Property Liquidation Sales

LarrytheLantern · 19-07-2010 12:07AM #1

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.;)

19-07-2010 12:16AM

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

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

gurramok · 19-07-2010 12:21AM

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 · 19-07-2010 12:26AM

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 · 19-07-2010 12:27AM

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 · 19-07-2010 12:31AM

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 · 19-07-2010 12:32AM

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 · 19-07-2010 12:35AM

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 · 19-07-2010 12:37AM

Fúck Sligo, Roscommon is the place to be!

19-07-2010 12:38AM

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.

19-07-2010 12:40AM

alan4cult wrote: »

Fúck Sligo, Roscommon is the place to be!

Longford's even spookier!

mikemac · 19-07-2010 12:42AM

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 · 19-07-2010 12:42AM

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 · 19-07-2010 12:44AM

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

gurramok · 19-07-2010 12:45AM

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 · 19-07-2010 12:47AM

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

Cheap Thrills! · 19-07-2010 12:48AM

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

Read the small print!

SugarHigh · 19-07-2010 12:48AM

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 · 19-07-2010 12:50AM

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 · 19-07-2010 12:50AM

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! · 19-07-2010 12:52AM

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 · 19-07-2010 12:53AM

Cheap Thrills! wrote: »

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

It's right beside sligo town

gurramok · 19-07-2010 12:55AM

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 · 19-07-2010 12:58AM

SugarHigh wrote: »

It's right beside sligo town

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

fontanalis · 19-07-2010 12:59AM

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 · 19-07-2010 01:01AM

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 · 19-07-2010 01:02AM

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 · 19-07-2010 01:02AM

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 · 19-07-2010 01:03AM

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 · 19-07-2010 01:03AM

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 · 19-07-2010 01:04AM

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:

Property Liquidation Sales

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