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Sunday Property Round-Up

Apologies, I know that last week’s offering was not up to scratch.  I was too distracted by the scenic Wild Atlantic Way (Bundoran to Ballybunion!) to really knuckle down.  Although, on my travels I did keep a note of all the derelict and deserted properties that we passed en-route and I will be touching base with estate agents along the coast to see if there is anything that we can do – perhaps a Wild Atlantic Way property feature on one of the overseas websites popular among recent (and hopefully returning) expats….  Feel free to email me with any ideas at Carol@CarolTallon.com.

Regulatory changes

Statutory Instrument No. 17 of 2017:  HOUSING (STANDARDS FOR RENTED HOUSES) REGULATIONS 2017 came into effect yesterday, July 1st.

Any agents advising landlords will no doubt have spent last night reading through the details (ahem…),  but on the off-chance you missed it, here is the full S.I. No. 17 of 2017 in PDF

 

Key updates

  • Re: Fire safety, specifically, every individual unit within a property must now be equipped with a fire alarm system and a fire blanket.  This also applies to the communal areas of multi-unit buildings.
  • Communal areas must have functioning (regularly maintained) emergency lighting.
  • Re: Air quality, all individual units must have a functioning (regularly maintained) carbon monoxide alarm and proper ventilation systems in the kitchen and bathroom.
  • The 2008 rules against shared kitchen and bathroom facilities and communal utility metering stand.
  • All units must include a ring hob with oven and grill, a microwave, an extractor fan, a fridge/freezer, a sink with drinking water, adequate storage and access to laundry facilities (if no garden, then dryer – seems unworkable but let’s see…).
  • Pest control (vermin) is now the responsibility of the landlord to deal with (previously it was the tenant’s problem).

House prices

Daft.ie Irish House Price Report for Q2 2017 issued on Friday; prices rose sharply again last quarter.  Prices nationally are up 8.8% (Dublin 10%, elsewhere 6% average)in the first half of the year, that’s already greater than the annual increases that we have seen for the past two years. Prices in Dublin 2 and in Dublin 8 are up 16% in the same period, that’s almost double the national average.

Report author, Ronan Lyons, concludes that the Central Bank rules are largely responsible for the trend (rather than the controversial help-to-buy scheme) and the CB rules last year did precisely what they were designed to do i.e. halt rising prices.

Also, sales of new homes only constituted 20% of the market in Dublin (1,200) whereas this should be closer to 50%.

The Independent.ie ran a story on the report yesterday (Saturday)headlined: ‘House prices to rise for up to 10 years – property report: Property prices now rising at a rate of €2,000 every month’

As for the Sunday broadsheets, all of the supplements are starting to show signs of the summer wane this week.  I spoke with a couple of editors last week who signalled that the property sections will continue to run for most of the summer, albeit just a page or two, until the main supplements return in September.

The Sunday Times

Move

 

The ST lead property never disappoints, this week the featured property is the Donegal home of musicians Mick Hucknall and Chris de Margary.  The sporting estate, Glenmore Rivers, on the River Finn in Donegal comprises of 19,000 acres and exclusive salmon and sea trout fishing rights on up to 60km of the river.  It comes to the market at €2.6m.

REA have a line-up on page 3 for their next auction (12th July in Killashee House Hotel, Naas) with lots priced from €35,000 to €575,000.

Architectural historian, Emma Gilleece, has an interesting piece on page 7 ‘Let’s restore our seas baths with a leap of faith – Revamp our saltwater pools and they could once again be hotspots’.

Lorcan Sirr raising an interesting point in his column this week; often objections to social housing are based on the presumed negative effect on neighbourhood house prices when, in fact, the data proves this presumption to be incorrect.

Commercial

Grainne Rothery writes that Belfast is riding the crest of a wave, referring to the successful regeneration of the dockside area and Titanic Quarter as a four-star hotel prepares to open there in September.

 

Elsewhere in the paper

  • Oaktree Capital (mentioned below in relation to the Ormond Quay aparthotel site) is apparently aiming to float a large Irish property fund this autumn is association with Irish developer Bridgedale, led by Stephen Garvey – who was the underbidder on the recent RTE site purchase.
  • JP McManus and John Magnier share a net profit of €224m on their retail/office development in Paris (Place Vendome).
  • The Carrick-on-Suir building company part-owned by FAI chief John Delaney has apparently “expressed doubts about its future as it stopped loan repayments”.
  • Brian O’Driscoll and Amy Huberman have been granted planning permission to extend their Rathmines Victorian home. Neighbours now have four weeks to lodge an appeal.

 

Sunday Independent

Sunday Property

The front page property story today is actually a gardening story, which normally I am not a fan of, but this is one that I can get on board with. It is about how to create an outdoor space without having a garden i.e. how to use balconies, roof terraces, courtyards and patios to maximum effect.  With  the current cohort of first-time buyers being forced into apartments and smaller townhouses than their predecessors, creating a useable outdoor space makes sense.  One of the best tips is from Mark Grehan, “Look out for plants that would well beside the seaside – they are used to strong breezes and can endure windy balcony conditions”.

An unusual, contemporary, eco-home in Killinick, County Wexford is featured on page 15, with an asking price of just €249,500.  It also comes with some great advice:

“Every good marriage needs a shed”

Sherry FitzGerald have a strong line-up of country homes on page 16, for budgets upwards of €650,00 (to €2.5m), featuring  top quality rural and equestrian homes in Limerick and across Leinster.

Elsewhere in the paper

  • Colm McCarthy writes on page 17 that ‘Deflating housing bubble must bring realistic prices. Politicians need to be honest over remedies for the dysfunctional property market.’ He launches into a stinging criticism of the recent RTE site sale (criticising the price achieved, not the actual sale). He makes the excellent point that housing affordability is not a national/nationwide problem. He calls for the abolition of the help-to -buy scheme (as does every non-vested industry commentator).  He simplifies that any interference policies must have the clear objective of lowering Dublin prices (sales and rental).
  • US Fund (Targeted Investment Opportunities ICAV, connected to Oaktree Capital Management) are seeking planning for a seven-storey, 165-room aparthotel on the site of the former Zanzibar/Bondi Beach venue on Ormond Quay in Dublin.
  • John Sisk & Sons has come out as Ireland’s top earning building contractor with revenues of €1.05bn. Nearest rivals are BAM and Jones Engineering Group, each posted revenues of €385m for 2016.
  • The lack of second-hand homes coming to the market is the subject of an article by Dan White on page 4 of the Business section. I don’t think that is news to any industry readers here.

 

Sunday Business Post

Property Plus

 

The SPB Property is mainly property listings this week, with little commentary or analysis; however, there is a short piece on page 6 (Interior) about Twitter and Odos winning awards for their contemporary office fit out.

Also, Donal Buckley writes on page 9 that ‘All eyes on Allsop’s online auction’ as the auction house brings its most valuable lot (to date) to the market, a site on Deansgrange Road in South Dublin guiding €4.75m-€5.25m.

O’Neill & Co., Chartered Surveyors bring the well-known premises, The Johnstown Inn, in County Kildare to the market (no guide price).

Elsewhere in the paper.

  • Jack Horgan-Jones writes on page 6 that JJ Rhatigan is in a legal fight with Nama over the Crowne site, on the Monivea Road in Galway.
  • WLR Capital (Wilbur Ross) has refinanced developer Gerry Barrett’s operations as he returns to the Irish market with projects in Dublin, Galway and Drogheda.
  • The new owners of Avon Ri lakeshore resort in Blessington are investing €1.2m to revamp the premises over the coming months to position it as a premier wedding and corporate venue.

Any other business

Conservation issues?

Builders/developers/potential buyers who might be dealing with a conservation issue or who might need historical analysis and impact statements, I recently came across Consurv (www.consurv.ie) and they have a range of specialist surveying services that I experienced difficulty sourcing in the past so thought it might be useful to pass on (no, I’m not on commission, I just appreciate a good service when I come across it!).

Fingers crossed

Best wishes to Adrianna and the team at Hegarty Properties in Midleton for their nomination in the 2017 Cork Business Awards (taking place in November). The awards are hosted by Business Cork magazine and publisher Michael Mulcahy stated, ‘Adrianna Hegarty and her team operate a fantastic business in Midleton. They have built a great presence in Cork and East Cork and it is fitting recognition of the team to be nominated for a business award this year.’

It’s important for the industry that great service is recognised and rewarded so well done and best of luck for November!

 

 

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