Cheapest Homes in Limerick Sell for 3x Asking Price
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Limerick Derelict Properties Sell for Almost Three Times Initial Asking Price
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Two derelict properties in Limerick city center, which went on the market for a combined €90,000, are set to be sold for almost three times that value.
What Happened?
No 3 and No 4 Creagh Lane, located on King’s Island, were initially marketed as the cheapest homes in Limerick earlier this year. No 3 was listed for €40,000, and the neighbouring property for €50,000. Both properties were described as “derelict” and “in need of complete refurbishment works”.
Timeline of Events
- July 2020: Limerick City and County Council compulsorily acquired the properties.
- Earlier this year: The properties were put on the market for a combined €90,000.
- june: A sale was initially agreed for a total of €255,000.
- Shortly after June: The council withdrew the properties from sale at the request of Mayor John Moran, who sought to explore keeping them in public ownership.
- Present: A sale has now been agreed with two buyers.
The Sale Price & Increase
The properties ultimately sold for a total of €255,000, representing an increase of approximately 183% over the initial combined asking price of €90,000.
why This Matters: Regeneration and Property Values in Limerick
This sale highlights the increasing demand and rising property values in Limerick city centre. The significant increase in price suggests a growing interest in properties within the King’s island area, potentially driven by ongoing regeneration efforts and investment in the city. The initial low asking price likely attracted significant attention, contributing to the competitive bidding process.
Impact and Affected Parties
- Limerick City and County Council: Received a considerable return on their initial investment.
- New Owners: Acquired properties with potential for significant value appreciation after refurbishment.
- Local Residents: The refurbishment of these derelict properties will improve the aesthetic appeal of the area and potentially increase property values for surrounding homes.
- Limerick City Centre: Contributes to the ongoing regeneration and revitalization of the city centre.