I'd be swayed by a political party who could put a stop to this type of transaction.
Developer building 1100 homes - GoodCairn sells 229 homes to landlord for €78m
Angelo Gordon and Carysfort do second deal with listed house builderwww.irishtimes.com
Developer pre-selling 220 homes to landlord - Bad
If the pre-sale makes the overall development of 1100 homes economically practicable for the developer
We have 220 new properties for rent and the rest for sale, and presumably some within that have been reserved for the Council?
Seems like a win win all round.
I have a distaste for residential property being referred to as an asset class. With interest rates at zero, and stock markets stagnating, institutional investors need places to get a return. I favour the Government putting the needs of the society ahead of those of investors, through applying levies to the industrial-scale ownership of residential property.
I don't know if that is true
Not as good as 1100 new homes for sale.
I have a distaste for residential property being referred to as an asset class. With interest rates at zero, and stock markets stagnating, institutional investors need places to get a return. I favour the Government putting the needs of the society ahead of those of investors, through applying levies to the industrial-scale ownership of residential property.
I'd be swayed by a political party who could put a stop to this type of transaction.
Cairn sells 229 homes to landlord for €78m
Angelo Gordon and Carysfort do second deal with listed house builderwww.irishtimes.com
Developer building 1100 homes - Good
Developer pre-selling 220 homes to landlord - Bad
This is one of my pet hates as well. It is bad policy. The argument that the houses wouldn't be built without the capital is rubbish as well. If the banks are not willing to fund the development, the State should set up a mechanism that the funding will be provided at a commercial rate so the houses get built. New developments now are seeing a large % percentage go to social housing. A % to affordable housing. And now these funds are buying another larger % because rent yields are ridiculous. Normal working people are now competing against the State and these funds to buy property. It's ridiculous.
How long would we have been waiting for the houses to be built before any of those solutions happened? This has at least increased the overall housing stock available.
If you want to talk about government cut of new builds, how the housing is allocated all well and good - but in the interim, this is what's happening and the homes are now there.
e.g. When local councils buy second hand homes in existing estates they are also competing against normal working people without increasing the housing stock one yard. To me, that seems ridiculous.
It wasn't too long ago that you had a poster in these parts labelling landlords with one or two properties as "Cowboy Landlords" and calling for more professional landlords in the marketDeveloper pre-selling 220 homes to landlord - Bad
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