New Offers for Social Housing at Staggering Prices

A developer by the name of Pat Crean has offered 36 apartment for social housing to a local Dublin authority. Pat Crean’s Marlet development group offered to construct the apartments for the Dundrum area of Dublin. The Marlet group comprises of one of two fast-track housing applications for the Dundrum area of Dublin. The other part of the fast track housing application is formed by the Crekav Trading GP. Crekav Trading GP has proposed to sell 25 apartments from its overall planned 253 apartments in Greenacres, Longacre and Drumahill house. These 25 apartments have an estimated cost of €8.346 million.

The 36 apartments have been estimated at a cost to construct of €11.8 million. Meaning that on average the cost per apartment amounts to €327,888. In comparison, the Crekav trading GP’s 25 apartments have an average cost of €333,840.

The median home value in the Republic equates to €237,000. In comparison to the united states the median home value is $226,800. Adjusted to euros the median cost of a home in the US amounts to only €200,363.09. While the average price per …

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Irish Independent feature Irish Mortgage Brokers

We were asked for comment on housing recently by the Irish Independent and had this to say on social housing: Karl Deeter, of Irish Mortgage Brokers, suggests that sites be released for social and affordable housing schemes, or private homes, in return for equity. Developers would have little cause for complaint.

“On a vacant site (in Dublin city centre), you could build an eight-storey building with 75pc of the building rented at 20pc below market, and for the rest you have a guaranteed upward-only rent review of 2pc a year,” he says. “If we do it on a build to sell, or build to rent, we share the profits..

“We need to flood the land market. People want to talk about the law of the jungle, but you can’t be a lion, and when a rhino comes along you complain.

The general view in our opinion is that much of the malaise always comes back to the base element of housing which is land.

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The Last Word on Today FM talk to Irish Mortgage Brokers

The Last Word hosted by Matt Cooper featured Irish Mortgage Brokers and the Independent’s Paul Melia to discuss issues around social housing and indebtedness.

Paul Melia had researched the outcome of 1,700 social houses that were promised last year and found that none of them had been commenced, this is in our opinion the kind of high quality journalism that leads to greater public accountability.

The radio clip beings with a conversation between Matt and Paul where the issues for non-delivery are covered.

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The Edmund Honohan plan, in a nutshell, it’s bad policy

Last night on Claire Byrne Live the Master of the High Court, Edmund Honohan said that the constitution didn’t stand in the way of the state being able to pursue certain social agendas when it came to property and property rights.

This hinged on the back of an article in which the Minister with responsibility for housing Alan Kelly apparently said that the constitution blocked his ability to resolve our housing crisis, Honohan rebutted this with an open letter in the Sunday Independent.

What follows is an extract of the letter: Consequently, if the Oireachtas is of the view that the State should itself (or its local authorities) provide public housing “in the Common Good”, the State can (and probably, legally, should) decide not to wait the two/three years needed to build social housing but instead to immediately acquire houses now in private hands.

If the owners of these refuse to sell, acquisition can be by compulsory purchase with full compensation assessed by the arbitrator.

It so happens that there is a stock of such housing which has …

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