The €100,000 home returns to Irish property market

Posted by Kelly Fincham at 8/2/2009 11:06 AM EDT


Here then is the photographic proof of Ireland's property crash.

This three-bed townhouse went on sale in Cavan for just €100,000 or $140,000.

Last year, the same house in the same unfinished development would have cost €285,000 or $400,000.

Incredibly, less than 20 people showed up yesterday to put down a deposit on what was being billed as the sale of the century.

The house, part of the Ardkill Place, in Ballinagh, was one of 35 such homes which started at €100,000 for a three-bed and went up to €185,000 ($261,000).

It's been 10 years since houses in Cavan were selling at this price.

So, anyone who bought in the interim may well be "under water" at this point although no-one's saying just how many people are are under water in Ireland.

But there was plenty of anecdotal evidence in Cavan yesterday.

There are 65 houses in total at Ardkill place and 30 of them have been sold already, some for more than €300,000 ($420,000).

Declan and Cathy O'Reilly bought in at €240,000 ($339k) and had to install their own bathroom and kitchen. They reckon they have now lost about €150,000 off the value of their home.

She told reporters; "The way I look at it is we're here to stay -- and there's not much that you can do about it anyway."

She's right. There's not much she can do about it.

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