Another distressed auction

mrgaa1

This is in the Independent today


http://gmacproperty.ie/ this is the website

ANOTHER distressed property sale will take place next month with almost €20m worth of housing stock on offer.
The sale -- to be held in Cork on June 24 -- features houses from across Munster, some at discounts of up to 60pc, and is expected to emulate the success of the first distressed property disposal in Dublin.
Organising auctioneer Noel Forde said the sale represents a "once in a lifetime chance" to obtain properties at 1980s prices.
The auction follows the success of a discounted prop-erty sale in Dublin last month which saw deals worth €14.8m struck in just six hours.
Mr Forde, of GMAC Properties in Castletownbere in west Cork, said he expects similar levels of interest.
"There is money out there and people are simply waiting for the right time to buy and the right property to invest in," he said.
"There was nothing moving in the property market for us and we were tired of sitting in our office waiting for something to happen. We saw what happened at the Dublin auction and decided to go for something similar here in Munster," he said.
Properties going under the hammer include three-bed holiday homes in west Clare on offer for €80,000 compared to their €200,000 asking price in 2006/2007.

tanyabond

I wonder if 80,000 for a 3bed holiday home in Clara is anywhere near 1980 prices... and whether it's a "once in a lifetime chance"...

RATM

tanyabond wrote: »

I wonder if 80,000 for a 3bed holiday home in Clara is anywhere near 1980 prices... and whether it's a "once in a lifetime chance"...

That was exactly my thoughts too- in fact when I saw "from €80,000" and Munster in the same ad I got suspicious immediately. The other part about 'we saw what they did in Dublin so we'd thought we'd do the same in Munster' is code for 'we realise that no-one is buying because NAMA is preventing the bottom from being reached, but those clever jackeens in the capital managed to whip up a frenzy so why can't we?'

RATM

And actually when you follow through to the website there are no auction properties listed.
http://www.macestateagents.ie/index.cfm?fuseaction=txt&cid=37

In fairness to the Allsopp/Space auction at least a good few of the properties were actual repossessions/distressed properties from Bank of Scotland. These guys appear just to be touting around in the hope they can auction off things because they're having a 'low cost auction'. It'll be interesting to see if the people in Munster will fall for the overvalued auction prices as much as those who attended the Dublin one did.

Balmed Out

Im trying to see why property in isolated Bantry is so very very expensive. Ive asked around but cant seem to find any information on any local gold rush.

tanyabond

Balmed Out wrote: »

Im trying to see why property in isolated Bantry is so very very expensive. Ive asked around but cant seem to find any information on any local gold rush.

Aparently that's what it would have cost in the 80s...
Or if you look at it that way this is your once in a lifetime chance to buy it at that price, for it would cost much much less outside this auction.

Balmed Out

hoping to buy at some stage in not so far west cork and here too the prices are ridiculous but in all fairness Bantry and Beara have fishing and tourism. They are far too far from anywhere to commute.

tired2

is this another auctioneers ploy to suck what few bob is left from the unsuspecting...?

the_syco

To be fair "once in a lifetime" is a fair phrase, as it's the only time you'll be able to afford the house... :pac: