Putting It All On Red

at | 34 Replies

This afternoon.

Malahide, county, Dublin.

The Casino development, in housing minister Darragh O’Brien’s constituency, where the National Asset Management Agency (Nama) is reportedly close to signing a sale for 69 of the apartments to UK-based SeaPoint Capital, an investment fund in the rental market.

The complex was built by controversial developer Gerry Gannon. Nama had previously sold 34 apartments to individual buyers at an average price of €433,000 per unit.

Earlier:  The Casino


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34 thoughts on “Putting It All On Red

  1. Dr.Fart

    at €430k per apartment, this is an affordable housing development according to the Government. lol.

    1. Janet, dreams of an alternate universe

      paying for the address, in Baldoyle you’ll get a two bed for 270.000….still ridiculous

      1. GiggigyGoo

        Or a 5 bed 2200 sq.ft on 3/4 acre with high speed fiber broadband, in a nice country location, less than an hour from the big smoke with beaches close by, golf courses, all sorts – for a measly €350,000 approx.
        Madness to pay those kind of prices in Dublin.

        1. Janet, dreams of an alternate universe

          if this remote working sticks I’m heading south for sure, I’ll never be able to afford back in my neck of the woods and sprawling suburbia is grim…you had me at beaches

          1. millie bobby brownie


            We’re strongly considering moving out of Dublin. We can’t afford to buy at the moment. Too hard to save with rent + childcare + household expenses etc.

          2. GiggigyGoo

            If you are buying, steer clear of houses that were built as holiday homes, or at golf courses. BER rating is brutal, and a lot of them were just thrown up, and you might end up in what could be a kind of ghost town in the winter.
            Houses in Co. Wexford are snapped up within weeks, sometimes days of being put up on DAFT.
            A great pastime looking at the old DAFT. Have a look at BidX as well.

          3. scottser

            gigs, be careful of bid x1 and other auctions, you don’t get to get a decent look at the tech or title on them and they come with all sorts of problems.

          4. GiggigyGoo

            Id my eye on a bidX one last year. You definitely have to go see them, and go through the legalities. Happens that the house was built larger than planning permission so I exited. There are bargains though.

      2. Dr.Fart

        oh yea for sure. my point is just that the housing minister set the bar for affordable housing at 450k.. as if a half a million quid is affordable. So in his view of what’s affordable, these 430k houses are an affordable housing scheme. lol.

          1. Dr.Fart

            I used to think that. but I think they know full well what’s going on. they just pretend its normal, to try keep the public onboard. just saying “well that’s the market, that’s just how it is” whereas in fact, they’ve created the conditions for it to happen. knowing that it would happen.

        1. Lilly

          The average professional person in mid-west America would regard that as mad money to spend on a house – and they’re talking dollars, which makes it significantly less.

  2. Diddy

    Don’t be surprised if everyone of these apartments is leased back to fingal co co on 25 year deals at 2k+ a month. Supplanted in them will be the poor mouth brigade while the taxpayers who pay for it all are banished to Westmeath to buy an “affordable “ home.

    1. Redundant Proofreaders Society

      This is it.
      And the poor mouth brigade can’t be moved out of the city, as the Rural Resettlement Programme proved.

  3. Rob_G

    Are these apartments currently rented?

    If yes – well, who else would be interested in buying them other than landlords; a bank won’t give a mortgage with a tenant in situ.

    If no – how much longer so people want NAMA to be hoarding property at this current juncture? I presume that a cuckoo fund be looking to fill them as quickly as possible.

    There seems to be awful lot wailing and gnashing of teeth around much-needed rental units coming on the market.

    1. D

      > people want NAMA
      arra go and do one

      The whole concept of LTEV and NAMA is free market bolloxology when applied to what will be social housing.
      Unfortunately nobody wants to accept yet that the whole concept of the bank bailout will fall on its arse in response to
      1) us/euro tax harmonisation
      2) brexit
      3) no other commercial banks in Ireland, and the impending death of the office.

      ‘none of which anybody could have forseen’.

      What maybe perhaps people want is a bit of foresight and to call the whole thing off. The whole endeavour will never return a profit,
      especially not without crucifying renters, so give up and hand it all over to the state. NAMA holds the asset, the council put people up. Cut out the middleman.

      1. D

        From their FAQ:

        Through the course of the initiative, NAMA has identified 6,950 residential properties as being potentially suitable for social housing. The process of confirming demand and suitability is a matter for local authorities and is not something in which NAMA has a role. To date, 2,472 have been delivered for social housing use which is the majority (92%) of all those properties for which demand was confirmed and which remained vacant and available.

  4. Junkface

    Crazy expensive apartments considering that you would have almost constant noise from the train tracks literally 50 metres away! Then there’s the vibrations. If you had young children it would be a pretty disruptive to sleep patterns. Malahide is a nice spot and all, but its not worth that price in that particular location.

    “Oh, here’s the 5.00 am train, 5.30 train, 6.00 am train, hold on to your coffee cup, vibrations are brutal.”
    Remember who built the apartments, quality in insulation should be rubbish as usual.


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