Cork Property Thread

Schorpio

https://www.boards.ie/discussion/comment/121787865#Comment_121787865

On an individual basis, yeah fine, more power to them. Not how I'd spend my money, but live and let live.

However, on a larger scale, if the market is now at a stage where semi-d's in Ballintemple can command nearly three-quarters of a million, then we have a huge problem with the housing market. Even worse - if this house is an attractive proposition for landlords then it shows how messed up the rental market is too.

This house would have been 'starter home' territory a few years ago.

Iscreamkone

https://www.boards.ie/discussion/comment/121788939#Comment_121788939

You’ll have plenty in the Blackrock area downsizing to this type of property. I’d be surprised if a Landlord thought that this was good value.

rebs23

https://www.boards.ie/discussion/comment/121788939#Comment_121788939

That estate was never starter home territory, those houses were considered expensive when launched. Ballintemple/Blackrock/Ballinlough is an area close to the City Centre, inside the N40, relatively wealthy with little or no development land left for building houses at scale so houses in this location are always going to be at the extreme end of the property market.

markodaly

https://www.boards.ie/discussion/comment/121786995#Comment_121786995

One thing is that the original price was builders' finish that didn't include things like appliances and floors. That floor downstairs looks to be a parquet floor, which is very expensive to buy and put down. Easily could spend 10-15 grand on that alone.

CorkRed93

https://www.boards.ie/discussion/comment/121793366#Comment_121793366

yeah the flooring will have been expensive, a friend got something similar done in a larger area for around 15k. doesnt add 40% to the original purchase price for me but im sure it'll suit somebody.

markodaly

https://www.boards.ie/discussion/comment/121793382#Comment_121793382

One can easily spend 10-15% of the original house price to actually fit out the house. It all adds up.

Of course, since then house prices have gone up regardless.

crayon80

https://www.daft.ie/for-sale/detached-house-cashel-coolatubbrid-carrigrohane-co-cork/5576339

€495k. A bit different and needs updating but a huge house. Good value compared to what's out there in that price range near the city .

SummerK

525k for a 4-bed semi in Midleton. Market seems to be in extreme greed mode.

Four Bed Semi Detached, Lakeview, Four Bed Semi Detached, Lakeview, Four Bed Semi Detached, Lakeview, Castleredmond, Midleton, Co. Cork is for sale on Daft.ie

Iscreamkone

https://www.boards.ie/discussion/comment/121833059#Comment_121833059

What’s a greed mode?

There is no deal if the vendor asks for more than what a purchaser can afford AND is willing to pay.

I will say that there are no bargains to be got out there though.

the beer revolu

https://www.boards.ie/discussion/comment/121833278#Comment_121833278

Show me where people sell below what they could get because they don't want to be seen as "greedy"!

"You're the highest bidder but I'm selling to the third highest bidder because I'm not greedy, sorry."

CorkRed93

https://www.boards.ie/discussion/comment/121833059#Comment_121833059

decent that a 4 bed new build was going for 380-390k tops in mid 2020 around midleton/bcollig etc. cant keep going up.

CorkRed93

https://www.boards.ie/discussion/comment/121833059#Comment_121833059

price of semi d's in aghada just shy of 400k. mental times out east.

SummerK

https://www.boards.ie/discussion/comment/121833278#Comment_121833278

This developer increased price of 3-Bed End of terrace from 345k to 395k and I had posted couple of months ago. Now they've reduced it to 355k, however I feel they will be reducing price of 4-bed semi as 525k is way above the normal. Just for ref. Ballinglana/Richmond were selling similar size 4-bed semi for 470k (Eligible for HTB) in previous phases. Glanmire is more desirable when compared to Midleton and at the moment The Steeples in midleton are selling 3-bed detached for 480k with 20k PC Sum allowance. Agree that there are no bargains and there will be deal if some one is willing to pay, but his unusual price increase should stop at some point in time is what I think.

deeperlearning

https://www.boards.ie/discussion/comment/121813636#Comment_121813636

It is on a north-facing slope and is permanently in the shade. It's got a BER rating of D2 which means it would cost an absolute fortune to heat. With construction prices at the moment, it would cost a considerable amount to bring it up to an A rating.

deeperlearning

https://www.boards.ie/discussion/comment/121793382#Comment_121793382

Construction costs have risen considerably since 2020. There is a huge demand for homes in Ballintemple and Ballinlough but the majority of homes in the area that come on the market are probate sales in need of considerable renovation.

The house above is one of the very few with an A Ber rating in the area to come on the market. There are buyers who are prepared to pay an absolute premium for a home that they can move into immediately.

jamesd21

Does anybody have any information on the Arderrow development in Ballyvolane? Has that gone live yet?

Dolbhad

https://www.boards.ie/discussion/comment/121847494#Comment_121847494

They have released the first phase. Friend of mine secured a property although they were on the waiting list.

Iguarantee

https://www.boards.ie/discussion/comment/121511365#Comment_121511365

Crèches are absolutely viable.

A crèche with 100 kids attending is a million euro turnover business.

Timing belt

https://www.boards.ie/discussion/comment/121947782#Comment_121947782

it’s profit that make a business viable not just turnover. And because there is limited room to cut costs due to regulations such as no of FTE required per child, or not being able to save on electricity/gas etc.

if it was just about turnover then you wouldn’t have to worry about a limited no of spaces and could just expand till economies of scale make it viable but then your not talking about a small crèche in a housing estate which was the original point.

At the end of the day in a lot of cases it’s not viable for the number of hours and energy put in by the owner. Considering the risks and stress they could easily find a better paying job doing something else without the stress etc.

notAMember

https://www.boards.ie/discussion/comment/121947782#Comment_121947782

I'm afraid turnover does not make a business viable. And there is no way you'd get 100 children into the creche in those plans. And jeepers if you think a 100 child creche for 1M turnover is viable you're drinking some funny stuff. Ratio is 1 adult per 3 babies... 33 staff. 1MM , take off at least 200k for rent and running expenses (even that's mad, you'd never house 130+ in a place you can rent for that), divide the rest by 33 to get your wage bill. 24k per annum which is below minimum wage. Part time staff are even more expensive. Sorry, you're closed down now due to zero staff, failing your first inspection, and you didn't make a penny.

Creche workers are some of the hardest working people I've ever met, with the huge responsibility to keep toddlers alive, can't let attention drop for a moment, and they get paid like crap. Add all the regs on top, inspections, paperwork, nutso parents, the works. It's a tough tough job. And even with them being paid peanuts, and parents paying a fortune, it's still not viable. It's a broken model unfortunately.

Running a primary school is also very damn hard. Children, parents, teachers, board of education, inspections, supplies, grants etc. But at LEAST they don't need to be profitable on top. Teachers get paid either way, people who run creches, not always.

Iguarantee

https://www.boards.ie/discussion/comment/121948309#Comment_121948309

The ratio you’ve mentioned above is solely for babies. There isn’t a crèche in Ireland that has anywhere close to 100 babies (nor, for that matter, is there likely a hospital with that many babies).

A ~100 child crèche (some of which are babies), very much can have a turnover of well over €1m whilst maintaining correct staffing ratios.

Also, profit projections for the same size business are in the range of hundreds of thousands of Euro i.e. north of €200k per annum.

I’ve seen the numbers myself.

Projections don’t equal a guarantee, but they’re a lot more realistic than a flat out disbelief that that kind of money can be made.

On a separate note: a bunch of childcare facilities in Cork city have been bought buy a single UK fund, along with a bunch of facilities in Dublin. This is the kind of stuff people should be working to prevent; the more the supply is controlled by a single entity, the less competitive the market gets for parents/customers and the higher the childcare rates will get.

rob316

https://www.boards.ie/discussion/comment/121947782#Comment_121947782

1m euro isn't a big turnover, especially when your insurance and salary costs eat most of that. Thats before you even dream of making a profit.

PreCocious

The Crèche market isn't competitive.

Everywhere is full, there isn't any scope for shopping around or comparing places.

rebelette91

I’d love some feedback on this…

I’m a first time, all cash buyer. I’m the highest bidder on a house, the next highest bid is 10k less.

The auctioneer told me today that the sellers want both parties to get an engineer report done asap and then they will allow a second viewing of the house and take the highest bid.

Has anyone else been asked to pay up for an engineer report when they haven’t gone sale agreed and are potentially still in a bidding war?

I know the market is strong, but this is just madness?!

theboringfox

That must be sign of the market. But I have been to viewings on properties that needed work and the agent was requesting before bidding that people had someone look at it. I think people underestimate the costs and agent looking to avoid it needing to go back on market in few weeks. To be honest Irish system should be amended and all houses should require a survey report prior to sale.

In terms of advice all I can say is Agent can ask this. Unless I was very sure I wanted it it would be a no for me. Survey will be between 500e and 1000e. Thats lot to payout when you dont even know if youre sale agreed.

Deub

https://www.boards.ie/discussion/comment/122032591#Comment_122032591

Maybe they don’t want buyers to negotiate the price after being sale agreed because the survey showed something needed to be fixed.

My twisted mind would think that there might something wrong with the place and not to waste time (aka having multiple sale agreed falling through), they ask potential buyers to have survey done early in the process.

It is most likely scenario 1 but I wouldn’t be confortable paying for a survey before being sale agreed.

the beer revolu

We have a ridiculous system. There should be one, regulated survey that all prospective buyers can see. This notion of every buyer getting their own survey is crazy (unless you're an engineer).

In the case of rebelette91, perhaps they should ask to be put in contact with the other bidder so they can share the cost of a report.

@rebelette91

timmyjimmy

https://www.boards.ie/discussion/comment/122032591#Comment_122032591

Been in this situation before. There was totally something wrong with the house.

Original asking was €240000. This dropped to €160000 cash as mortgage lenders would not lend due to the issues that were found.

Schorpio

That's my thinking too. Big red flag. I'd wager there is something wrong with the house (possibly structural), and the seller wants that to come out now at 'bidding' stage.

The seller would likely be in a worse position if the house were to go sale agreed, and then the big problem came to light.

rebelette91

I am most grateful for the responses on my post…the house was built in 2015 and structurally appears very sound.

I feel more that the sellers/auctioneer are sceptical of me being an all cash buyer and I’m probably not the buyer they had in mind for the house. Not married and don’t have children yet and this is a family home.

I feel they are trying to flush me out for fear I’ll pull out after we go sale agreed.

I’m going to hard ball the auctioneer again today and if that fails I’ll happily pull out because there’s no way I’m paying for an engineer without being sale agreed.