A round-up of other property news
Lisney puts staff on three-day week
It's not a recession we're in, it's a depression, says an estate agent at Lisney where staff are to go on a three-day week, starting Monday. The measure is being seen as an alternative to redundancies as the property market totters towards the end of a terrible year. The new shorter hours, and correspondingly smaller pay packets, are to run until the end of February when, it's hoped, there will be some indication as to how the rest of the year is going to pan out.
Lisney, which specialises in the high-end residential market and also has a strong commercial division, was one of the earliest estate agencies to respond to the downturn by cutting pay for its 170 staff and directors by 10 per cent last June.
Since then it has closed down its branch in Sandyford, and has also withdrawn its new homes team from offices on Merrion Street. It currently has offices in St Stephen's Green, Dún Laoghaire, Drumcondra and Terenure, as well as offices in Belfast and Cork.
Watching over empty apartments
Hats off to high-tech security guru David Walsh who knows how to spot an opportunity when he sees one. Walsh's Netwatch security company is doing a roaring trade providing big brother-style security services to owners of vacant or half-finished residential schemes.
The company, which provides remote visual monitoring security systems, is currently providing high-tech security to 28 finished residential schemes, 28 more than last year.
Walsh says there has been a "dramatic increase" in demand from property developers looking to protect vacant schemes from theft and damage in the last six months.
Worryingly, the Carlow-based company also claims it has recorded a 40 per cent increase in attempted break-ins at vacant residential schemes in the last three months.
Netwatch claims to be the only company in Ireland to provide a security system that has a live personalised audio warning to challenge anyone entering a site or premises. Security operators down in Carlow can shout: "Hey, you in the red jacket, put down that plasma TV" via speakers at ne'er-do-wells in a scheme in Dublin.
Contact can also be made with the Garda if necessary.
Empty residential schemes are "ripe for theft and criminal damage" says Walsh. His system prevents theft of materials from completed units and also wards off squatters and anti-social behaviour.
And the cost? €20,000 for a top-of-the-range 10-camera system and €20 a day for monitoring services.
Netwatch was established in 2003 and now employs 70. It protects 600 sites in Ireland and a further 180 international sites (including one in the US and South Africa).
Fire sales to smoke-out cash-rich investors
Don't be fooled by all the pessimism and inactivity out there. There are any number of cash-rich investors waiting to pounce on distressed property, once they are happy that prices have bottomed out.
Meanwhile, rumours abound of forced sales coming down the tracks, once the banks have had to show the extent of their loans on devalued properties. This is going to happen early in the new year, and without any of the frills we used to see in high profile sales campaigns. Forget leather-bound brochures and think plain prose to describe some of the properties we're likely to see on the block.
Most of these are either development sites or commercial buildings that were fought over when the market was flush and when loans were easily arranged. Now that so many owners are unable to service the loans, because of a downturn in their business, the banks have no option but to close in. With bank shares having hit the floor these institutions are telling their clients to get moving.
Meanwhile, family funds and groups of investors are preparing to grab the best of these properties, at a fraction of what they originally sold for.
Commercial properties on the high streets will almost certainly be targeted because of the high level of redemptions from private investors. With values on even Grafton Street falling rapidly, it may no longer be such a big deal to bag one of these highly cherished stores.
Stock clearances, studio sales good for bargains
'Tis the time to hunt for bargains as Christmas looms and businesses with stock to sell take deep discounts to empty their warehouses and start over.
In Sandycove, the owners of furniture store Eminence are running a stock clearance sale of Italian designer furniture, offering discounts of 50 per cent or more on dining and bedroom furniture suitable for penthouse or palace.
They are also offering free delivery as part of a drive to empty the shop by the end of the month.
Meanwhile, Minnie Peters is clearing excess furniture and accessories from its Sandyford showrooms down to its former shop at 56/57 Upr George's Street in Dún Laoghaire which it will re-open briefly for an end-of- season sale of furniture and accessories.
This will include sofas, armchairs and tables at discounts of between 25 and 50 per cent, as well as items from Chalon kitchens and gifts, such as mirrors, candles and Christmas decorations galore at 50 per cent off.
The sale starts this Saturday, November 29th.
Eminence: 01-2300193
Minnie Peters: 01-2933919
Architects go east
Architects are heading east this Christmas, with the help of Enterprise Ireland, to export their skills. An initiative has been set up to get architects, as well as engineers and surveyors, out there on the international market.
Already the RIAI (Royal Institute of the Architects of Ireland) has been to Dubai with 21 architects from 18 practices. Next week another gathering will head for the colder climes of Russia and in the spring they will go to Dubai once more. The RIAI is also looking at other former Soviet countries, such as Kazakhstan.
"When things started to quieten here it seemed that the obvious next step was for well-organised companies to look at exporting themselves," says Kathryn Meghen of the RIAI.
The profession has done extremely well here, and people have built-up a huge amount specialist knowledge, so now we are looking at long-term exporting models.
So while some Irish architects are being forced to move abroad, as they have had to do so many times before, this downturn could see some Irish companies staying put by becoming global entities with a HQ on home turf.
Meanwhile, architect Norman Foster has found that all is not hunky-dory in Moscow where his 600-metre high, 118-storey tower has gone the same way as his U2 Tower in Dublins docklands - on hold.
Polish developer Leszek Czamecki has also called a halt to his 52-storey tower in Wroclaw, Poland.
