Opinions on Cork housing market.

froger

Just interested in what peoples opinions are on where the housing market in Cork is at the moment. I have been looking around with an interest in buying, but either have not found the value I want or am totally underwhelmed at the quality of stock available.

Recently while searching the price property register I noticed some townhouses in Fionn Laoi in Ballincollig that sold for between 25-30K. It looks like they were both in a block. These houses were on the market last year for 185k.

Previous asking price:

http://www.myhome.ie/residential/brochure/6-riverscourt-fionn-laoi-poulavone-ballincollig-co-cork/195931

Selling price as per price property register:

http://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-EEF70790FE43F88B80257ACA005B14BA?OpenDocument


With 2/3 bed townhouses selling in Old Quarter up the road for between 130k - 145k under the 80/20 NAMA scam, and with them selling due to MIR panic sales, the section in Miller Court seems to have a few houses with sale agreed on it, and also there are builders in finishing them off. Do you think people are still massively overpaying for them??

What do people think of value in the market in general? Is there still a long way to go before we hit bottom?

ABajaninCork

I too would be very interested in the responses. Most of the press I've seen is with regard to the market in Dublin.

I think there's still some way to go. The proof of the pudding will be in next Feb's figures now that MIR's been removed, and the figures much more realistic.

Might be worth posting in Cork City forum too...

TheDriver

been looking around too and things have really dropped in the last 6 months in county but quality of stock is crap and anything good needs work which the owners won't factor into the price. Having said that, I put in a f ew offers low down to show the level of my interest and friends have done same, price came down in their case.
I wouldn't rush in because things are way slower than Dublin except maybe in prime spots.
Notice in the PPR for Nov, lots of sale for 1st timers but all in Ballincollig and Carrigaline

Insolvency Practitioner

Guys you must understand a few things about markets...................

When prices are low or "perceived to be low" the quantity and quality of stock will deteriorate.

Nearly everyone I know in Cork at the moment believes the market is too low and for that reason, will not sell their houses under any circumstances. You may be right that the market may fall further but be clear that the quality and quantity will deteriorate also.

And when you talk about the "market" at the moment, it is characterised by a very low number of sales. Its not a properly functioning market at all.

The houses that are coming to market are the "have to sells". They are arising from executor sales and the odd repossession.
The properties are typically in bad shape.

As wiser men than me have said, dont try to "time the market" too much. If you find something that suits you now, I would advise you to go for it.
The prices in Cork have now dropped 60% from the peak. They may go a litttle bit further south but the more they go, the harder it will be to get the right property.

Best of luck

Gambas

Insolvency Practitioner wrote: »

Guys you must understand a few things about markets...................

When prices are low or "perceived to be low" the quantity and quality of stock will deteriorate.

Nearly everyone I know in Cork at the moment believes the market is too low and for that reason, will not sell their houses under any circumstances. You may be right that the market may fall further but be clear that the quality and quantity will deteriorate also.

And when you talk about the "market" at the moment, it is characterised by a very low number of sales. Its not a properly functioning market at all.

The houses that are coming to market are the "have to sells". They are arising from executor sales and the odd repossession.
The properties are typically in bad shape.

As wiser men than me have said, dont try to "time the market" too much. If you find something that suits you now, I would advise you to go for it.
The prices in Cork have now dropped 60% from the peak. They may go a litttle bit further south but the more they go, the harder it will be to get the right property.

Best of luck

hmmm. No offense to the first time poster, but I wouldn't pay much heed to this post tbh. It is a dangerous cocktail of sound common sense and absolute nonsense. It sounds suspiciously like something someone with a vested interest would say. I might be doing the poster a disservice on that, but that's the way I see it.

Nor would I pay much heed to those who claim MIR is going to have any significant impact on prices either.

It is probably safe to say that the parts of county Cork that are not within 30 mins of the city are going to fall further as I see nothing that will put sufficient upward pressure on prices and plenty that will put downward pressure on prices. As for the city and its surrounding area, it is impossible to generalise and it all comes down to locality and supply and demand. I think there is, for the first time in about 5 years a stabilisation in the amount of mortgage credit being provided by the banks, and this is the oxygen of the property market. All other factors pale in comparision. So where supply is tight prices may rise... modestly.

The other thing to remember is that property bubbles historically take between 4 and 6 years, depending on their severity to bottom out. Ours is on the very severe end, and we are now almost exactly 6 years from peak. It isn't a rule set in stone, but a guide that we should be near the bottom and there within the next 12 months. What happens after that is another matter.

TheDriver

I concur with our 1st time poster in that if something is priced right and suits, then its worth buying it than constantly spectating. However I Don't share his view on only have to sells coming up. There are some nice houses on the market, just they don't suit me but they are not people having to sell. Also remember a lot of people bought these when prices were low anyways and are looking to move so its like buying a car, whats the price to move.
I sold my house because i had to move. a lovely house and sorry to see it go but such is life.

trippeltri

I would be curious to know what is going to happen with the houses bought in stock mentioned by the OP (Fionn Laoi in Ballincollig) and to the many houses in half-finished/unfinished estates in Cork and around Cork (I am not talking about developments in the middle of nowhere, but in desirable areas like Ballincollig itself, Blackrock, Douglas...) - will they be completed at a certain stage, all put in the 80/20 Nama scheme or...?

Personally, I am just waiting for the right house at the right price, not the perfect house at the lowest possible price - but I think that some of the asking prices out there are still delusional (and those are the houses that are not selling, and I am sure its not for lack of credit in these cases)

TheDriver

remember trippeltri, theres plenty of us looking to buy in big towns also and there are desirable houses around. But some people are asking crazy prices, as in 150k too much and auctioneers will admit to when its too high.
Having said, every house I viewed had an offer.........nearly all of them are still for sale!

froger

There seems to be demand for decent housing alright, but with a lot of it tied up in NAMA and with them looking for crazy prices for it it is never going to sell.

I would like to know what is the story with the houses in Belfield Abbey on the Boreenmanna Road. I presume it is a NAMA estate again with unrealistic asking prices.

Dob74

froger wrote: »

Just interested in what peoples opinions are on where the housing market in Cork is at the moment. I have been looking around with an interest in buying, but either have not found the value I want or am totally underwhelmed at the quality of stock available.

Recently while searching the price property register I noticed some townhouses in Fionn Laoi in Ballincollig that sold for between 25-30K. It looks like they were both in a block. These houses were on the market last year for 185k.

Previous asking price:

http://www.myhome.ie/residential/brochure/6-riverscourt-fionn-laoi-poulavone-ballincollig-co-cork/195931

Selling price as per price property register:

http://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-EEF70790FE43F88B80257ACA005B14BA?OpenDocument


With 2/3 bed townhouses selling in Old Quarter up the road for between 130k - 145k under the 80/20 NAMA scam, and with them selling due to MIR panic sales, the section in Miller Court seems to have a few houses with sale agreed on it, and also there are builders in finishing them off. Do you think people are still massively overpaying for them??

What do people think of value in the market in general? Is there still a long way to go before we hit bottom?

Ballincollig is different from the city but prices will probably drop more. There are loads of empty houses in Ballincollig one of the leading developers pays people to open and close blinds, turn on lights etc. To make it look like there are people living in them. The city is slightly different houses or decent size houses are selling. 150k and up but the property tax may make houses even cheaper. Not a bad time to buy in the city especially near the city centre.