Cork Property Thread

theboringfox

Deleted User wrote: »

I can't see it. I'd be in a relatively sought after area, prices still are what they were in 06, albeit close enough. 15 years of even average 2% inflation would give actual growth of 34.5%, I know 06 was the peak and was over priced, but even so those prices could possibly be the norm today, I can see houses rising for the next 5 years min. The country is not on its knees and in a very strong position to rebound strongly

I was looking around there. This is gone sale agreed. Can see Examiner article says it had offer of at least asking. It is weird but I can see an argument for why 595k is not crazy for that area like. Again I dont know what it sold for. And look in absolute terms it is big money but for the area and what people pay. I just am not sure it screams hey everyone stop buying like mcwilliams says

https://www.daft.ie/for-sale/semi-detached-house-6-lake-lawn-well-road-douglas-co-cork/2917336

I'd imagine whoever bought that is trading up and likely sold their previous property for a proportionately decent amount.

What transactions go through when supply is very limited and demand is decent will of course not shout agreement with mcWilliams' comments.

It'll be 12 to 24 months before you'll know if he's anyway correct

.red.

theboringfox wrote: »

I was looking around there. This is gone sale agreed. Can see Examiner article says it had offer of at least asking. It is weird but I can see an argument for why 595k is not crazy for that area like. Again I dont know what it sold for. And look in absolute terms it is big money but for the area and what people pay. I just am not sure it screams hey everyone stop buying like mcwilliams says

https://www.daft.ie/for-sale/semi-detached-house-6-lake-lawn-well-road-douglas-co-cork/2917336

600k to sit in traffic everytime you come or go from the house.
I know that area would be a dream for a lot of people and I'd be in the minority, but I really couldn't live there.

.red.

.red. wrote: »

600k to sit in traffic everytime you come or go from the house.
I know that area would be a dream for a lot of people and I'd be in the minority, but I really couldn't live there.

The well road is one of the best addresses in the city, however I agree, for 600k I would rather go to waterfall and get a taxi to town for the few times I go out for drinks there

Spideoige

Has anyone looked at the Arbutus development in Montenotte? I know it is really a prime location but starting price from 610k and ranging upwards of 720k seems crazy money. I also see that the designer of this development are Murphy New Homes? Nothing against Murphy New Homes but I wouldn't consider their developments as architectural masterpieces and there's just something about the look of these that I don't like.

No doubt there'll be plenty of takers all the same.

https://www.daft.ie/new-home-for-sale/arbutus-montenotte-montenotte-co-cork/1424519

Mav11

Spideoige wrote: »

Has anyone looked at the Arbutus development in Montenotte? I know it is really a prime location but starting price from 610k and ranging upwards of 720k seems crazy money. I also see that the designer of this development are Murphy New Homes? Nothing against Murphy New Homes but I wouldn't consider their developments as architectural masterpieces and there's just something about the look of these that I don't like.

No doubt there'll be plenty of takers all the same.

https://www.daft.ie/new-home-for-sale/arbutus-montenotte-montenotte-co-cork/1424519

I grew up around St Lukes, must say it is a fabulous area. Have to agree that I’m not keen on the look or the price of this development. Seems to me that a little more imagination could have been used in the design.

opus

Spideoige wrote: »

Has anyone looked at the Arbutus development in Montenotte? I know it is really a prime location but starting price from 610k and ranging upwards of 720k seems crazy money. I also see that the designer of this development are Murphy New Homes? Nothing against Murphy New Homes but I wouldn't consider their developments as architectural masterpieces and there's just something about the look of these that I don't like.

No doubt there'll be plenty of takers all the same.

https://www.daft.ie/new-home-for-sale/arbutus-montenotte-montenotte-co-cork/1424519

A friend of mine & his partner went to have a look, said the views were superb but they baulked at the price & given they have a dog didn't like the lack of a garden. Probably means they were just tyre-kicking.

shtpEdthePlum

Really ugly, overpriced, cramped and in a rubbish location.

Who would want one that can afford 600k.

Mav11

Some wonderful older houses in the area, Gardiners hill, Military hill etc. You could do a lot with the change out of €600k + to upgrade one of these!

Spideoige

shtpEdthePlum wrote: »

Really ugly, overpriced, cramped and in a rubbish location.

Who would want one that can afford 600k.

I would disagree that it's a rubbish location, not for everyone but it's my favourite area I've ever lived in and having been pushed out to the suburbs the last number of years I'd be really keen to move back to somewhere like this.

I suppose for the developer the site is probably restricted and this is the easiest way to get the biggest profit on the site. Wouldn't be much like this coming up I would assume as most city centre development would be pushing for a higher density.

Spideoige

Spideoige wrote: »

Has anyone looked at the Arbutus development in Montenotte? I know it is really a prime location but starting price from 610k and ranging upwards of 720k seems crazy money. I also see that the designer of this development are Murphy New Homes? Nothing against Murphy New Homes but I wouldn't consider their developments as architectural masterpieces and there's just something about the look of these that I don't like.

No doubt there'll be plenty of takers all the same.

https://www.daft.ie/new-home-for-sale/arbutus-montenotte-montenotte-co-cork/1424519

Nice area but seems expensive. I wouldn't be paying that kind of money for what they are offering

.red.

[Deleted User] wrote: »

The well road is one of the best addresses in the city, however I agree, for 600k I would rather go to waterfall and get a taxi to town for the few times I go out for drinks there

I agree about the Well Road, its just not my cup of tea.
I also agree about Waterfall, I've family there and it ticks all my boxes. I'd just be hoping I'm not near the oxegen factory in case there's another explosion lol.

Lia_lia

Spideoige wrote: »

Has anyone looked at the Arbutus development in Montenotte? I know it is really a prime location but starting price from 610k and ranging upwards of 720k seems crazy money. I also see that the designer of this development are Murphy New Homes? Nothing against Murphy New Homes but I wouldn't consider their developments as architectural masterpieces and there's just something about the look of these that I don't like.

No doubt there'll be plenty of takers all the same.

https://www.daft.ie/new-home-for-sale/arbutus-montenotte-montenotte-co-cork/1424519

When these first went on the market I enquired about them and they started at 720k. So they’ve actually gone down in price. If you take a look at my home.ie there’s a price drop.

Great location but I just don’t really get what the target market is. They are quite big so would suit a family but what family would want a house without a proper garden? I reckon they are finding them quite hard to sell. Murphy’s are very well known for one off houses but seem to be building estates now too along with whatever developer they are working with. They are building Barter’s Wood in Tower too. Also an estate in Kanturk. Wouldn’t be surprised if the price dropped even more for Arbutus tbh.

theboringfox

Love St Lukes as an area. Would love to live there

Spideoige

Lia_lia wrote: »

When these first went on the market I enquired about them and they started at 720k. So they’ve actually gone down in price. If you take a look at my home.ie there’s a price drop.

Great location but I just don’t really get what the target market is. They are quite big so would suit a family but what family would want a house without a proper garden? I reckon they are finding them quite hard to sell. Murphy’s are very well known for one off houses but seem to be building estates now too along with whatever developer they are working with. They are building Barter’s Wood in Tower too. Also an estate in Kanturk. Wouldn’t be surprised if the price dropped even more for Arbutus tbh.

I am a bit shocked that they thought they would get 720 starting for these, I think people are right, there's far too many cons for that amount to bother with this development.

rob316

They are awful looking. What a bizarre development, who buys a 4 bed house with no kids, considering there isn't any garden? If I spent 700k on a house I'd atleast expect my door to be more than 3ft away from my neighbours.

Lia_lia

rob316 wrote: »

They are awful looking. What a bizarre development, who buys a 4 bed house with no kids, considering there isn't any garden? If I spent 700k on a house I'd atleast expect my door to be more than 3ft away from my neighbours.

Yeah exactly! I just don’t really understand who would buy them. They look like somewhere you’d put someone on a corporate trip that needs to stay in the city for a few months. They probably would have done better building fancy apartments.

who_me

Spideoige wrote: »

Has anyone looked at the Arbutus development in Montenotte? I know it is really a prime location but starting price from 610k and ranging upwards of 720k seems crazy money. I also see that the designer of this development are Murphy New Homes? Nothing against Murphy New Homes but I wouldn't consider their developments as architectural masterpieces and there's just something about the look of these that I don't like.

No doubt there'll be plenty of takers all the same.

https://www.daft.ie/new-home-for-sale/arbutus-montenotte-montenotte-co-cork/1424519

Not in the market currently (and couldn't afford the price), but I'd happily consider those if I could.

They're seriously large (each of the 3 floors is about the size of my apartment, hell I've probably stayed in smaller than just the master bedrooms). South facing deck, river views. A lot to like, IMO.

Lia_lia

Two bed terraced house in Blarney for 275k. Crazy market! Check out this property I found using Daft: https://www.daft.ie/14217204

RINO87

Lia_lia wrote: »

Two bed terraced house in Blarney for 275k. Crazy market! Check out this property I found using Daft: https://www.daft.ie/14217204

My eyes!! All that pine paneling, good grief!!

275...... wow. I think we are going to follow McWilliams advice and bow out for a while. It looks like that house has been recently tidied up and an office added to capatilise on the current frenzy. You'd never see that money again if you bought.

rain on

Lia_lia wrote: »

Two bed terraced house in Blarney for 275k. Crazy market! Check out this property I found using Daft: https://www.daft.ie/14217204

I did a double take at that listing as well - wondering if it was a typo or something! All that wood inside is so dated looking as well.

the beer revolu

RINO87 wrote: »

My eyes!! All that pine paneling, good grief!!
.

Ha, reminds me of a house I lived in in St. Luke's.
Even the ceilings were paneled!
It was like living in a sauna, except it wasn't very warm.

Samhain

I'd say there is all manner of nightmares hiding under that panelling.

RINO87

...and it only has one bedroom! Are they classing the extension, or the shed out the back as the second bedroom?!

whatever76

https://www.yaycork.ie/inside-med-jez-a-brand-new-e1-8m-beach-house-that-just-hit-the-market-in-fountainstown/ .. 1.8 mill yikes !!

shtpEdthePlum

Lol

That is the ugliest house I have seen in ages. Not even the excessive lighting can salvage that exterior.

The views are lovely but not 1.8m lovely and not worth living in a wooden box with some sort of corrugated industrial roof for. What kind of architect madman designed this.

Plus no bus to town or any amenities for a 20miles, your children would hate you. Even just on holidays.

whatever76

whatever76 wrote: »

https://www.yaycork.ie/inside-med-jez-a-brand-new-e1-8m-beach-house-that-just-hit-the-market-in-fountainstown/ .. 1.8 mill yikes !!

That's some ugly house. Imagine what you could have built on that site with 1.8m and views like that! The cladding is rank.

Mav11

Deleted User wrote: »

That's some ugly house. Imagine what you could have built on that site with 1.8m and views like that! The cladding is rank.

I imagine it took far less than 1.8m to build it! In terms of design or construction it doesn't seem to have anything going for it. An ugly concrete box.

rob316

2M :eek: ****ing hell

namloc1980

Jeez, I'd say the cladding would be a nightmare to maintain in years to come. Awful yoke and for €1.8m to boot!

Mav11

"architecturally designed" :eek:

the beer revolu

I rather like the aesthetics of that house.
I'm not sure it would be a house for me or that it's worth the price tag but it is attractive to my eyes.

fonecrusher1

RINO87 wrote: »

My eyes!! All that pine paneling, good grief!!

275...... wow. I think we are going to follow McWilliams advice and bow out for a while. It looks like that house has been recently tidied up and an office added to capatilise on the current frenzy. You'd never see that money again if you bought.

To make matters worse 275 is just the initial house purchase. Bang on another 20k at least to get the 90's interior sorted and a new kitchen.

Spideoige

whatever76 wrote: »

https://www.yaycork.ie/inside-med-jez-a-brand-new-e1-8m-beach-house-that-just-hit-the-market-in-fountainstown/ .. 1.8 mill yikes !!

I don't think that this house has ever been lived in so probably being flipped for profit by the owners who had some change in their back pocket to develop this site.

I think that the architect has done a good job though, it's simple and wouldn't stick out like a sore thumb along the Coast Road, there's more thought went into how the house fits into the site than most houses along this road in fairness.

RINO87

fonecrusher1 wrote: »

To make matters worse 275 is just the initial house purchase. Bang on another 20k at least to get the 90's interior sorted and a new kitchen.

It's BER D2 also, so its going to need a fair few quid spent in that area too...

When people are bidding on these things (it'll probably go over asking in our current enviornment), are they actually thinking about how much money that is, to have such little to show for it, or do they just think "I'm approved for this much, so I'll spend this much"??

namloc1980

fonecrusher1 wrote: »

To make matters worse 275 is just the initial house purchase. Bang on another 20k at least to get the 90's interior sorted and a new kitchen.

The fact there's only 1 bedroom on the top floor is unreal. It's essentially a 1 bed house so honestly you'd need €50k plus to sort out the energy rating, the decor, the kitchen and the divide the bedroom to create 2 bedrooms.

Mav11

namloc1980 wrote: »

The fact there's only 1 bedroom on the top floor is unreal. It's essentially a 1 bed house so honestly you'd need €50k plus to sort out the energy rating, the decor, the kitchen and the divide the bedroom to create 2 bedrooms.

I think that at this point it is simply EA's kite flying and chancing their arm that there is enough panic in the market, so that somebody will pay the price! In all fairness to the EA's they are under obligation to get the best price that they can for their clients.

Today's Daft report won't help calm the market either.

fonecrusher1

namloc1980 wrote: »

The fact there's only 1 bedroom on the top floor is unreal. It's essentially a 1 bed house so honestly you'd need €50k plus to sort out the energy rating, the decor, the kitchen and the divide the bedroom to create 2 bedrooms.

Surely would this not make it a house with very limited appeal? That's not going to suit even the smallest of families. Including all the concealed additional costs the final price is heading up over 300k. Its mental.

Then again look at the mess we're in at the minute. It'll sell alright for looney money.

theboringfox

Hoping for an uptick in house supplies on daft in cork city on back of all this news of strong prices. Should hopefully encourage more people to sell who might have been holding off. The prices are just gone mad so hopefully supply increase at least eases things.

shtpEdthePlum

I think the whole thing is that the supply is scarce, people are afraid to sell to upgrade, because they can't move to another place... so I think things will just stagnate for a while.

The bulk of the market will be people who inherit property and flip it, developers flogging ugly overpriced shoeboxes and landlords getting out of the rental market so they get bang for their buck from the vulture funds who will perpetuate the high prices into the future.

Don't know when this bubble will burst.

Look at this absolute joke!!!

Mav11

shtpEdthePlum wrote: »

I think the whole thing is that the supply is scarce, people are afraid to sell to upgrade, because they can't move to another place... so I think things will just stagnate for a while.

The bulk of the market will be people who inherit property and flip it, developers flogging ugly overpriced shoeboxes and landlords getting out of the rental market so they get bang for their buck from the vulture funds who will perpetuate the high prices into the future.

Don't know when this bubble will burst.

Look at this absolute joke!!!

None of this makes economic sense. Unemployment, when you include the pup is supposedly running at 25%. I just wonder are the banks desperate to lend money (an asset in their books) and shift some of the increasing deposits (a liability) that people are accumulating? Or is cash driving the increases? It’s clear that something is pump priming this problem.

Either way I would be concerned that something is going to burst somewhere and when it happens I’d hate to be the one left holding the baby!!

Lia_lia

Mav11 wrote: »

None of this makes economic sense. Unemployment, when you include the pup is supposedly running at 25%. I just wonder are the banks desperate to lend money (an asset in their books) and shift some of the increasing deposits (a liability) that people are accumulating? Or is cash driving the increases? It’s clear that something is pump priming this problem.

Either way I would be concerned that something is going to burst somewhere and when it happens I’d hate to be the one left holding the baby!!

The way I see it is a lot of those who are on PUP are working in low paid jobs and wouldn’t be buying houses anyway. Not all these people of course. Those of us who still have jobs are generally saving a lot more money as there isn’t much to do like go on holidays, nights out etc. There has been a huge lack of supply for the last few years anyway but now it’s chronic due to building being stopped/slowed down and people not selling because of covid. I’d say a lot of people don’t want the hassle of selling during a pandemic and like mentioned above those that would potentially be trading up are holding off due to lack of supply...

Mav11

Lia_lia wrote: »

The way I see it is a lot of those who are on PUP are working in low paid jobs and wouldn’t be buying houses anyway. Not all these people of course. Those of us who still have jobs are generally saving a lot more money as there isn’t much to do like go on holidays, nights out etc. There has been a huge lack of supply for the last few years anyway but now it’s chronic due to building being stopped/slowed down and people not selling because of covid. I’d say a lot of people don’t want the hassle of selling during a pandemic and like mentioned above those that would potentially be trading up are holding off due to lack of supply...

Wouldn’t argue with any of that. Certainly reduced supply is a big factor.

But also, purchasers haven’t been able to view property for a while now, unless of course at contract stage. This should have decreased demand. I would then have expected a release of this pent up demand after relaxation of level 5. Is this feeding the rising prices?

My concern would be, where is the funding for the crazy inflated property prices coming from? Can’t see it all as a result of the increased savings.

shtpEdthePlum

Whereas it took me from 2016 - 2019 to save the first half of my deposit, it only took me six months of 2020 to save the second half, half my annual salary. Shur I've nothing to spend it on (except rent, bills, groceries and junk). I'd imagine a lot of people are in the same boat and panicking thinking the prices are continuing to rise indefinitely so just taking whatever crap is available.

I'm going to hang on a few years at least I reckon. There's nothing suitable currently. I'd rather risk paying a bit more later for something I actually want than dive in now for a shytehape.

Mav11

Mav11 wrote: »

............

My concern would be, where is the funding for the crazy inflated property prices coming from? Can’t see it all as a result of the increased savings.

FTB couple both on €50k/annum can borrow €350k ........... there's as many of them out there as always and effectively no supply.

The crazy inflated prices are representative of very small numbers of transactions. There's not loads of properties changing hands.... so there's not loads of funding going on either.

I know someone who went sale agreed in Lucan, Dublin. Nice enough 3 bed semi for €315k, it's not obscene for what it is tbh.

aisling86

Just spotted this. Fabulous house great location https://www.daft.ie/for-sale/semi-detached-house-st-josephs-55-pic-du-jer-park-ballinlough-co-cork/3153876

whatever76

aisling86 wrote: »

Just spotted this. Fabulous house great location https://www.daft.ie/for-sale/semi-detached-house-st-josephs-55-pic-du-jer-park-ballinlough-co-cork/3153876

Yea spotted that on Paper - the owners did a fab renovation on it , be interesting to see how far over asking it will g. Imagine half a million for a semi-d in ballinlough !

theboringfox

Lovely house. Should make 500k in current market. But some price ya!

Mav11

It sold in 2011 for €100k and again in 2018 for €335k. Quick money @ €500k!!

Lia_lia

shtpEdthePlum wrote: »

Whereas it took me from 2016 - 2019 to save the first half of my deposit, it only took me six months of 2020 to save the second half, half my annual salary. Shur I've nothing to spend it on (except rent, bills, groceries and junk). I'd imagine a lot of people are in the same boat and panicking thinking the prices are continuing to rise indefinitely so just taking whatever crap is available.

I'm going to hang on a few years at least I reckon. There's nothing suitable currently. I'd rather risk paying a bit more later for something I actually want than dive in now for a shytehape.

Yeah we are the same, saving loads. We still have childcare bills, rent and the usual food shopping, utility bills etc. Before covid I was spending a lot more on petrol, going out for food and drinks, holidays... There are people I work with who used to never save and instead spend an absolute fortune on going out and going on holidays and now I hear they have saved a house deposit.

That house in Ballinlough is fabulous. A lot of houses in that road sold a few years ago for great prices. They almost all need renovating but great if you have the money for it. Fab garden.