Moydow farm land sells at auction for €360,000

Moydow farm land sells at auction for €360,000

A farm of land at Keel, Moydow was sold for €360,000 at public auction on Thursday to a buyer from Co Westmeath.  

The 74 acres and old farmhouse were on the market for the estate of the late Joseph Bogan. 

In total, 13 people attended the auction in the Longford Arms Hotel on Thursday.  Auctioneer Paddy Quinn of Quinn Bros made it clear at the start that the house was in a very poor state of repair and the land consisted of around three  acres of bog so essentially 71 acres were going under the hammer on the day. 

Bidding was slow to start but eventually Mr Quinn cajoled a bid of €240,000 from the floor and that kicked proceedings off.  Bids of an additional €10,000 moved the price up to €300,000 but slowed after that psychological  milestone to bids of €5,000 up to €330,000.  After a recess, the farm went on the market at €330,000 and the bids crept up to the final price of €360,000. 

Speaking afterwards Paddy Quinn said he was happy with the price on the day.  

“We had an original asking price of €375,000 but that would have been put on it in 2012 when the house was in better condition and it has deteriorated since then,” he remarked.

In general, he says land prices are holding pretty well. 

“The banks have more confidence in the farming community now more than any other sector,” he said, adding that land sales are now “back in the hands of the farmers and not the speculators”.

The final price of €360,000 excluding the bog land works out at €5,070 an acre.