What property says it all for you?
If you were to nominate a property that sums up where we are now, what would it be? In today’s paper (click here to read) I’ve written about the ten properties that say it all about the state of the market but do you agree with them? Or would you add a few of your own to the mix?
My top ten are 1. Walford on Shrewsbury Road – sold in 2005 for €58 million, has now been withdrawn from the market, presumably because it can’t get the €15 million asking price.
2.Humewood Estate in Kiltegan, Co Wicklow – The “Walford” of the country house market, bought by developer John Lally in the boom for €25 million with a view to turning it into a golf and leisure resort. Now in the hands of Nama and on the market for €8 million.
3. The Veterinary College site in Ballsbridge, Dublin 4 – Property developer Ray Grehan paid a humongous €171.5 million for the two acre site in 2005 – it’s now worth about €20 million - an 88 per cent plummet.
4. Treasury Building, Lower Grand Canal street, Dublin 2 – one of the first big projects by Treasury Holdings in the early 1990s – little did they know its future tenant would be Nama with whom they are now involved in a legal battle .
5. Woodlands Estate in Ballyjamesduff in Co Cavan – an unfinished part of an estate sold to a builder from Northern Ireland at the last Allsop Space auction for over three times its reserve of €40,000. Will we see more unfinished estates being sold to third parties?
6. Sandhouse Hotel in Donegal – The hotel sold for €650,000 to its manager at an Allsop Space auction in March. It had been on the market for two years and at one point was asking €4.5 million.
7. Priory Hall in Donaghmede, Dublin 13 – The residents were evacuated in October from the development built by Thomas McFeely back due to fire safety concerns. They have still not reached a resolution with the banks – but could this be the tip of the iceberg due to the inadequate enforcement of the building regulations?
8. Loughmore Square, Killeen Castle, Co Meath – One of the developments in the Nama deferred payment initiative, which protects buyers from negative equity for a five year period. This luxury scheme on a golf course was launched in 2008 by Joe Reilly of Castlethorn construction (the company behind Dundrum town centre)when three-beds were priced from €1.2 million. They are prcied at now around €270,000.
9. The Elysian Tower in Cork City. One of the tallest residential buildings in the country, the Elysian tower was launched by developer Michael O’Flynn in 2008 just as the market was going into free fall. Now dubbed “The Idle Tower” by locals, less than a quarter of the 211 apartments are occupied.
10. St Mathias Wood, Killiney, Co Dublin. Last month Brendan and Asta Kelly were shown being evicted from their luxury house in Killiney in a video ttaken by their neighbour. Could this be the start of the publicised eviction?