Groupthink: Homes landed for €85k each

A GROUP of individuals have banded together to get the deal of a lifetime, snapping up 14 upscale holiday homes in receivership for €85,000 each — less than one-third of the original price.

And the success of having 14 sales simultaneously go through on a “back-to-back” basis can be a precedent for some other distressed house schemes, it has been claimed.

The purpose-built holiday homes at Mountain View, Glengarriff, in West Cork, along with a leisure centre to be run by a co-op, have been bought collectively by private cash buyers, who range in age from their 30s to their 70s.