Dilapidated chalet tops asking price in positive sign for market
Published 27/08/2010 | 05:00
A RUN-down holiday chalet in need of complete renovation sold within weeks of coming on the market for just over its asking price of €165,000.
The property in Curracloe, Co Wexford, is located just yards from a beach and is the latest "positive sign" of an upturn.
It's one of three dilapidated chalets that all sold for a combined price of €500,000.
None of the homes have sea views but all are located a short walk from the beach.
Remarkably, in the nearby beach resort of Courtown, a large three-bedroom detached bungalow with sea views and in turn-key condition is on the market for the same price as one of these chalets at €165,000.
This house is a half-hour closer to Dublin -- at just 106km away -- a journey that typically takes one hour and 30 minutes.
Auctioneer John Radford of Sherry Fitzgerald admitted the Curracloe chalets were a "total renovation job".
However, it did not deter the three buyers from Wexford, Meath and Dublin.
The properties, which come on a half-acre site, will be used as holiday homes -- some with a view to becoming permanent homes in the future.
"They are just four concrete walls and a flat roof but all the chalets are within 300 or 400 metres from the beach. There are no sea views but the proximity to the beach is what makes it," said Mr Radford.
The auctioneer said the houses were only on the market for four to six weeks. "If I had more of them, I'd sell them," he added.
Mr Radford has seen a shift in sales in the past 10 weeks.
"Since May there have been positive signs. People are seeing the affordability out there," he said. "There's realism in the market prices now. They're coming back to a stable manner and people are reacting."
Michael Kinsella from Kinsella Estates is selling the three-bedroom bungalow at Harbour Court in Courtown. The 10-year old house is located in a small cul-de-sac of 28 homes.
"They were holiday homes, but the 10-year tax incentive is up so there's people living there. You have a sea view from the sitting room."
Mr Kinsella said "if the price is right" houses are selling. "We agreed sales on a good few houses around the €100,000 and €150,000 mark."
He recently sold a small 'two up, two down' cottage for €90,000 in Ferns. "The same cottage around the corner sold for €240,000 during the boom."
Meanwhile, a four-bedroom house is selling for €155,000 at Malton Park in Carnew, Co Wicklow, less than a five-minute drive from the world-renowned Coollattin golf course.