Around the Block

A round-up of other Property news

Developers to go to court over incomplete sales

The problem of incomplete apartment sales hasn't gone away but is now going to move to the courts as developers cannot afford to let reluctant buyers off the hook. The question is which court?

More and more applicants are aiming to have cases heard in the commercial division of the High Court which has a reputation for moving things along swiftly. However, with a €1 million threshold on disputes, only some high value cases can be heard there.

Now Judge Peter Kelly is being overrun with requests to hear cases where a buyer may have booked several apartments, with an overall selling price of over €1 million. However, the judge is not inclined to allow them to proceed, where the individual properties have a lower value. For that reason the developers will have to go back to either the circuit or High Court where it can take months, if not years, to have cases heard.

Unfortunately, these cases are set to multiply: where once developers were prepared to take deposits back, and the properties, on the basis that they could be shifted elsewhere, that is certainly not the case now. No one is buying, and values are still falling.

Study results a sign of the times

There are all kinds of ways of measuring the property downturn, now that everyone is stuck in doom-and-gloom mode. Our favourite this week is a new UK study that shows how things stand based on Directory Enquiries.

The UK's biggest directory service provider shows surveyors are a lot less in demand than they were: enquiries about their phone numbers fell 18 per cent in January to June this year compared with the same period in 2007.

As for estate agents, the number of calls had not declined quite as much but still fell by 6 per cent, according to the 118118 service. A similar study in Ireland would undoubtedly show that the number of callers to estate agents has virtually dried up. It can only get better!

Greystones 'most livable' says UN

Greystones, Co Wicklow has emerged as one of the worlds "most livable communities" in a United Nations-endorsed global awards competition.

At the LiveCom Awards in China, Greystones was awarded the gold medal in its category for towns with a day-time population of less than 20,000.

The citation delivered by judges in Dongguan, China, said the number of initiatives the Greystones community found to tackle quality of life issues from pollution to conservation and poor housing was "impressive".

The judges mentioned the towns new sports and recreational park at Charlesland, the new swimming pool and community centre and the on-going project to build a new harbour and marina. The judges also said "for a community of this size, the number of partnerships and activities it is supporting is phenomenal".

The LivCom Awards, supported by the UN's Environment Programme, are in three categories: whole city; sustainable projects; and a bursary award.

The winners in the "whole city" section were Greystones, Ireland (population up to 20,000), New Plymouth, New Zealand (up to 75,000), Broadland District, Norfolk, England (up to 200,000), Changxing, China (up to 750,000) and the Municipality of York, Canada (over 750,000).

After initial judging over the summer, presentations from nearly 50 finalists over five continents were assessed by the awards panel.

The Greystones entry was put together by former mayor Grainne McLoughlin who created a video concentrating on enhancement of the landscape, heritage management, environmentally sensitive practices, community sustainability, healthy lifestyles and planning for the future.

McLoughlin, accompanied to China by Mayor George Jones and town manager Sean Quirke, was also required to make a one-hour presentation on the town and answer questions. The entry was financially supported by Greystones Chamber.

The award is something of a boost for the town where infrastructure has been under pressure to keep pace with rapid housing expansion stretching back almost three decades. The town was also divided on the decision to go ahead with the new harbour and marina complex, which chairman of Wicklow County Council and Greystones resident Derek Mitchell said has now been vindicated.

"I was delighted to see that the majority of the judges' comments focused on the harbour project. This has been difficult to implement and very controversial so it is really nice to have this international recognition for it," he said.

Banks blasted for lack of credit at REA AGM

When the chips are down it's human nature to find someone to blame and last week there was no doubt that bankers were cast in the role of villain at REA's AGM in Co Laois.

The banks were "on everyone lips" as estate agents vented their frustration at the lack of capital available for those looking to purchase, according to a stinging press release fired out by REA.

"As long as transactions cannot be completed the situation in this country will not improve and the implications of this are far reaching," said Michael Boyd, incoming vice-chairman of REA.

Healy Hynes of Hynes Real Estate Alliance in Athlone warned banks against keeping all the goodies from any recapitalisation to themselves. "Credit is the lifeblood of our economy. If the banks now want to restrict that blood to themselves it will be like a tourniquet around the neck of Ireland Inc in the long term, causing more ill than good." The appointment of Paul Grimes, director of Grimes Real Estate Alliance in Ashbourne and Skerries, as chairperson of the national property group and Michael Boyd of Boyds Real Estate Alliance of Kilkenny as vice-chairperson were ratified at the event.

Colliers gets country house award

It's that time of year again when industries pat themselves on the back with awards ceremonies in fashionable London hotels.

Come in Colliers Jackson-Stops which has just been awarded the gong for the "Country House Agents of the Year" in the UK and Ireland. With little else to do at the moment there were no fewer than 500 agents at the do in the Park Lane Hilton which was organised by The Negotiator magazine, and hosted by Rory Bremner.

Colliers met with stiff competition from some of the UKs best known agents including including Hamptons International, The Frost Partnership, Abbotts South and Fine Country.

The Jackson-Stops name has been around for a long time, in fact over 70 years. At one time most of its business was linked into the sale of large country estates which unfortunately are rather thin on the ground these days. However, the agency picked up marks for is splendid country house catalogue which it circulates around the world in the hope of attracting the jet set back to these shores. Prices have certainly come back to the extent that an oligarch might be tempted. Country house values are down by up to 30 per cent, in line with many other values.

Inspection trip worth a close look

Travel to Berlin to suss out property and shop at the Christmas markets? Well it's worth a try, says a company called RealReturns, which claims that many of its clients would relish the opportunity to travel to Berlin to research the investment potential in greater depth but could never find the time.

RealReturns has organised an inspection trip which, it says, will allow them to satisfy investment interest together with perusing "Berlin's magical Christmas markets". The inspection trip will take place on December 12th to 14th and involve visits to developments at Lehderstr and NeueBahnHof Str, but with plenty of time to "purchase all your branded goods for less of an expense than buying same at home." All for €189 per person sharing through FCM Travel. Only thing is, flights aren't included.

On the move

Property consultants Atisreal has announced two new appointments. Paul O'Rafferty joins the company from Lisney to become the firm's property manager and Danielle Rocca Devine joins to head up marketing and communications.