115 NAMA Houses For Sale Under Deferred Purchase Plan
Updated 31-8-12: NAMA Property Price List presents a list of actual sales prices of NAMA controlled residential property currently on sale.
Updated 22-5-12. Recent press reports suggest that NAMA has sold properties totalling € 6 million, just two weks after the launch of this scheme. The 80:20 initiative is aimed at owner-occupiers and first time buyers, rather than property investors.
The Irish Independent newspaper claims that 3 buyers have already placed deposits on 4 bed houses located at Carrickmines Manor and that 17 of the 18 Killeen Castle homes are now "sale agreed".
NAMA has recently received European Commission
approval for its 80:20 deferred mortgage scheme, which
will be available through three institutions,
EBS, Bank of Ireland and Permanent TSB.
NAMA will now go ahead with a pilot version of the scheme involving 115 houses located in Munster and Leinster.
The properties involved are listed below.
Location Selling Agent Contact Person Phone Number Devlin Banks, Naul Village, Co Dublin O'Farrell Cleere Auctioneers Paula Costello 01-8453377
Carrickmines Manor, Glenamuck Road,
Dublin 18 DNG Gina Kennedy 01-4912600
Brown's Barn Wood, Naas Road, Dublin 22 Durkan Residential Anna Durkan 01-2310190
Loughmore Square, Killeen Castle,Dunshaughlin, Co Meath
Sherry Fitzgerald New Homes
Sherry Fitzgerald Sherry
Ardfield, Grange, Douglas, Co Cork Savills
McAuliffe 021 4906117
Cul Ard, Carrigtwohill, Co Cork Ahern Auctioneers Maurice Ahern 021-4634022
Inis Alainn, Carrignafoy, Cobh, Co Cork English Auctioneers Elizabeth Hannon
Rowen Hill, Mount Oval, Rochestown, Cork Sherry Fitzgerald Ann O'Mahony 021 4273041
Brightwater, Crosshaven, Co Cork Sherry Fitzgerald Ann O'Mahony 021 4273041
Old Quarter, Ballincollig, Co Cork Sherry Fitzgerald Johnny O'Flynn 021 4273041
Highfield Park, Ballincollig, Co Cork Burton & Associates Tom Burton 021 4274333
Drakes Point, Crosshaven, Co Cork Sherry Fitzgerald Ann O'Mahony 021 4273041
Please contact the selling agent directly in all cases.
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Originally Published November 2011
The National Asset Management Agency (NAMA) may soon release 750 houses for sale under a deferred purchase arrangement, with up to 5,000 residential properties possibly being offered under the same deal in the future.
When NAMA was created, many critics questioned its long term influence on the price of property in the Irish market. NAMA has had to walk a delicate economic and political tightrope since it's inception and will continue to do so until it is eventually wound up.
On one hand NAMA needs to sell properties to repay the taxpayer for the funding it has received from the Irish state and to be seen as a sucessful organisation.
On the other hand, the ambition of obtaining as much money as possible combined with the large stock of property means that NAMA may be able to prevent the market from reaching a natural bottom.
NAMA is, in theory, not obliged to seek Government approval before going ahead with any of its policies, but it is difficult to imagine that the political and economic consequences of any plans will not be taken into account by NAMA management.
NAMA recently announced plans to introduce a 'deferred purchase' scheme in which it would forego up to 20 percent of the purchase price of a residential property if house prices continue their downward decline over the next five years. A spokesperson for NAMA has stated that the deferred purchase plan is: "not an attempt to call the bottom of the market....Indeed it is quite the opposite, as it enables transactions to take place now which can be flexible enough to accommodate price falls in the future".
NAMA may test the waters soon in relation to this idea by releasing around 750 houses for sale and it will be very interesting to see what prices will be set for these new properties. Many would argue that the only real indicator of price, in the absence of official property price statistics, are the figures achieved by auctions such as the recent Allsop Space auctions.
This summary is based on a recent article published in the Irish Times newspaper. All enquiries on NAMA property sales should be addressed directly to NAMA or the receivers appointed by them.
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