Distressed property sale in Cork today

Dannyboy83

Properties from as low as €15,000 are going under the hammer today at Munster's first-ever discounted property auction.

The event takes place in the Radisson Hotel in Little Island at midday. Potential buyers have been advised to get to the venue early as the auction room only holds 500 people.

It follows a successful auction of distressed properties in Dublin earlier this year.

The auction is being organised by G-MAC Property in Castletownbere and MAC Estate Agents in Bantry.

Read more: http://www.breakingnews.ie/ireland/distressed-properties-auction-begins-in-cork-today-510249.html#ixzz1QByUoqR2

It should be interesting to see the outcome of this later today.


It might drive the reality home to agents like Timothy Sullivan & Associates.
They're asking €150,000 for this complete kip, PMSL:D
I've more space between the cheeks of my arse and it's better decorated to boot
http://www.daft.ie/searchsale.daft?id=599676&search=1

Hoffmans

some good bargains were had at the last one but unfortunately wolves and vultures from abroad snap up the best bits at these events...

Nody

Hoffmans wrote: »

some good bargains were had at the last one but unfortunately wolves and vultures from abroad snap up the best bits at these events...

So instead of getting the most possible for the distressed property (and the loans behind it) you want them sold at a discount to an Irish buyer, did I understand that correctly?

GSF

Hoffmans wrote: »

some good bargains were had at the last one but unfortunately wolves and vultures from abroad snap up the best bits at these events...

you'd never see Irish people buying foreign property abroad ..at a discount.

Icepick

Hoffmans wrote: »

some good bargains were had at the last one but unfortunately wolves and vultures from abroad snap up the best bits at these events...

One of the stupidest things I've read today.

DJLJ

Not surprised. The prices are still too high.


http://www.eveningecho.ie/news/ireland/distressed-property-auction-sees-poor-uptake-510313.html

Distressed property auction sees poor uptake

There was a poor uptake at Munster's first ever discounted property auction.

Only two out of the 63 properties were sold as it is understood buyers felt reserve prices were too high.

The two properties that sold included a one acre site at Dun Chaoin, Dingle, in Co. Kerry for €26,000 and a 10 acre site at Leap, near Skibbereen in Co Cork which went for €68,000.

tenchi-fan

Nody wrote: »

So instead of getting the most possible for the distressed property (and the loans behind it) you want them sold at a discount to an Irish buyer, did I understand that correctly?

How about a higher stamp duty rate for foreign buyers to level the playing field a little? We charge Irish citizens more for cars, why not charge non-Irish more for housing?

Truth is though, the government will charge a withholding tax on the rental income and get tax on the letting agencies' profits. The middle class in ireland will continue to pay boom-time mortgages while government workers and their friends, along with the British landlords snapping up the bargains, will get the profits.

GSF

I think we have plenty of empty property to go around for both domestic and overseas purchasers

Dont forget the overseas buyers are putting money into the country when so much cash is leaving Ireland

Icepick

Dannyboy83 wrote: »

http://www.daft.ie/searchsale.daft?id=599676&search=1

That must be a joke.

The_Honeybadger

Icepick wrote: »

That must be a joke.

Yep alot of sellers still seem to be firmly in cloud cuckoo land with what they are asking for their properties, who in gods name do they imagine is going to give them €150k for that kip, it would've struggled to make that in 06. I'll be watching things very closely over the next few years as I have a family and we would obviously like our own home, but I just don't see any real value at the moment. I live in rural Ireland in an area with lots of vacant and "for sale" properties but the asking prices are still ridiculous, it seems sellers just aren't ready to admit they have been had and have to take a very costly hit. Happy renting for the moment and building up a chunky deposit, I have two acquaintances who bought lately and paid very excessive prices IMO, can't get over how some people seem to have buried their heads in the sand over the past few years and still want to buy houses no matter what the cost. I did try to suggest to one of them that they may be paying too much and was shot down very firmly and told it was none of my business, I suppose if they can afford the repayments good luck to them. Would like to be able to buy myself at no more than 50% LTV at some stage in the future, this could be a while away by the looks of things. Funnily the two above were able to get mortgages without having PS jobs, and neither are in particularly well paid jobs or had huge deposits afaik, kinda bucks the trend you hear about on the radio about nobody being able to get finance, it seems the banks still do have some money to lend.

thebman

People with these assets are obviously not in a big rush to get rid of them so will hold out for as long as they financially can before selling.

Slydice

why is "distressed" in the title of this thread?

is it because the prices were at distressingly high canny mc savvy property bubble prices?

Hoffmans

Icepick wrote: »

One of the stupidest things I've read today.

yes me too id like to see them going to owner occupiers not wolves in general...

Dannyboy83

Slydice wrote: »

why is "distressed" in the title of this thread?

is it because the prices were at distressingly high canny mc savvy property bubble prices?

There is an article in the Irish Times about it today.
http://www.irishtimes.com/newspaper/property/2011/0630/1224299787964.html

The one salutary message from the event was that buyers were not prepared to make purchases even at the maximum reserves quoted on the day. Does this mean that property values in the provinces are out of kilter with those in the greater Dublin area? Possibly.

After all, a recent report from the Central Statistics Office has shown that house prices in Dublin have fallen by almost 46 per cent from their peak in early 2007. Apartments are 53 per cent lower than at the peak. By comparison, residential properties in the rest of the country are down a mere 38 per cent.

Apparently, there was no reason to call it 'distressed property'.
It was just a marketing tactic; most of the houses were simply houses that weren't selling on the open market so they tried to put it through the auction with the same unrealistic prices being asked privately. LOL.

People still don't want to accept reality.