Anyone fancy an auction in Cavan???

Interesting to see what these babies make? 80k anyone? … tion/print

Looks like a Shortt Sale… cough

I wonder if Tyrone manager Mickey Harte will be trying to flog them, Mickey the school teacher who became an over night property expert and special advisor to the said EA.

Rental value of a three bed in Mullagh is currently about €450 per month. €450*12 = €5400 per annum gross rental income.

At a gross yield of 6% 100/6= yp 16.66 * €5400 = €89,964

At a gross yield of 7% = €77,112

At a gross yield of 8% = €67,000

At a gross yield of 9% = €60,000

Edited to add

80k for the lot?! They might… just might mind you…

I’d love to know the reserve price on these.

The sale price for the 4 bed townhouse is €134k. the semis are at 139k which is not a bad price. As for stupid statements like 80k for the lot… I’d say they’ll go for 110 to 130ish. If they sell as a lot then if its nine similar houses then I’d say something aroung 900-950k mark. There are a lot of BIG money men out there looking for the bargains.
Remember any item that is purchased is worth that amount to the purchaser and no-one else.

There are a hell of a lot more “bargains” than there are big money men.

Of all people, Cavan folk aren’t going to splash out unnecessarily!

More evidence of hiding the true extent of Supply
Newspaper article

Daft Ad

edit: Well maybe all types may add up to 9 - Combine all daft ads for this development and I get 6

I would have thought that ‘big money’ men wouldn’t pay less than 5% gross for empty 3 bed houses in Cavan; when they can buy prime blue chip tenanted retail on Grafton Street for 7% net. But stranger things have happened in the Irish property market over the past decade I suppose.

It’s the lakes.

Cavan is different.

Seriously, would any investor these days pay below 8 to 9% for a house in Cavan (even if it is close to a body of water), surely not.

mrgaa1’s logic is impeccable but I would have to question whether these are actually investors by any barometer rather then speculators, it is akin to taking your last €50 at the track and putting it on the 33/1 shot in my opinion or worse.

I suppose the auction will tell us a story - if not previously sold

What is wrong with these houses that the big money men didnt like ? I believe 85K would get you the 3 bed and that was at last months prices.

Sorry Clancy but that link shows the houses started at 100k for a townhouse. where does the 85k come from?

€80k for the lot… stupid comment? Really? I thought perhaps slightly exaggerated, but not stupid.

Putting a value on property at the moment is a tricky enough affair, but when you pick a little village like this, its nigh on impossible. I’m not singling out Mullagh… every County has its wee village(s) on the border with its neighbour with these ghost developments.

And its not just the typical 3 bed semi thats suffering like these in Mullagh. Check this out >> These have been on the market for a couple of years and when they first came out they were €750k. They’re now down to €390k and STILL not selling. So how do you price something thats not in demand?

“There are a lot of BIG money men out there looking for the bargains”. What would they do with them once they bought these?! Mullagh is 15-20 mins from Kells and about 40 mins from Cavan - and might I add, its not on a national or even a regional road thats leading anywhere significant other than… Mullagh.

Nevermind the rest of the Country, Cavan itself is awash with property for sale. If we haven’t already reached the point, some houses/developments won’t be worth the price of the materials that put them there. The longer they sit unoccuppied, the worse they’ll get, dragging their value down even further.

I wouldn’t be surprised if these houses along with a lot of other similar developments throughout the country remain empty indefinitely.

Well put DozyHound

It comes from word on the street around Cavan, people are reporting that 85K would get you the townhouse and even if it’s just a rumour it is doing the rounds and is now fixed in peoples minds. It stands to reason that there must be something in story as they are still for sale 2 months later when they didnt go for 100K, do you not think.

Anyway, it’s good news for the young people of Cavan who want to live and work in Cavan and still have a reasonable lifestyle whereby they can spend their take home pay on stuff other than a mortgage which will be good for jobs in the local economy. Personally I’d hold off until they reach the 50K mark or less as that’s all a 3 bed in Cavan is worth with so much on the market not to mention the state of the economy and the next 5 budgets.