investments and BoI where I stated that the property was sold at a discount of 40% there was not one cent spent on advertising to the general public.
On the other hand I am aware of instructions from receivers to auctioneers that the must advertise in for an x length of time before the can close the sale regardless of whether the have hit the selling price or not.
The auctioneers are also required to certify other matters in relation to the purchaser etc.
So the rules appear to be on the a la carte menu for some of our """esteemed receivers ??????""".
 
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