Money-back pledge on prices

A MONEY-BACK guarantee if future prices drop any lower is a feature stitched into novel deals on an east Cork new homes development.

Up to 25% of the agreed and contracted purchase price will be refunded if any future sales are lower than the already low-set prices at the 80-house scheme Dealg Ban, in Ladysbridge, says David Hogan of Oakridge auctioneers.

The guarantee, in which money will be put into a legally-secured ‘escrow-type’ account and not released to the builder (for three years,) will help assuage fears any buyers might have that prices may fall further.

“This is our way of comprehensively dealing with concerns, from prospective buyers that houses may be sold at even lower levels at later stages in the development,” he explains. He claims “prices for all 80 houses in the development have been released to the market simultaneously and have been set at their minimum levels, (at cost, or below cost, in some cases.) ”

The scheme — by William Savage Construction — was kicked-off earlier this month, with show-viewings of completed houses and some 30 people registered an interest, with five reservations at prices from mid-terraced at €189,000, two end-terraces at €209,000 a four-bed semi at €259,000 and a four-bed detached at €379,000.

House feature include guest WC, plumbed utility, Jacuzzi bath upstairs, a pressurised water system, energy efficient eco-therm glazing and solar panels, etc.