Tuesday 27 June 2017

Two receivers selling off apartments at very low prices

Two receivers are this week-end selling off apartments at very low prices. In Courtown, Co Wexford, the smallest one- bedroom apartments in the Ocean Point development (pictured left) have had prices cut to €59,950.

In Mullingar, Co Westmeath, prices for at the Tailteann Court project (pictured right) start at €69,950 for a one-bedroom unit.

Prices at the Courtown development are one third the prices quoted in 2008 when they were first launched.

Now the two-bedroom units measuring 76sqm are asking only €75,000 and three-bedroom units measuring 103sqm are asking €80,000. There are even larger units measuring up to 84sqm for the two-bedroom units and 116sqm for the largest three-bedroom unit.

Located on the site of the former Beacon nightclub, a number of the units have sea views and are close to the local beach. Douglas Newman Good at 01 4912600 are the agents for Ocean Point.

At the Mullingar development, buyers of the first 10 units will have the stamp duty paid. This is worth 1pc of the prices which range from €69,950 for a one- bedroom apartment up to €99,950 for a three-bedroom unit.

The stamp duty saving could reach almost €1,000. Tailteann's agent is Aidan Davitt of Sherry FitzGerald Davitt & Davitt, 044 9340000. He says most of the 40 or so buyers who purchased from the receiver last year are owner-occupiers including people returning to Mullingar.

Prices have not changed since April and rents have improved slightly from about €575 to around €620 per month for a two-bedroom. Rental demand is reflected in a waiting list of 50 prospective tenants mainly medical professionals working nearby.

Irish Independent

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