House Prices in Cork

bjak

So Mark FitzGerald and many others believe house prices are down 60%

While close to UCC (for the few Dubliners on the site, thats a big school down south) and Cork University Hospital, would anyone have ever paid €1.1m for this house now a steal :rolleyes: at €450k.

Opinions on what its worth?


http://www.myhome.ie/residential/brochure/6-the-grove-orchard-road-city-centre-sth-cork-city/1955627

Bannasidhe

bjak wrote: »

So Mark FitzGerald and many others believe house prices are down 60%

While close to UCC (for the few Dubliners on the site, thats a big school down south) and Cork University Hospital, would anyone have ever paid €1.1m for this house now a steal :rolleyes: at €450k.

Opinions on what its worth?


http://www.myhome.ie/residential/brochure/6-the-grove-orchard-road-city-centre-sth-cork-city/1955627

Well given that UCC is actually a University rather then a 'big school', it is walking distance to the city centre and that at one time houses in Blackrock in Cork were going for over 1.4 million - yes, people did pay large sums of money for houses like this in Cork.

bjak

Ok, so "big school" comment was a bit tongue-in-cheek, whats it worth now?

maddragon

I honestly think that a person that gets that house in that location for 450k has done quite well. That's a sub €2000 mortgage and rents there would be as high as that.

House on daft in similar location asking €1750pm

www.daft.ie/21220946

bjak

€21k rent a year would yield 4.6% gross

At a 7% yield which I understand is what might be expected in the current market, €21k regrossed is €300k not €450k.

I think €450k is a bit on the optimistic side, tbh

Duggys Housemate

its an asking price

ABajaninCork

Not worth 450k IMO. I'd offer 280k and take it from there. Wouldn't go any higher than 320k...

tim9002

ABajaninCork wrote: »

Not worth 450k IMO. I'd offer 280k and take it from there. Wouldn't go any higher than 320k...

Agree. Also factor in what the property tax might be in 2013.

Tribiani

Has anybody on here heard of any property going for really cheap prices? For instance i have heard from a few people of new houses in Mallow (Castlepark) going for 45k, they are complete to builders finish. They aren't advertised anywhere though.
Mallow doesn't suit me but has anyone heard of similar cheap houses elsewhere in the county?

TheDriver

castlepark might be cheap but i still wouldn't live in there personally, I find it hard to even find the exit its so big. Also I thought they were only going for 100k upwards as they are actually quite big. Remember also that old course is probably cheaper again as its an actual ghost estate, or the few left in college wood that flemings have put back up for sale?
No such thing as cheap houses, just houses that are priced accordingly.
And don't fall into the trap that the boom led us to, buy on price as opposed to what suits the needs of you, your family and future? I would pay a small bit more if it meant a nicer house in a more suitable place.

Regarding the house up top, prime locations are not down 60% but may be down 40% or more.

SeanSouth

I dont think it makes any sense picking numbers out of the air and saying the house is worth 450 or 380 or try 280. THE MARKET DECIDES THE PRICE
My reaction to someone offering 280K for my 450K house is that they are not serious and discard them immediately

I think there is a prevailing mindset at the moment that "any seller" of "any house" in "any location" will accept "any price" . This is sheer nonsense

There are thousands of houses in this country built in the wrong areas or in un desirable areas that are worth virtually nothing. So if you want to buy a house in "outer Leitrim" or "less known parts of Roscommon" I would agree with the sentiment of sending in a low ball offer and you could be lucky.
As far as Im concerned there are many houses in these areas that are worth almost nothing. The supply is enormous and the demand is virtually non existent. the clearing price in this type of market will remain low as long as the huge overhang of supply prevails.

Good areas of Cork, Dublin, Galway etc are a completely different scenario. Ask anyone who is looking for a house at the moment in these type of areas and they will tell you that "Supply" is the problem not price. There is a huge shortage of houses for sale in good areas. Few with a good house in a good area are willing to sell up at fire sale prices. Nobody wants to sell their "good house" at the bottom of the market. Demand is high, supply is low. Prices are unlikely to collapse much further as long as this is the situation.

I will wager with anyone that the nice house in Cork near to UCC will be sale agreed within eight weeks.

Tribiani

TheDriver wrote: »

castlepark might be cheap but i still wouldn't live in there personally, I find it hard to even find the exit its so big. Also I thought they were only going for 100k upwards as they are actually quite big. Remember also that old course is probably cheaper again as its an actual ghost estate, or the few left in college wood that flemings have put back up for sale?
No such thing as cheap houses, just houses that are priced accordingly.
And don't fall into the trap that the boom led us to, buy on price as opposed to what suits the needs of you, your family and future? I would pay a small bit more if it meant a nicer house in a more suitable place.

Regarding the house up top, prime locations are not down 60% but may be down 40% or more.

Don't plan on buying/living there myself either because it wouldn't suit my future plans but what i was trying to get at is that the houses are going for much less than what they are advertised for. The reason that they are going for so much less is because apparently the developer is desperate to get them off the books (this is all hear say so apologies if my facts are incorrect).
Anyway, what i was wondering is whether this is the situation in any other new/recent developments that people have heard of (preferably in areas south/southwest of Cork city), where houses are idle and developers might be willing to accept less than what is advertised? I'm currently renting and while there is no great urgency, i'd like to buy provided i can find something reasonable and suitable.