Published: Wednesday, 18th August, 2010 5:00pm

Land seems to be safer than houses

by Sinead Hogan

Local auctioneer reports that land sales are buoyant at €5,000 to €10,000 per acre

The residence at Corlattylennon and Drumhillagh North, Shercock.
Pic by==: 97

Against the run of play in the property game, land sales are buoyant, according to auctioneer in counties Cavan and Monaghan, Padraig Smith, who has sold, in the last fortnight, a 14-acre parcel of land in Belturbet for €130,000 as well as a circa 26-acre residential farm in Shercock for €210,000.

Following an auction on Friday, August 6, in the Farham Arms Hotel, 14 acres of farmland with lake frontage at Sugarloaf, Belturbet were sold. At the public auction, the final bid on the land was €114,000, but this was subsequently withdrawn and a sale was negotiated immediately after the auction at the €16,000 higher price.

"Above average," is how Mr. Smith described the price obtained.

Meanwhile at Corlattylennon and Drumhillagh North in Shercock a residential farm of approximately 26 acres was sold by private treaty. The residence was an old house, not occupied for the last 15 years. The land was sold in two lots, with a half-acre fetching €5,500 and the remaining land of circa 25 acres going for €205,000.

"Again, this was a good price," commented the auctioneer. "It is a nice farm of land, while the house was in need of repair."

According to Mr. Smith, who sells mainly in Cavan, Longford, Monaghan, Meath, Westmeath and Leitrim, land sales are "very steady" with prices ranging between €5,000 and €10,000 per acre on average.

"Land is selling well. I have sold about 25 farms this year alone, and farms generate a lot of enquiries."

Mr. Smith who was also a cattle auctioneer for 25 years, says he knows a lot of people in the farming community and he feels that, from anecdotal evidence, farmers are optimistic and inclined to invest if at all possible.

"From talking to farmers, I understand the milk trade has improved, cattle sales are pretty good, and they are in a better mood and more active than, say, a year ago," said Mr. Smith adding that as farming is their livelihood, if they see in a few acres going in the vicinity they'd be interested in the opportunity.

Established in 1984, Padraig Smith covers all areas of the property market, focusing on residential and commercial property, including acquisitions and disposals. They also provide a range of estate agency and professional services which include private treaty sales and auctions, single residential sites and valuations for all purposes.

• Padraig Smith has offices in Ballyjamesduff, Cavan town and Clones. Opening hours are 9am to 6pm from Monday to Friday and 10am to 4pm on Saturdays.

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