Cork Property Thread

"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.

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.

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!!!

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!!

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...

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 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 !

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

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

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.

romaderwdcsax

Lia_lia wrote: »

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.

Looks good alright, if you look at the pictures tho, the insulation fixings are showing above the windows. All the window reveals apart from the new extension out the back are showing signs of dampness or mould. Might still be a few quid needed to solve those issues.

romaderwdcsax wrote: »

Looks good alright, if you look at the pictures tho, the insulation fixings are showing above the windows. All the window reveals apart from the new extension out the back are showing signs of dampness or mould. Might still be a few quid needed to solve those issues.

Always danger there with a house like that. Still wont go for less than 500 Id say

romaderwdcsax

theboringfox wrote: »

Always danger there with a house like that. Still wont go for less than 500 Id say

In the market myself at the moment due to selling my current house and a few estate agents I was talking to reckon that house in ballinlough could go for €520k

Mav11 wrote: »

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

I reckon they would have paid quite a lot for the renovation though! Especially with building costs in the last couple of years.

romaderwdcsax wrote: »

In the market myself at the moment due to selling my current house and a few estate agents I was talking to reckon that house in ballinlough could go for €520k

Getting into saucy range at 520k but nothing shocks me anymore. Noone tell McWilliams!

suds1984

theboringfox wrote: »

Getting into saucy range at 520k but nothing shocks me anymore. Noone tell McWilliams!

Heard they are offers closer to 550k... absolutely madness if true.

Lia_lia wrote: »

I reckon they would have paid quite a lot for the renovation though! Especially with building costs in the last couple of years.

I doubt they would be making much money on 500k given the renovation that's been done and the cost of work as you rightly point out.

Very few houses ready made for young families to move into in the city without the need to renovate. That will tick lots of boxes for loads of people so I am not surprised it is attracting lots of interest.

As someone who has come out the end of a full two year renovation with a young family in tow, there is a lot to be said for buying a ready to move in place like that.

It's also a lovely house and would be great for a family with small kids.

shtpEdthePlum

I just yesterday had someone who is selling right now tell me that they had the price of their modern (MAX) 400k apartment just outside town driven up to 600k (for an APARTMENT) because nosy cunts just wanted to have a look. The damage already done on the price, their offer was withdrawn. They're back at 400 now with potential genuine offers in between now gone.