Skip to main content

Ireland's Daft Property Scene - More Dublin House Prices Slashed...

Desperation as luxury home prices halved...

A DEVELOPER of luxury homes just 11km from Dublin Airport has been forced to slash the €1.4m sales price in half in a bid to attract buyers.

Detached five-bed houses at Lynnwood in Ballyboughal, in north Co Dublin, originally went on the market for €1.4m.

The 3,013-sq-ft (280sq-m) houses were first reduced by €450,000 in a bid to attract purchase-shy buyers.

Then on Tuesday, the price was cut back another €100,000 to €850,000.

By late yesterday, developers Area Building dropped the price by another €100,000 to €750,000. The move to cut the price in half came days after leading developer Taggart was forced into administration.

Selling agent Paul Tobin said the homes were fully fitted out to a high standard.
He insisted that the developer had spent €1.1m building each of the houses in the small scheme, once land values and construction costs were added together.

Mr Tobin said the developer had been trying to sell the houses for months and was now anxious to release the money tied up in the development and move on to other projects.

Just up the road at The Grange in the same village, €300,000 has been knocked off the price of three- and four-bed houses to between €795,000 and €975,000. The 2,755-sq-ft (255sq-m) houses are fully fitted out, with plasma screens in the bathrooms.

Selling agent Darren Kelly of Property Team Noel Kelly said the cuts reflect a tough market. And the price cutting by builders gathered momentum yesterday when the developer behind a huge housing estate in Dublin slashed the prices.

Report by Charlie Weston Personal Finance Editor - Irish Independent Newspaper

Slashed
Stanley Holdings has cut €100,000 from the asking price for houses in its huge Belmayne development in north Dublin.

This means that 30pc has been knocked off the prices of the homes in the large housing scheme, which has been heavily promoted with adverts featuring scantily clad women.

About 40 houses have seen their prices cut at Belmayne. Four-bed houses are now down to €400,000 with three-beds reduced to €330,000.

Analyst Scott Rankin of Davy estimated first-time buyers will spend €2bn less on new homes this year because of job insecurity and a widespread feeling that prices will fall further.

Popular posts from this blog

Ireland's Celtic Tiger Excesses...

'Bang twins' may never get to run a business again... POST-boom Ireland is awash with cautionary tales of Celtic Tiger excesses, as a rattle around the carcasses of fallen property developers and entrepreneurs will show. Few can compete with the so-called Bang twins for youth, glamour and tasteful extravagance. Simon and Christian Stokes, the 35-year-old identical twins behind Bang Cafe and exclusive private members club, Residence, saw their entire business go bust with debts of €9m, €3m of which is owed to the tax man. The debt may be in the ha'penny place compared with the eye-watering billions owed by some of their former customers. But their fall has been arguably steeper and more damning than some of the country's richest tycoons. Last week, further humiliation was heaped on them with revelations that even as their businesses were going under, the twins spent €146,000 of company money in 18 months on designer shopping sprees, five star holidays and sumptu

Property Tycoon's Dolce Vita Ends...

Tycoon's dolce vita ends as art seized... THE Dublin city sheriff has seized an art collection and other valuables from the Ailesbury Road home of fallen property developer Bernard McNamara. The collection will be sold to help pay his debts. The sheriff, Brendan Walsh, is believed to have moved against the property developer within the past fortnight, calling to his salubrious Dublin 4 home acting on a court order to seize anything of value from his home to reimburse his creditors. The sheriff is believed to have taken paintings from the family home along with a small number of other items. The development marks a new low for Mr McNamara, once one of Ireland's richest men but who now owes €1.5bn . The property developer and former county councillor from Clare turned the building firm founded by his father Michael into one of the biggest in Ireland. He is the highest-profile former tycoon to date to be targeted by bailiffs, signalling just how far some of Ireland's billionai

I fear a very different kind of property crash

While 80% of people over 40 own their own home just a third of adults under 40 do. This is disastrous for social solidarity and cohesion Changing this system of policymaking requires a government to act in a way that may be uncomfortable for some. Governments have a horizon of no more than five years, and the housing issue requires long-term planning. The Department of Public Expenditure and Reform was intended to tackle some of these problems. According to its website its remit is to “drive the delivery of better public services, living standards and infrastructure for the people of Ireland by enhancing governance, building capacity and delivering effectively”. So how is the challenge of delivering homes for people in 2024 and beyond going to be met? The extent of the problem is visible in the move by companies, including Ryanair, to buy properties to house staff. Ryanair has, justifiably, defended its right to do so. IPAV has long articulated its views on how to improve supply an