IT WAS once a million euro residence, but a house on Limerick’s North Circular Road has sold for €570,000 - three years after it was put on the market for €1.2m.
Rhorkee, a five-bedroomed house with four bathrooms in one of Limerick’s most exclusive addresses, was earlier reduced to €950,000, a drop of 20.8%, in a bid to lure a buyer, but overall its current value has fallen by more than 50%.
The database of the Property Price Register, which discloses the sale prices of all properties in the country, revealed that the house was sold on December 4 last.
Built in the 1920s, the two-storey house is said to be in need of refurbishment, but possesses a lot a character and has retained many of its original architectural features.
It was one of 76 properties which sold in Limerick in December, and the most expensive house to sell that month, followed by No 42 The Village in Adare Manor for €425,000.
For the purposes of comparison, the register reveals the sales of all houses, and is searchable by area.
On the North Circular Road, Ardbeg sold for €770,000 in May last, Crannac sold for €437,500 in the same month, Sunville sold for €500,000 in July, Newburn sold for €710,000 in August, and Richvale sold for €512,500 in November. In the same month, Cragfield sold for €1m, down from €1.2m.
No 8 Eden Court on the North Circular Road, a four-bed property with three bathrooms, is currently for sale for €525,000.
Kilkerrin on Clancy Strand, a five bedroom property, is listed for sale at €600,000, down from €780,000 in 2011.
In all, over €11,023,000 worth of houses sold in Limerick city and county in December.
However, the rate of sales has slowed considerably in comparison to previous years. In December 2012, 136 houses sold, in 2011 there were 73 sales that month, and 89 sales were registered for December 2010. The sale prices of just three properties in Limerick have been entered to date for January.
The property website Daft.ie currently lists just 12 properties for sale in Limerick city, valued at over €500,000; 23 properties are valued at between €400,000-€500,000; and over 100 properties range between €200,000 to €300,000.