Limerick NAMA scheme houses at half of boom prices

Donal O’Regan


Donal O’Regan

A SECOND NAMA residential mortgage 80:20 deferred payment scheme has been launched in the Limerick area.

A SECOND NAMA residential mortgage 80:20 deferred payment scheme has been launched in the Limerick area.

Last week the Leader reported that Churchfields estate, just over the Clare border, in Clonlara was chosen for the initiative.

Now Sherry Fitzgerald O’Malley have announced that 10 houses in Castlerock, Castleconnell are included in the deferred payment scheme.

There are 10 houses - eight three bed townhouses and semi-detached from €95,000, and two four bed semi-detached from €125,000.

In the peak of the boom it is understood that the three beds were valued around €220,00 and the four beds, €300,000.

But now in 2012, in the 80:20 scheme this is an “up-front” price of €76,000 and €100,000 respectively.

Contact Sherry Fitzgerald O’Malley for full details on the 10 houses or they have a showhouse open to the public this Sunday, November 4 from 2 to 4pm.

Diarmuid Madigan, of Sherry Fitzgerald O’Malley, said the houses are “fantastic value for money”.

“There are 147 in total in Castlerock - 106 are already sold. The back is substantially broken on it. So there is 41 left and we have done an initial launch of 10.

“With 147 units and 106 of them sold it has always been popular,” said Mr Madigan.

Building on the estate commenced in 2004/2005 by Cork-based Fleming Construction.

“They are a good reputable company that were unfortunate with their timing. They have been very good to deal with.

“It is 95 per cent complete. They are in discussions with the Limerick County Council with a view to taking it in charge,” said Mr Madigan, who adds that Castlerock has a pedestrian walkway from the development in to Castleconnell village.

“It is very handy in that it brings you right in to the village. Every morning and afternoon you see parents walking their children up and down to school.

“There are beautiful old trees on the estate and it’s very quiet.

“The houses are steel frame construction so have a very good insulation rating,” said Mr Madigan, who expects a lot of interest in the 10 properties.

A NAMA spokesperson said the residential mortgage 80:20 deferred payment scheme is aimed to facilitate first time buyers and other owner occupiers who wish to purchase a home and encourage activity in the housing market.

The product will protect buyers from decreases of up to 20 per cent in the value of their property over the next five years.

Three banks – AIB, through EBS; Bank of Ireland and Permanent TSB – are participating.

Eighty per cent of the agreed sale price of the property will be paid over up-front.

The remaining 20 per cent will only be due in five years time.

How much, if any, of that 20 per cent then due will be calculated on the basis of an independent assessment of the property then.

A NAMA spokesperson said: “This initiative is still at an early stage but it has been favourably received by prospective purchasers,

Contact Sherry Fitzgerald O’Malley on 061 418000 for more, or the showhouse in Castlerock is open this Sunday from 2pm to 4pm.