Woodborough price is right

Half a million euro reduction and 80/20 deal a winner, Tommy Barker reports.

Woodborough price is right

IT’S only when Pat Falvey of Carlton Real Estate mentions, almost in passing, “well, there’s half a million off the original price” that the perspective utterly focuses on the houses he’s selling for Nama at Woodborough, Tower, in Cork.

Factor in the bonus that these six big Woodborough homes (now priced at €335,000 and €349,000) come with the Nama 80/20 price guarantee, meaning you only pay 80% up front, and, well, expect queues to view and buy this St Patrick’s Weekend afternoons.

The 80/20 deal means if the market falls by 20% or more in five years time, you don’t have to pay the balance: it’s going to offer huge peace of mind for those with deflationary jitters. It also means buying prices now at around €275,000 per house for the immediate 80% tranche.

When first launched back in 2007 by accomplished builders Coleman Brother, the dormer style of these high-end homes in a gated development of just 20 houses near Blarney sold at €750,000, while the split-level American-looking ones sold at €850,000.

Around eight sold at the time, several others were rented and now six new ones are launched for sale with Carlton Real Estate, with a couple more to follow shortly.

“We’re expecting huge activity, there’s a lot of expectation locally about them once people saw work going on finishing them off. They’re great houses, it’s all been well looked after and is really well-presented now and the landscaping has matured as well,” enthuses Mr Falvey.

The two house types on offer each have four-beds, 1,950 sq ft and high end features, sophisticated Niko home entertainment packages with broadband, surround sound, Scavolini kitchens, Miele appliances, built-ins, so they are ready to move into.

VERDICT: With top finishes, quality builds, size, sizeable price drops and Nama’s 80/20 price underpinning, plus a location near golf courses, as well as Tower, Blarney and Cork city, they won’t be around too long.

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