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75% Drop In House Prices: Ireland--Auction Today At Allsops Online

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http://uk.finance.yahoo.com/news/Top-Irish-Properties-Sold-Off-skynews-2677322847.html?x=0

Top Irish Properties Sold Off On The Cheap
Sky News 2011, 10:04, Friday 15 April 2011
Irish homes that were once worth millions could be sold for a fraction of the price at the country's first ever "distressed property" auction.
Highlights include a penthouse apartment in Dublin's Chancery Lane.
Three years ago, it would have cost one million euros. The maximum reserve at the auction now is a quarter of that.
It is one of three apartments being sold by liquidator Tom Murray.
"Hopefully this auction will show us what the true value is of properties such as this," he said.
Lot 34 is in Dublin 4 - Ireland (Berlin: IIK.BE - news) 's most prestigious postcode.
At the height of the boom, the home would have been valued at two million euros.
You can bid to buy it now if you have 600,000 euros.

Wehave a long way to go yet.

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Top Irish Properties Sold Off On The Cheap

Irish homes that were once worth millions could be sold for a fraction of the price at the country's first ever "distressed property" auction.

Three years ago, it would have cost one million euros. The maximum reserve at the auction now is a quarter of that.

It is one of three apartments being sold by liquidator Tom Murray.

"Hopefully this auction will show us what the true value is of properties such as this," he said.

Lot 34 is in Dublin 4 - Ireland's most prestigious postcode.

At the height of the boom, the home would have been valued at two million euros.

You can bid to buy it now if you have 600,000 euros.

The "distressed property" auction is a joint venture between Allsop Auctions in London and Space Real Estate in Dublin.

It is a new approach to buying and selling property in Ireland.

The catalogue lists properties in Dublin, the Midlands, South and South East.

There are 84 lots in total - a mixture of residential and commercial, some vacant and some let.

There is space for 1,000 people in the auction room at Dublin's Shelbourne Hotel.

Sky News

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Saw this on the TV earlier, could be interesting (not that I live in Ireland).

If anyone is interested, the online catalogue says:

You will be able to watch the auction as it happens live online at this site. A live link to the auction will appear here at 11.45 on the day of the sale.

Some of the reserve prices look high to me though... maybe someone with some knowledge of the areas will be able to comment on that though.

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"Hopefully this auction will show us what the true value is of properties such as this," he said.

That's what we need here, something to remind people that their shoeboxs are only worth what people can pay, ie bugger all.

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Have a look at lot 16 - as far as I can tell that's two properties (7 bedrooms) reserved at €170k total (doesn't look like the reserve applies to each).

http://www.auction.co.uk/irish/LotDetails.asp?A=734&MP=24&ID=734000016&S=L&O=A

Annual combined rent is €17.4k - if the total reserve is €170k, the price/monthly rent ratio is just under 120. Perfick.

Edited by okaycuckoo

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SKY TV News

"Prices have fallen by so much that some properties are expected to fetch only a quarter of their real market value."

They don't get it yet!

Hehe!

Saw another one with reserve at €42,500 - 4 beds, about ten miles from a nice city. Vacant freehold.

http://www.auction.co.uk/irish/LotDetails.asp?A=734&MP=24&ID=734000082&S=L&O=A

€50,000 3 beds.

http://www.auction.co.uk/irish/LotDetails.asp?A=734&MP=24&ID=734000076&S=L&O=A

Looks like they're all mortgagee in possession - I guess these are the first steps in the giant firesale announced last month, to be completed by 2013. There will be some insane bargains.

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From this link on the Property Pin (Irish HPC type site) you will see that NAMA has an endless supply of distressed properties.

http://www.theproper...35965&start=255

I think these will go the way of previous auctions and just be teaser reserves to get folk bidding.

Doccyboy - enlighten me - are NI folk looking at prices t'other side of the border and considering relocating? How much of a hassle is it to up sticks and move 25 miles down the road but set up in another country?

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(southern) Ireland doesnt have ghettos, guns and race wars though...

Not yet... Citizens of a country requiring a bailout rarely go about digging themselves out of the hole with a sense of unity, dignity and purpose.

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"Hopefully this auction will show us what the true value is of properties such as this," he said.

That's what we need here, something to remind people that their shoeboxs are only worth what people can pay, ie bugger all.

Clearly that's not the case though is it? I was talking to a customer this morning who just paid £108,000 for a house that he has let out at £520 a month.He can't get a 6% return on his money anywhere else so he regsrds it as a good deal.He realises that short term the value could drop but at least he is keeping up with inflation.

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Clearly that's not the case though is it? I was talking to a customer this morning who just paid £108,000 for a house that he has let out at £520 a month.He can't get a 6% return on his money anywhere else so he regsrds it as a good deal.He realises that short term the value could drop but at least he is keeping up with inflation.

6% return is indeed good, is this before or after : -

Buying costs

Voids

Leting agent fees

Repairs and maintenance

Loss in property value - potentially

Rent deflation - potentially

It all looks very good on paper but dig a little deeper and you'll find he was proberbly better off sticking his money in a 3-5 year bond at 4-5% - as close to completely hassle free as possible.

3 year

5 year

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Since we're on the subject of Ireland, the Guardian has this today: Ireland's former richest man has fortune wiped out.

Sean Quinn was once Ireland's richest man, with an empire ranging from insurance to hotels that made him a fortune calculated at around €5bn (£4.4bn).

But his fortune has been entirely wiped out after the management winding down Anglo Irish Bank moved in on his business in an attempt to recover €3bn he and his family personally owe the bank.

It appointed a "share receiver" to the Quinn Group, which has substantial interests in the UK and a second "share receiver" to Quinn Finance Holdings, which holds a number of property investments for the family.

In a tumultuous day for the one-time self-made billionaire, it was also announced that the 63-year-old had lost the fight to retain any interest in the Quinn insurance company that he had built from scratch into one of the country's star performers. A joint venture between Anglo and one of the US's largest insurers, Liberty Mutual, is now being lined up to run the operation.

...

Wasn't this guy the golden boy of the Celtic Tiger?

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Since we're on the subject of Ireland, the Guardian has this today: Ireland's former richest man has fortune wiped out.

Wasn't this guy the golden boy of the Celtic Tiger?

in an attempt to recover €3bn he and his family personally owe the bank

Jesus H. Christ!

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"Hopefully this auction will show us what the true value is of properties such as this," he said.

Is he absolutely sure he wants to know the answer to that question? :lol:

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Saw this on the TV earlier, could be interesting (not that I live in Ireland).

If anyone is interested, the online catalogue says:

Some of the reserve prices look high to me though... maybe someone with some knowledge of the areas will be able to comment on that though.

Just watched these

Lot 16 on at 70k sold for 74k

Lot 19 on at 230k sold for 345k

Lot 20 on at 300k sold for 350k

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For me it would be out of the frying pan into the fire in terms of the economy. There is no free healthcare unless you have a medical card. There is no council tax but I think that will come too.

I think public services will be cut savagely south of the border and a cheap house is all very well but infrastructure can be pretty poor in the areas where houses are cheapest. I looked at it at one point but I prefer the North. Houses are down about 45% here in NI and there is no reason they will be going up anytime soon. I think I will take my chances with the UK.

I don't know what anyone else thinks about this -- you could ask the question on the NI forum and see what results you get.

As it happens I'm from Donegal. I was sort of looking at what the realities would be living in Ireland, not Donegal mind you, far too cold and wet.

In favour, headline tax rates low. But don't forget to add on all the little extra charges. Everything you buy is from more expensive to a lot more expensive. As Doccyboy says, there is no free healthcare unless you have a medical card. No rates but charges for rubbish collection and I would imagine a few other things. Talk of a property tax coming in which will be rates under a new name. In most of the country you need a car, not having one is not an option. Motoring costs are insane. As Doccyboy says, moving the the Republic at the moment would be out of the frying pan into the fire.

When I last visited the town I'm from in 2007 someone said to me that there were lots of expensive house for sale but very few people could afford to buy the. The only work was building. Lots of people were land banking.

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Obama's roots are in Moneygall - anywhere near you?

Nope, otherend of the country-ish. Wife's cousin lives there, maybe she could invite Obama for tea or whisky :rolleyes:

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Since we're on the subject of Ireland, the Guardian has this today: Ireland's former richest man has fortune wiped out.

Sean Quinn was once Ireland's richest man, with an empire ranging from insurance to hotels that made him a fortune calculated at around €5bn (£4.4bn).

But his fortune has been entirely wiped out after the management winding down Anglo Irish Bank moved in on his business in an attempt to recover €3bn he and his family personally owe the bank.

what a sign of those times that someone would calculate a man in 3bn debt to be the country's richest man.

Edited by athom

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Saw this on the TV earlier, could be interesting (not that I live in Ireland).

If anyone is interested, the online catalogue says:

Some of the reserve prices look high to me though... maybe someone with some knowledge of the areas will be able to comment on that though.

Well the investors did not agree with you.

52 out of 84 went for more than the stated price, most by a double digit percentage and two by 160%

24 sold for not less than 5% below

2 sold for 5-10% below

and 4 didn't sell, 2 of which sold after for an undisclosed price. (2 were withdrawn before the auction started)

Edited by tim123

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  • 311 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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