House for sale, offers over €1 considered
Published 02/09/2010 | 05:53
For Sale: New four-bed bungalow. Private sale. Offers over €1 considered. It's not a joke. Michael Dempsey is so disillusioned after trying to sell the property near Moylough, Co Galway, for the past two years that he will literally consider any offer.
Truck driver Michael (48), a single man, built the bungalow partly as a hobby and partly to provide himself with an income in retirement. He used direct labour in the construction of the house on a site between Moylough and Mountbellew.
It would have been worth €320,000 at the height of the boom, but the collapse in the economy has wrecked his plans to sell or let the bungalow.
"It's a beautiful new house with four bedrooms. It's a shame no one is living in it," he said.
Michael added: "When I decided to build it banks were giving out money all over the place. I went in at one stage looking for e25,000 and came out with €50,000.
"They ended up lending me 10 times my income, but it seems they were doing that to everyone.
"But the loan was secured against the house I live in, so I'm free to sell this house for any price. I have the deeds to it and am genuinely willing to consider any offer over €1.
"I didn't think things could get this bad in this country, but they have and this highlights it."