Dublin Vs Mayo at 14-1
AN entire new estate of 14 family homes in Mayo is being offered for sale next month with a reserve of €400,000 – the equivalent price of a single family home in one of Dublin's better estates.
The Military Close estate at Ballinrobe in Co Mayo comprises one detached house, four semi-detached residences and nine terraced houses. All of the properties are three- bedroom, apart from the largest detached, which has four.
The sale is the latest to highlight the chasm in values currently opening up between city and rural markets.
The reserve price for the estate, which goes to auction through Allsop Space at the RDS on October 15 next, equates to just €28,000 per family home.
Director of auction sales Robert Hoban added: "It remains to be seen whether they will fetch more on the day but the reserve is the reserve. So if €400,000 is the highest bid, then that's what they will sell for."
The Ballinrobe scheme was developed by a group of investors who remain unnamed.
All of the homes are finished externally and a good number are also finished out inside. Some of the properties will require internal finishing.
The Mayo estate is being sold on the instructions of the developers rather than a bank or receiver/liquidator.
Despite the low price of €400,000 indicated, which equates to the current value of a three-bed semi in Dublin 16, the price sought for Military Close is a big increase on what similarly unfinished estates were being offered at last year.
A year ago, the same estate agents also brought a 14 house estate to market – this time in Co Kerry.
Annagh Banks in Castlemaine, which was located at the entrance to the Dingle Peninsula, was offered with a reserve of just €50,000. On the day however, the estate raised €235,000 which still amounted to just below €17,000 per unit. The reserve at Military Close already amounts to twice that.