€32,000 off Glaise na Rinne house prices

SOME €32,000 is set to be taken off the asking prices for the new affordable units at Glaise na Rinne, adjacent to Cluain Airne.

According to Councillor Gerry Flynn, the prices of the three-bed units are set to go from €125,000 down to €93,000. The price of the four-bed units will go from €135,000 to €102,000.

Councillor Flynn said he is glad the prices had been revised significantly downwards and that he had sought the change for some time and that the original prices had been unrealistic.

“It is fantastic but if they had taken my advice originally, all of the houses may be sold by now.

“People went into their banks, they got approval for mortgages but because they couldn’t get an insurance valuation for the prices, they weren’t able to draw down the money,” he commented.

Councillor Flynn said he spoke to a young man recently who had opted not to look into buying one of the houses because he felt the price being sought was too high.

At a town council meeting last week, a report from the town manager acknowledged the prices being sought were too high and said the market had dipped since they were set earlier in the year.

“When the original affordable prices were set back in February 2012, the market in the Shannon area was stronger than most areas of Clare. This was supported by a strong rental market. Since then, there has been a significant balancing of house prices and they are now clearly in line with prices in the urban area of Ennis.

“It has also become clear that while additional costs were incurred in constructing the properties to a high energy rating, this has not had a big influence on a purchaser’s decision when considering whether or not to purchase.”

In a statement issued on Wednesday morning, the council again stated the market has dipped significantly over the last number of months.

“Earlier this year, the council launched the sale of above schemes comprising 14 three-bed and two four-bed townhouses.

“The affordable prices (market value less discount) were set at €125,000 and €135,000 respectively.

Discussions with our valuer ­confirm that market ­conditions in relation to the sale of the houses is changing on a monthly basis and there has been a significant balancing of house prices in the Shannon area since the original prices were set in February,” the council said.

A review of the pricing structure has now taken place and subject to council consideration and approval at the November monthly meeting.