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10 Comments
Posted on Thursday, June 10, 2010 at 06:45 AM
Bargain apartments for sale in Ireland as banks start sell-offs
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Brand new luxury apartments are being sold off in Dublin in a fire sale as the Irish banks try to recoup some of the billions of dollars lost in the great property crash.
Carrickmines Green (see spec bathroom above) was once planned as a high-end development with four-bedroom houses expected to fetch upwards of €770,000 ($930,000).
Of course, that was in 2006, when the sky was the limit and bandits ran the Irish property market.
Now those same high-end homes are being flogged off for less thar half their peak price - €350,000 or $422,000.
One-bed apartments which were priced at €365,000 ($440,000) are now being sold for €135,000 ($163,000).
The country is littered with half-finished developments and luxury homes and this is only the start of the great Irish sell-off.
Tellingly, the receivers decided to sell Carrickmines at this 55 percent discount because they still believe the market will fall another 10 percent.
There are 49 properties for sale at Carrickmines and it is expected that the bailed-out and taxpayer-owned Anglo Irish Bank will receive just $10m from the sale.
Which would hardly have paid for the land back in the gold rush.
10 Comments
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Posted by rangers10 on Jan 18, 2012, 05:28 PM EST
How would you like to buy a site in Crossmaglen South Armagh the most picturesque area in the beautiful Co Armagh. Based 5 minute walk from 18 hole golf course, access to fishing, Cardinal O Fee Centre, South Armagh Tours Not to be missed
Posted by CullenAbroad on Jun 12, 2010, 11:38 PM EDT
they'll come down even more - watch!
Posted by anneduffy11 on Jun 12, 2010, 01:51 PM EDT
Too bad for those who bought at the top of the market.
Posted by sinclairville on Jun 12, 2010, 11:19 AM EDT
Wish I had the extra coins...could visit anytime then!!
Posted by belfastgirl1 on Jun 11, 2010, 06:43 PM EDT
If only I had a few more buttons...
Posted by Derrylass627 on Jun 11, 2010, 03:04 PM EDT
How I wish I had a few extra bob to get in on this action!
Posted by carlotta on Jun 11, 2010, 10:22 AM EDT
How easy is it for an American to get a mortgage in Ireland? Wouldn't mind spending a part of the year there.
Posted by Paulinebyrne on Jun 11, 2010, 09:43 AM EDT
I would love to have an apartment in Ireland, I will keep my eye on this one, hope you will keep us posted
Posted by Ktamsor2 on Jun 11, 2010, 08:55 AM EDT
I''d love to be able to buy an irish vacation home. Then I could stay as long as I wanted.
Posted by ChrisButler9999 on Jun 10, 2010, 12:27 PM EDT
75% over valued. Still a long way to come down.
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