Property & Mortgages

Wednesday 20 August 2014

Bargain Basement: Unfinished Cavan housing estate sells for €122,500

Independent.ie reporters and Donal Buckley

Published 03/05/2012 | 14:15

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AN unfinished Cavan housing estate has sold for €122,500 at an auction today.

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The sale involved three unfinished houses and four acres of land at an estate outside Ballyjamesduff in Co Cavan.

The lot was bought by a Northern Ireland builder who wants to remain anonymous.

The lot was among 100 properties being sold by Allsop Space in an auction today including pubs, hotels and sites.

The three houses, which need kitchens and bathrooms, are located at a four acre site at Woodlands Park, Ballyjamesduff, Co Cavan by receiver Kavanagh Fennell with a reserve of no more than €40,000.

It is understood the builder intends to finish off the houses.

Some of the properties are being sold off by individuals as well as receivers at the auction in the Shelboure Hotel.

There are 36 houses in the finished part of the estate.

The mix of three and four-bed semi-detached homes were built in 2004.

At the time, the four beds sold for about €225,000.

Combined prices of more than €3.5m were achieved at a range of auctions earlier this week-- although not everything in the catalogues sold.

The best result was achieved by a stylish modern lodge-style property, Sartara Grangebective, near Trim, Co Meath, which generated more than €1.2m when sold in two lots.

The first lot, consisting of the spacious three-bedroom house and American-style stables on 12.79 acres, was withdrawn when bidding petered out at €600,000 but it later sold for over its €675,000 guide price. Lot two, consisting of an adjoining 41.5 acres, sold under the hammer for €525,000.

Agents Sherry FitzGerald Royal had been guiding €1.1m for the two lots.

The same auctioneer also sold another parcel of 7.5 acres at Kiltale, Dunsany, Co Meath, after auction for substantially higher than the last bid in the room, which was €73,000.

In Dublin, a well-presented dormer bungalow, Beaumont Cottage, Beaumont Gardens, Green Road, Blackrock, sold for €880,000.

Negotiations

This was €50,000 over the auctioneer Daphne Kaye's guide for the three-bedroom detached house on one eighth of an acre.

However, a two-bedroom home at 3 Seafield Mews, Monkstown, failed to attract a bid at auction. Its agent Lisney is still quoting €275,000 and is now in negotiations for a private treaty sale.

Also yesterday, a spacious period house in an upmarket suburb of Wexford town, in need of decoration with a cottage on 14 acres sold for €560,000 or €60,000 over its guide price.

Brookville House, Ballyboggan, at one time was asking €2m and at the time had planning permission for 32 houses.

Then a receiver was appointed over some of the assets of the person who owned it.

Joint auctioneers Sherry FitzGerald Haythorthwaite and HT Meagher O'Reilly had been guiding €500,000 before the auction. The residence was bought by a local person.

In Co Meath, a Georgian property, Castlecor House, near Oldcastle with 12 bedrooms and five reception rooms, was withdrawn when the bidding in the room petered out at €370,000.

Matthews Auctioneers, who were guiding €500,000-€600,000 for the house on 17.5 acres, later entered negotiations with three bidders last night.

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