Five-house ‘ghost estate’ in Cavan sells for $275,000 at property auction

Fire-sale prices delight new home buyers in search of deals

By: IRISHCENTRAL STAFF WRITERS | Published Saturday, March 2, 2013, 10:21 AM | Updated Saturday, March 2, 2013, 10:27 AM

"Ghost estates" is the name given to housing developments abandoned before completion by developers, a visible and nationwide casualty of collapse of the Celtic Tiger economy.

Now the once inflated properties are selling for a song. This week a ghost estate located in County Cavan sold for $275,000 at a distressed property auction in Dublin.

According to News Talk, the bargain price development, which is located in Cavan town, contains five completed houses, four unfinished houses and planning for a further fifty two. $43,000 was the lowest price paid for a derelict cottage in Charleville in County Cork. A 3-bed house in Longford was sold for $46,000, with a three-bedroom house in County Louth bought for $162,000 and a bar in Co. Cork went for just over $247,300.

Also sold at the Dublin auction was the former home of old-time popular ballad singer Robert Whittaker. The British artist is best known for his 1975 hit The Last Farewell.

His Irish home, a former convent at Eyrecourt, County Galway sold for $371,000 to an unnamed internet bidder.

Robert Hogan of Allsop Space said there was a good mix of commercial and residential property at the Dublin auction. The most popular lots were commercial units with a solid existing tenant, he explained.

City properties in Dublin are also selling strongly, he said.