FORMER SECTION 23 holiday homes are proving to be a boon for mobile homeowners keen to trade up and finding they have the cash to do so. Diarmuid McMahon, managing director of Sherry Fitzgerald McMahon in Ennis, said some holiday home prices in the county had as much as halved over the past two years, particularly where tax incentive schemes were running out and the original investors wanted out fast.
Some who bought holiday properties in Kilkee and Lahinch prompted by Sections 23 and Section 48 tax relief schemes are currently disposing of these properties at very low prices, he said.
A three-bed semi in Kilkee, valued at €295,000 in 2007, is now selling at €135,000, he says. Lahinch prices had dropped by a third from a 2007 high of €340,000.
Some of those buying are young families upgrading from mobile homes as well as business people and civil service retirees. Of late there has been steady interest in holiday homes in both of these nationally recognised holiday resorts. McMahon said that while such low prices had not been envisaged even 11 months ago there was little new stock coming onto the market at those prices.
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