Billed by agents DNG Creedon as “the cheapest house in Clare,” and as a possible “steal,” the cute two-bed at Ballyartney and which is guided at €17,000, is one of 32 lots due for a DNG auction disposal this day next week in Cork city’s Clarion Hotel, and which is due to gross over €2.4 million all-in.
Given the profile raised in Irish and international media for the pretty 890 sq ft Kernaig cottage, a hide-away gem on the Shannon estuary, it’s likely the modest €17k guide will be blown out of the water.
Right now, while it’s literally getting all the headlines (and 8,000 hits on daft), it’s worth a mere 0.7% of the €2.4m-plus haul the agents hope to draw in.
“I’ve had calls on it from as far away as Dubai, and interviews about it on American media” says estate agent Shane Finn in Cork city, who’s selling this East Clare lot jointly with DNG O’Sullivan Hurley.
He said he had guided at €17,000 pre-auction, as the area around Labasheeda isn’t strictly on any widely recognised tourist/holiday homes map.
The Price Register shows a number of local sales sub €100,000, including an old post office earlier this year for €6,000, and a Main Street Labasheeda dwelling for €16,000.
Overlooking Clonderlaw Bay, Kernaig is likely to trump them both at least, given its interior charm and modest upgrades. It’s one to watch... and the auction will be streamed live on www.dngcreedon.ie, myhome.ie, and www.irishexaminer.com.
Another water-aspected offer, and which featured editorially independently here last week, is Tralee’s Georgian era Barrow House, a former B&B with coachhouse now guided for auction at €275,000 and in need of just a bit more renovation spending: “it would make a fantastic trophy home,” comments Mr Finn, reckoning it will be one of the major attractions at Thursday next’s DNG auction.
The list of 32 lots spans cottages and apartments to trophy homes and canny investment buys. It’s expected that €2.39m-worth of property will change hands on, or just after, the day.
It’s the fifth such auction coordinated by DNG Creedon for the franchise and fellow DNG Munster agents.
Their September auction netted just under €2.3 million, above pre-auction guides of c €1.8 million, and spanned 22 Munster properties where 16 lots sold under the hammer, with the remaining six selling swiftly afterwards in negotiation.
Buyer profile at the September sell-off was close to 50:50 investors and private buyers “but 90% were cash buyers, it was almost all cash in the room,” according to Mr Finn.
Also due under the hammer on November 3 is a two-bed apartment at 1, Mariners Quay, Passage West in Cork harbour, guided at €95,000. If bought by an investor and let, it could earn over €10,200 pa, for return in excess of 11%.
Yields on investor/commercial buys range from 8.47% to 26%, with apartments in Co Cork priced from €30,000: a multi-let, at 1 Clonmel Rd, Mitchelstown, is guided at €90,000, and has three one-bed apartments capable of earning up to €18,000 pa for a 20% return.
Modest Kerry investments are priced from €40,000, such as a Manor West apartment earning €5,500 pa for a 13.75% yield. Other lots include Waterford and Co Limerick properties from €17,500.