Wednesday 18 September 2019

Leitrim: Distressed sales push two-beds in over 50s market

Average price: €105,000
Areas: Carrick-on-Shannon, Mohill, Bawnboy, Rooskey, Manorhamilton
Up: + 15%
One Year Forecast: + 5%
Assessing Agent: DNG Farrell

Summer saw a good run on two-bed apartments in Carrick-on-Shannon, to such an extent that local agent Liam Farrell would have sold more of this type of property than any other.

"Many of these were distressed sales or, as they say, 'undertaken with the assistance of the banks'," observes Farrell.

Apartment 24, The Plaza, Central Park, Carrick-on-Shannon, sold in December 2013 for €55,000 and again in July 2014 for €70,000, an increase of 27%.
Apartment 24, The Plaza, Central Park, Carrick-on-Shannon, sold in December 2013 for €55,000 and again in July 2014 for €70,000, an increase of 27%.

"At the peak, these apartments would have cost anything up to €200,000.

"People in their mid or late 50s have been moving their money from deposit accounts where they earn no interest into one of these apartments.

Leitrim
House Types201420152016
1-bed apartmenT, €40,000 €43,500 €45,500
2-bed apartment, €50,000 €57,500 €60,500
3-bed terrace, €65,000 €73,000 €76,500
2-bed cottage, €35,000 €40,000 €42,000
Ex-corporation 3 bed, €65,000 €68,000 €71,500
3-bed semi in town, €80,000 €85,000 €89,000
3-bed semi out of town, €65,000 €75,000 €79,000
4-bed semi in town, €110,000 €115,000 €121,000
4-bed semi out of town, €90,000 €93,000 €97,500
4-bed detached, €130,000 €140,000 €147,000
5-bed detached, €160,000 €175,000 €184,000
3-bed bungalow in town, €90,000 €105,000 €110,500
3-bed bungalow outside town, €100,000 €115,000 €121,000
4-bed bungalow in town, €120,000 €140,000 €147,000
4-bed bungalow outside town, €105,000 €125,000 €131,500
"Detached 2,000+ sq ft", €180,000 €188,000 €197,500
Holiday home, €75,000 €85,000 €89,500

"These are people who wouldn't have got into stocks and shares and are fed up with the lack of return on deposits."

While the average two-bed apartment has appreciated by 15% over the last 12 months, Farrell reports that prices have increased less at the upper end of the market.

CARRICK-ON-SHANNON: Waterside properties in Carrick-on-Shannon in the Invergeal development, and in the two marina developments in Leitrim Village, are popular with empty-nesters.
CARRICK-ON-SHANNON: Waterside properties in Carrick-on-Shannon in the Invergeal development, and in the two marina developments in Leitrim Village, are popular with empty-nesters.

Prices are stronger in towns than in more rural locations in this county which took a hammering in the bust.

UK buyers have been less in evidence than Farrell expected given the strength of sterling and the increase in the value of property in the south of England.

"There is a real shortage of four and five-bed detached houses on their own ground which have been done up with a bit of style and flair.

The family homes in the Priors Point development in Carrick-on-Shannon were snapped up in September 2014.

Three and four-bed bungalows in town are also in demand," said Farrell.

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