EXCLUSIVE GOLF resorts, such as the K Club, have not escaped the economic slowdown or the collapse in house prices.
A two-bedroom apartment in the Fountain Courtyard alongside the golf resort’s hotel has just been sold for around €380,000 – a long way short of the valuation of over €1.1 million placed on it just before the Ryder Cup was held at the Co Kildare venue.
The pad was originally sold over a decade ago for €550,000 when, believe it or not, it carried Section 23 tax breaks.
Now that the taxes have all been used up, the owner engaged Naas auctioneer John O’Reilly of Sherry FitzGerald O’Reilly to offload it. It took him several months to find the appropriate buyer, a foreign-based businessman who makes regular visits to Kildare.
O’Reilly now has another bargain for sale at the K Club – a larger two-bed duplex apartment overlooking the walled garden. It was built just before the Ryder Cup and sold for just over €1 million.
The asking price now, €500,000, includes a high quality fit-out and furnishings. Unusually, the annual service charge of €6,000 covers heating and electricity but not golf membership which comes to another €12,000 for a husband and wife.
