It seems receivership sales are becoming more and more common as the banks try to sell off the properties seized from owners and developers who can no longer to pay their mortgages.
The largest receivership sale of properties seen in Ireland will take place next month. The auction, set for April 15th and which will be run jointly with Dublin estate agency Space will offer over 80 properties that receivers have slashed by at least half the price, if not more. Stephen McCarthy director of joint agents Space explained, “We are quoting low prices to attract buyers from overseas and to ensure the properties will sell”.
Included on the line up is an apartment in Temple Bar for a mere €80,000, another in Portlaoise for €35,000, a three-bedroom semi in Tuam, Co Galway guiding at €45,000 and a whole a group of flats and offices at Tuskar House, John’s Gate, Wexford, with a reserve of only €210,000 – the building comprises of four one-bedroom studio apartments, two two-bedroom flats and three offices, the price works out at an average of €23,333!
With what’s on offer it isn’t surprising that there has been more than 1,000 requests for auction catalogues already.
Have Your Say
- Receivership Sales: Can prices get any lower?
- Do these properties offer real value for money?