Thursday, Apr 15, 2010
Another firesale over in Eire
Irish Independent: Luxury homes for €99,950 as receiver orders fire-sale
Now this is more like it:
"Three-bedroom semi-detached houses that started at €250,000 will now range between a modest €99,950 and €117,950 when they go back on the market on April 24 and 25."There have been several sell-offs of new builds but this is the first I have seen where the price actually seems about right for houses with decent sized rooms and gardens.
Only concern would be that these are often sold off when the developer went bust before the homes are connected into the local infrastructure, mainly phonelines and leccy. So buyers may find themselves having to spend several thousand euro to the utilities companies to get themselves plugged in! But every time I read an article like this my heart leaps with gladness as the forces of the free market weigh down on prices.
12 Comments
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1. need-a-crash said...
Having googled it, Longford isn't even anywhere near Dublin, so how these properties came to command €250k is anyone's guess. As you say above "This is more like it". It is not a "fire-sale", just family homes at affordable prices. Why isn't the Irish Times championing this?
2. mark wadsworth said...
Indeed, Longford is more or less slap bang in the middle of Ireland, why anybody would want to live there is a mystery, but £100k for a nice new semi is getting towards a sensible price.
3. Open Minded said...
The receiver will have a duty to obtain best price and it looks like the properties will be sold via auction - so the actual prices won't be known until the hammer falls. Sounds like a publicity stunt to attract media coverage to ensure maximum interest.
It would be nice to know what they actually sell for. Anyone offering to track this?!
4. a saver said...
If only this would happen in rural Fife, where you would still pay 160K for a cottage in the middle of nowhere! But Ireland did have a huge construction boom..
5. tenant super said...
It's half way between Galway and Dublin and not really commutable to either although many people do this. So it is more a sensible price rather than bargain bucket ( the word fire-sale reflects the manner of disposal rather than final price).
Once Portlaois reaches those kind of prices - which is about the furthest reasonable Dublin commute and where Mr TS' family are based, he is seriously considering selling up and buying over there. He can live in my shed when he's in London....
There isn't far to go. A new build development in Clonroosk Abbey, Portlaois has just gone on sale ...3 bedroom, 3 bathroom detatched semi is now 140K
6. mark wadsworth said...
Tenant, what is a "detached semi"?
7. tenant super said...
It's a semi detatched built back to front!
8. tenant super said...
"detached" even.
My spelling is severely suffering from late nights and deadlines!
9. timmy t said...
Yes this is more like it... but it's getting very tedious reading about housing markets being allowed to return to normal everywhere except here. Why can't our govt just butt out and let it happen?
10. tenant super said...
Don't be fooled into thinking fianna fail wouldn't have jumped at the chance to prop up the market if it were an option. The Irish government would have loved to print money and devalue their currency. There is an even more wrought iron moratorium on repos than here. And Lenihan their finance minister was desperately trying to talk up the market last week.
The difference is the sheer scale of the surplus stock (the construction boom compared to the population size was loony), austerity measures and sentiment (and even owners in nequity seem to admit that high prices are bad).
11. iguana said...
Tenant;
Having used the road from Portlaois to Dublin, I have serious doubts about any long term plans for commuting upon it. It is exciting I will grant you, but I would not choose to use it for the sake of cheaper housing.
12. tenant super said...
Yes, the roads in Ireland are a bit hairy. To be honest, I don't think Mr TS will find a job in his industry so we'll probably not realistically be able to move out there for a while. I've my heart set on Galway.