Houses once for sale at €700,000 now valued at just €100,000

Date Published: 17-Oct-2012

Five years ago, when the Bun na Leaca development near NUI Galway was constructed, the builders were attempting to sell units for up to €700,000 each – now the entire development of 14 homes is on sale for around €1.4 million.

The National Asset Management Agency (NAMA) has ordered the sale of the homes, which are described as having “one of the best finishes Galway has ever seen”.

Already, there have been up to 70 viewings, with six or seven “serious contenders” who are involved in consortiums.

The selling agents are looking for “best bids” on the development before the end of the month, but are expected to sell for around €1.4m.

It is expected the development will be purchased as a pension fund by a consortium of two or three private investors – each of the properties is expected to command a rent of €1,000 per month.

Some of the properties were completed to a very high standard – they were aimed at the higher end of the market when launched by builders the Fitzgerald Group from Gort in July 2007 to much fanfare.

The most expensive units – complete with plush sanitaryware and marble floors – were on the market for around €700,000 when the market crashed.

See full story in this week’s Connacht Tribune.