A tale of two cities: Prices plunge for high and low rises

Anne Sheridan

Reporter:

Anne Sheridan

IT’S truly a tale of two cities, but this time it’s set in a rapidly fluctuating property market.

IT’S truly a tale of two cities, but this time it’s set in a rapidly fluctuating property market.

Just two properties in Limerick city are for sale at €50,000, according to the property website Daft.ie, but their locations could not be more different.

One one-bed apartment is for sale in Riverpoint at €50,000, a towering glass and steel apartment block built at a cost of €75m during the boom years.

And the other is located on the Hyde Road, parts of which have been earmarked under the Regeneration plan. The two-bed terraced house at 110 Hyde Road is available through deCourcy O’Dwyer estate agents in Limerick.

But anyone seeking to bag a bargain in Riverpoint will have to make their way to Dublin in September, where two Riverpoint apartments will be up for auction in a sale of distressed properties. Lot number 39 is a one-bed apartment in the 10th floor of Riverpoint on Bishop’s Quay, which is available for a maximum reserve of €50,000 on a 999-year lease. It includes a parking space.

The current rental equivalent of the apartment is €7,200 per year, or €600 a month. It is estimated that one-bed apartments in Riverpoint would have sold for in the region of €150,000 to €180,000 a number of years ago, with two-beds priced up to €350,000, depending on their size and view. The second Riverpoint apartment is described as an “investment flat”. This two-bedroom eighth-floor apartment has a maximum reserve of €75,000. It is again available on a long leasehold of 999 years.

A spokesperson for UK firm Allsop, who are running a series of auctions for ‘distressed’ Irish properties, said there has been huge interest in the properties for sale since details were announced last week.

A website traffic report from Allsop Space for the first three days since the properties were announced shows that there were over 24,000 visits to the site from 99 countries, with people spending an average of eight minutes looking for bargain buys. Some 15,000 page visits originated in this country, a further 6,200 were from the UK and about 600 visits were registered from the United States. The auction will be held in the Shelbourne Hotel on Friday, September 23, with 74 lots for sale.