homes fails to sell for 11,700 euro: BBC report



muffin

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What are you surprised about? Yes, it is happening. You might find that the site is not completed with renovations and in middle of no-where. There are catches somewhere in the line. One man tried to sell his house as he desperately needs to move abroad for a job. He tried it at 1 euro and no-one bought it. I think three offers only. That is a good house.
 
D

Dylan2010

It is Donegal , free would be too expensive. Possibly there would be fit out costs etc.
 

EvotingMachine0197

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It was being sold as one lot so headline is a bit misleading.

Who in their right mind would invest at least 500K in to 47 unfinished apartments in Donegal ?
 
G

Gimpanzee

No, its misleading. No home was offered for sale at 11,700.

They aren't homes - it is a development built to first fix up for sale for 550k. The developer and the sub contractors protested at the auction so there is a tale of 'solidarity'/'intimidation' behind this too.

It's one thing wanting to buy 1 apartment in Ballybofey, but how many people want to have 47 half built apartments in Ballybofey these days?
 

Skrynesaver

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"completed to at least first fix"
That means that you need to finish the wiring,plumbing,plastering,painting and joinery.
It's a shell, and with no market for the finished product, of course it didn't sell.
 

CitizenKeane

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The entire block of 47 apartments was put up for auction, not individual apartments.
So not many people have over half a million to be spending on an apartment block in Ballybofey - the likelyhood of selling off 47 apartments in a small town in Donegal in these times is nil.
Plus the apartments aren't finished - they are to 'first fix' stage.
 

bormotello

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47 families could get social housing...
 

Squire Allworthy

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It was being sold as one lot so headline is a bit misleading.

Who in their right mind would invest at least 500K in to 47 unfinished apartments in Donegal ?

I would if it was in the right location, I had a use or thought I could change the use to something in demand. (Assuming the property is soundly built etc)

It all depends on what you have in mind and if the numbers add up

At 11,700 each provided they are not shoe boxes, holiday lets? Market abroad, how many years for total payback? 3 years?

Rent and sell abroad in a year or two, 25000 each for your place in the rain!

Think positive, but realistically, there are opportunities that many of you will never see the like off again.
 

PrinceMax

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I think 11,700 euro is very generous for these. They're in the middle of nowhere.
 

Nemi_

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Think positive, but realistically, there are opportunities that many of you will never see the like off again.
Hopefully. I think what must give us cause is that we've only see a handful of rather noisely advertised 'fire sales'. I know I've seen mention of this Donegal development before, several weeks ago. There was all the shouting about that place (Tailteann Court?) in Mullingar. There was your man in Galway who claimed he was willing to sell for €1 (although did he actually sell it in the end?

I think what we are waiting for is just a sustained general drop in prices. I know exactly what you mean, and its good to be optimistic. But we also have to be aware that we're still swimming in shark infested waters.

It will be fascinating to see what happens in cases where farms are seized. If neighbours try to recreate some kind of Land League fantasy (which seems to have happened in one reported case), the corollary has to be that farmland is valueless as collateral.
 

Guy Incognito

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These are the apartements Pearse Doherty mentioned in his Seanad Ghost Estates speech I think.

The man had a point too
 
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Relatively easy to convert the "47" to a lower number of larger dwellings by removing walls etc to provide family homes but its probably not likely to occur.
 

old westie

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47 families could get social housing...
Was at the auction 42 appts on offer as one lot for 500,000.
Protesters outside contractors who are owed alot of money for work done, large amount gardai present, auctioneer opened asking for offers of 500k then 400k and finally 300k. Not one bid finally one person bid 5,000 euro for the lot.Property then taken off the market.
 


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