The appointment of Michael Boyd, Director of Boyd’s Real Estate Alliance in Kilkenny as Chairperson of the national property group and Patrick Riney of Orchard Real Estate Alliance of Rathfarnham as Vice-Chairperson took place on the 27th of November 2009.
“We have the experience to guide our clients through this”, said the incoming Chairman, Michael Boyd. “Our members are long-standing in their communities and have the expertise to get through these challenging times. We were never under any illusions that the property sector is cyclical. We have been through recessions before and come out the other side. Many of the Real Estate Alliance agents are lucky in that they are not overly dependent on the residential market, which has been hardest hit and as such they are busy doing valuations, rating appeals and giving professional services to our clients
Monday, December 7, 2009
REA welcome in a new era of high quality valuations
Real Estate Alliance, the national property group comprised of some of the country’s longest established estate agents, held their AGM in The River Court Hotel in Kilkenny, on Friday, 30th November. The whole area of how the banks are now taking a much more professional view of how valuations are been carried out were key items on the agenda as the group looked at what the year ahead may bring for the property sector. The appointment of Michael Boyd, Director of Boyd’s Real Estate Alliance in Kilkenny as Chairperson of the national property group and Patrick Riney of Orchard Real Estate Alliance of Rathfarnham as Vice-Chairperson were also ratified by the group.
Real Estate Alliance members met after one of their hardest years yet but found many reasons to be positive. There was 100% attendance by the members at the AGM, no agents left the group in 2009 and the Group has no debt. The Group have recently acquired large valuation contracts for banks, various litigation cases and a number of Government departments.
The banks were on everyone lips during the day as some of the country’s longest established estate agents agreed that because the whole area of credit assessment criteria has now to be taken seriously by the banks and a consequent of this, valuation standards will have to rise. Real Estate Alliance has been calling for Irish valuation standards to match international criteria for years. According to the incoming Chairman, Michael Boyd, “the impending NAMA regime should result in the valuation process being put at the central of the credit assessment system.
Real Estate Alliance members met after one of their hardest years yet but found many reasons to be positive. There was 100% attendance by the members at the AGM, no agents left the group in 2009 and the Group has no debt. The Group have recently acquired large valuation contracts for banks, various litigation cases and a number of Government departments.
The banks were on everyone lips during the day as some of the country’s longest established estate agents agreed that because the whole area of credit assessment criteria has now to be taken seriously by the banks and a consequent of this, valuation standards will have to rise. Real Estate Alliance has been calling for Irish valuation standards to match international criteria for years. According to the incoming Chairman, Michael Boyd, “the impending NAMA regime should result in the valuation process being put at the central of the credit assessment system.
Monday, November 2, 2009
Follow us now on Twitter
Real Estate Alliance is now in twitter. Follow us on www.twitter.com/REAIreland.
Windfall Tax will have a devasting effect on the market.
REA agents think the proposed 80% windfall tax will have a devastating effect on the Market for one off sites as well as for any proposed sale of land in the future close to towns/cities which could be developed.
Many people through no fault of their own have land close to towns frozen for proposed by-passes for 10 + years and now that could be subject to the 80% tax. They could have sold or developed it if it was not frozen.
As sure as night follows day, we will slowly come out of this recession and if the 80% tax stays it will drive up the price of houses again because land will not be released for sale because of punitive taxes.
The 40% capital gains tax of the 1980’s and early 90’s prevented the release of land for development so we can only speculate what will happen if the 80% windfall tax is introduced.
Many people through no fault of their own have land close to towns frozen for proposed by-passes for 10 + years and now that could be subject to the 80% tax. They could have sold or developed it if it was not frozen.
As sure as night follows day, we will slowly come out of this recession and if the 80% tax stays it will drive up the price of houses again because land will not be released for sale because of punitive taxes.
The 40% capital gains tax of the 1980’s and early 90’s prevented the release of land for development so we can only speculate what will happen if the 80% windfall tax is introduced.
Hynes believes the worst in over and things are straightening out
"We've seen a steady improvement in house sales since the start of this year, particularly since last August and September," said Hynes. "Confidence is a bit better. People realise there's value to be had out there. Sales are thousands of times better than this time last year."
Hynes believes the property market went into recession about a year before the rest of the economy, and is more likely to recover before other sectors. "There is an upturn slowly coming through," said Hynes. "The worst of the downturn is gone."
Hynes believes the property market went into recession about a year before the rest of the economy, and is more likely to recover before other sectors. "There is an upturn slowly coming through," said Hynes. "The worst of the downturn is gone."
Monday, October 12, 2009
September activity increased slightly
Real Estate Alliance report slightly increased buying activity around the country in September, mainly among first time Buyers.REA’s Barometer of members shows 34 offices reports that 171 sales were agreed in September. This compared to 150 in March and 164 in April, spring months which provide comparative activity periods.
Of the latest sales agreed, 114 were for second-hand properties and 57 for new properties. According to CEO Eimer O’Keeffe, second-hand homes fared better because they tended to be in better locations. “However, it all comes down to price. The vendor for a second-hand property can be keener to lower its price to move into their new home so there is a lot of room here for negotiation”, she said.The total number of enquiries recorded by the 38 Estate Agencies within the group was 4560, an average of 120 per month. This demonstrates a 15pc increase compared to March 2009.
In terms of contracts signed, REA can report a total number of 165 contracts signed for September divided between 76 second-hand homes and 89 new homes. Ms O’Keeffe added; “There seems to be a positive shift with more viewers looking to buy, all under the €250,000 bracket. There is a marked improvement in activity in South West County Dublin. “Our agents in Rathfarnham, Orchard REA reported a 20pc increase in enquiries, five sale agreed and four contracts signed in September. According to Kevin Riney of Orchard REA, “prices are down by 50% and buyers know there is good value”.
Jeanne Walshe of Cumisky REA said the Balbriggan second-hand market is quite slow with properties priced above €200,000 experiencing difficulty. She said, “Purchasers have a huge range of options at great value and schemes such as Dun Saithne Green sold quite fast. Two bed there from €128,000 and three beds from €140,000 sold out in less than two weeks, with only four mid terrace units available.
Of the latest sales agreed, 114 were for second-hand properties and 57 for new properties. According to CEO Eimer O’Keeffe, second-hand homes fared better because they tended to be in better locations. “However, it all comes down to price. The vendor for a second-hand property can be keener to lower its price to move into their new home so there is a lot of room here for negotiation”, she said.The total number of enquiries recorded by the 38 Estate Agencies within the group was 4560, an average of 120 per month. This demonstrates a 15pc increase compared to March 2009.
In terms of contracts signed, REA can report a total number of 165 contracts signed for September divided between 76 second-hand homes and 89 new homes. Ms O’Keeffe added; “There seems to be a positive shift with more viewers looking to buy, all under the €250,000 bracket. There is a marked improvement in activity in South West County Dublin. “Our agents in Rathfarnham, Orchard REA reported a 20pc increase in enquiries, five sale agreed and four contracts signed in September. According to Kevin Riney of Orchard REA, “prices are down by 50% and buyers know there is good value”.
Jeanne Walshe of Cumisky REA said the Balbriggan second-hand market is quite slow with properties priced above €200,000 experiencing difficulty. She said, “Purchasers have a huge range of options at great value and schemes such as Dun Saithne Green sold quite fast. Two bed there from €128,000 and three beds from €140,000 sold out in less than two weeks, with only four mid terrace units available.
Monday, October 5, 2009
Has the economy paused your Redecorating plans?
Fear not, 10 Top “R” Tips to transform your home from the doom and gloom during this Recession.
In today’s economic downturn, cost cutting and drastic budgeting, all plans to redecorate our homes are put on the back burner for the time being. Just The thought of redecorating our home sounds crazy! In reality, redecorating our homes doesn’t need to cost a lot. All you need to do is plan wisely.
Make a plan today, pick a paint colour or throw out those old pictures that are fading. Piece by piece, you'll get into the groove of turning the house into your designer home! Read more on NEWS section
In today’s economic downturn, cost cutting and drastic budgeting, all plans to redecorate our homes are put on the back burner for the time being. Just The thought of redecorating our home sounds crazy! In reality, redecorating our homes doesn’t need to cost a lot. All you need to do is plan wisely.
Make a plan today, pick a paint colour or throw out those old pictures that are fading. Piece by piece, you'll get into the groove of turning the house into your designer home! Read more on NEWS section
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