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Hundreds Of Repossessed Homes In Ireland To Be Sold By Auction

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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.

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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!

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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?

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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.

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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.

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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 by Tired of Waiting

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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!

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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...

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"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 :)

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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.

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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.

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  • 276 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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