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Testing Out The Nama Factor...

The Nama factor is about to be tested this Saturday with the launch of 13 apartments in Belarmine, Stepaside on Dublin’s southside. This will be the first of Castlethorn Construction’s housing developments to be sold by Nama and the first significant Nama disposal of new homes on Dublin’s southside.

The new homes are in Belarmine Hall (below) and Belarmine Plaza. Sherry FitzGerald has been appointed the selling agent and is quoting minimum reserves from €119,950 for the four one-bed apartments, reserves from €159,950 for a pair of three-bed apartments and from €189,950 for six three-bed units. By “minimum reserve” they mean don’t bother trying to haggle the prices downwards at the launch.

About 30 of the units were sold in early 2009 when prices for two beds were €200,000-€250,000.

The apartments are fully finished with appliances and BER certs and come with a designated parking space per apartment.

Ivan Gaine of Sherry FitzGerald says the launch will be a good test of the market now that Nama is expected to put more new homes stock on the market. Another Nama launch at Beacon South Quarter is imminent.

He is expecting a good response to the Belarmine launch on Saturday. “We have a good product and the prices are extremely competitive. It is below-cost selling.”

Report - Irish Times
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