ANYONE STILL doubting the extent of the fall in property values can get a reality check at the end of April when the Real Estate Allianceholds an auction of properties from all over the country in the hope of shifting them at last, and creating a bit of a buzz at the same time.
REA has been inundated with hundreds of properties to auction but will only run with those it considers to be exceptional value. One such is a massive new house (above) on the outskirts of Galway city on the shores of Lough Corrib. At over 687sq m (7,400sq ft), it’s a Celtic Tiger mansion with three vast reception rooms and four bedroom suites, gym and sauna. Radhairc na Corribe is on the Moycullen road two miles outside the centre of Galway and was originally offered for sale two years ago at €3.3m. Carthy Associates REA is now seeking €1.5m for the house on just over an acre. It was built as a speculative investment by a Galway businesswoman who is thought to have paid between €750,000 and €1m for the site. The finish is immaculate, says the agent.
According to Eimer Gavigan of REA, the auction will have a mix of sites, bars, houses and commercial properties which had already attracted good interest from cash-rich buyers. The auction takes place in Dublin’s Shelbourne Hotel on April 30th. If it works, look out for more mass auctions to come.
