Cut-price lodge at Doonbeg has five-star fittings

CO CLARE: FROM €550,000:The prices of golf course homes, even at high-end schemes, have fallen sharply

AS THE credit crunch continues, discounts are being offered on the most exclusive properties, regardless of location, as investor owners attempt to recoup some cash by selling up, even at a loss.

One such case in Doonbeg in Co Clare, the exclusive golf course and five-star lodge where there is around €20 million worth of properties for sale, both new and second-hand.

The supply of houses in the grounds of the multi-million euro development, which is backed by wealthy American investors, include large four-bedroom houses priced at around €1.6 million, spacious two-bedroom cottages cost around €900,000 while large four-bedroom suites in the hotel itself cost region €2 million.

All the properties come with membership of the challenging Greg Norman-designed golf course, as well as access to facilities like the luxury White Horses spa. While both new and second-hand property sales are being handled by sales staff at Doonbeg, one group of investors has decided to sell a number of units separately, and at a discounted price, a move that will undermine values within the scheme.

The first of these is a large two-bedroom cottage in a prime courtyard position. It’s been put on the market at €550,000. Similar units are for sale through the club itself at around €900,000, while a one-bed unit in a similar position is priced at €600,000. The 161sq m (1,733sq ft) unit is being sold through Knight Frank.

As with most luxury schemes the service charge is quite considerable, adding up to around €13,000 for a range of facilities including insurance and utilities.

Meanwhile at the K Club in Co Kildare, there are relatively few privately owned houses and apartments for sale on the open market, according to local estate agents.

However, John O’Reilly of Sherry FitzGerald O’Reilly in Naas has two apartments and a large detached house available at substantially reduced prices.

A four-bedroom detached holiday home in the Ladycastle enclave overlooking the Smurfit golf course, which sold just before the Ryder Cup in 2006 for €1.7 million, is now back on market at around €1 million. It has a floor area of over 232sq m (2,500sq ft).

Another sign that the broad appeal of the Ryder Cup golf course is not enough to keep values up in a difficult market is the decision by a Dublin-based businessman to take a 50 per cent cut on a stylish two-bedroom apartment in Ryder Cup Village. The 111sq m (1,200sq ft) unit was bought for €1.2 million in 2006 and now has a guide of €600,000.

John O’Reilly is also quoting a modest €399,000 for a two-bedroom apartment in the Garden Courtyard beside the hotel. Suite 75 is on the first floor and is fully furnished. Whoever buys it is entitled to apply for membership of the golf club without paying a joining fee. The owner has been able to avail of Section 23 tax relief on the apartment since buying it just over 10 years ago.

38 The Courtyard, Doonbeg Golf Course, Doonbeg, Co Clare

Spacious two-bedroom cottage in a courtyard setting with a steep price cut

Agent: Knight Frank