Over 90 apartments sold as prices slashed
Published 12/02/2010 | 05:00
A cut of more than half in apartment prices has succeeded in attracting numerous buyers to the Clare Village development off the Malahide Road in Dublin 17. Initially when the developer, Albany Homes, completed the project two years ago they were selling two-bedroom apartments for an average of €350,000 at the peak of the market.
Then last October the agents Savills slashed prices to €169,950 for two-bedroom units -- a drop of 51.7pc at a time when most indices were signalling that prices had been cut by less than 40pc.
As a result of the cuts 90 apartments have been sold since then in Clare Village. Even the head of residential at Savills, Ronan O'Driscoll, was surprised at the level of sales considering the widespread downbeat commentaries on the property market.
"Remember these sales occurred over a time period which included Christmas shopping, Christmas holidays and the snow which added to the challenge facing buyers in a usually quiet winter sales season," he pointed out.
As well as the keen prices, another attraction is the unit sizes. The two-bedroom units average 850sq ft, and the three-bedroom apartments, comprising 969sq ft, were selling at €189,950. In all there are 15 units remaining in two of the blocks Tulla and Corofin and these units include two three-bedroom units priced at €209.000 and measuring 1,300 sq ft. One-bedroom units of 592sq ft are asking €129,950.
O'Driscoll reports that most of the buyers were first timers taking advantage of the price cuts to get a foot on the property ladder.
Another advantage of the development is the location -- beside Tesco, Clare Hall Shopping Centre and opposite the Hilton Airport Hotel.
Clare Hall is also convenient to Portmarnock Dart Station, Dublin Airport and Malahide village. It is served by a quality bus corridor.
Buoyed by the performance Mr O'Driscoll says: "We are all, I'm sure, sick to death of all of the negative property stories.
"I reckon this is the 42nd successive month of misery." So now he wants to share the good news with all the readers of Property Plus
The sale price includes a full furniture fit-out from Ikea. All apartments are insulated and have electric heating, double-glazed windows and fitted wardrobes. They boast stylish kitchen and bathroom fittings. There is also secure underground parking.
Savills (01) 6181300.