Donegal apartments - €11,700 each !

Echospace · 27-10-2010 05:28PM #1

You have to buy the lot of 47 and it's only the reserve at €550,000 but if they sell for anywhere near that you could probably turn a good profit on these. Sign of the times?

I bet Alison O'Riordan will be delighted to hear this news.

danniemcq · 27-10-2010 05:31PM

If every member of boards chipped in a couple quid....

Echospace · 27-10-2010 05:32PM

danniemcq wrote: »

If every member of boards chipped in a couple quid....

We could clear Alison O'Riordans mortgage!

Scuid Mhór · 27-10-2010 05:35PM

Echospace wrote: »

We could clear Alison O'Riordans mortgage!

let's not jump the shark.

AckwelFoley · 27-10-2010 05:36PM

Donegal.

Eh no.

danniemcq · 27-10-2010 05:39PM

snyper wrote: »

Donegal.

Eh no.

hey but we have ummmmm ....

we're close to Asda! Cheap beers!

oppenheimer1 · 27-10-2010 05:42PM

The development is incomplete, I assume it has to be fitted out internally yet. Would you make a profit on them? Would be hard considering there is oversupply in the area and there are not many big employers in ballybofey. What were the original developers thinking?! Building high density accommodation on the edge of a small dying market town in an isolated region of the country. Who did they think was going to want to live there?!

http://maps.google.ie/maps?f=q&source=s_q&hl=en&geocode=&q=navanny+st+donegal&sll=53.401034,-8.307638&sspn=8.574974,26.784668&ie=UTF8&ll=54.796615,-7.781904&spn=0.004045,0.013078&z=17&layer=c&cbll=54.796423,-7.782211&panoid=P88CASKDMc328rZEl404dg&cbp=12,181.35,,0,-4.67

Fuck me, they even built an underground car park! The losses on this development must have been colossal!!

danniemcq · 27-10-2010 05:45PM

Could be worse could be Cork, Dublin or Limerick

Red Hand · 27-10-2010 05:50PM

danniemcq wrote: »

Could be worse could be Cork, Dublin or Limerick

Or Donegal.

Sykk · 27-10-2010 05:54PM

danniemcq wrote: »

Could be worse could be Cork, Dublin or Limerick

Would insert a slaggin' but I have fond memories of my one night out in Letterkenny... Oh those women with the northern accent..

Brb

danniemcq · 27-10-2010 06:00PM

Sykk wrote: »

Would insert a slaggin' but I have fond memories of my one night out in Letterkenny... Oh those women with the northern accent..

Brb

Yeah i'm thinking i'm fighting a losing battle already. Maybe the americans will come and save me...

wait never mind...

Rented Mule · 27-10-2010 06:14PM

danniemcq wrote: »

Yeah i'm thinking i'm fighting a losing battle already. Maybe the americans will come and save me...

wait never mind...

You rang ?

sollar · 27-10-2010 06:35PM

Its madness, i'm from letterkenny and pass through ballybofey regularly. They built appartments all over that town and whoever was going to live in them i don't know.
With towns that size people like to live in semi or detached houses. Why the density???

bmw535d · 27-10-2010 06:38PM

some of the apartments are finished to the last and some just have the windows installed. if i had half a million laying around i reckon i could make a fortune when selling them in 10 years time. Somebody will:(

teacherspet · 27-10-2010 07:37PM

Donegal county council should snap them up at that price.

SugarHigh · 27-10-2010 07:51PM

teacherspet wrote: »

Donegal county council should snap them up at that price.

Why?

marathonic · 24-11-2010 10:27PM

The Auction was held today - NO BIDS!!!

CreepingDeath · 24-11-2010 10:39PM

sollar wrote: »

Why the density???

Well people from Donegal are dense by nature.

workingstudent · 24-11-2010 10:42PM

auctioneer even dropped it to 300k but not 1 person bid!...they were expected to get over half a million EACH!!....sign of the really bad times

marathonic · 24-11-2010 10:47PM

I'm from Donegal so less of the stereotyping...

I had to laugh on the news but.... the sub-contractors were protesting outside the auction with signs saying they're owed €900,000!

One sub-contractor was on the news saying "someone thought they were going to come down here and buy 47 apartments for €550,000. They need to get real".....

the sub-contractor needs to get real... when sold, whatever money they get (which looks like it's going to be a lot less than €550,000) will go into a very large pool from which ALL the companies creditors will get a proportion - even those with nothing to do with the development.

The sub-contractors probably think that, now that the company is in receivorship, if the the apartments are sold for €900,000, they'll get ALL their money... lol

Cavehill Red · 24-11-2010 10:48PM

workingstudent wrote: »

auctioneer even dropped it to 300k but not 1 person bid!...they were expected to get over half a million EACH!!....sign of the really bad times

Less than €6,400 each!
They'll go lower yet.
In Detroit, you can buy a gaff for a dollar. You wouldn't want to, though, because the areas have gone feral and the property taxes mean you'd run at a loss, since no one would ever live there.
I've been saying for two years that the same thing will happen here in the end. There'll be gaffs for a euro and you still wouldn't want to buy them. It's coming. This is only an interim step on that road.

Tar.Aldarion · 24-11-2010 11:23PM

Wow that's amazing, i wouldnt mind getting 47 people and buying one each

oh wait its donegal

Cookie_Monster · 24-11-2010 11:25PM

you could buy them for 300k and take them apart for parts and still make a hell of a profit :pac:

24-11-2010 11:31PM

This post has been deleted.

bonerm · 24-11-2010 11:35PM

Echospace wrote: »

I bet Alison O'Riordan will be delighted to hear this news.

I bet Alison O'Riordan would be delighted to recognise news.

Drumpot · 24-11-2010 11:35PM

We have to start thinking outside the box in this country.

I think our government should start buying these apartment complexes up and setup "rent a jail" to other countries that dont have enough places for their criminals . .

We could start with offering to take those reported 25,000 students ripping up London and put them into these 47 apartments complex. Build a big wall around, fill it with camera's and let the last person standing have their freedom back . .

We could also Sell the rights abroad . .

fullstop · 25-11-2010 12:15AM

snyper wrote: »

Donegal.

Eh no.

Yeah, Athlone must be a way better place to live

Not

123balltv · 25-11-2010 12:22AM

the sub-contractor wanna snap out of it
I cant wait till the day I can buy an average sized house for say 50 grand
I can see it happening the way things are going.

Absurdum · 25-11-2010 12:24AM

SugarHigh wrote: »

Why?

because if you don't get on the property ladder now, YOU NEVER WILL!!!!!!!!!! Jesus H Christ don't you want to OWN your own property???????? Millionaire-dom awaits!

Senna · 25-11-2010 12:35AM

123balltv wrote: »

the sub-contractor wanna snap out of it
I cant wait till the day I can buy an average sized house for say 50 grand
I can see it happening the way things are going.

No it will happen, but when it does no one will have 50k to buy one.

wyndham · 25-11-2010 12:46AM

Scien wrote: »

Anyone like to provide a link for this story?

http://www.rte.ie/news/2010/1022/presswatch-business.html

€200,000' FLATS PUT ON MARKET FOR JUST €11,700 - The cheapest apartments in the country are about to go for auction in Donegal for only €11,700 each - but you will need to buy the complete block of 47 units for around €550,000, writes the Irish Independent. The price per apartment works out at almost one third cheaper than the next cheapest apartments in the country which are for sale in Redbarn, Co Cork, for €40,000 - but they can be bought one at a time. Meanwhile, the cheapest apartments in Dublin have just been sold for an effective price of only €63,000 each. Developed by former hunger striker Tom McFeely and his partner Larry O'Mahony, the Dublin apartments are located at Blakestown Road, Dublin 15. Sales agents HT Meagher O'Reilly (HTMOR), acting on behalf of receiver Martin Ferris, sold the 30 flats in one lot for €1,895,000 or €63,000 for each apartment. They comprised three one-bedroom apartments, three three-bedroom apartments and 24 two-bedroom apartments on a 1.25 acre site. Andrew Long, of HTMOR, said he received 10 offers. "All parties made cash offers and did not require bank funding. We are now seeking more block sales as we believe we have a number of parties still interested in these types of purchases," he added. The Donegal apartments, at Navenny Place, Trusk Road, Ballybofey, Co Donegal, are only one seventh the prices being sought for other completed two bedroom apartments in Ballybofey which are asking around €95,000.

Auction was today. Was on the 9 o'clock news. No bids.

Donegal apartments - €11,700 each !

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