Property Liquidation Sales

LarrytheLantern

THREE-bed homes on a half-finished ghost estate in Sligo sparked a buying frenzy when they went on sale for the bargain-basement price of €125,000 yesterday.

Many of the 28 semi-detached homes in Ceol na Mara estate in picturesque Cliffoney languished unfinished for several months after the builder ran into financial difficulties and was put into receivership.

The receiver brought in a new firm to finish off the housing estate and put 18 of them on the market this weekend at half the original asking price of €250,000.

http://www.independent.ie/national-news/buyers-queue-for-ghost-estate-sale-as-homes-go-for-half-price-2263301.html

do any members know in advance of any other such sales?
is there any web-site that posts such sales?
if so i would very much appreciate any info on them.

THNX.;)

Half price on something that was about 300% overpriced is still too high!

Build cost of a basic semi is about 80-90k

gurramok

LarrytheLantern wrote: »

THREE-bed homes on a half-finished ghost estate in Sligo sparked a buying frenzy when they went on sale for the bargain-basement price of €125,000 yesterday.

Many of the 28 semi-detached homes in Ceol na Mara estate in picturesque Cliffoney languished unfinished for several months after the builder ran into financial difficulties and was put into receivership.

The receiver brought in a new firm to finish off the housing estate and put 18 of them on the market this weekend at half the original asking price of €250,000.

http://www.independent.ie/national-news/buyers-queue-for-ghost-estate-sale-as-homes-go-for-half-price-2263301.html

do any members know in advance of any other such sales?
is there any web-site that posts such sales?
if so i would very much appreciate any info on them.

THNX.;)

Oh wait, i cannot read this post fast enuff, i must get out there a buy a house to save the economy!:rolleyes:

Sea Sharp

Half price on something that was about 300% overpriced is still too high!

Build cost of a basic semi is about 80-90k

Exactly, and taking into consideration the massive over supply, these houses are only worth about 60k.

There's still a massive reduction in house prices to come. NAMA is merely delaying the inevitable.

The fire-sales mentioned in this article are going to become more common in the next 2 years when the desperation really starts to kick in.

fontanalis

A frenzy? I'll run it up a flagpole and blue sky it and possibly take it offline the I'll decide whether to get on the property ladder or not.

LarrytheLantern

surely at these discounted prices, we've hit rock bottom?

i mean i could buy 1 or 2 for cash and rent them out.
even at €400 rent pm, it's more than i'll get in the bank.

Unpossible

gurramok wrote: »

Oh wait, i cannot read this post fast enuff, i must get out there a buy a house to save the economy!:rolleyes:

Sooner or later we are going to be told its our national duty to buy houses to resuce the economy.


Some people still seem to think that it will all pick up again soon and that once it does everything will be hunky dory again

mikemac

125K for a 3 bed in Sligo is still overpriced

THREE-bed homes on a half-finished ghost estate in Sligo sparked a buying frenzy when they went on sale for the bargain-basement price of €125,000 yesterday.

Nothing bargain basement about that.
However, the residents who paid 250,000 euro have taken some massive hit here and probably will take another hit as the price drops further

alan4cult

Fúck Sligo, Roscommon is the place to be!

GaNjaHaN

GaNjaHaN wrote: »

Exactly, and taking into consideration the massive over supply, these houses are only worth about 60k.

.

yes, I agree, I originally put 400% overpriced but decided not to be so realistic with the valuation.

alan4cult

alan4cult wrote: »

Fúck Sligo, Roscommon is the place to be!

Longford's even spookier!

mikemac

in Ceol na Mara

From my limited Irish that is song of the sea or similar, anyone wish to correct me?

Yet the estate is 2 miles from the coast?
Where do the developers conjure these names from from?

LarrytheLantern

i would not advise anyone to take out a mortgage but, i do think anyone with cash should seriously consider buying.

don't forget that what's often forgotten/overlooked is that many, many people got extremely wealthy out of the last property boom, and i believe many people will get rich out of the next one!

Chuchoter

Sligo? Empty weird place to be living, don't care how cheap it is. You'll be living on a building site.

gurramok

LarrytheLantern wrote: »

i would not advise anyone to take out a mortgage but, i do think anyone with cash should seriously consider buying.

don't forget that what's often forgotten/overlooked is that many, many people got extremely wealthy out of the last property boom, and i believe many people will get rich out of the next one!

Have they got 80 yrs waiting patience?:D:D

Atlantic Dawn

Give it another year and see another 25-30% off those prices.

Cheap Thrills!

Remember folks, cut price house no good without sewage pipes, running water and mains electricity!

Read the small print!

SugarHigh

Deleted User wrote: »

Half price on something that was about 300% overpriced is still too high!

Build cost of a basic semi is about 80-90k

And the land to build it on?

SugarHigh

crayolastereo wrote: »

Sligo? Empty weird place to be living, don't care how cheap it is. You'll be living on a building site.

Well according to the article it seems like all the houses will be sold so it won't be just a ghost estate and they can get together and clean it up.

LarrytheLantern

gurramok wrote: »

Have they got 80 yrs waiting patience?:D:D

most economists agree economic cycles last approx. 7 years, so given that we are almost 3 years into this recession one could see a return to property boom within 5 years!:D:D:p

Cheap Thrills!

SugarHigh wrote: »

Well according to the article it seems like all the houses will be sold so it won't be just a ghost estate and they can get together and clean it up.

Of course! The residents association can build the roads, schools, shops and infrastructure! Genius!

SugarHigh

Cheap Thrills! wrote: »

Of course! The residents association can build the roads, schools, shops and infrastructure! Genius!

It's right beside sligo town

gurramok

LarrytheLantern wrote: »

most economists agree economic cycles last approx. 7 years, so given that we are almost 3 years into this recession one could see a return to property boom within 5 years!:D:D:p

Ah yes, the famous Nama. Place your bets here Ladys & Gentlemen

gurramok

SugarHigh wrote: »

It's right beside sligo town

20mins from Sligo town the article said. And thats driving not walking

fontanalis

LarrytheLantern wrote: »

most economists agree economic cycles last approx. 7 years, so given that we are almost 3 years into this recession one could see a return to property boom within 5 years!:D:p

I wouldn't be surprised if there will be another bubble.

LarrytheLantern

all these properties have full services i believe.

they are 20 minutes from Sligo town, 2 miles from the charming seaside resort of Mullaghmore.

mkahnisbent

LarrytheLantern wrote: »

i would not advise anyone to take out a mortgage but, i do think anyone with cash should seriously consider buying.

What are you basing this on? Every piece of data suggests house prices will continue to fall for many years.

Off the top of my head -

Proper mortgage regulation
Rising interest rates
Emigration
Decreasing wages
Increasing unemployment
Lack of credit
Poor sentiment
Rising oversupply
Etc.

Every month you refrain from buying is at least an extra 10 - 20k in your pocket over the life of the mortgage.

SugarHigh

gurramok wrote: »

20mins from Sligo town the article said. And thats driving not walking

20mins drive isn't far at all. Their are people who live in one off housing that have to travel further then that.

gurramok

fontanalis wrote: »

I wouldn't be surprised if there will be another bubble.

Thats what i had said that I couldnt read the article fast enough, get in and buy that house or else you'll miss that ladder!:rolleyes:

mikemac

fontanalis wrote: »

I wouldn't be surprised if there will be another bubble.

Of course there will, these things are cyclical.
Even if we are just out of recession, there are employment areas in Ireland desperate for staff.

Depends on your sector, even if there are 450,000 unemployment if you don't work in construction or retail or some other areas, deflation and dropping rent means you're better off then boom times
Many companies are giving wage rises or bonuses to staff in an effort to keep them from leaving.

Reading boards some days you'd think everyone was either laid off or emigrating, depressing

gurramok

SugarHigh wrote: »

20mins drive isn't far at all. Their are people who live in one off housing that have to travel further then that.

Err, this is Sligo we're talking about, hardly a metropolis of traffic jams :rolleyes:

LarrytheLantern

fontanalis wrote: »

I wouldn't be surprised if there will be another bubble.

it's as sure as night follows day.
the history of economics is one of boom, bust, boom, bust.

SugarHigh

mkahnisbent wrote: »

What are you basing this on? Every piece of data suggests house prices will continue to fall for many years.

Off the top of my head -

Proper mortgage regulation
Rising interest rates
Emigration
Decreasing wages
Increasing unemployment
Lack of credit
Poor sentiment
Rising oversupply
Etc.

Every month you refrain from buying is at least an extra 10 - 20k in your pocket over the life of the mortgage.

So if these people waited 12 months they'd have a house for 5 grand.

I'll ask you the same question you asked him.

What are you basing this on?

SugarHigh

gurramok wrote: »

Err, this is Sligo we're talking about, hardly a metropolis of traffic jams :rolleyes:

I'm not sure what point you're making.

Sligo town has all the amenities you would expect from a town are you seriously suggesting not having traffic jams is a bad thing.

fontanalis

LarrytheLantern wrote: »

it's as sure as night follows day.
the history of economics is one of boom, bust, boom, bust.

irelands bubble was pretty ridiculous though, but why do people keep linking a boom with property prices though?

gurramok

SugarHigh wrote: »

I'm not sure what point you're making.

Sligo town has all the amenities you would expect from a town are you seriously suggesting not having traffic jams is a bad thing.

Nothing wrong with Sligo town. They market the new houses as 20mins from Sligo town, thats rural Ireland to me, aka holiday home territory and as the housing estate is half finished..well you know the rest:)

LarrytheLantern

mkahnisbent wrote: »

What are you basing this on? Every piece of data suggests house prices will continue to fall for many years.

Off the top of my head -

Proper mortgage regulation
Rising interest rates
Emigration
Decreasing wages
Increasing unemployment
Lack of credit
Poor sentiment
Rising oversupply
Etc.

Every month you refrain from buying is at least an extra 10 - 20k in your pocket over the life of the mortgage.

yes i agree, but you forget the majority of data you (and 99% of the pop) rely on to base their investment decisions is already dated by the time they examine it. By the time most of the populace get and consume data it's already out of date, therefore they end up basing their investment decisions on false info.

this is exactly what happened the poor buggers that bought at the height of the boom.

SugarHigh

gurramok wrote: »

Nothing wrong with Sligo town. They market the new houses as 20mins from Sligo town, thats rural Ireland to me, aka holiday home territory and as the housing estate is half finished..well you know the rest:)

Is the fact it's rural Ireland a bad thing? If the people buying the house though living in rural Ireland was a bad thing they obviously wouldn't be buying it.

the housing estate is half finished.

Read the article.

The receiver brought in a new firm to finish off the housing estate and put 18 of them on the market this weekend at half the original asking price of €250,000.

you know the rest

Nope

mkahnisbent

SugarHigh wrote: »

So if these people waited 12 months they'd have a house for 5 grand.

Don't be ridiculous. Houses like the ones for sale in Sligo will settle at around the 60k mark.

What am I basing this on?

1. They're in Sligo, not exactly a hub of employment.
2. They're in the middle of nowhere.
3. They're poor quality housing.
4. About 2 times the average wage sounds about right.

The list of reasons not to buy are facts, not opinions, so I don't really understand what you mean by what am I basing my information on...

These are all facts:

Proper mortgage regulation
Rising interest rates
Emigration
Decreasing wages
Increasing unemployment
Lack of credit
Poor sentiment
Rising oversupply

It sounds like you want to believe now is a good time to buy. Sadly you cannot see I am going out of my way to try to advise you otherwise. But as they say, a fool and his money are easily parted, so if you want to ignore reality and live in fantasy land, go ahead and waste your money. Just don't come back here complaining in a few years shunning personal responsibility when you're in negative equity.

Cheap Thrills!

LarrytheLantern wrote: »

all these properties have full services i believe.

Hm, look and verify with your very own eyes! Don't believe anything a vendor/estate agent says!!!

LarrytheLantern wrote: »

they are 20 minutes from Sligo town, 2 miles from the charming seaside resort of Mullaghmore.

Nice if you need an ice cream or a bucket and spade but a slight a pain in the t!ts if you just want a carton of milk/toilet paper!!!

Also I lived in a place that was advertised as 'an hour from Dublin' -yeah an hour in a helicopter as the crow flies at 6 in the morning on a bank holiday! Spent many a year repenting at leisure in traffic jams!!!

gurramok

SugarHigh wrote: »

Is the fact it's rural Ireland a bad thing? If the people buying the house though living in rural Ireland was a bad thing they obviously wouldn't be buying it.

Read the article.

Nope

Its rural Ireland in the middle of nowhere, where your nearest neighbours are the ghosts!!

Now if the housing was somewhere in Sligo town, they would be attractive,

SugarHigh

Cheap Thrills! wrote: »

Hm, look and verify with your very own eyes! Don't believe anything a vendor/estate agent says!!!



Nice if you need an ice cream or a bucket and spade but a slight a pain in the t!ts if you just want a carton of milk/toilet paper!!!

Also I lived in a place that was advertised as 'an hour from Dublin' -yeah an hour in a helicopter as the crow flies at 6 in the morning on a bank holiday! Spent many a year repenting at leisure in traffic jams!!!

It's a village, do you really think there exists in Ireland a village where you can't buy milk and toilet paper?

Do you people even know what country your living? It's not possible to be in the middle of nowhere in Ireland because it;s just too small.

LarrytheLantern

mkahnisbent wrote: »

Don't be ridiculous. Houses like the ones for sale in Sligo will settle at around the 60k mark.

What am I basing this on?

1. They're in Sligo, not exactly a hub of employment.
2. They're in the middle of nowhere.
3. They're poor quality housing.
4. About 2 times the average wage sounds about right.

The list of reasons not to buy are facts, not opinions, so I don't really understand what you mean by what am I basing my information on...

These are all facts:

Proper mortgage regulation
Rising interest rates
Emigration
Decreasing wages
Increasing unemployment
Lack of credit
Poor sentiment
Rising oversupply

It sounds like you want to believe now is a good time to buy. Sadly you cannot see I am going out of my way to try to advise you otherwise. But as they say, a fool and his money are easily parted, so if you want to ignore reality and live in fantasy land, go ahead and waste your money. Just don't come back here complaining in a few years shunning personal responsibility when you're in negative equity.

see that's where we disagree.
the folk that bought in the last 3-5 years were most definitely living in FANTASY LAND, and have been severely burnt.
these houses, if you got the cash, are IMO good value.
i know this is a unpopular opinion, but people will begin to make money out of property again.
as with most things in life, it's often a question of timing.

NoHornJan

If you want it, and can afford it, buy it, otherwise don't be one of the poor unfortunates that was caught in the Celtic Tiger days.

mkahnisbent

LarrytheLantern wrote: »

these houses, if you got the cash, are IMO good value.

How are they good value?

Honestly I think you're letting the ridiculous bubble prices of the past 8 years mess skew your thinking.

Explain to me why they are good value...

SugarHigh

gurramok wrote: »

Its rural Ireland in the middle of nowhere, where your nearest neighbours are the ghosts!!

Now if the housing was somewhere in Sligo town, they would be attractive,

You realise some people would rather live in a rural location?

2 miles from a village is not that rural you need to travel more.

mikemac

LarrytheLantern wrote: »

the folk that bought in the last 3-5 years were most definitely living in FANTASY LAND, and have been severely burnt.
.

A bit harsh, most people buy a house as a home, investors are a minority of the market.

If you have a wife/husband and want to start a family and have no intentions of moving in the next 10 years then that isn't living in fantasy land at all.

gurramok wrote: »

Its rural Ireland in the middle of nowhere, where your nearest neighbours are the ghosts!!

Ghosts? The estate is completed and remaining housing sold. Your neighbour is next door.
And speaking as a rural home owner, these people live in an estate, so there are hundreds of people in the same area, hardly a rural area.
It's not a one off bungalow here

Cheap Thrills!

SugarHigh wrote: »

It's a village, do you really think their exists in Ireland a village where you can't buy milk and toilet paper?

You'd be suprised !!! And it's still 2 miles away, so the nearest shop is a drive, as I say pain in the ass if you discover you've no bog roll and you've had a beer so can't drive!

Or you just want some paracetemol when you are sick or some other essential !! Believe me it all seems no problem BEFORE you buy the gaff !

SugarHigh wrote: »

Do you people even know what country your living? It's not possible to be in the middle of nowhere in Ireland because it;s just too small.

It's all relative. Living a distance from amenities doesn't bother some but if every small thing you do is a massive inconvenience it gets real old real quick. Specially in the Winter when all your pipes are burst and it's dark 3/4's of the time and you have no food and it's snowing and you can't drive because of the ice.....

Notice these bargainacious gaffs are being sold at the height of the summer? Things look different in Winter.

LarrytheLantern

they are good value because the market will recover, and (not if) when it does property will begin to increase in value.

world-wide we are heading into an inflationary cycle.

mikom

Quote:
in Ceol na Mara

feelingstressed wrote: »

From my limited Irish that is song of the sea or similar, anyone wish to correct me?

Yet the estate is 2 miles from the coast?
Where do the developers conjure these names from from?

You know what happens when you follow the Sirens song.....

mkahnisbent

LarrytheLantern wrote: »

they are good value because the market will recover, and (not if) when it does property will begin to increase in value.

How can you recover to a bubble?

By all means buy one of the Sligo houses if you plan on living in it for 20 years, but as an investment, no way!

Sleepie time.