Skip to main content

Property Auction '80's Prices...

Distressed property auction promises to offload €20m in stock at '80s prices...


ANOTHER distressed property sale will take place next month with almost €20m worth of housing stock on offer.

The sale -- to be held in Cork on June 24 -- features houses from across Munster, some at discounts of up to 60pc, and is expected to emulate the success of the first distressed property disposal in Dublin.

Organising auctioneer Noel Forde said the sale represents a "once in a lifetime chance" to obtain properties at 1980s prices.

The auction follows the success of a discounted prop-erty sale in Dublin last month which saw deals worth €14.8m struck in just six hours.

Mr Forde, of GMAC Properties in Castletownbere in west Cork, said he expects similar levels of interest.

"There is money out there and people are simply waiting for the right time to buy and the right property to invest in," he said.

"There was nothing moving in the property market for us and we were tired of sitting in our office waiting for something to happen. We saw what happened at the Dublin auction and decided to go for something similar here in Munster," he said.

Properties going under the hammer include three-bed holiday homes in west Clare on offer for €80,000 compared to their €200,000 asking price in 2006/2007.



Report by Ralph Riegel - Irish Independent

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu

Property Tycoon's Dolce Vita Ends...

Tycoon's dolce vita ends as art seized... THE Dublin city sheriff has seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts. The sheriff, Brendan Walsh, is believed to have moved against the property developer within the past fortnight, calling to his salubrious Dublin 4 home acting on a court order to seize anything of value from his home to reimburse his creditors. The sheriff is believed to have taken paintings from the family home along with a small number of other items. The development marks a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn . The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland. He is the highest-profile former tycoon to date to be targeted by bailiffs, signalling just how far some of Ireland's billionai

I fear a very different kind of property crash

While 80% of people over 40 own their own home just a third of adults under 40 do. This is disastrous for social solidarity and cohesion Changing this system of policymaking requires a government to act in a way that may be uncomfortable for some. Governments have a horizon of no more than five years, and the housing issue requires long-term planning. The Department of Public Expenditure and Reform was intended to tackle some of these problems. According to its website its remit is to “drive the delivery of better public services, living standards and infrastructure for the people of Ireland by enhancing governance, building capacity and delivering effectively”. So how is the challenge of delivering homes for people in 2024 and beyond going to be met? The extent of the problem is visible in the move by companies, including Ryanair, to buy properties to house staff. Ryanair has, justifiably, defended its right to do so. IPAV has long articulated its views on how to improve supply an