Donegal flats worth '€200,000' on market for €11,700
Published 22/10/2010 | 02:16
The cheapest apartments in Ireland are about to go for auction in Donegal for only €11,700 each -- but you will need to buy the complete block of 47 units for around €550,000.
The price per apartment works out at almost one third cheaper than the next cheapest apartments in the country which are for sale in Redbarn, Co Cork, for €40,000 -- but they can be bought one at a time.
Meanwhile, the cheapest apartments in Dublin have just been sold for an effective price of only €63,000 each. Developed by former hunger striker Tom McFeely and his partner Larry O'Mahony, the Dublin apartments are located at Blakestown Road, Dublin 15.
Sales agents HT Meagher O'Reilly (HTMOR), acting on behalf of receiver Martin Ferris, sold the 30 flats in one lot for €1,895,000 or €63,000 for each apartment. They comprised three one-bedroom apartments, three three-bedroom apartments and 24 two-bedroom apartments on a 1.25 acre site.
Andrew Long, of HTMOR, said he received 10 offers. "All parties made cash offers and did not require bank funding. We are now seeking more block sales as we believe we have a number of parties still interested in these types of purchases," he added.
The Donegal apartments, at Navenny Place, Trusk Road, Ballybofey, Co Donegal, are only one seventh the prices being sought for other completed two bedroom apartments in Ballybofey which are asking around €95,000.
However, the Naveney flats, don't have bathrooms or kitchens and some need their walls plastered. A lift also needs to be installed in the block.
Developers Navenny Developments had hoped of grossing more than €9m from the original sale as similar apartments in Ballybofey were selling for €200,000 at the market peak. Now their company cannot repay its loans to Ulster Bank. The auctioned in Jackson's Hotel, Ballybofey, on November 24.