AKC News // Two big developers cut prices by up to 25%

The dramatic slowdown in new homes sales has prompted builders to cut prices in a number of schemes.
Fiona Tyrrell (Irish Times) reports.

NEW homes developments coming on the market this week offer substantial price reductions ranging from 10 to 25 per cent. Some of the homes are in developments by major housebuilders, the third is in a scheme built by a small developer in Rathmines.

One of Dublin's largest housebuilders, David Daly's Albany Group, is launching The Meadows in Swords with price cuts ranging from 14 to 25 per cent.

Kingscroft, the Abbey Group's housebuilding division, has instructed its agents to cut prices by an average of 10 per cent on all five new homes sites it has open in Leinster. And prices at Observatory Court in Rathmines have been cut by 15 per cent.

Major homebuilders Albany and Kingscroft hope to get buyers back into the new homes market with the substantial price cuts. Sixty houses and apartments go on sale this weekend at Albany Group's scheme in Swords called The Meadows. Kingscroft Developments is cutting prices by an average of 10 per cent on five new homes sites in Leinster. The most notable Kingscroft development (confusingly, also called Holywell) is a scheme of 86 houses in Kilcoole, Co Wicklow.

Rathmines down 15%

Colliers Jackson Stops has dropped €250,000 from the price of houses at a small new development in the heart of Rathmines.

Observatory Court is a scheme of three three-bedroom mews-style properties on a laneway off Lower Rathmines Road in Dublin 6.

The scheme is on Observatory Lane and backs onto Leinster cricket club.

Observatory Court was originally launched in September 2007 but the asking price of €1.65 million was quickly dropped to €1.55 million. Now it has been reduced to €1.4 million - a reduction of 15 per cent.

The houses are laid out over three floors and have 153sq m (1,650sq ft) of living space.

The houses have an unusual layout with two bedrooms, both of which are en suite, on the ground floor. The first floor has a snazzy kitchen/diningroom, a livingroom and a guest toilet.

The top floor is devoted to a large main bedroom, with walk-in closet and en suite, and a generous rooftop deck which overlooks the cricket grounds.

The finish is impressive. The main living areas and stairs have solid oak floors. There is separate heating on all floors, recessed lighting throughout and chrome wall fittings and door handles.

The kitchen is particularly impressive with high-gloss cream units, granite worktops, a large island unit and lots of light. The livingroom is to the rear and has built-in storage space in the walls, plasma TV and wall-mounted electric.

There is parking for two cars at the front of all houses. The heart of Rathmines village is a five-minute stroll away and Ranelagh village is also close by.

Because they are over the stamp duty threshold of 125sq m (1,345sq ft) owner occupiers will have a stamp duty bill of €97,250, says selling agent Chris Martin.

Swords down 14% to 25%

Houses and apartments at The Meadows, part of the Holywell development in Swords, cost up to 25 per cent less than previously.

The Albany Group's Holywell scheme, with its 1,200 houses, is off the Feltrim Road between Swords and Malahide, close to the airport and Swords village. It was first launched in 2004.

The Meadows is the final phase of the scheme and comprises 60 houses, apartments and duplexes. They are for sale through Savills HOK, which will be taking deposits at two show units on site this weekend.

Prices at The Meadows start at €229,950 for 40sq m (431sq ft) one-bedroom apartments. When similar one-bedroom apartments were launched last April at Holywell they were priced cost €269,950.

Two-bedroom townhouses are priced at €299,950, €100,000 cheaper lower than last year's prices, and three-bedroom 92sq m (990sq ft) end-of-terrace townhouses cost €340,000, compared to the 2007 price of €454,950.

The two-bedroom townhouse show unit has a traditional layout with kitchen to the front and living room to the rear. The kitchen features extra thick butcher-block style worktop and a good range of high gloss cream units. Upstairs there are two double bedrooms.The three-bedroom show unit is much more spacious with much of the extra space devoted to a good-sized kitchen/diningroom.

From Wicklow to Portlaoise down 10%

Kingscroft Developments have reduced prices by an average of 10 per cent on five new homes schemes across Leinster.

Three and four-bedroom houses at Holywell, a scheme of 86 houses in on Sea Road, Kilcoole, Co Wicklow go on sale this week.

Four-bedroom detached homes are priced at €550,000 down from €605,000 and luxury four-bedroom houses are now priced at €780,000 down from €695,000.

However, three-bedroom semi-detached homes are now €485,000, €5,000 more than when the scheme was first launched last May by Sherry FitzGerald.

Prices have also been cut at The Hastings on Hamlet Lane in Balbriggan, Co Dublin. All but the one-bedroom apartments have been reduced in price.

Two-bedroom units have been cut by €25,000 and are now priced at €250,000. Three-bedroom townhouses are now priced at €275,000, down from €305,000.

Prices have also been cut at Kingscroft's other schemes, Clonroosk Abbey in Portlaoise, Townparks Manor, Kells and Lansdowne in Portarlington.

The agents for these schemes are Matt Dunne & Associates for the Portlaoise and Portarlington scheme and Carty Property Advisors for the Kells development.

Source: The Irish Times http://www.ireland.com/newspaper/property/2008/0117/1200260635186.html

Date : 17-01-2008