100k for 3 bed, 185k for 5 bed - fully fitted

Front page of todays Irish Examiner. Development is in Cavan and is being sold by receivers apparently. (unfortunately it isn’t up on their website)

Now, I’m fully aware that its Cavan we’re talking about so serious price drops were inevitable but for me this marks an interesting watershed, it’s the first time I’ve seen the mainstream media use the word “firesale”.

Also correct me if I’m wrong but there is no way you’re selling a 5 bed detached fully fitted at €185k unless you’re taking some kind of haircut (land aside, im talking just what it cost to build)

Maybe it really is possible to sell a house for “less than its worth”

Thoughts?

Edit to add link: irishexaminer.com/ireland/th … 97647.html

I guess these are the same houses

From today’s IT property page (no link)

Just beat me to it.
I noticed how they are being sold by Cavan receiver Declan Taite

Guess who the bank is

viewtopic.php?f=4&t=15202&hilit=leatime

For comedy value, here are the EAs comments from Dec 2008 (hat tip to ThePartysOver)

only 20-30% off to go !!!

I love the steaks in Casey’s steakhouse in Ballinagh, almost worth the price for that alone 8DD

hoganstand.com/cavan/Article … x?ID=77321

Today we hear 35 are unsold , who to believe ???

I’d easily believe there are 35… I drive past quite regularly and there are at least 5 or 6 of the 5 bedroom detached houses vacant facing on to the road…

Sure we *always *said that it would take firesales to get houses back to normality. In fact many have bemoaned the fact that the gubberment (in their infinite wisdom) have done all they can to prevent firesales.

Were you there Dubgaz?

Good news if it is true.
That’s one in the eye for those prats who come on here whining that “the reason houses aren’t selling is because there is no credit”.
I would have been down there myself if it wasn’t 85 miles away from my job / anywhere I have a chance of getting a job.

IT’S THE PRICE STOOPID… mind you 100K for a 3 bed in a place with almost no employment prospects is on the high side.

It is this reality that is needed in the market and 100k for 3 bed house outside dublin is
reasonable. In dublin the 2 bed apartment should be 200k or less in city centre.

In 2006 when building in the country was at its peak and at a record national
rate …the rate in cavan,leitrim and roscommon per population was twice the
national average so expect a lot more firesales in the region.

Back to 98/99 prices in some places by early 2011.

Still overpriced in my own opinion. 100K for a 3 bed house in the middle of nowhere with relatively low employment opportunities. These will be lower at 60-70K in a few years time which is more in touch with reality.

Another firesale of an estate in Sligo here

3 Bed Semi-detached Houses ( The Hawthorn) Region €115,000
4 Bed Detached Houses (The Ash) Region €180,000
4 Bed Semi-detached Houses (The Chestnut) Region €125,000
4 Bed Detached Houses (The Oak) Region €200,000
4 Bed Detached Houses (The Walnut) Region €170,000
daft.ie/woodstreamcoolaney

Most interesting thing is that it was Anglo who turned the screws- pre NAMA of course
sbpost.ie/post/pages/p/story … qqqx=1.asp

According to the Sunday World only a ‘handfull’ of people turned up at the showhouse.

I agree its still a bit too high for my liking. Are the houses in question up on daft or any website?

Only a dozen people or so queued? Will the price go lower? …

House-price tumble means a dream home for some

independent.ie/national-news … 49331.html

Here is the 3 bed town house on daft for €100k
daft.ie/1463618
and the identical house on the Affordable Homes site for €120k
affordablehome.ie/My-Local-Authority/Cavan-County-Council/Homes-Available-in-County-Cavan/Ardkill-Place.aspx
(if you’re feeling flush) :open_mouth: