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Thread: Should NAMA openly advertise all 'Properties For Sale'?

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    Politics.ie Member MsAnneThrope's Avatar
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    Default Should NAMA openly advertise all 'Properties For Sale'?

    On the RTÉ news website today there is a headline:

    NAMA close to selling properties worth €500m

    NAMA is in advanced discussions to dispose of €500m worth of properties.
    Advanced discussions with who exactly and what properties? And how do these potential buyers know what NAMA is considering selling? It's an offence to lobby NAMA so if people are hustling NAMA, to cherrypick properties that it has in its possession, would that qualify as a lobbying offence?

    NAMA also claims that an indebted developer/company cannot repurchase its loans/properties/land back from NAMA at a reduced/distressed price. I have seen several suggestions, on p.ie and elsewhere, of the possibility of new companies/syndicates being set up for the sole purchase of buying back the very same distressed loans/properties/land, that they originally had transferred into NAMA, at significant discounts. This is a realistic concern and is probably achieveable through new labyrinthine vehicles, possibly offshore, but where the ultimate beneficiaries are the very same people whose loans NAMA took over in the first place.

    Unless NAMA operates in a more transparent manner when it comes to selling properties then this suspicion will always be present. Therefore, I ask the question, should NAMA openly advertise all properties, without exception, that it intends to sell, and furthermore should it reveal who bought them? I am sure there are members of the public, not to mention foreign investors, who do have cash/savings, who may be interested in some bargains as they arise. Why shouldn't the public and/or foreign investors be offered the opportunity to purchase them? And is there not an argument that all properties should be auctioned to the highest bidder in order to get the highest return for the taxpayer?

    God knows NAMA has an army of contracted estate agents, valuers and auctioneers hired through tenders who could oversee this process and even set up a website, as an extension to NAMA's existing one, where such properties could be openly advertised. It's what they do for a living themselves anyway, so there's nothing complicated about it.

    Or is NAMA just going to operate in secrecy and potentially let the usual suspects cherrypick bargains from right under our noses?
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    That is why these preferred Estate Agents were appointed. They were Developers themselves and are now privvy to insider information.

    Expect them to approach loyal clients and the now famous consortia will be established, of course involving a few relatives of politicians and Estate Agents.

    Expect the name Green Properties to surface as well.

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    So after 6 months 0.5% of the value of the property portfolio is in an advanced level for selling?

    Well done, just 100 more years to clear the stock. Great.

    Market forces to NAMA is like a cross to Dracula. All those "loans" become exposed. Ouch. I say there must be a shrine by the elite for the creator of the SPV model.
    “The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.” - Friedrich A. Hayek

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    When you're dealing with such a diverse range of property assets you cannot say that one approach will suit all of the disposals. Everything from public auction to privately negotiated deals with possibly very complex terms will all be employed. It would be a bit silly to tie the hands of the professionals employed to do the job - I'm sure if you were disposing of a property you would want to maintain discretion over what would be the most appropriate means of doing so.

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    Quote Originally Posted by Cassandra Syndrome View Post
    So after 6 months 0.5% of the value of the property portfolio is in an advanced level for selling?

    Well done, just 100 more years to clear the stock. Great.

    Market forces to NAMA is like a cross to Dracula. All those "loans" become exposed. Ouch. I say there must be a shrine by the elite for the creator of the SPV model.
    CS - you know better than most around here that there is a start-up period during which there will actually be very little selling activity. What are you trying to do - stir up the nutters?

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    Politics.ie Member Libero's Avatar
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    Quote Originally Posted by MsAnneThrope
    Or is NAMA just going to operate in secrecy...?
    Don't you think the NAMA legislation, as enacted, answers that question pretty clearly?

    The whole process and culture of NAMA has been signalled from the start. I'll give the government credit for that.

    Defenders of NAMA will point to borrowers' customer confidentiality as an excuse for the agency operating in the shadows without full advertising, as if that right to confidentiality ever stopped banks in the past advertising sales of property (i.e. where the property was the secured interest in a loan agreement, and the bank was exercising a legal power to sell it).

    We can hope that journalists will keep an eye on public filings with the Property Registration Authority to catch evidence of land transfers. Then again, NAMA will be free to publish nothing more than aggregate-level statistics, and use the existing legislation to threaten journalists with jail, should they do anything more than speculate about the parties behind dealings, and whether the land is "in NAMA" at all, nevermind the details of those dealings.
    Besides, like you mentioned, those public filings won't reveal much at all if shell companies are used as counterparties, and if consideration is structured away from the Contract for Sale.

    Perhaps the best deterrent to rampant corruption and wrongdoing inside NAMA is a firm public commitment from Fine Gael and Labour that they will, after entering government, open up the operation of NAMA and details of its dealings.

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    Default Even if you prohibited reselling they would do reciprocation

    http://www.politics.ie/fianna-fail/1...ail-style.html

    Even if you prohibited reselling they would do reciprocation.

    The Developer community will be buying back the property formerly owned by their competitors.

    Nothing to stop Michael buying Patrick's old site and Patrick buying Michael's site.

    We need to realise that dear property is most adverse to our Economy and our Society.

    Lumbering our Society with the costs of a banking crash is bad for our Economy and our society.

    Extending finance from Irish Banks to these Buyers of NAMA assets at levels which would net NAMA a "Good Price" is more risk and folly for our society and economy.

    If NAMA is selling in a Bearish mood before the price falls further the risk is simply being transferred to our Banks.

    If NAMA is selling to a genuine market of bulls then the taxpayer is making a loss.

    NAMA will not meet its targets

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    Politics.ie Member MsAnneThrope's Avatar
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    Quote Originally Posted by Sailor View Post
    When you're dealing with such a diverse range of property assets you cannot say that one approach will suit all of the disposals. Everything from public auction to privately negotiated deals with possibly very complex terms will all be employed. It would be a bit silly to tie the hands of the professionals employed to do the job - I'm sure if you were disposing of a property you would want to maintain discretion over what would be the most appropriate means of doing so.
    I'd want the highest price first and foremost Sailor and if that meant telling one of my friends 'tough but I found someone offering 10% more' then so be it.

    The professionals that NAMA has contracted have their own respective windows full of adverts for commercial offices, houses and land banks. Why not NAMA too, but on a website instead?
    We all love animals. Why do we call some 'pets' and others 'dinner'?

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    If so much property is put on sale at once like that, the falling supply and demand rate would shatter the housing market north and south and hamper recovery.

    Crazy idea.

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    Default Complex contracts and conditions limit competition

    Quote Originally Posted by MsAnneThrope View Post
    I'd want the highest price first and foremost Sailor and if that meant telling one of my friends 'tough but I found someone offering 10% more' then so be it.

    The professionals that NAMA has contracted have their own respective windows full of adverts for commercial offices, houses and land banks. Why not NAMA too, but on a website instead?
    Complex contracts and conditions limit competition.

    So what happened the Lenehan fairytale ending of holding the assets until they finally returned a profit?

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