A so-called ghost shopping center in County Waterford that was once valued at $26 million is to go on the block next month at a fraction of its value during the Celtic Tiger boom.
According to the Irish Independent the Ross Abbey Town Centre is being listed with a guide price of between $300,000 and $365,000. The property offers 20 units and will be one of 121 properties to be offered in a bumper auction on July 4 at Dublin's famous Shelbourne Hotel.
One of the more valuable properties to go under the hammer is Nancy Hands on Parkgate Street, Dublin 8. It has $929,000 guide price which is 13.5 percent of the $6.5 million which was paid for it in 2005 when it was bought by publican and developers association of Larry Crowe, Brian Flannery and Robin Payne, who are best known for their ownership of the Camden Deluxe hotel in Camden Street, Dublin.
Two brothers, David and John Boles, are selling a reportedly period house on the seafront in Blackrock, County Dublin which has a $332,000 guide price. David Boles explained they bought the house, 8 Seafort Parade in Blackrock, in 1971 for $6,500.
'We went to an auction to buy a different property but when I saw this one failed to sell under the hammer I took a closer look at it and felt it offered very good value.
'It had been in four bedsits so we converted it into two self-contained apartments and let it out. It retains many of its period features and we kept the staircase between the two in storage if anyone wishes to restore it into a family home,’ he added.
'Unfortunately we didn't sell it during the boom but we decided to opt for the auction now because we felt that this is the best way to get a good price for a property in a desirable location.'
Encouraging movement is being seen in the Irish property market. Reflecting some of the strong prices seen for Dublin residential properties, the guide price for a duplex apartment at Hogan Square, Hogan Place near Holles Street Hospital has increased by the equivalent of 39 percent compared to another apartment which sold in another auction in the same development 12 months ago.
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