The world is going mad as far as the property market is concerned. It used to be going mad upwards but now it is going mad the other way.

At the same auction where the Caiseal Mara didn’t even reach its reserve price of €175,000 for a 48-bedroom hotel, a 2 bedroom flat in Letterkenny was sold for €15,000 yesterday. It is on the ground floor too.

It wasn’t that far above its reserve price of €12,000. There’s certainly bargains around today – but too few people with any money to take them.

As far as the Caiseal Mara is concerned the website just says that it did not reach its reserve price but was sold afterwards for an undisclosed fee.

We understand that he highest bid was €160,000 but that it sold afterwards for €175,000 – the reserve price.

If the Caiseal Mara goes for that what would the Foyle, with a third of the rooms and storm damage, go for?

Soon they’ll be giving them away.