It can certainly be said that the year to date at Property Partners Maxwell & Heaslip has been eventful. While core values seem to have returned to the property market in Galway, the city-based firm’s two generations of experience has seen it come through this tough period in the Irish economy. Having tailored their business to match the times we are in, the team in Property Partners Maxwell & Heaslip know that, as history has shown, the market will turn again.
For the past while, the market seemed to be lurching along like a learner driver trying to master the use of the clutch pedal, and trying desperately to find correction at whatever level it could. However the past half-year has seen a notable improvement in trade in the Francis Street-based firm. While company director Alan Maxwell agrees that it is difficult, he is emphasising that there are many positives that have emerged over the course of the year. There is certainly, he states “a more realistic approach being taken by both vendor and purchaser which has led to increased activity, as all sides see the potential to do business”.
Galway has always had an ability to buck the national trend but it has been very difficult this time around with so much negativity and fear being purveyed. “All the ESRI reports and property surveys won’t change the fact that they are not making any more land in Galway city,” says James Heaslip. “If you want to live in a convenient suburb or find a quality home in a premium location, then it is still going to be difficult despite the times we live in. First time buyers are at last beginning to realise that there is value in the market and are actively buying. This is partially due to a lack of residential investors entering the market and the exceptional value that is on offer.
“This may be the correction that’s been needed and it means that by starting again and building a good foundation of first time buyers who will become the ‘trader uppers’ of the future, then we will create a solid and fundamentally sound property market.”
There is no doubt that the people who are in a position to borrow are very fortunate, and many are taking advantage of that position in recent months. The team at Property Partners Maxwell & Heaslip has been very busy, particularly in the past three months, with genuine buyers looking to enter the market. This is creating demand all the way up the line, even to the upper end of the market.
For those still in the residential lettings market, things have been relatively good this year. “Rents have held their own,” says Naomi McComisky, who heads up Property Partners Maxwell & Heaslip rental division, and with several hundred properties under active management, she is at the cutting edge. There is still demand to rent quality properties in the majority of city suburbs and the firm has developed an unrivalled system which enables them to manage properties extremely efficiently. “There are so many legislative obligations on landlords today,” Ms McComisky added. “From leases to PRTB registration to financial returns, our team has developed a service and system which is second to none. Most recently we have been employed by a number of financial institutions who have now, reluctantly, found themselves in a position where they are having to look after the renting of some of their properties. And after searching the market, we at Property Partners Maxwell & Heaslip with our expertise, were an obvious choice when it came to managing these properties on their behalf.”
The commercial market has been quietly buzzing with activity since the beginning of the year. There has been constant activity, with everyone from landlords, tenants, and financial institutions seeking to establish current market values and current rents, which is no easy task in the present climate. “We have been retained by all of the above to evaluate or negotiate in matters relating to their properties,” says Alan Maxwell. “Many landlords have been faced with requests for either rent reductions or even rent suspension, many not knowing how to deal with it or not knowing how to establish a new rent. Lease documents are now more than ever being examined scrupulously, and every legal obligation being tested to the full by all sides. Rent reviews and rent review clauses within leases are being picked apart and it is within this world that much commercial activity is taking place.”
All in all, James Heaslip and Alan Maxwell are relatively pleased with the year to date. “It was not hard after the previous 12 months, but there is a much more settled feel to the market today. We believe people have realised that the world will not be ending any time soon, and that the glass is actually half full rather than half empty. Those who are employed are lucky, and those who are employed and who can obtain a mortgage are even luckier. It seems that these are the fortunate ones who are getting a jump on the rest of the market.”
On a positive note, the team at Property Partners Maxwell & Heaslip are expecting an active autumn/winter and are now seeking new listings in order to meet the anticipated demand. “As the holiday season ends, we are looking to increase our listings in order to satisfy our buyers’ needs. At the same time, we also have several really nice properties coming to the market so it’s going to be a busy end to 2010,” says Heaslip.
All properties currently listed are available to view on www.propertypartners.ie and viewings can be arranged by contacting the office on (091 ) 565261.
