Distressed property sale includes Merrion Sq houseWednesday 05 December 2012 11.22
A house in Merrion Square, one of the most prestigious Georgian districts in Dublin, is up for sale in a ''distressed properties'' auction that also includes an entire ghost estate in Co Kerry.
The sale of the townhouse in the square where Oscar Wilde once lived is a sign of how wide the embrace of the property crash has been.
Number 26 is a freehold mid-terrace townhouse overlooking the square, which is considered one of Dublin's finest surviving Georgian squares and will be offered with a reserve not exceeding €1m, a fraction of the sale price of a house on the square in the boom times.
Allsop, the British property consultancy, and its partner in Ireland, Space, says the property is one of the ''highlights'' of its latest distressed property auction which comprises 90 lots.
Also under the hammer on July 6 is a fifteen century castle in Co Kildare with a reserve of no greater of €50,000 and an entire housing development in Castlemaine, Co Kerry. It comprises 14 houses built to shell condition on just over three acres with lapsed planning permission for nine apartments, a 12-bedroom hotel and two retail units.
White Castle is on the banks of the Barrow in a pretty heritage village and was built in 1417 by Sir John Talbot, Viceroy of Ireland.
Robert Hoban, director of Allsop space, said he was “excited” about the auction as Ireland continued to attract “opportunistic foreign investment” as stamp duty in Ireland is currently 1% on properties up to €1m.
Property values in Ireland have fallen up to 60% in places with apartment blocks falling most in value.
Technically the market is in freefall as the lack of mortgage credit and expectation that prices will fall lower are depressing purchases despite the collapse in prices.