Landlordism 2.0

Started by seafoid, May 05, 2021, 08:47:32 AM

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seafoid

https://www.youtube.com/watch?v=t8Myb8i13qY

https://www.irishtimes.com/news/politics/investment-firms-buy-estate-of-112-new-houses-in-dublin-to-rent-out-1.4554949

Investment firms buy estate of 112 new houses in Dublin to rent out
Bay Meadows in Dublin 15 was purchased by Round Hill Capital and SFO Capital Partners

Harry McGee Political Correspondent

 
A global investment company has been involved in the acquisition of a new development of 112 houses in north Dublin in order to rent them out.

Round Hill Capital is the same company which also bought most of the houses in a Maynooth, Co Kildare, housing estate.

The company, together with SFO Capital Partners, has acquired Bay Meadows in Dublin 15, which it describes as "high-quality suburban family homes".

On the website for the new estate, the companies who have acquired the estate say they are "proud to present Bay Meadows, a brand new first let development of 112 (single family) homes located in Hollystown, Dublin 15".

The news of the acquisition of another housing estate for the rental market by Round Hill Capital comes after it emerged it acquired the majority of the 174 houses in a new estate in Maynooth.

Bay Meadows will comprise a mix of two-, three-, and four-bedroom homes. The first phase will be completed later this month, with the final phase completed in early 2022, according to the company.

Minister for Housing Darragh O'Brien said on Tuesday that he did not approve of investment funds purchasing almost entire new estates.

"Do investors have a role here, in housing in Ireland? Yes, they do as they do in most western European countries. But what I would say is that where funds are coming in and taking homes away from families, is a concern of mine."

However, he warned about any move to ban investment ventures outright. Options included exploring a ban on block-buying new homes for the private rental market outside of city centre cores.

Apartments
The company has become a significant player in the Irish buy-to-rent property market in recent years. Before moving into house acquisition it had acquired (either by itself or in joint ventures) hundreds of apartments, and four developments tailored for student accommodation with a total of 1,200 bedrooms.

That included a €123 million deal to acquire 297 high-quality apartments at Blackwood Square in Northwood, Santry as well as acquisitions of student accommodation developments in the Liberties, Dublin 8; in Bandon Road in Cork; in Bridgefield, Santry; and in Curaheen Point, Co Cork.

In September 2019, The Irish Times reported that 12 two- and three-bed yellow-brick units at the housing development Bay Meadows had been sold off plans to private buyers at the Dublin 15 site, with prices from €289,500 for the two beds and from €330,000 for the three beds.

Opposition parties strongly criticised the sale on the basis it would reduce the stock for first-time buyers. Sinn Féin housing spokesman Eoin Ó Broin said "the problem is short-term, high-yield vulture funds incentivised by Government policy" .

Acquisition
However, a spokesman for Round Hill Capital said on Tuesday: "We are committed to investing in Ireland to increase the supply of quality homes available to rent, working alongside local developers and agents."

The company said the acquisition was reflective of the wider growth of the private rental sector investment market in Ireland over the past three years.

Michael Bickford, founder and CEO at Round Hill Capital, said in a statement last week: "The counter-cyclical nature of the rental housing market means it is resilient to market cycles, as has been proven amid the economic uncertainties caused by the Covid-19 pandemic.

"As such this transaction is yet further evidence of the strong appeal of the Irish build-to-rent sector for institutional capital, attracted by its resilient, long-term yields as well as the wider growth of the private rental sector investment market in Ireland over the past three years.

"We look forward to building on the first success of this venture to further expand our portfolio across Ireland."
"f**k it, just score"- Donaghy   https://www.youtube.com/watch?v=IbxG2WwVRjU

imtommygunn

I read some ridiculous stat on twitter yesterday about something like 903% or something of houses sold in the south in the last year(or last year can't remember which) were bought by private investors. It seems to be becoming very very hard to get on the property ladder. If it's as bad as reported the government surely need to step in?

thewobbler

This is abhorrent. Shelter is a basic human need, not a desire.

But then again, seeing as Irish people have shown themselves exceptionally willing since the 1990s to openly flog their own, in pursuit of easy money  through property, then maybe we are getting what we deserve.


screenexile

Quote from: imtommygunn on May 05, 2021, 08:50:18 AM
I read some ridiculous stat on twitter yesterday about something like 903% or something of houses sold in the south in the last year(or last year can't remember which) were bought by private investors. It seems to be becoming very very hard to get on the property ladder. If it's as bad as reported the government surely need to step in?

The stat is fairly ridiculous. . . was it tongue in cheek or a typo??

No matter the Irish Government have totally failed the population on housing it's disgusting. They should really be stepping in to stop these vulture funds from hoovering up anything in sight and introducing rent controls to get the price of housing down in all the major cities.

I hope the move to home working will reduce the demand for housing in the cities so that the market can get back to something approaching a sensible price for a house but prices don't seem to be dropping anytime soon!

imtommygunn

I would take it with a pinch of salt but I do suspect it is very high. It was corrected from 80 or so originally.

trailer

It's absolutely terrible and as such I can totally understand how young people are turning away from FF and FG in their droves. The approach to housing in the ROI is a national disgrace. The young people should really be out on the streets protesting.

Angelo

Quote from: imtommygunn on May 05, 2021, 08:50:18 AM
I read some ridiculous stat on twitter yesterday about something like 903% or something of houses sold in the south in the last year(or last year can't remember which) were bought by private investors. It seems to be becoming very very hard to get on the property ladder. If it's as bad as reported the government surely need to step in?

This is government policy though. FFG's aim has always been to privatise everything, this is why they hawk off state resources and services to the private sector. They have consistently greased the wheels for property developers, vulture funds, landlords and wealthy billionaires. You look at how the likes of Denis O'Brien and Larry Goodman are able to consistently secure state contracts and build monopolies.

They have been happy to do this for decades but now things are coming to a head, a basket case health service and a homelessness crisis has emerged from decades of policies that have looked to benefit private interests. This is the reason why they are being filleted at the polls. That's why 3 parties who would have always taken >70% of the vote for the past 30 are now on around 45% and falling.

They then have the brass neck to question the economic competence of opposition parties (baselessly as bar Labour none of those parties have been in power down south) when their track record showed they ruined the economy and have caused crises across all public services.

It's a key reason why politics will change down south. The chickens have come home to roost for FFG and the younger generation are paying the price for their cronyism and corruption.
GAA FUNDING CHEATS CHEAT US ALL

seafoid

Quote from: trailer on May 05, 2021, 09:15:29 AM
It's absolutely terrible and as such I can totally understand how young people are turning away from FF and FG in their droves. The approach to housing in the ROI is a national disgrace. The young people should really be out on the streets protesting.
House prices are beyond the salaries of an awful lot of people under 35/in lower paying jobs and there is no social house building programme to address this 

It's the same in the UK
https://www.theguardian.com/uk-news/2021/mar/30/covid-frontline-workers-priced-out-of-homeowning-in-98-of-great-britain
"f**k it, just score"- Donaghy   https://www.youtube.com/watch?v=IbxG2WwVRjU

trailer

Quote from: seafoid on May 05, 2021, 09:32:00 AM
Quote from: trailer on May 05, 2021, 09:15:29 AM
It's absolutely terrible and as such I can totally understand how young people are turning away from FF and FG in their droves. The approach to housing in the ROI is a national disgrace. The young people should really be out on the streets protesting.
House prices are beyond the salaries of an awful lot of people under 35/in lower paying jobs and there is no social house building programme to address this 

It's the same in the UK
https://www.theguardian.com/uk-news/2021/mar/30/covid-frontline-workers-priced-out-of-homeowning-in-98-of-great-britain

Not sure if it just as bad.

Rudi

Kate O Connell former FG minister for Dublin Bay South & front runner in the position vacated by Eoghan Murphy, the ultra liberal back stabber owns 3 pharmacies & 5 investment properties. No doubt the Dublin Bay South ones will have her & her sister back! Welcome to the new or not so new Ireland, this girl is confused about her woke identity, or maybe she just wants it all.

Angelo

Quote from: Rudi on May 05, 2021, 10:15:52 AM
Kate O Connell former FG minister for Dublin Bay South & front runner in the position vacated by Eoghan Murphy, the ultra liberal back stabber owns 3 pharmacies & 5 investment properties. No doubt the Dublin Bay South ones will have her & her sister back! Welcome to the new or not so new Ireland, this girl is confused about her woke identity, or maybe she just wants it all.

Her brother in law is political correspondent for the Independent.

The political editor of the Independent is Leo Varadkar's biographer.

You can see the trend there.

GAA FUNDING CHEATS CHEAT US ALL

Itchy

Quote from: Angelo on May 05, 2021, 10:29:13 AM
Quote from: Rudi on May 05, 2021, 10:15:52 AM
Kate O Connell former FG minister for Dublin Bay South & front runner in the position vacated by Eoghan Murphy, the ultra liberal back stabber owns 3 pharmacies & 5 investment properties. No doubt the Dublin Bay South ones will have her & her sister back! Welcome to the new or not so new Ireland, this girl is confused about her woke identity, or maybe she just wants it all.

Her brother in law is political correspondent for the Independent.

The political editor of the Independent is Leo Varadkar's biographer.

You can see the trend there.

Yip its rotten to the core the media and political connections in this country. And both are terrified off an alternative approach on housing.

Orior

I am not a landlord, but would like to point out that there are good landlords and there are bad landlords. The good landlords;

- provide a much needed service
- are at the end of the phone when anything goes wrong 24x7
- have the same problem as home owners in getting tradesmen to turn up
- are not social service counsellors
- have deposits which never compensate for the mess that some tenants leave behind
Cover me in chocolate and feed me to the lesbians

Angelo

Surely it's not that hard to bring in legislation that would prohibit or disincentivise people to own multiple properties.

Of course that might sound too much like socialism for the politicians in charge.

GAA FUNDING CHEATS CHEAT US ALL

Itchy

Quote from: Orior on May 05, 2021, 02:02:25 PM
I am not a landlord, but would like to point out that there are good landlords and there are bad landlords. The good landlords;

- provide a much needed service
- are at the end of the phone when anything goes wrong 24x7
- have the same problem as home owners in getting tradesmen to turn up
- are not social service counsellors
- have deposits which never compensate for the mess that some tenants leave behind

Indeed and there are quite a few accidental landlords too. I expect though the focus is on people who are buying with a view to maxmising profit from rent by putting ridiculous pressure on some poor family or tenant. That is what should be controlled.