10 houses and five sites fail to sell for €140k
Published 29/10/2013 | 09:23
THEY can't give them away.
Ten houses and five sites in a Ballintogher development – valued at over €2 million in the boom – have failed to attract a bid of just €140,000 for the lot. That's less than the cost of a single house only a few years ago.
The seven semi-detached four-bed homes, three detached four-bed houses and the five remaining sites at Kingsfort Manor were withdrawn at public auction last Friday.
Auctioneers Gunne Reynolds were selling the properties on instruction from receiver David Gleeson, Russell Brennan Keane.
The reserve was €200,000.
Detached houses in the 30-house development were making in the region of €280,000 and semi-detached properties €200,000 in recent years.
At Friday's auction in The Sligo Park Hotel, solicitor Owen Carty told potential purchasers they were buying the lot "as you find it".
The estate and services would have to be complete to the satisfaction of Sligo County Council.
Auctioneer David Reynolds asked for an opening offer of €200,000 from a gathering of about 20 people. None was forthcoming.
Within minutes he dropped to €180,000, €170,000 and down to €150,000.
Mr Reynolds said: "This is tremendous value."
There were no takers.
The Auctioneer said he would go no lower than €140,000 to start.
At this stage Mr Reynolds explained that if there was a bid and the property ultimately withdrawn without reaching its reserve, the Auctioneers would talk exclusively to the person making the highest bid to see if a sale could be concluded.
With no bid forthcoming, the houses and sites were withdrawn.
Efforts will now continue to complete a sale privately.
Meanwhile, one resident in Kingsfort Manor said it was "a pity" the properties went unsold.
She said: "It's a nice quiet estate. Most of the houses are occupied.
"It would be good to see it finished."