A PROPERTY auction to be held in Limerick next month will see up to 80% shaved off 2007 prices, with reserves as low as €40,000.
Real Estate Alliance has set the second of its regional auctions for the Strand Hotel on Wednesday, December 5 featuring eleven lots.
The majority of properties have reserves of under €40,000 and the cheapest property on offer, a three-storey house in Limerick city has a reserve of just €25,000. The four-bed, end of terrace house is 1 Cathedral Villas, Garryowen Road.
Another Limerick house, 2 Stoneymeadows, Woodview, near LIT, has a guide price of €95,000.
The lots include six residential properties in Limerick, a three-bedroom semi in Wilton, Cork for €150,000, and a residential property in Galway.
The alliance expects the auction will “attract a broad mix of buyers including those looking for good commercial business opportunities and also those hoping to secure a residential bargain.”
“There has been strong response since the auction’s announcement and judging by the level of interest from buyers to date, it is evident that purchasers have been more active since the turn of the year and we expect a large attendance on the day,” said Philip Farrell, sales manager of Real Estate Alliance.
Harry Sothern, chairman of Real Estate Alliance, said “overall investors can expect at minimum a 60 to 80% decrease in price from the height of the market in early 2007.”
Those bidding will need a 10% deposit payable on the day with accepted bids being legally binding.
Meanwhile, the next Allsop Space auction will be held in the Shelbourne hotel in Dublin on Tuesday, December 4. An office in Annacotty industrial estate is for sale on the instructions of the receiver, with a reserve of €70,000, and four apartments in Thomond student village, Old Cratloe Road have a reserve of €100,000.
A two-bed ground-floor apartment in the coastal town of Kilkee has a reserve of €30,000.