Developers now asking for less as slide begins
Saturday March 03 2007
The buyer now has the upper hand and prices are being slashed in some new developments as they attempt to sell off the last of the homes.
Cityside in Meakstown, north Dublin, is one such place. Located near Finglas village, Hamilton Osbourne King have cut ?60,000 off the price of a number of its three-bed houses.
Last October, a 125sq m three-bed home cost ?495,000 - today it costs ?435,000. Two-bed apartments with 63-68sq m of space have been reduced by ?25,000 to ?345,000.
However, a spokeswoman said the reason they were cut in price was because they were in "less popular parts of the site".
"We've had 180 homes in this development and have just nine left," she said.
The area has become hugely popular with house buyers in the past three years with a number of new home launches each season, she said, adding that the homes they were now selling for ?465,000 were sold in the first phase for ?317,000.
She also dismissed concerns about the state of the property market in the area, saying while sales were "a little slower" in recent times, this was mainly because more developments have sprung up, giving buyers more choice.
