NAMA's Firesale of "Stolen Property"?
(Published 24-6-10). The owner of Smarthomes, Sean Gallagher, has said that he believes that the sale of "distressed" apartments in the Dublin surburb of Carrickmines is "tantamount to buying stolen property".
At the height of the property boom one-bed apartments in Carrickmines Green fetched €360,000 while two-bed apartments went for €520,000. Now the same properties are being sold by the receiver for Anglo Irish Bank for €135,000 and €180,000 respectively.
As an investment this is a no brainer but this does not take
into account the moral questions which have been
raised by Sean Gallagher, who also appears on tv's
Dragons' Den programme. According to Gallagher,
Smarthomes is owed €180,000 by the developers of the apartments at Carrickmines Green but he has been told that they will not be paid for any work they carried out there. Other companies that supplied fittings and services are also set to lose out financially.
This situation is likely to be replicated all around the country and it's a difficult dilemma to address. If a property becomes available in an area that you like at a price you can afford, and this price is considerably less than it's original selling price, the chances are that it's a fire sale by a receiver. Not only is the developer losing out but it's also more than likely that other companies will be affected which will have serious repercussions for the companies employees. On the other hand, if you don't buy it, someone else will and you may miss out on the property of your dreams. What a choice to have to make but it's a measure of where this country is at present.
Based on an article in the Sunday Independent by Ronald Quinlan,
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