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Demand Like for Like A case in point

What's On Offer?
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The Limerick Regeneration Agencies are not purchasing houses directly, but they are funding it.

In 2009, €16 million was given by the Regeneration Agencies to Limerick City Council to buy out residents and depopulate regeneration areas.

Limerick City Council LCC is giving homeowners 3 options, which differ from area to area. Click on the image opposite to see a sample letter from LCC to a resident in Ballinacurra Weston.


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Option 1: LCC will grant full ownership of a house to homeowners who surrender their homes when the new houses have been built by the Regeneration Agency.

Option 2: LCC will purchase your home at "the current market rate" and you will not be rehoused by LCC. This is what is known as the 'walk away' option. The "market rate" is different from area to area.

Moyross: €35,000 - €45,000
St. Mary's Park: €80,000 - €100,000
Southill: €30,000 - €40,000
Ballinacurra Weston: €60,000 - €40,000

Option 3: LCC will purchase a house for up to €200,000 and rent it to you. You will be paid €30,000 - €40,000 for surrendering your home back to LCC. Homeowners are turned into tenants.

The different prices that are being offered for peoples homes has nothing to do with the current "market rate" and all to do with depopulation.

For example, it has been claimed that the houses in St. Mary's Park are "past their sell by date" and therefore of no value, yet people are being offered up to €100,000 to surrender their homes. On the other hand, homeownwers in Moyross are being offered considerably less for their homes, which are some of the best built in Ireland.

CEO of the Regeneration Agencies, Mr. Brendan Kenny has described St. Mary's Park as "the prize, the prime piece of real estate in Limerick", therefore the monetary incentive to leave is greater in St. Mary's Park than in other areas, especially as the majority in St. Mary's Park want to stay and are not desperate to leave.

Whereas, when one homeowner in Moyross, who has to endure ongoing anti-social behaviour and was offered €40,000 for his home, asked Mr.Kenny, "What can I get for that, a second hand mobile home?" , he was told he was "living in a location similar to Baghdad" and that he was "lucky to be getting anything"!

However, what's on offer is not what you're entitled to. You are entitled to like for like.