Glenmore Wood, Mullingar (-37%)

House Type “Cedar”
Was 159,950, etc. … ?id=434401
Now 99,950 (down 37.5%)

House Type “Maple”
Was 199,950, etc. … ?id=430574
Now 124,950 (down 37.5%) … ?id=430574

House Type “Pine”
Was 195,950, etc. … ?id=431670
Now 122,950 (down 37.3%)

Things have changed since this post in Novemeber, I rang an agent to view the elms in Glenmore woods (listed at 194,000 which I thought a joke as most recent sale in March was 155,000. Agent said latest 2 released are looking for 206,000! I siad we would be interested at the 160000 mark and he refused to even show it to me with that price in mind. Is he for real???

That price (€154,140) is pre vat, so the actual sale price was €174,950. The prices have gone up and they are selling. They have now listed the next phase at €219,950. I think they only release 2 or 3 at a time.

I think what is happening is the price jump in Dublin is starting to spread outside as people are looking elsewhere. There have been major price increases in the likes of Maynooth, Kilcock, etc, and now they are out of the reach of most people too.

I had a feeling this would happen as anecdotally I have friends currently renting in Dublin who cannot afford to buy even though they are all in good jobs. They are all looking at the commuter belt now as they have given up on the bubble 2.0 in Dublin. The side effect of this is, that regional towns in the commuter belt are seeing rises too. It’s a worrying trend.

Glenmore Wood, for instance were listed at €165,000 in May 2013 and have risen steadily to hit €219,950 just today. I do believe though that the €165,000 listings were a bait and hook to get the development selling again.

Last sale in this estate was for €130,000 in December.
Lots of big price drops in Mullingar at the moment.
e.g. see this
Cloonlara eventually dropped the price by 86% to sell last December.

That property (number 78) in Glenmore Wood is a second hand 3 bed not the 4 bed. The new 4 beds have increased in price and are selling.

The last 4 bed to sell went for €219,950 (€249,643.25 after VAT). This is probably due to the Extras that the developer offers for approx €20,000 (tiling, decorating etc). The last 2 sales went for on or above asking and there are currently more 4 beds being constructed. The asking price was €219,950 and you can see from the register that they sold. A hint, is the house numbers for the 4 beds are between 1 - 28 (with more being constructed). The rest are either 3 bed semi’s or town houses.

BTW, I’m not saying these increases are a good thing, but it is what is happening.