Luxury homes for €99,950 as receiver orders fire-sale
Published 15/04/2010 | 05:00
DOZENS of luxury homes are going back on the market at fire-sale prices after a receiver took over a half-completed estate.
Selling prices for large three-bedroom semi-detached houses in the upmarket Battery Court development in Longford town are now being sold for less than half their asking price during the height of the property boom.
Three-bedroom semi-detached houses that started at €250,000 will now range between a modest €99,950 and €117,950 when they go back on the market on April 24 and 25.
Four-bedroom detached homes that once commanded a minimum asking price of €385,000 will also be up for grabs for between €205,000 and €219,000. In all, 47 properties ranging in size from 1,000 to 2,055 sq ft set on large private gardens have been resurrected after the half-completed estate became a virtual ghost town when developers Grealy Group went into meltdown during the property collapse.
The development went into receivership six months ago. However, receiver Ray McDwyer has since seen to it that the unfinished properties have been completed and put back on the market.
Auctioneer Don Crotty, of Crotty Auctioneers in Cavan, said: "Under instructions from the receiver Ray McDwyer, Crotty Auctioneers took over the development and spent the last seven months cleaning up the site and carrying out repairs and maintenance to the existing structures."
Mr Crotty said selling off unfinished estates at bargain prices "is the way forward".
He added: "People have to have homes to live in and it is three years since houses were bought in this country.
"Half-finished developments do nothing for towns and I would say that we have reached the bottom of the market now."
The sale comes less than a month after apartments at Tailteann Court in Mullingar, Co Westmeath, went on sale last month starting at €69,950.
The developer had built 63 apartments but sold none before National Irish Bank appointed receiver John McStay on foot of debts of €7.8m.
Prices started at €69,950 for one-bedroom apartments, €82,450 for two-bedroom units and €98,000 for three-bed units -- or approximately half of what they were at the peak of the boom.