Price drops of up to 80 per cent at the exclusive Loughmore Square resort on the grounds of Killeen Castle estate in Meath will be further enhanced by the Nama deferred payment scheme, writes MADELEINE LYONS
THE ANNOUNCEMENT of Nama’s deferred payment initiative this week delivered a reality check to one development that started life with far loftier ideals.
The Castlethorn Homes-built Loughmore Square development on the grounds of Killeen Castle estate in Co Meath launched in 2008 amid much fanfare, promising luxury resort living on a world-class golf course. Three beds started at €1.2 million, while the five beds were asking up to €7.5 million.
Destined for a well-heeled market seeking a weekend or holiday home with exclusive family golf club membership thrown in, they were never designed as principal residences. A number of price slashes followed, but this week saw reality bite.
The three-bed homes can now be bought for about €275,000, one four bed is available at €360,000, while the five beds start at €1.2 million. That’s a discount of between 70 and 80 per cent. Factor in also the 20 per cent protection Nama is offering buyers to offset entering possible negative equity. This time around though, the unlimited family golf club membership is not included.
Of the 28 original homes, 18 are hoping to attract buyers. Under the new scheme the purchaser pays for 80 per cent of the value of the property, while Nama covers the remaining 20 per cent. If after five years an independent assessor deems the value of the property to have fallen or remain the same, there will be no charge to the owner and the lifetime of the mortgage will be shorter. If the value has risen the owner will pay the balance, but monthly payments will remain the same.
The Nama-deferred payment initiative is targeted at home buyers and not investors, a very different market from the one originally envisaged by builder Joe O’Reilly, who also developed Dundrum Town Centre.
On a wet day this week, the homes nestling in the grounds of this rolling estate look very ordinary. The showhouses come with exceptional finishes and furnishings, but even they look slightly jaded, with the same lain tables and expectant couches as those pictured in the first glossy brochures that ran off the presses four years ago. A place frozen in time.
It’s also worth noting that unless buying a show home, the rest of the houses are still at the breeze block stage. The selling agent, Sherry Fitz-Gerald, says this is to accommodate the various tastes and preferences of prospective buyers – whether they want two ensuite bathrooms upstairs or one family bathroom; partition walls dividing the living area or one open space; integrated home media system or not. The finishes will be in place within six to eight weeks of purchase, and will not be the same as those in the show homes, but will include Nolan fitted kitchens and appliances. It’s possible buyers will prefer flexibility to dictate their final spec.
Access to Loughmore Square is via electric gates on two sides of the estate, a woodland walk around the estate takes about an hour and a half to complete, and the houses flank the parkland golf course that hosted the prestigious Solheim Cup last year. Killeen Castle is about five minutes from Dunshaughlin and 40 minutes from Dublin by car.
The homes are situated in a fairly concentrated cluster – no doubt to accommodate the scores of follow-on phases of development that were originally envisaged – and rear gardens could be bigger and less overlooked. Then again, at prices that would rival what many paid during the boom for poorly-built houses on shoddily developed estates, the quality of the homes is high.
The three and four beds are on open view this weekend (Saturday and Sunday) between 2pm and 4pm. But for a real treat, and by appointment only, the five beds are worth a look. There are three accessed by a further electric gate, and even the most modest one, Lucas, is impressive stretching to 595sq m (6,400sq ft).
Built in an American style, it comes tastefully furnished in muted tones, from the designer wallpaper throughout to the cold and warm wine fridges in the kitchen. Clever design allows light to flow through the expansive house.
The views from the patio and bedroom balconies stretch across to the original Killeen Castle, another building that sits in contemplation of its fate.
Loughmore Square, Killeen Castle estate, Co Meath
Luxury properties originally destined for holiday home market
Agent:Sherry FitzGerald
