A two-bedroom cottage in Carrigallen, Drumcannon, County Leitrim, with a reserve price of €7,500 ($9,800) is just one of the properties listed at the latest public auction of unsold properties to be held in Dublin on March 1st.
The real estate listing shows that property is situated one mile from the town of Carrigallen, 20 miles to the west of Cavan Town and is approximately 100 miles from Dublin
The property comprises a single storey cottage situated on a “mature irregular shaped site.” The property benefits from a shed/garage adjacent to the main cottage.
Properties from a €10.3 million ($13.5m) portfolio of buildings will go on offer at the auction in the Shelborne Hotel, Dublin city, on 1st March. As well as the cottage for €7,500, the auction of 100 lots will include a 55-bed hotel, a period hotel in Dublin, and a period mill residence in County Carlow.
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The Allsop / Shape auction will include apartments with tenants already in place as well as industrial units and offices. The Irish Times reports that 74 percent of the properties are residential and 50 percent already have tenants in place.
Only 25 percent of these properties will sell for the listed price. The others will sell for about 33 percent over the guide price.
Robert Hoban, the director of auctions with Space, said the majority of properties will be bought using cash, with only 15 percent buying with another form of finance.
He said “It’s reflective of the market. With the lack of finance available, there’s a huge reliance on cash at the moment.”
Hoban expected a big turnout at the auction despite the fact that their last auction was in November. He said “The interest is undiminished in each auction”.
One of the high-end properties listed is Sandhouse Hotel, Rossnowlagh, County Donegal. This 55-bedroom hotel on a 3.2 acre site, with planning permission for 16 apartments, is listed at €650,000 ($853,660). Woody Allen and Mia Farrow used to stay there when they were still a couple.
The period house in Dublin (four-bedroom mid-terrace), located on Seville Road, is listed for just €35,000 ($45,968).