interestrateripoff Report post Posted February 22, 2011 http://www.guardian.co.uk/world/2011/feb/21/repossessed-homes-ireland-auction Flats in Ireland that could have fetched €150,000 in the Celtic Tiger years are to be put on the market for as little as €25,000 (£21,000) in the country's first ever mass auction of repossessed homes.And, in a sign of how wide the property crash is, the latest item to turn up in liquidation sales in Dublin is a job lot of 15 cranes, including a pair towering over Anglo Irish Bank's half-built headquarters in the city's docklands. "Tower cranes were among the most sought-after heavy plant and machinery 10 years ago," Ricky Wilson of Wilsons Auctions says. "You couldn't buy them quick enough. Now they are left idle for two or three years on sites." He has 15 cranes worth €500,000 going on sale on 26 March, with German, Dutch and Polish buyers expressing interest. But it is the auction of flats and houses that is causing the bigger stir in Dublin. The UK property consultancy Allsop will shortly publish its catalogue of 80 lots in the residential sale, which will include everything from stylish apartments in Georgian houses to new flats in Dublin's docklands to family homes in sought-after parts of suburbia. For the cash-rich bidder, there appear to be bargains everywhere. At the top of the range are homes in the Dublin 4 districts of Sandymount and Ballsbridge, which commanded premium prices in the boom. One property – a two-bed, two-bathroom flat in a "prestigious block" in central Dublin – was formerly on sale for €900,000. It now has a reserve price close to €220,000. At the other end of the market is a flat in Limerick city centre with a reserve of only €25,000. Up on a notch on the price ladder are two-bedroom flats in midlands towns such as Athlone and Portlaoise going for just €30,000. In Wexford, in Ireland's south-east corner, a job lot of six flats and several commercial units are listed. Other lots include a four-bedroom family home in south Dublin with a price tag of €400,000. Allsop is not revealing details but estate agents say even modest homes in this part of the city would easily have fetched €2m in the good times. Firesale? Some big price drops here, 75% plus. Still I'm sure it's all contained. Quote Share this post Link to post Share on other sites
SaintJay Report post Posted February 22, 2011 yes, but who's the company / bank that are selling? Quote Share this post Link to post Share on other sites
red11 Report post Posted February 22, 2011 Time to snap up a bargain ! Quote Share this post Link to post Share on other sites
themezz Report post Posted February 22, 2011 Seen a couple of these Auctions, but to get a bargain, the lots are normally too big for the general public to benefit. Seen one a month or 2 ago. 100+ flats at about £4500 each, to be sold as one lot... Clearly selling them separately would make more money, but then we can't have Joe Public having access to cheap housing! Quote Share this post Link to post Share on other sites
The Knimbies who say No Report post Posted February 22, 2011 If this diverts some money from the UK market, great. Quote Share this post Link to post Share on other sites
erranta Report post Posted February 22, 2011 Seen a couple of these Auctions, but to get a bargain, the lots are normally too big for the general public to benefit. Seen one a month or 2 ago. 100+ flats at about £4500 each, to be sold as one lot... Clearly selling them separately would make more money, but then we can't have Joe Public having access to cheap housing! Why can't a Hundred Dublin youngsters put in 10,000 each and then bid for them? Quote Share this post Link to post Share on other sites
The Masked Tulip Report post Posted February 22, 2011 I think some of us should give serious consideration to buying in Eire. Dublin is nearer to me than London and actually easier and cheaper to get to. In time the Irish economy will recover. 25K for a house? Tempting. Quote Share this post Link to post Share on other sites
Tired of Waiting Report post Posted February 22, 2011 Seen a couple of these Auctions, but to get a bargain, the lots are normally too big for the general public to benefit. Seen one a month or 2 ago. 100+ flats at about £4500 each, to be sold as one lot... Clearly selling them separately would make more money, but then we can't have Joe Public having access to cheap housing! That should be illigal. :angry: Actually, it probably is illegal already. Surely a good lawyer can prove that the seller's shareholders are being victims of some fraud or theft here. Quote Share this post Link to post Share on other sites
Tired of Waiting Report post Posted February 22, 2011 (edited) Why can't a Hundred Dublin youngsters put in 10,000 each and then bid for them? + 1 I think some of us should give serious consideration to buying in Eire. Dublin is nearer to me than London and actually easier and cheaper to get to. In time the Irish economy will recover. 25K for a house? Tempting. + 1 One property – a two-bed, two-bathroom flat in a "prestigious block" in central Dublin – was formerly on sale for €900,000. It now has a reserve price close to ,000. Though €220 sounds about right for a 2 bed flat. Is this a bargain really?! Or prices were just insane before, surely? Edited February 22, 2011 by Tired of Waiting Quote Share this post Link to post Share on other sites
curious1 Report post Posted February 22, 2011 That should be illigal. :angry: Actually, it probably is illegal already. Surely a good lawyer can prove that the seller's shareholders are being victims of some fraud or theft here. The shareholders are probably the tax-payer! Quote Share this post Link to post Share on other sites
Dave Beans Report post Posted February 22, 2011 I think some of us should give serious consideration to buying in Eire. Dublin is nearer to me than London and actually easier and cheaper to get to. In time the Irish economy will recover. 25K for a house? Tempting. As long as you're willing to work from home... Quote Share this post Link to post Share on other sites
spongeh Report post Posted February 22, 2011 "If you bought for €300,000 and you see a similar property selling for €50,000 to €60,000, your first reaction is going to be, 'I'm in negative equity for €200,000 to €300,000,'" says Ronan Lyons, an economist with the property website daft.ie. However, he says homeowners should not panic: "It's unlikely that prices for two-bedroom apartments will settle at €40-€50k. It's too cheap in relation to rent." Yeah cos rents never fall either Quote Share this post Link to post Share on other sites
DotBomb Report post Posted February 22, 2011 I think they are hyping this like crazy to get amatuer punters in the door, get a frenzy going and sell some stuff - maybe get some phantom bidders going. I doubt theres real bargains to be had at this particular auction. Could be wrong. I might take a day off and train it down and find out. Quote Share this post Link to post Share on other sites
awaytogo Report post Posted February 22, 2011 http://www.guardian.co.uk/world/2011/feb/21/repossessed-homes-ireland-auction Firesale? Some big price drops here, 75% plus. Still I'm sure it's all contained. I thought Dubui would want to buy the cranes, apparently they could not get enough at one time, i heard they had a quarter of the worlds cranes at one time, Quote Share this post Link to post Share on other sites
mikthe20 Report post Posted February 22, 2011 Won't be long before the Bulgarians are coming in their droves to buy Irish property. Quote Share this post Link to post Share on other sites
Democorruptcy Report post Posted February 22, 2011 Last night on Panorama's program about Irish property there was a young girl living in a house on an unfinished ghost estate where the roads still only had temporary surfaces, etc. The house was worth 50% of what she paid for it and she was 3 years into a 40 year mortgage. It must feel like you are in the sea with a heavy weight tied to your legs pulling you under the water. Quote Share this post Link to post Share on other sites
