independent

Monday 21 April 2014

NAMA releases 180 houses to market

In all NAMA is currently offering buyers its price guarantee or, as it is officially known, the 80:20 deferred payment initiative, for as many as 254 homes ranging in size from two to five bedrooms.

These include 74 homes which were included in the first phase last May but have not yet been sold.

To date 41 of the NAMA homes have either been sold or sale agreed, many of them at the Killeen Castle development in Dunshaughlin, Co Meath.

In all buyers can chose from 24 developments in 12 counties.

Most people buying with a mortgage from next month onwards could find it practically impossible to meet the December 31 deadline which the Government has set for the ending of mortgage tax relief for purchases.

To meet the deadline they would need to select one of the houses and pay their deposit within the next two weeks.

Then they would need to go through the whole legal process of completing the sale, which some buyers find can take months.

A spokesman for NAMA was somewhat vague about any special arrangements for buyers to meet the December 31 deadline saying NAMA "has no role in assessing, approving or facilitating the drawdown of mortgage applications but it (NAMA) will work with debtors and participating lenders to complete sales as quickly and efficiently as possible".

He explained its delay in bringing its second tranche of homes to the market as being due to the need to establish whether the first phase "was achieving its objectives before a decision could be taken by the NAMA board to roll out the initiative to more properties.

"The inclusion of additional properties was also dependent on getting the agreement of the debtors who own the properties to participate in the initiative."

Only a few houses are available at two of the four Dublin developments.

At Brown's Barn Wood on the Naas Road, Dublin 22, two of the four-bedroom terraced houses are available through Sherry FitzGerald at €295,000 and €300,000.

Located near Citywest, these three-storey houses were priced at around €785,000 when launched a few years ago. Earlier this year in the first phase of the NAMA scheme they were priced at €335,000.

The same agent is handling the sale of two, three and four- bedroom houses at Silken Park, CityWest, Dublin 24.

These range from two-bedroom terraced houses of 80sqm priced from €180,000; three-bedroom terraced houses of 96sqm from €209,000, four-bedroom terraced of 118sqm from €239,000; and four-bedroom detached houses of 152sqm from €295,000.

At Carrickmines Manor, Dublin 18, three terraced houses ranging in size from three to four bedrooms are for sale ranging in price from €300,000 to €310,000.

Estate agent Gina Kennedy of Douglas Newman Good reports selling six houses since the NAMA launch in May this year. At the peak of the market these houses had been asking more than €670,000.

In the north Co Dublin village of Naul, 26 of the houses in the 76 houses Delvin Banks estate are available.

Ranging in size from two bedroom terraced houses, agents O'Farrell Cleere are quoting prices from €175,000 for the two beds up to €400,000 for the four-bedroom detached houses.

In Co Meath 15 houses are for sale in the Silverstream Development in Stamullen, where 21 have already been sold. These are priced from €130,000 for the three-bedroom mid-terraced houses which sold for €250,000 at the peak; €195,000 for the four-bedroom semis which sold for around €460,000 at the peak.

Agents Sullivan Property Consultants are also selling a choice of four-bedroom detached houses from €205,000 and some of these sold for as much as €495,000 at the peak.

Also in Meath, T&J Gavigan is selling five three-bedroom semis at the Fitzherbert Wood estate in Slane Road, Navan, with prices starting from €130,000.

In Carlow, Sothern Real Estate Alliance are selling 20 houses in the Castleoaks development with three-bedroom terraced houses from around €135,000 and semis from €150,000.

In the estate where 60 houses are already occupied, there are four-bedroom detached houses from €260,000 which had a peak price of €440,000 and five-bedroom detached houses from €299,000 which had a peak price of €500,000.

In Wexford prices at the Elderwood estate in Castlebridge, about 5km from Wexford Town, range from €135,000 for the two-bedroom mid-terrace up to €215,000 for the four-bed detached houses, and agents Property Partners John Corish is also selling three-bedroom terraced and semis in the estate.

Some four-bedroom houses sold for about €435,000 at their peak.

In Clonlara, Co Clare, a choice of 13 semi and detached four- bedroom houses are available in the Churchfields estate where 57 houses have already been sold. GVM Auctioneers have priced them from €150,000 or less than half their €320,000 peak prices.

Sherry Fitzgerald O'Malley is selling houses at Castlerock, Castleconnell, Co Limerick from €95,000.

For a full list of developments www.nama.ie

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