Three-bed homes for 100k in knockdown Cavan scheme

FOR SALE... a new fully fitted three-bedroom town house for just €100,000.

It may sound like the stuff of dreams – but not so if you are unwilling to make the move to Cavan.

The mouth-watering offer – which equates to a €300 a month mortgage over 35 years – has emerged as part of a new 35-house development being sold by Cavan receiver Declan Taite.

The homes were built by building firm Leatime Construction, which went into receivership late last year.

A fully fitted three-bedroom home at Ardkill place in Ballinagh, Co Cavan, was originally priced at over €200,000.

Five-bed properties in the development have also plunged in price from €350,000 to €185,000.

The houses are just a five-minute drive from Cavan town.

Frank Conway of the Irish Mortgage Corporation said a mortgage for the three-bed townhouse would be €300 per month based on a repayment on a 35-year term on a 92% mortgage at a rate of 2.4%.

Mr Conway said these prices are the lowest he has seen for properties of this size and is “what the market has been waiting for”.

“With these prices and very low interest rates, I think the opportunity for first-time buyers is extraordinary. This is the type of value the market has been waiting for and those in stable employment have the best value in years being made available to them,” said Mr Conway.

“I think this development is the start of the end of the property price slide. This is the first case that I have come across where the ‘fire sales’ have hit the market,” added Mr Conway.

The agent selling the properties, David Reynolds of Gunnes, said there has been “huge interest” in the properties and “it is all down to the price”.

He said he has never before seen properties at more affordable prices.

“It just goes to show that there are buyers out there when prices hit a certain level,” he said.

More in this section