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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