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Buyers snap up bargain homes
01.07.10
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by Linda McGrory
FIRST time buyers are snapping up fantastic bargains
in private estates around Inishowen thanks to the
property crash and a government scheme.
Luxury turn-key properties in Carndonagh and
Buncrana are on the market at prices around 20 per
cent lower than their current market value.
But because of the dire state of the open market,
the real asking price is, in some cases, less than
HALF what was commanded for the same properties at
the height of the boom.
The houses went on sale through Donegal County
Council under the Affordable Housing Scheme in Elm
Park, Ballymagan, Gort na mBo, Buncrana and Cherry
Avenue, Carndonagh. Houses have also been sold at
knockdown rates in River Wood estate in Moville.
A Council spokesperson said the scheme was designed
to “help people get a foot on the property ladder”. |
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Three four-bed
semi-detached properties went on sale in Elm Park,
Ballymagan, with a price tag of just €120,000. All
three have been snapped up, said the local
authority.
Two four-bed semi’s went on sale in Gort na mBo,
Buncrana, also with a price €120,000.
Meanwhile, five three-bed semi’s went on sale in
Cherry Avenue, |
Carndonagh, with prices
between €110,000 for the standard home and €120,000
for the three-bed and garage.
The Council spokesperson said: “There are three
categories of applicants eligible, namely, existing
Council tenants; people on the housing list and
then, it is open to everyone else.
“Allocations are made on a points system and we tend
to look at need. We have seen strong demand for
these houses which are of a very high turn-key
standard with all appliances and tiles etc.” The
local authority in Carn has been inundated with
appointments from potential housebuyers since the
latest allocations were advertised in the local
press.
In early 2007, the developers of Cherry Avenue were
selling three-bed semi’s on the open market at
€195,000 and from €215,000 with garage. Last year, a
four-bed detached in Gort na mBo was on sale at
€189,000. In July 2008, four-bed semi’s were
starting at €180,000 in Elm Park. While the 2008 and
2009 prices clearly reflected the downturn, some
Inishowen four-bed semi-detached homes at the height
of the boom topped a whopping €255,000.
During the Celtic Tiger era, developers seeking
planning permission had to subscribe to a quota
(Part V of the Planning and Development Act, 2002)
whereby they allocated a fifth of any new
development to the local authority for social and
affordable housing. To qualify for an affordable
house applicants should be first time buyers
although certain exceptions apply; have enough
income to make mortgage repayments while the average
waiting time to receive an offer in Co Donegal is
around three months.
Donegal County Council has sold around 30 homes to
eligible families and individuals over the last six
months, according to the website
www.affordablehomes.ie .
If you would like to find out more, call Carn Public
Services Centre on 93 73700. |
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