€85,000 price tag for Salthill home a quarter of boom levelJune 19, 2012 - 7:00am
A three-bed house in Salthill – which would once have been worth up to €400,000 at the height of the property boom – has been given a price tag of just €85,000 in the latest firesale auction of distressed properties, which will take place next month.
The mid-terrace house in Devon Park has been set a ‘maximum reserve price’ of €85,000 – a local auctioneer said the property would probably be valued at around €160,000 to €170,000 in the current market, but would have achieved between €380,000 to €400,000.
It is one of nine lots in the city and county which are set to go under the hammer next month at the seventh Allsop Space auction in Dublin – the auctions are always closely monitored by auctioneers locally, because they can set new floor prices for property in the area.
In Mervue, near GMIT, a three-bed end-of-terrace house on Emmet Avenue has been set a price of €75,000 – similar properties would have been valued at €320,000 to €340,000 in the boom. A local auctioneer believes it is now worth around €70,000.
In the city centre, a derelict three-bed end-of-terrace house on Forster Street has been given a reserve price of just €50,000 – similar properties sold for around €370,000 in the boom. At the moment, it has been valued locally at between €80,000 and €90,000.
The fourth property in the city is a three-bed duplex apartment at Commerce Court on Flood Street, which has a guide price of €120,000. It has been valued locally at around €140,000, while it would have been worth around €380,000 at the height of the boom.
All of the properties are being sold on the instructions of a receiver, and have been set a ‘maximum reserve price’ – the highest bid over this figure secures the property, although selling for below this figure is not ruled out.
Meanwhile, in the county, a detached five-bed home on a one acre site in Loughrea has been given a price tag of just €75,000, while a two-bed bungalow in Tuam – which was previously withdrawn from the catalogue – is back on the market for €25,000.
A three-bed semi-detached house on Station Road, in Derrymullen, Ballinasloe will also go under the hammer with a price tag of €50,000 – it’s understood this is not a receivership sale.
In Clifden, a two-bed duplex unit in the popular holiday home development at Clifden Court on Market Street has been set a reserve of €55,000, while a 5.4 acre site in Ridifin on the Ennis Road in Gort has a price of €27,150.