It’s been quite a few weeks since NAMA initiated legal action in Dublin but yesterday the Agency was back in action at the High Court where an application was made against 11 individuals. The case reference is 2012/7029 P and the objects of NAMA’s attention this time are the following – Elaine Flynn, James Flynn, John Flynn Snr, John Flynn Jnr, Merlin O’Reilly, Patrick O’Reilly, Rita O’Reilly, Sarah O’Reilly, Michael O’Reilly, Peter Wilson and Philip Dinkel. As is usual with recently-made applications, there are no solicitors on record shown for the respondents. The Flynns have developed commercial property in Ireland and the UK, often in partnership with other major developers like the McCormacks and the Kellys.
The plaintiff is both NAMA and National Asset Loan Management Limited and both are represented by Matheson Ormsby Prentice, the law firm which apparently told Anglo that loans extended to the Sean Quinn children to buy shares in the bank were lawful. The inclusion of NAMA in the plaintiff may indicate the matters to be examined are serious.
full article at source: http://namawinelake.wordpress.com/2012/07/18/nama-sues-11-individuals-in-dublins-high-court/
English: A commercial property in Banchory Between Bridge Street and High Street; connected with Alzheimer’s care. (Photo credit: Wikipedia)
Jones Lang Lasalle (JLL) has today published its commercial property series for Ireland for Q2, 2012 – the report should be available shortly on the JLL website but for the time being, there is Jack Fagan’s report in today’s Irish Times. The JLL series is one of the two Irish commercial indices referenced by NAMA’s Long Term Economic Value Regulations (Schedule 2) and is used to help calculate the performance of NAMA’s “key markets data” shown at the top of this page. The other quarterly Irish price series is published by SCSI/IPD and will be available on Tuesday 24th July at 3pm; because it is generally published after JLL’s, it is not used here to help compile the NWL index, but the SCSI/IPD index does historically show a very close correlation with JLL’s.
The JLL Index shows that capital values fell in quarter one, 2012 by 2.3% – this means that with the exception of Q4,2011 Irish commercial property has declined in value for 19 of the last 20 quarters and the aberration in Q4,2011 when a 1.2% increase was recorded was due to the exceptional measures set out in Budget 2012 – the reduction in stamp duty on commercial transactions from 6% to 2%, the abandonment of proposals to abolish
full article at source: http://namawinelake.wordpress.com/2012/07/11/e166m-sliced-off-the-value-of-namas-irish-commercial-property-in-q2-2012/
For all you salespeople out there whose managers might be pressuring you to close sales, you now have a novel addition to the excuse manual courtesy of CB Richard Ellis (CBRE). Property services powerhouse and NAMA valuer, CBRE has just published its two-monthly review of the Irish commercial property market and it makes the observation that activity has increased but as a result of the infernal “forensic due diligence”, this activity hasn’t yet translated into actual sales.
The report observes that there is considerably more property coming onto the market, including from NAMA and its debtors. It is reported that the sale of the €27m David Arnold-developed One Warrington Place in central Dublin “has now signed and is due for completion shortly” – the buyer isn’t identified save to say it is a “US investor” but rumours abound that it is a company called Northwood which has made the purchase, after the previous purchaser, Prudential dropped out.
full article at source: http://namawinelake.wordpress.com/2012/05/01/forensic-due-diligence-being-blamed-for-holding-up-the-irish-commercial-property-market/
Image via Wikipedia
In terms of top prize for political incompetence in 2011, you’d be hard-pressed to find a better example than the farce that has surrounded the issue of Upward Only Rent Reviews (UORR) in commercial leases; remember both Labour and Fine Gael had promised to abolish UORR terms in existing commercial leases so that tenants would no longer have to pay rents which were set in better economic times, and particularly at the peak of the Celtic Tiger when commercial rents were twice today’s levels.
The commitment stymied the commercial property market where transactions dried up as neither buyer nor seller knew what rental terms would apply after the Government’s intervention. And Minister for Justice, Equality and Defence Alan Shatter issued frequent updates where he re-affirmed the commitment, and for many months the stock response to requests for updates from the justice ministry was that a bill would be brought before the Oireachtas before Christmas 2011. And a framework including detailed legislative provisions went to the Attorney General in October 2011.
full article at source: http://namawinelake.wordpress.com/2011/12/22/fine-gael-called-liars-in-metre-high-lettering-on-grafton-street-premises/
I am not surprised this shower are only looking after the many landlords sitting in the Dail .
Rent supplements are keeping the property prices artificially high and I am surprised that the IMF hasn’t demanded that the government cut this subsidy to private landlords. Property prices are set to fall a lot further as this new penal tax on people’s homes will deter new owners and may even prompt others to sell out of the rental property business for good .I stated in a posting two years ago that we would see Dublin apartment prices come down to the mid thirties (thirty five thousand Euros) Well a friend of mine told me he sold a one bedroom apartment for 47,500 including a park space two months ago and he is convinced that we will see apartments in the mid twenties in two years time .I would agree with him. I am currently living in Germany and I am renting a one bedroom apartment for 300 Euros a month and 100 extra for heating. I could buy this apartment for 42,500 and this would be in a similar area to D4 in Dublin! Around the corner there is a house with 3 bedrooms and I could buy this for 123,000 and I might get it for 115,000 if I had cash!
I cannot see any improvement in Ireland as long as we have incompetent political gangsters running the country we need a new revolution and cleaned all these public leaches out of the system a new political setup must be brought about centred on the needs of the ordinary citizen and not on the servants of the people as they call themselves. Cronyism must be stamped out.
I do believe that eventually the people will rise up but then even I will be surprised at the extent of the violent reaction against the political leaches that are now sucking the country dry and the collaborators, eager to serve the corrupt moneymen in Europe. The people will have their day they always do eventually so Fine Gael you are been warned the day of reckoning is coming !
In terms of transparency in engaging suppliers of services, NAMA seems to be burrowing itself deeper and deeper down Alice in Wonderland’s rabbit hole. Whilst the agency started out by advertising all contracts for services and there was, by all accounts a rigorous procurement process to appoint an army of professionals, it seems these days that the agency is satisfied with a brief beauty contest before making appointments. Rumour has it that agents HT Meagher O’Reilly has been appointed by NAMA to let all the commercial property under its control in the south Docklands in Dublin.
full artical here at source:http://namawinelake.wordpress.com/2011/08/18/nama-appoints-company-to-sell-derek-quinlan%e2%80%99s-art-collection-a-company-which-the-european-commission-found-had-operated-a-cartel-which-defrauded-art-sellers-out-of-290m/