Daft Property - Irish Property News

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 mark...

Roll up for the great property giveaway... Agents say an estimated 24% drop in house prices is far too low... There were double-takes all round last Monday when the Permanent tsb /ESRI house price index announced a 24% drop since February 2007 – a figure many believe to be conservative in the extreme. It's difficult to find out exactly what a property sells for as, under the Data Protection Act, publication of selling prices is prohibited and information is therefore based on asking price. Those involved in the business believe a truer estimate of just how far property prices have plummeted is between 40% and 50%. And counting. Ronan O'Driscoll, director of new homes at Savills, points to "the concrete example" of his own home. "I bought it for €1.9m in 2006, but one on the same road sold recently for around €850,000." The new homes landscape has changed radically in ways other than price, he adds, saying that negotiating a deal on a brand-new property is no...