€800k homes in County Limerick are snapped up months before launch date

Donal O’Regan

Reporter:

Donal O’Regan

An  impression of one of the house types in The Heritage in Adare

An impression of one of the house types in The Heritage in Adare

THREE houses in the “most exclusive development in County Limerick” have been sold months before it is even launched.

There are only nine detached properties in The Heritage, Blackabbey Road, Adare.

Michael O’Connor, director of REA O'Connor Murphy, said there are two types of four bedroom luxury houses available.

“One is 250 sqms which we are guiding at €800,000. The other is 267 sqms at €850,000. They are very substantial houses. There has been good interest to date. Since construction commenced at the end of last year we have three sold and the possibility of a fourth sold off plans,” said Mr O’Connor.

Three of the homes are currently at roof level. The builders, Ardfoy Developments, hope to complete the houses by the end of 2019.

Mr O’Connor says they plan to officially launch The Heritage in May when they will have a showhouse open.

“There is no doubt the showhouse will increase sales. It is unusual for a development of houses of this type to sell off the plans but the location is excellent and the house types are good.

“We will sell off plans. We are there to sell them. There is only nine of them and only six or possibly five left,” said Mr O’Connor. It is understood the three purchasers to date are all from County Limerick.

The auctioneers said the asking prices of €800,000 and €850,000 are at the “upper end”.

“While people would say the upper end of the market isn’t too busy there is also a huge lack of supply in the upper end. I think it proves if you have the right product there is certainly a decent market there for the product.

“They are lovely houses in an excellent location just a short distance from Adare village. It is a sign of the market returning that the demand is at that level again,” said Mr O’Connor.

Adare is definitely the most desirable location in the county as REA O'Connor Murphy also have Manor Brook, located beside the pitch and putt course, on their books.

“There will be 16 four bedroom semi-detached, 14 three bed semis, 10 detached homes of two different types and five service sites. We aim to launch it and have a showhouse ready in April. We hope to release prices next week. We will sell off plans once the prices are released,” said Mr O’Connor, who adds that there is “extremely high demand” for Manor Brook. It is being built by Craterside.

“Over 100 have registered their interest with us already. They will get an opportunity to buy off the plans before the launch. The Heritage and Manor Brook are the most exclusive developments in Limerick at the moment,” said Mr O’Connor.

To re-enforce the strength of the market in Adare, Tom Cross, of GVM Auctioneers, sold 27 acres outside the village for a record price in County Limerick of €1m. Last month’s sale works out at almost €38,000 an acre.

The interest shown comes down to “location, location, location” and reflects the popularity of the village, said Mr Crosse.

“Adare is flying. The Manor has enhanced it, its popularity is growing, business people are gravitating towards it to live. You have the proximity to the village and the bypass will come at the side of Adare, which will make it more accessible as well,” said Mr Crosse.