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Cork Property Thread

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Comments

  • Registered Users Posts: 1,668 ✭✭✭ Mav11


    who_me wrote: »
    It's a very clever use of extremely limited space, and looks well. But by God it's tiny. For a short-term period it'd make an affordable home for a young professional... but very impractical and limiting for anything longer.

    I suspect that it is best compared to a small studio apartment. Probably offers better value on that basis, in terms of location, own front door and less noisy.


  • Registered Users Posts: 497 ✭✭ Kerry25x


    rain on wrote: »
    Similarly, this place which was listed at 195k for a few months is now relisted with an asking of 179k (still vastly overpriced for the size of it IMO) and the description "FIRST OFFER OF €179,000 SECURES":

    https://www.daft.ie/for-sale/end-of-terrace-house-the-lodge-1a-thomond-square-co-cork/3283449

    Still very overpriced, doubt they'll get the 179k to be honest. I'm glad that this one and the other overpriced shoebox on Vickers Street aren't getting much interest.


  • Registered Users Posts: 638 ✭✭✭ lostinsuperfunk


    Kerry25x wrote: »
    Still very overpriced, doubt they'll get the 179k to be honest. I'm glad that this one and the other overpriced shoebox on Vickers Street aren't getting much interest.

    Sold for 47,500 in 2014 according to the property price register 😯

    https://propertypriceregister.ie/Website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-B153C3150278025680257D3A00477E76?OpenDocument


  • Registered Users Posts: 6,690 ✭✭✭ Lia_lia




  • Registered Users Posts: 1,675 ✭✭✭ RINO87


    Lia_lia wrote: »
    Mental price!

    Sold!


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  • Registered Users Posts: 56 ✭✭ Spideoige


    I am starting to feel extremely deflated with the market in Cork now. Pretty much all the new builds are outside of my price range or are located way too far out and any second hand properties in our preferred locations would require extensive works. I know that there is always the option to venture further out of the city / suburb area but the prospect of commuting from Macroom or Mallow just does not appeal to us as we are a single car family at the moment and would ideally like to use public transport where possible.


  • Registered Users Posts: 132 ✭✭ Sonrisa


    Spideoige wrote: »
    I am starting to feel extremely deflated with the market in Cork now. Pretty much all the new builds are outside of my price range or are located way too far out and any second hand properties in our preferred locations would require extensive works. I know that there is always the option to venture further out of the city / suburb area but the prospect of commuting from Macroom or Mallow just does not appeal to us as we are a single car family at the moment and would ideally like to use public transport where possible.

    Same, it's really quite depressing and hard to know what to do.


  • Registered Users Posts: 862 ✭✭✭ unplayable


    This market is insane and a sellers market only. Wouldn’t be buying now unless you have to or get something off market. Wait 12-18 months will be a different landscape completely.


  • Registered Users Posts: 1,099 ✭✭✭ TheSheriff


    unplayable wrote: »
    This market is insane and a sellers market only. Wouldn’t be buying now unless you have to or get something off market. Wait 12-18 months will be a different landscape completely.

    Terrible advice, people were saying the same on here 12-18 months ago. Those who waited are now significantly worse off.


  • Registered Users Posts: 862 ✭✭✭ unplayable


    TheSheriff wrote: »
    Terrible advice, people were saying the same on here 12-18 months ago. Those who waited are now significantly worse off.

    Houses will be built and prices will drop off they cannot continue to rise at this levels it’s not sustainable. We are coming out of a pandemic remember.


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  • Registered Users Posts: 338 ✭✭ theboringfox


    The Cork market does not seem to be as bad as others. What is strange is that despite construction costs going way up the price of doer uppers seems to be staying very strong. I wonder do people bidding know the costs of extending and modernising.


  • Registered Users Posts: 1,099 ✭✭✭ TheSheriff


    unplayable wrote: »
    Houses will be built and prices will drop off they cannot continue to rise at this levels it’s not sustainable. We are coming out of a pandemic remember.

    Again, this was all said 18 months ago; have a look back through the various threads on this forum. Its been said for years actually.

    We will not have adequate supply in 18 months, even if they started building en masse tomorrow.

    For the foreseeable, the only way is up for house prices. I'd expect Cork to continue to rise as more people relocate from Dublin.


  • Registered Users Posts: 1,668 ✭✭✭ Mav11


    TheSheriff wrote: »
    Again, this was all said 18 months ago; have a look back through the various threads on this forum. Its been said for years actually.

    We will not have adequate supply in 18 months, even if they started building en masse tomorrow.

    For the foreseeable, the only way is up for house prices. I'd expect Cork to continue to rise as more people relocate from Dublin.

    But where is the funding coming from? Prices are also rising in Dublin.


  • Registered Users Posts: 2,482 ✭✭✭ Timing belt


    Mav11 wrote: »
    But where is the funding coming from? Prices are also rising in Dublin.

    If a couple on a Dublin wage can work from home they will be able to outbid others pushing prices higher...add on top investors chasing yield and a total lack of supply indicates prices will remain high for the short to mid term


  • Registered Users Posts: 56 ✭✭ Spideoige


    unplayable wrote: »
    This market is insane and a sellers market only. Wouldn’t be buying now unless you have to or get something off market. Wait 12-18 months will be a different landscape completely.

    Friends of mine were told to hold out a year or two ago and have seen subsequent phases of their estates being sold for more than what they paid. It will probably be a year or more before we find something but I can't see the market improving in that timeframe. I think everyone needs to make their decision on what suits their situations, for us the ideal time to buy is now and we would be happy to do so if there was something suitable came up.


  • Registered Users Posts: 338 ✭✭ theboringfox


    Spideoige wrote: »
    Friends of mine were told to hold out a year or two ago and have seen subsequent phases of their estates being sold for more than what they paid. It will probably be a year or more before we find something but I can't see the market improving in that timeframe. I think everyone needs to make their decision on what suits their situations, for us the ideal time to buy is now and we would be happy to do so if there was something suitable came up.

    Totally agree. If you can afford it and happy to love there then go for. Trying to time the market does not make sense to me. Debating trading up vs extension. I always leaned trading up but have spent couple years looking. Only bid on 2 houses and both went to under bidders.


  • Registered Users Posts: 1,087 ✭✭✭ Gru


    Mav11 wrote: »
    But where is the funding coming from? Prices are also rising in Dublin.

    First time buyers mostly it would seem going by the numbers of those increasing month on month:

    https://www.rte.ie/news/business/2021/0628/1231847-mortgage-approvals-up-in-may-driven-by-ftbs/


    they are saying in the article there are more loans being approved for first time buyers and movers since they started recording the data in 2011...

    Covid obviously allowed for more first time buyers to save more and be in a better buying position.


  • Registered Users Posts: 1,668 ✭✭✭ Mav11


    Gru wrote: »
    First time buyers mostly it would seem going by the numbers of those increasing month on month:

    https://www.rte.ie/news/business/2021/0628/1231847-mortgage-approvals-up-in-may-driven-by-ftbs/


    they are saying in the article there are more loans being approved for first time buyers and movers since they started recording the data in 2011...

    Covid obviously allowed for more first time buyers to save more and be in a better buying position.

    I would be concerned that higher mortgage borrowing would lead to higher long term debt servicing commitments and reductions in disposable income, with obvious implications. Probably not a discussion for this thread though!!


  • Registered Users Posts: 15,363 ✭✭✭✭ rob316


    Their is a limit to the prices though, this isn't 2007 where you could get 110% mortgages on whatever pretend salary you made up, the central bank rules will keep it from going to celtic tiger levels. I know its not far off but the sharp rise is due to the pandemic, its couldn't have been predicted.

    18-24 months from now there will be more supply and hopefully affordable housing will get off the ground. The pressure on the government to sort this is immense and they know they are out if they can't make a dent in this.


  • Registered Users Posts: 480 ✭✭ Iscreamkone


    rob316 wrote: »
    Their is a limit to the prices though, this isn't 2007 where you could get 110% mortgages on whatever pretend salary you made up, the central bank rules will keep it from going to celtic tiger levels. I know its not far off but the sharp rise is due to the pandemic, its couldn't have been predicted.

    18-24 months from now there will be more supply and hopefully affordable housing will get off the ground. The pressure on the government to sort this is immense and they know they are out if they can't make a dent in this.

    Dream on if you think there will be any impact within 18-24 months. I reckon it will be 5 years of price growth at least.


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  • Registered Users Posts: 56 ✭✭ Spideoige


    Dream on if you think there will be any impact within 18-24 months. I reckon it will be 5 years of price growth at least.

    I agree, I try to keep an eye on upcoming developments and I can't see the supply increasing all that dramatically in the next two years. I assume it takes a couple years for a developer to go through the planning process alone never mind before the break ground!


  • Registered Users Posts: 15,363 ✭✭✭✭ rob316


    Dream on if you think there will be any impact within 18-24 months. I reckon it will be 5 years of price growth at least.

    The 3.5x borrowing rule will limit how high the prices can go. Whats the average household income 70/80k? That puts a mortgage available of about 280k.

    Its mad right now, but I think people are looking too far ahead and predicting celtic tiger levels. The central bank rules are there for that reason, to stop wreckless borrowing on insane house prices.

    I can see a stagnation at the ceiling but not much if any of a decrease.


  • Registered Users Posts: 3,667 ✭✭✭ who_me


    rob316 wrote: »
    The 3.5x borrowing rule will limit how high the prices can go. Whats the average household income 70/80k? That puts a mortgage available of about 280k.

    Its mad right now, but I think people are looking too far ahead and predicting celtic tiger levels. The central bank rules are there for that reason, to stop wreckless borrowing on insane house prices.

    I can see a stagnation at the ceiling but not much if any of a decrease.

    That's part of the danger of boom-bust cycles; the booms inflate prices to a level that can't be met during busts. And - unlike other purchases - people can't afford to just 'take the hit' and sell for a loss; so you probably have lots of people holding out for prices they're not going to get any time soon.

    With the difficulty selling, and the resultant effect that's having on the rental market, it doesn't really make much sense to sell now anyhow. Keep the property and rent it out.


  • Registered Users Posts: 1,907 ✭✭✭ CorkRed93




  • Registered Users Posts: 15,363 ✭✭✭✭ rob316


    CorkRed93 wrote: »

    Have you seen the houses up there? Anyone buying that site won't care about the price. Absolute mansions


  • Registered Users Posts: 1,668 ✭✭✭ Mav11


    CorkRed93 wrote: »

    It seems to be gone now. Was that the one where the photo looked like it was in West Cork? Big rocky mountain behind the house.


  • Registered Users Posts: 1,087 ✭✭✭ Gru


    Mav11 wrote: »
    It seems to be gone now. Was that the one where the photo looked like it was in West Cork? Big rocky mountain behind the house.

    its still on myhome....


    My home link


  • Registered Users Posts: 338 ✭✭ theboringfox


    Foxwarren houses were selling for big money in same area. So they will probably get that.


  • Registered Users Posts: 4,122 ✭✭✭ Brussels Sprout


    rob316 wrote: »
    Their is a limit to the prices though, this isn't 2007 where you could get 110% mortgages on whatever pretend salary you made up, the central bank rules will keep it from going to celtic tiger levels. I know its not far off but the sharp rise is due to the pandemic, its couldn't have been predicted.

    This would make sense except for the fact that it ignores cash buyers & institutional investors who are outbidding people looking for family homes.

    This story is a good example of how things are playing out in many cases right now:

    https://www.irishexaminer.com/news/munster/arid-40327145.html


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  • Registered Users Posts: 323 ✭✭ pkvader


    donnaille wrote: »
    Does anyone know much about this new development of 4 bed detached in Carrigaline? - https://www.daft.ie/new-home-for-sale/abbeylane-road-carrigaline-co-cork/3219283

    These are gone up €20k to €495!,lovely houses,but back gardens are postage stamp size.

    https://www.daft.ie/new-home-for-sale/abbey-lane-mountain-road-carrigaline-co-cork/3221241


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