Hoping to buck a trend

AFTER a 30-year development background, developer Declan O’Mahony of Bride View Developments has seen all states of the property market (he’s even on a CIF sub-committee advising the Government on NAMA) — so it is appropriate his latest scheme is called The Seasons.

While the Irish property market is in a wintry doldrums, he is just wrapping up this small scheme of high-end apartments in Carrigaline in time for the builders’ summer holiday period. Come September, he’ll be down to a core crew of six people, from a peak employment of 150.

Despite the slow take-up of apartments at the moment, Mr O’Mahony and selling agent Jeremy Murphy Associates say they are more than quietly confident of sales. This is thanks to a quality build, a full fit-out, a strong location, and price cuts.

One bed apartments are priced from €159,000 up to €175,000, and two beds from €210,000 to €235,000, and all sales include furniture fit-outs down to drawers of cutlery, worth up to €20,000.

They go on display — just as the builders go off site on the main block of 17 units — next Monday and Wednesday, from 4.30pm to 7.30pm, and then there are a few more weeks left on two remaining wings containing a combined 12 more apartments.

Prices are back from levels expected when Bride View held a new homes fair last autumn, when the starter apartments were expected to be from €170k for a one-bed (480 to 590 sq ft) and from €250,000 for a two-bed ranging from 850 to 1,020 sq ft). Now, at completion, prices are now back further again, clearly below build cost, and include those costly and good quality fit-outs.

Despite taking a hammering on prices, developer Declan O’Mahony says they continued “with a Rolls Royce level of finish, because that’s what today’s buyers expect”.

So, expect external finishes that include mellow brick and mellow hues, slate roofs, high quality glazing, big balconies, along with spacious bathrooms, with some en suites having baths and showers.

And, a selling point is the shortage of rival apartment offerings in Carrigaline. “We’re not competing with the three-bed semi market here, these are aimed at first time buyers who want to get on a first rung at the €160,000 level, at traders-down, single people and others,” says auctioneer Jeremy Murphy.

Like many others in his line of business, he reports a steady trickle of completing sales, though they are almost all at the lower end of the market, driven by price and value. The hope for developers is that those completing sales will have an impact further up the ladder. Design of The Seasons is by Dublin-based architects McGrane and Partners, and location is next to Cogan’s garage, on the Cork city side of Carrigaline.

There’s no faulting the quality of the offering, and prices are even lower than market expectations: builders won’t tackle schemes like this again until values rise quite a bit again. Bride View’s losses here (sales value will be about €7 million, and an investor offer pre-build of €9m was rejected, back when it seemed the finished scheme could be worth around €11m) will be 2009 buyers gain.