€1 property:  Realistic or disillusioned?

€1 property: Realistic or disillusioned?

€1 property:  Realistic or disillusioned? A newly built four-bed bungalow on a three-quarters of an acre site Gatestown in north County Galway, worth an estimated €320,000 at the height of the boom, is now on the market for…. a euro.

48 year old Michael Dempsey from Galway has ¬tried for the past two years to sell his property which he built partly as a hobby and partly to give himself an income in retirement but to no avail and is now “genuinely willing to consider any offer over €1” for the bungalow.

Michael added; “It’s a liability to me at this stage. I have to insure it, maintain it, pay €200 each year in property tax to the county council and spend other money on it and may have to consider boarding it up, which would be a shame as it is a lovely house…. the loan was secured against the house I live in, so I’m free to sell this house for any price…I have the deeds to it and am genuinely willing to consider any offer over €1.”

His unique selling point / competitive price has unsurprisingly received huge attention from both the media and punters several of which have declared an interest in making a bid for the property.

Have your say: Any offer over €1

  • Realistic or disillusioned?
  • Deal of the decade?
There are 34 comments for this article
  1. Katie at 3:00 pm

    To Eileen Frost…..
    Could you send me some pictures of your cottage in Tipperary we are looking for a nice stone cottage in the Kilkenny Tipperary area

  2. McGarrell Reilly at 10:06 am

    He should put it on Ebay, the start bidding price:€1 and start uploading some nice pictures in order to sell it fast !

  3. derek at 1:44 pm

    Cameron

    There are loads of great property’s on and off the market and great value too. I am just completing on a derelict property on a acre i negotiated last year in Sligo 1 km from the sea. Found the house and negotiated with the owner for purchase subject to planning. It was great fun and i believe we have both got a great deal. This is ultimately the most important thing in the country side as the seller will most likely be your neighbor!

    If you need some advice email me at ceardean@ireland.com and we can have a chat

    derek

  4. Eileen Frost at 11:29 pm

    A wise guy, if I could sell my house in Kilcommon, Co. Tipperary like that I would, unfortuntely still have a small mortgage on it Its a stone cottage on a statutory acre, in a beautiful area in the Silvermines Mountains, peaceful but not cut off! Anyone interested, just email me!!! can’t reduce it to a euro, though!

  5. Joyce Smith at 4:45 pm

    This just goes to show what way the property market has gone in this country. Fair play to Michael for trying to sell the house on his own steam. Auctioneers charge too much anyway and I wish Michael the best of luck as people will start bidding for it this way. Unfortunely my husband’s job is in Dublin, as I would love to return to Galway to live.

  6. Henning Duve at 3:00 pm

    I am looking for years already for a property. Though it is a shame that Michael is in that situation I know that my dream is not realistic – because I never would be (as a long term job seeker) able to afford more than one month’s of my job seeker’s payments. And that is in this bidding action (even if it is not designed as such) certainly not enough.
    So it will stay a dream – even if I would like to refurbish this house (I did this in the past already with two houses for very little money!).
    Sad.

  7. Henning Duve at 2:55 pm

    This is the downside of the precious property hype – and I think there are thousands of people like Michael in the same situation or nearly the same situation. But he was the first bold enough to dare this leap.
    Sad – but obviously necessary.

  8. tom maguire at 2:37 pm

    i offer 5000 euro for the house.

  9. nitram at 11:29 pm

    i’ve read all the comments thus far and everyone has missed the point. He has been trying for the past 2 years to sell his property. When you witness media coverage by any form (of such madness) it is only then you know we all are in the shit.

  10. John at 10:00 pm

    He has it for sale on daft.ie for 200,000. No mention there of the one euro offer.

  11. sofia zabal at 9:33 pm

    hello..i think it is a good move to sell a property in this time of recession….now a days, it hard to sell property in your target price as the house prices goes down..and it is very appealing to buyers and same as to those who are not so buyer to get attention on the house market…and i believe he can get a good price for the house considering that he did catch a lot of attention not only in this country but all over the world…good job mate!

    now, if you will accept my proposal for just a thousand euro, in which that’s the only money in my pocket at the moment, i would buy your property…

  12. Lorraine at 9:17 pm

    Will offer cash 20,000 euro to Michael Dempsey for the property.

  13. Catherine OBrien at 8:52 pm

    Lynn, if you wish to exchange property, contact both your solicitors, who will draw up a contract, also get an engineers report and BER cert. Stamp duty is payable /and registery fee. Get a solicitor ex;erienced in property. Good Luck and let us know how you get on.

  14. Catherine OBrien at 8:48 pm

    Great Idea!!! Property for 1 euro,
    this gentleman has set people thinking. Time to start self marketing our property. If property is on market for 6 weeks and no interested viewers, the estate agent is lacking Marketing drive……

  15. valerie drea at 8:34 pm

    Its the same here in the uk, useless load of feckless MPs and bankers. They are destroying so many lives and lining their pockets in cluding estate agents everywhere. I say well done to this guy and hope everything turns out as he needs it to.

  16. lynn at 8:09 pm

    hey lynn,if u both find a solicitor and they check both propertys for outstanding bills,if everything is in order,and that both partys agree on same value or price difference,then its just a case of signing the dotted line!

  17. lynn at 8:05 pm

    i think this is an off the wall offer,and very unrealistic,but i like the comment on the media!!!! i rekon uv hit it right on the nail.

  18. Cameron at 4:50 pm

    This is the way to get bids, which will show the true market price. How do I
    bid?

    How can I find a contact who will help me find a small thatch-roofed cottage
    in the wouthern counties, with room for a garden. Good place to retire in
    peace? I’m seriously interested in buying such a place, like in perhaps
    Crosshaven, or whereverit is warmer.

    Cameron

  19. lynn at 4:03 pm

    Hi does any one have any knowledge on private house exchange.i have an interested party wanting to do an exchange with me.We both own our propertys out rightcan anyone give advice.lynn

  20. SAM at 2:34 pm

    I will offer €2,200 for the property

  21. Sami at 2:27 pm

    I will offer €2,000 for the property.

  22. mandy at 2:17 pm

    i will give him 10,000 up front

  23. Con at 2:14 pm

    The bubble bursting has turned assets into liabilities, dont ever listen to economists or our present governemnt whose motivation it was to blow up the bubble

  24. james at 2:14 pm

    One thing for sure.. in our experience with agents so far, he has at least a 100% more chance to sell it..

    For sale By owner is slow to arrive in Ireland but has to be the way to sell your home..

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  26. ian at 1:56 pm

    Oh this has not been tried before has it??????????

    but there’s a buyer for everything..thats a fact and the more people see it the more chance he has.. simple gamesmanship..

  27. Mary Flynn at 1:41 pm

    I will offer €1,000 for the property. Good percentage increase on the asking price.

  28. kenneth at 1:31 pm

    i dont blame him, if i could do the same thing i would off- load my investment house, except the bank would still chase me for the rest thats due.

  29. Olive Smith at 1:04 pm

    I think it is a very sad situation brought about by a useless Government who allowed crazy lending by the Banks and unrealisic values put on properties throughout the country.

  30. Colm at 1:03 pm

    It’s an advertising gimmick. Could you imagine how much you would have to pay for the amount of TV, Radio and newspaper coverage this has gotten in the last few days. All he has to do is turn down the stupid offers he will get for the next few days and it’s possible that somewhere in there will be a decent offer of 150K-200K. Fair play to him.

  31. Emmanuel at 1:00 pm

    This is a rip-off of the highest order by the government in power

  32. David Rowe at 12:59 pm

    ironically, he’ll probably end up making on the sell after the media attention and bidding….

  33. Joe G at 12:54 pm

    It’s a great idea, look at how much publicity the guy gets and I’m sure he will get at least one ‘realistic’ bid. Auctioneers, take not!!!

  34. John at 12:41 pm

    Fair play to him if he can afford to get rid of it……

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