Four bed house for sale - offers over €1 considered!

From this week's Connacht Tribune:
http://www.galwaynews.ie/14770-four-bed-house-sale-offers-over-%E2%82%AC1-considered

September 2, 2010 - 7:00am
by Dara Bradley

When Michael Dempsey advertised that he would consider offers of over €1 – yes any offer over ONE Euro – for a newly built four bedroom house in County Galway, he hadn’t bargained on some of the queries he would receive from potential ‘buyers’.

“I’d one lady from Clifden ringing me. She asked about the details of the house but after a while she said she thought one Euro was too dear! Sure what would you get for a €1?” he laughs ironically, shocked that anyone would think his property is worth less than a hamburger.

“I’d another tulip ringing me the last night ... he was just taking the Mickey out of me to be honest. I humoured him for a while; he was asking about how many windows were in it ... he made an offer but I told him he’d have to come and see it first but he wasn’t interested in viewing it ... just taking the Mick”.

But Michael, a driver from Moylough, insists his ‘House for Sale’ advertisement in the Connacht Tribune newspaper last week is no joke.

He will consider every offer of more than €1 on the 2,300 sq ft house – which includes four bedrooms (two-ensuite), sitting room, kitchen, bathroom, walk-in hot press as well as 1,200 sq ft floored attic space – in the townland of Gatestown two miles from Moylough and Mountbellew.

See full story in this week's Connacht Tribune.

Has anyone encountered this before?
I guess he is a really motivated seller.

Doyler92

I reckon it will turn into an auction type way of selling.

biko

Would the price include the previous mortgage too? Anyway it's a funny advert I guess.
It's really out in the sticks, almost an hour from Galway city.

Raskolnikov

Offer €2.

RATM

Do I hear three euro anyone? Man at the back, three euro. Four euro anybody? Four? Going once, going twice, SOLD for three euro to the man down the back.

Auctioneer's spin 'The property market shows good signs of activity. Only yesterday we achieved a 200% mark up on the reserve at auction'

This seller has his head screwed on. I'd love it if he stuck it on Ebay on a 21 day auction.

And am I the only person who thinks he looks the spitting image of Bertie Ahern?!

Fozzie Bear

Bally-go-backward

Waaaaayyyy out in the sticks. Moylough its self is a good 40 minute drive from Galway city (add 30 more in rush hour through Claregalway village) and this gaff is 10 minutes more beyond all that again. A potential hour+ commute in the morning, the majority of it on a piss poor N63 road.

Just insanity to have built there and then expect someone to fork out over 320 grand for it (as it was originally valued).

If you want to see a classic example what was wrong with the bubble then this is it. The guy was inteviewed on the radio this morning. Total building cost of this gaff was 40 grand and he originally intended selling it at a 700% profit!

It makes you stop and think about the shoe box apartment blocks and identi-kit housing estates that were thrown up all over the place and the profits those developers/bankers pocketed. The same friends of Nama who are still driving around in luxury cars, living in mini palaces or chartering private jets to fly some silly blond bint across the globe for a bit of "hows yer father".

mollzer

This guy is the perfect example of the boom years. There are so many house for sale, one off builds, built by anyone who had a bit of land, trying to make a fast buck.

Now they cant sell them, and its not that the prices arent right in some cases, but that the house was built in a hurry, and alot of things turn up in the snag list which they cannot afford to fix or are unwilling to fix making it a total waste of potential buyers time.

I dont feel a bit sorry for any of these guys, that house may look good, but as a previous poster said its in the middle of nowhere, and its probably full of faults/cut corners.

aido179

no matter how shoddy the build might have been, or where it is. a €1 house is worth buying. even if you only go there once. does anyone have contact details?

McTigs

Jaysus the fianna fail voting gombeen head on him.

And built for 40 grand? Kinda blows apart all those "prices can't drop below X because of the cost of the build" arguements.

As fozzie bear said **** must have been thrown up for nothing by developers left right an centre, i mean, there was no economies of scale building that gaff and he still put it together for sweet fanny adams.

RATM

aido179 wrote: »

no matter how shoddy the build might have been, or where it is. a €1 house is worth buying. even if you only go there once. does anyone have contact details?

He is not selling it for a euro. He is saying he'll listen to offers above a euro. It is not a public auction so there is no price transparency. Sellers advantage.

However seeing as he let the cat out of the bag, ie it cost 40k to build and is now lying on virtually worthless land I'd say he'd be lucky to get 50k, if even that.

LittleBook

Brilliant advertising ploy!!

Kasabian

Anyone know how to contact this man ?

biko

Yes so if the Google is strong in you it will happen.

mrgaa1

there would be those who would say this house price has a bit to go yet

dory

I hate when 'Attractive Price' and 'Ideal Starter Home' are Features.
If that's its only feature then he can feic off.

danbohan

McTigs wrote: »

Jaysus the fianna fail voting gombeen head on him.

And built for 40 grand? Kinda blows apart all those "prices can't drop below X because of the cost of the build" arguements.

As fozzie bear said **** must have been thrown up for nothing by developers left right an centre, i mean, there was no economies of scale building that gaff and he still put it together for sweet fanny adams.

hopefully he will tell revenue it cost only 40k when hes paying his capital gains tax too!, big smelly rat somewhere me thinks or just lots free advertising

Dymo

He said on the radio today he needs another €25,000 to finish the house off inside.

mollzer

Ha he also said to Ray Darcy this morning 'good luck, ya have big shoes to fill' !! lol

A bit confused methinks, plus hes off to Thailand to open a Irish pub once he sells.

Manic Preacher

mollzer wrote: »

Ha he also said to Ray Darcy this morning 'good luck, ya have big shoes to fill' !! lol

A bit confused methinks, plus hes off to Thailand to open a Irish pub once he sells.

I heard that as well on Darcy, he's never been to Thailand and the only time he's been out of Ireland was on a trip to the Isle of Man. Hilarious. Sounds like a character

kanoute696

just read some of these threads ... Moylough is actually 25 mins from Galway city and about 1hr 45 mins from Dublin with the news road - Its in east Galway - the village is actually pretty picturesque.... if you were to buy it for the 30-40K ..it would be amazing value.... I live in Dublin, Dundrum and it take 30 -40 mins to get to work in the IFSC...with an astronomical mortgage!..it would make you think!!...just a thought!!

astrofool

Good way to generate publicity. Marketing stunt only

flutered

he said that the house cost 40k to build, but he would not disclose the price of the site, so guys start figureing.

Orizio

Who cares if its built in the middle of nowhere? The middle of nowhere is the best place to live - serenity, peace and little to no crime.

kanoute696

kanoute696 wrote: »

just read some of these threads ... Moylough is actually 25 mins from Galway city and about 1hr 45 mins from Dublin with the news road - Its in east Galway - the village is actually pretty picturesque.... if you were to buy it for the 30-40K ..it would be amazing value.... I live in Dublin, Dundrum and it take 30 -40 mins to get to work in the IFSC...with an astronomical mortgage!..it would make you think!!...just a thought!!

Via Michelin says it is 43km to Galway so 25 mins would be a constant 100kph. That might happen early on a Sunday morning but not if you want to be in Galway for work at 9am.

You would probably be quicker going to Roscommon or Athlone.

Patrickof

I wonder does his planning permission have an occupancy clause in it?

KD11

So has anybody here actually put an offer on it?

azzie

Don't know if the area's good or not, but i saw a house that looked the image of this one for just under €200,000 so I reckon it's just a publicity stunt.
When you look at other new builds in the area, there are some HUGE houses at massive discounts (although if ever property taxes come in, the buyers will be paying lots and lots!)

johndaman66

"He will consider every offer of more than €1....Thats pretty much akin to those POA's I'm sick to the teeth of seing if you ask me. Neither here nor there. Heard this story on 2FM on Thursday also. Hmmm, he seems to be getting an enormous amount of free advertising and publicity out of this. He might be no gombien either as a few people have suggested.

I see the house advertised on Daft at €199,500 and seemingly it a very attractive price at €199,500 as per Daft ad! He might want to change that to Region of €1.

http://www.daft.ie/searchsale.daft?id=418673

johndaman66

Not ideal to resurrect an old thread like this but does anybody have any info on how this is panning out...curiosity killed the cat and all that.