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Periscope by Niall O'Dowd

A $2 dollar house for sale in Ireland as property bust continues

Posted on Thursday, September 02, 2010 at 05:39 AM

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Now I knew things were slow in Ireland but a house for sale for $2.00 beats the band.

And it is not a joke.

Galway truck driver Michael Dempsey feels the house he built to pay for his retirement has become such a financial burden on him that he is ready to essentially give it away.

He built it between the two towns of Moylough and Mountbellew. It was worth close to $500,000 at the height of the boom.

Now it's worth $2.

Michael wanted to build and sell it as his nest egg for retirement. He lives elsewhere

When the 'for sale' sign went up however, no one came looking the first week or the second, or the third week or ever.

"It's a beautiful new house with four bedrooms. It's a shame no one is living in it," he said.

Michael told the Irish media : "When I decided to build it banks were giving out money all over the place. I went in at one stage looking for e25,000 and came out with €50,000.

"They ended up lending me 10 times my income, but it seems they were doing that to everyone.

"But the loan was secured against the house I live in, so I'm free to sell this house for any price. I have the deeds to it and am genuinely willing to consider any offer over €1.

"I didn't think things could get this bad in this country, but they have and this highlights it."

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daisey400 | Nov 20, 2010, 03:25 AM EST

we will even buy this house for $300 austrlaian please, can you let this man know how do we get in touch with him please, thanks june daisey500@gmail.com june

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daisey400 | Nov 20, 2010, 03:25 AM EST

we want to buy this house,how do we do this, its fantastic, and I am irish june murphy please, can someone ring us 0434 711 630 and we will buy this house, thanks june

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daisey400 | Nov 20, 2010, 03:24 AM EST

we want to buy this house,how do we do this, its fantastic, and I am irish june murphy please, can someone ring us 0434 711 630 and we will buy this house, thanks june

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Supergurl24 | Sep 06, 2010, 11:26 PM EDT

I would love to live there! Oh my Gosh its beautiful!

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norinalundy | Sep 05, 2010, 11:03 AM EDT

Hey, I'd love to own it - but I am sure there is a family in the town or surrounding areas that could use a house

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letmegohome | Sep 04, 2010, 12:44 PM EDT

What a shame to almost give away his home. I would love to own property in Ireland. I don't know if Americans such as myself could buy there. For $2.00 it sounds good though. I hope he does well with it.

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celticsol | Sep 04, 2010, 10:22 AM EDT

I wish he'd sell the place to me ! ( Can a Yank own property in Ireland ? )

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oldbear | Sep 04, 2010, 05:51 AM EDT

Bloody shame the owner must take such a loss on his lovely home.

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killowen | Sep 03, 2010, 06:53 PM EDT

There's a catch - house under water, built over a fairy rath. a rowdy pub crowd or tinkers next door. Curry loving blow-ins who smell up the place nearby. Could be. Give it as prize to All-Ireland champions of hurley and football who decides the winner to be in a raffle. The GAA only gives the boys/girls only medals and rake in the big bucks for their bloodsucking selves.

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relfering | Sep 03, 2010, 10:27 AM EDT

GOOD ADVERTIZING STRATEGY! This should spark a bidding war and he will at least get some return on his money and the buyer will most likely get a good deal. Smart man.

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BallinaLass | Sep 03, 2010, 10:05 AM EDT

€200 each year in property tax to the county - not bad at all.

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BallinaLass | Sep 03, 2010, 10:01 AM EDT

What are the taxes like?

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kateekorn | Sep 03, 2010, 09:49 AM EDT

what would i do with a house in Ireland? #1 they wouldn't hire me for a job, 2 I couldn't afford the taxes. 3 why would i want to retire in a place as damp as the place i live in now, Rainy Oregon! :)

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LoveDoolin | Sep 03, 2010, 09:12 AM EDT

I'll be happy to go higher than $2. How about $100? I'm going to be in Galway next Friday, 10 September. Where should we meet to sign the deed? Let me know!

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phk3cats | Sep 03, 2010, 09:00 AM EDT

I would be willing to give him $2.00 for the house.I am Irish. But it shouldn't matter. I believe in taking care of the land. The land lasts not the people.

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