Ads for properties not really for sale
AN INTERESTING snippet comes our way via Property Week, the online market report service. Its analysis of 100 Dublin properties that were offered for sale in January threw up the curious information that not all of the properties were really for sale. The magazine said that some of the properties owned by property investors were advertised to give the impression to their bankers that they were “trying to get their finances in order”.
These investments were priced up to 17 per cent above the levels advised by the agents involved, and were “clearly intended to repel buyers and just make it look like action is being taken so that the vendors can protect their financial positions”. A total of 28 of the properties had been sold while 32 are still on the market, with the remainder either sale agreed (18) or withdrawn from sale (14). A further batch of eight houses were deemed “not for sale” in the survey.
Property Weekconcludes that in some cases it suits the banks when the properties are not really for sale as they “do not have to make difficult decisions”. Such as acknowledging that their valuations are, and perhaps always were, wide of the mark.
Owners too are stringing the market along and by giving the impression that they are serious sellers, they are hoping that the lenders will leave them alone. propertyweek.ie