Real Estate Alliance

Real Estate Alliance report on the first six months of the property market:

A new survey by nationwide property consultants Real Estate Alliance agents reports signs of increased demand for properties from First Time Buyers Market in recent weeks. While the group agrees that prices “achieved” are down by an average of 50% from early 2007, they predict that prices are levelling off and expect very little decrease in prices for the remainder of 2010 as there are signs of stability in certain sectors of the property market.

Real Estate Alliance sale agreed over 600 properties in first six months of 2010 with levels tailing off slightly in the month of April after an encouraging first three months of the year. In recent weeks, levels of activity have increased again and members are reporting over 150 sale agreeds for the month of May and approximately 115 for the month of June.   Real Estate Alliance members are reporting good sales levels for properties under €300,000 suitable for the First Time Buyer. Cumisky Myler REA sold a number of properties in North county Dublin in recent weeks with most achieving prices within or above 5% of their asking prices. According to Jeanne Walshe of Cumisky Myler REA, “It is the policy of the firm not to take on properties that we think are overvalued. Our advice to our clients is to put your best foot forward and negotiate at a reasonable level. Since price is the driving factor behind most viewings and all sales, adding 20k to take it off during negotiations simply does not work. This is why we were able to achieve within 5% of asking prices. We are able to stand over all values”.

A 3 bed mid terrace off Hamlet Lane , Balbriggan sold for its asking price of €169,000, the day the price was dropped from €189,000. A 4 bedroom semi also just off Hamlet Lane, Balbriggan sold within weeks following a price drop to €249,000.  In Skerries Co. Dublin, Grimes Real Estate Alliance is also experiencing an uplift in demand from First Time Buyers and have reported a number of sales over recent weeks. Two new 3 bed semi properties in Rush made in excess of €240,000. Six second hand 3 & 4 bed Semi detached properties sold in the Skerries area for over €265,000 - €295,000 with one 4 bed semi with full planning permission to extend into a 5 bed selling for in the region of €335,000. New Apartments and houses proved also quite popular with some first time buyers with a 2 bed apartment in the Skerries location making in the region of €250,000 and a large 3 bed apartment (with spectacular Sea Views) making €350,000.

In Drogheda, O’Brien Collins REA are reporting good demand from First Time Buyers for new 3 bed semi detached homes and have sold 5 in the last two months at €225,000.  New four bed detached homes are also attracting interest and two have been sold recently for €300,000 and €325,000 (with converted attic).  First time buyers are also active in the lower end of the second hand homes market, with houses selling in the older more established residential areas from €120,000 - €150,000 in Chord Rd, Pearse Park and College Rise respectively.

In Kells, agents T&J Gavigan REA report an increase in sales activity over the past few weeks where demand is coming from first time buyers. Some examples of properties sold include 3 Bed detached bungalows in the Drumlins in Virginia sold for €174,000 while the 3 bed semis in the same estate sold for €155,000. Second hand sales include circa €140,000 for a 3 bed townhouse in the Glebe, Kells and circa €215,000 for a 4 bed semi in Townspark Manor. A 3 bed cottage in Kilmainhamwood sold for c. €120,000 while a 4 bed bungalow on the Navan Road sold for in the region of €270,000. A 4 bed detached dormer reached in the region of €285,000. T&J Gavigan in Navan are reporting recent sales have shown stability in house prices in Navan town. In the relatively new development of Athlumney Wood in Navan three almost identical 3 bed semis were sold second hand over the past 6 months. The first property achieved €172,000 in November, the second €170,000 in December and this week one has sold for €176,000 after only 9 days on the market.

In Cavan Town, there has been a number of recent sales where 2 bed townhouses are been sold for in the region of €90,000. A 3 bed end of terrace sold for approximately €100,000 at Station Lane and a 4 bed detached sold for in the region of €200,000 in Ashbrooke Manor.   In Carlow Sothern Real Estate Alliance good demand from First time buyers and sold 7 residential properties in recent weeks for anything between €150,000 and €300,000.  properties in Feltham hall and one semi detached 2000 sq ft property sold for in the region of €300,000. Three bed semis sold for in the region of €200,000 in the Carlow region.   John Lee & son in County Limerick sold a number of residential sites with planning permission over the last few weeks.  A ½ acre site in County limerick subject to planning is fetching between €65,000 and €85,000 while a similar site with full planning permission is fetching in the region of €100,000.  In Co. Donegal, McElhinney REA in Bundoran are experiencing a continuous steady demand for holiday properties and permanent residence sales in the sea-side town of Bundoran. First time buyers are seeking the value in both detached, semi detached and apartments. One detached bungalow with garage and sea views achieved a price of  €245,000  just €5000.00 less than the asking price of €250,000. Three two bed apartment averaging at €50,500, which was €3000.00 less than sales in the first quarter of 2010. One detached 3 bedroom bungalow on circa 1 acre site with access to the beach was sold for €260,000, €15,000 less than the guide price of €275,000. Over the last few weeks they sold five detached houses ranging in price from €260,000 to €140,000. Semi-detached houses have decreased in price with 3 bedroom semi detached bungalows down from €135,000 to €125,000. 4 Semi-detached holiday homes sold between €80,000 and €90,000. Sea front apartments were sold at €85,000 with balcony and €75,000 without a balcony  According to Michael Boyd, Chairman of Real Estate Alliance, “with bank lending particularly focussed on the first time buyer sector, the sales reported by Real Estate Alliance proves that mortgages are been approved for first time buyers and the market is active. First time buyers are the only green shoot of positivity as they don’t have to sell on a property. The focus for Real Estate Alliance Agents is to be as up front with our clients and only take in properties that we feel are not overvalued”.

ENDS

 Further Information: 

Eimer O’Keeffe

Real Estate Alliance.

086 8249040

www.realestatealliance.ie