Daft Property - Irish Property News

Property crash wipes €257bn off value of homes in six years... IRELAND'S homeowners have collectively lost an estimated €257bn in property value in the six years since the market began to crumble, the Irish Independent can reveal. The 50pc collapse in value since the peak of 2007 also means that by the Central Bank's own estimates, Ireland's crash has now become the worst experienced by any country in the world. The combined loss to the owners of Irish residential properties since the bubble burst equates to almost four times Ireland's total bailout sum of €67.5bn and more than half the total amount of money first set aside in the European Union's €500bn Financial Stability Facility. The PTSB/ESRI Index, Ireland's former national price barometer, showed average house prices standing at €310,632 at the start of 2007. An estimated drop of 50pc in value puts the average loss to an Irish household at €155,316. With 1.6 million households across the co

Ballsbridge home for under €400,000 in distressed auction... Developer and landlord David Grant will see his former home on Haddington Road in Ballsbridge, Dublin 4 go under the hammer for less than €400,000, a quarter of its original asking price, at the Allsop/Space auction of distressed properties next month. Number 61 Haddington Road failed to sell at auction in 2006 with an advised minimum value of €1.6 million, but now it’s likely to be sold for about a quarter of the price next month. The mid-terrace building is being auctioned ‘‘on the instructions of the mortgagee in possession’’ with a reserve not to exceed €395,000, according to the auction catalogue. Grant’s former home is situated on the south side of Haddington Road, just off Baggot Street. The accommodation is arranged over lower ground, raised ground and first floors beneath a pitched roof. Internally it’s arranged as two-self contained residential units. It is being sold with vacant possession. In October 200

Homes beside Google down 65% from peak... Over 800 people on list for 26 apartments and houses beside Google HQ with prices starting at €155,000 APARTMENTS and townhouses beside Google’s headquarters in Barrow Street, Dublin 4, go on sale today with prices starting at €155,000 – down an average 65.5 per cent from their peak values in 2006. Twenty of the Liam Carroll-built apartments along with six townhouses in the popular development are being sold by receiver Grant Thorton through sales agents HT Meagher O’Reilly New Homes. In an unusual move, Ulster Bank which financed Liam Carroll to build the development, is to offer mortgages for the purchase of the units, and will consider applications from investors as well as owner occupiers. Until now banks have been refusing mortgages to investors. However, David Browne of HT Meagher O’Reilly expects the units to sell mainly to cash buyers. The agency already has a database of over 800 potential buyers for the one, two and three-

The bargain hunters were out in force today in Dublin! It was a busy day at the Shelbourne Hotel where many cut-price homes and properties were sold. Here are the Allsop Auction results: Lot Type Location Reserve Price will not exceed this figure 1 Vacant Flat Temple Bar Sold €126,000 2 Investment Flat Dublin 1 Sold €129,000 3 Investment Flat Dublin 8 Sold €102,000 4 Investment Flat Dublin 8 Sold €159,000 5 Investment Flat Bray Sold €154,000 6 Investment Freehold Building Clifden Sold €141,000 7 Investment Flat Portlaoise Sold €61,000 8 Investment Flat Portlaoise Sold €62,000 9 Investment Freehold Building Roscrea Sold €336,000 10 Vacant Freehold House Dundrum Sold €410,000 11 Vacant Flat Dublin 1 Sold €120,000 12 Vacant Flat Dublin 1 Sold €116,000 13 Investment Flat Dublin 1 Sold €190,000 14 Vacant Flat Dublin 7 Sold €107,000 15 Vacant Freehold House Renmore Sold €332,500 16 Investment Freehold Building Renmore Sold €205,000 17 Investment Flat Dublin 8 Sold €15

Fire-sale auction draws bargain hunters... So many people turned up for an auction of distressed properties in the Shelbourne Hotel today in Dublin that it had to be suspended amid Garda concerns for safety. Some 80 lots, ranging from a Ballsbridge mews to a collection of cut price flats in Portlaoise, are being offered to the highest bidders. The majority of properties are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. Such was the interest in the sale that crowds spilled out of the hotel and onto the street. Proceedings had to be suspended for several minutes while non-bidders were asked to leave the main auction room. The venue has seating for 350, with standing room for an additional 500. One lot, an apartment in Portlaoise, was sold to a bidder who was forced to stand on the pavement on St Stephen's Green due to overcrowding. To ease pressure on the hotel, the entire auction is being broadcast