LIMERICK’S mega-mansions are being held back from sale until the property market stabilises over the next two years, a prominent auctioneer in the city has said.
Just two properties in Limerick city with price-tags in excess of €1m are now listed as being for sale - a substantial drop in the previous six months - and auctioneer Tom Crosse said the drop in luxury homes available for sale is down to fear on the part of the vendor. Last year nearly 20 residences with asking prices in excess of €1m were for sale locally, but in recent months this figure has more than halved.
Mr Crosse’s views are reflected in the listings of the popular property website Daft.ie, which shows 3,070 properties available for sale in Limerick.
However, of those, 72% (or some 2,200 homes) are within the €50,000 to €300,000 price bracket, and just over 200 are within the higher bracket of €300,000 to €500,000. In the mega-bucks league, only 69 properties are retailing at €500,000 and beyond. “People aren’t putting these residences on the market at the moment because they’re waiting for things to settle down over the next 18 months. Many properties are being withdrawn from the market for that reason, and these properties have already been written down by as much as 50%,” Mr Crosse, of GVM auctioneers, told the Limerick Leader.
The holy grail of property in the city - the North Circular Road - is also taking a hit, with some more modest properties having €200,000 and more being shaved off their prices in a bid to lure buyers.
Recently, however, Rhorkee, 78, North Circular Road joined an increasingly select group of properties for sale in Limerick with a seven-figure price-tag. With an asking price of €1.2m, it could be yours for some €5,000 a month - not including the additional €24,000 stamp duty. The five-bedroomed residence was built in the 1920s and is said to be in need of refurbishment, but possesses a lot a character.