Receivership sales are becoming more common as the banks try to sell off the surplus of houses and apartment schemes left over by the Tiger.
Last week a quick fire sale of apartments in Carrickmines, one of the large Dublin developments, saw 89 units up for grabs with only 4 left unsold by Monday evening. The sale of these properties would have been eyed closely by other receivership companies planning to sell stock in the coming months.
While low prices may attract buyers to quick-fire property sales do they actually offer real value for money? Carrickmines was probably unique as the apartments were seen to be valued “at extremely keen price for the area” which also benefited from a long list of features. However some unsold developments around the county were built with no proper planning in mind and lack the transport links, amenities and structural guarantees the development Carrickmines offered. Not only that but many unsold developments have lain empty now for over two years and have been described by some as “Mothballed” properties.
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- Quick fire property sales: Are they value for money?