Properties ‘rock bottom’ at auction

A TOTAL of seven properties in Donegal have been sold at rock-bottom prices at an auction of ‘distressed’ properties in Dublin this week.
This is the fourth auction of distressed properties to be held this year by Dublin-based broker Space and English company Allsop. Most of the lots, a mix of residential, commercial and mixed use property, were being sold by receivers or financial institutions, hence the lower-than-average reserve prices.
According to property website,, the average price being asked for a three-bedroomed house in Donegal is €130,000 – and falling. However, despite the continued slide in the average price, the reserve put on one house in the distressed property auction in Dublin was fairly startling. The three-bedroomed semi-detached home in Convoy, was described in the auction catalogue as “reserve not to exceed €21,000”. However, buyers were warned that the house is occupied by tenants who are currently paying €50 a week for the house and who began a four year nine month tenancy on 22 January 2011. The property in question at 53 Beechwood Park, Convoy, sold for €32,000.


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