Interesting today to see a deluge of new properties for sale by Cork-based developer, the Fleming Group which is reportedly one of NAMA’s Top 30 developers. The properties all appear to be on estates developed by Fleming Homes and they are:
(1) 15 properties at Cooline, Ballyvoloon, Cobh, Co Cork
(2) Six properties at Ardfield, Douglas, Cork City Suburbs
(3) 30 properties at College Wood, Mallow, Co Cork
(4) 16 properties at Tir Cluain, Midleton, Co Cork
(5) Seven properties at The Glenties, Macroom, West Cork
(6) 15 properties at The Orchard, Macroom, West Cork
(7) Seven properties at Ard Sionnach, Shanakiel, Cork City Suburbs
(8) Three properties Cois Cuain, Courtmacsherry, Co Cork
(9) Three properties at The Pines, Cobh, Co Cork
(10) Four properties at Buttery Court, Mallow, Co Cork
(11) Six properties at Inis Alainn, Inch, Cork
Having had a quick look at the property details and with prices pitched close to the €300 psf level, it doesn’t seem that these are bargain basement. It should also be remembered that these may not be NAMA-backed properties, but I would have said the betting would be that they are. Interestingly it is the Fleming Group that is handling the sales rather than an estate agent.
Various companies within the Fleming group have had receivers and administrators appointed. Last month, the Irish Examiner reported that a substantial Fleming development in Wembley, north London had apparently been sold by administrators, Baker Tilly. John Fleming, the founder of the Fleming Group applied for bankruptcy in the British courts in December 2010.
NAMA Wine Lake 
Quality should be OK. Very, very annoying though that if these are not completed properties that they are still putting up computer gen images of what they are like. Does not inspire confidence.
As a Cork person who would be familiar with most of these locations I must say these prices are off the mark in a big big way.
Your right about the prices these are not bargains in fact I am willing to bet anyone buying these properties will be facing negative equity in a few months let alone in a year. Even at half the asking price you are been robbed .The Fleming Group will have to face reality and step down from cloud cuckoo land.
They look very expensive.
Just a sample from above.
Prices for Cooline are unchanged since listings on Daft from late 2009.
http://www.irishpropertywatch.com/salesSearchResults.php?Address=Cooline&Beds=any&Type=any&Region=any
A 4 Bed in college wood has just gone sale agreed, last asking price €240k, after being on the market since Sept 2008 with a starting price of €350k.
http://www.irishpropertywatch.com/viewSalesPropertyHistory.php?Ext_ID=403675&Site=daft
http://www.irishpropertywatch.com/viewSalesPropertyHistory.php?Ext_ID=4-woodland-drive-college-wood-mallow-co-cork/432352&Site=myhome
Fleming asking €385k for a 4 bed, but not sure if it is the exact same type.
The development in Wembley North London was actually sold last year, although the Examiner only reporting on it now?
The development in Midleton was a ghost estate I photographed three years ago. It’s still largely empty, but the asking prices remain at silly high levels. Last photo:
http://www.gavinsblog.com/2008/05/20/ghost-developments/
I got The documents regarding Olympic Way after finding out it had gotten planning. One followed from the other. It’s not like it was a press release.
The prices in Cork look very expensive.
There are some price drops this week in a number of these developments, see:
http://www.collapso.net/417.html
@Gary, very interesting, thanks. Prior to these 20-30% drops, there was was an opinion that these properties didn’t look very cheap. And there are some who might say €200-plus psf is still quite expensive.
Who bought the wembley site?
@Tony, I don’t have the details of the buyer of the site opr indeed if the sale has now concluded but you might be interested in the John Fleming bankruptcy documents which Gavin at thestory.ie has, in part, published
http://thestory.ie/2011/08/05/john-fleming-bankruptcy-documents/
Story doing the rounds in London. Site was purchased with a Bandon based company involved?