House in Cloyne for sale - whats it really worth?

AshAdele

I am looking for advise on a 4-bed semi-d in Cloyne in cork.

http://www.daft.ie/searchsale.daft?id=364819

it is advertised fro 215k in a half occupied estate, phase 1 is finished and phase 2 is a pile of rubble overlooking phase 1. i think most of the un-occupied houses are to builders finish but there is black plastic on the windows so i cant be sure. the houses were first advertised for sale 3 years ago.

there are other 4bed semis in the area not selling at 140k-160k but are in a very crowded estates. im really not interested in these ones.

im think that fully finished this house could be worth about 150k-160k but how much would a builders finish be worth?
and do you think we could get some money knocked off because of phase two not being completed.

BrianBlessed

Why in the name of God would you want to buy in a half occupied estate next to a pile of rubble?

smelltheglove

The house looks amazing but very much as above. There are sooo many people living distraught in unfinished estates that really if I was you and I REALLY wanted one of these houses I would be looking for a HUGE reduction in price, I mean substantial to convince me to live in a ghost estate!

AshAdele

the front of the estate is lovely, the house's look like they are finished to a high standard, it is the area we want for various reasons (close to an educate together school, good transport links to cork, no toll) and i recon we could get the house in our very small budget.

it is the back row that has had the ground prep down but no actual building work done. the frount row are completly finished and landscaped. all swerage done, all roads done.

how much would be cost of finish off a house like this from builders finish?

smelltheglove

Have you visited the area at night to see if the street lighting is working? Often the street lights are not turned on until the houses are all finished also potholes not filled until estate is finished and even eircom not completed, these are little details but can cause hassle. Another thing to consider is, is there any greenery i.e. small fields, these often are not looked after until completion either. I know from when I was looking into building in the boom the difference between a builders finish and ready to live in was about 10k upwards, depending on standard, builders finish would not include bathroom suites or kitchen presses or fitted wardrobes. These of course can be done cheaply, especially in these times but the standard you would want yourself really will say how much it would cost.

BrianBlessed

Anyway, you might find http://www.thepropertypin.com to be a more useful place to ask that question.

They might give you the price in heavy pigs though...

jmayo

AshAdele wrote: »

the front of the estate is lovely, the house's look like they are finished to a high standard, it is the area we want for various reasons (close to an educate together school, good transport links to cork, no toll) and i recon we could get the house in our very small budget.

it is the back row that has had the ground prep down but no actual building work done. the frount row are completly finished and landscaped. all swerage done, all roads done.

how much would be cost of finish off a house like this from builders finish?

So basically grand so long as you don't ever look out the back windows ?

AshAdele

jmayo wrote: »

So basically grand so long as you don't ever look out the back windows ?

yep the back is the problem, I know that the estate was built by Star homes and they seem to be still trading,

I wouldnt buy the house until the mounds of earth are landscapped, im hoping to talk to the builder and see what he says!

Im just wonderng what the house is really worth, its hard to know as there is so little actually selling in the area.

the original price was 310k, now at 215k but 4 beds in the area are not selling at 150k.....

jmayo

AshAdele wrote: »

I am looking for advise on a 4-bed semi-d in Cloyne in cork.

http://www.daft.ie/searchsale.daft?id=364819

it is advertised fro 215k in a half occupied estate, phase 1 is finished and phase 2 is a pile of rubble overlooking phase 1. i think most of the un-occupied houses are to builders finish but there is black plastic on the windows so i cant be sure. the houses were first advertised for sale 3 years ago.

there are other 4bed semis in the area not selling at 140k-160k but are in a very crowded estates. im really not interested in these ones.

im think that fully finished this house could be worth about 150k-160k but how much would a builders finish be worth?
and do you think we could get some money knocked off because of phase two not being completed.

Just look at what I highlighted.
You are buying into a half occupied estate.
That means you don't know what will happen to the other unsold houses.
They may be sold off to someone who ends up turning them into social housing units.
Now before someone jumps on me for slamming people in social housing, there are many fine people who have lived in social housing, but all it takes is the one or two bad apples to turn the estate into a nightmare.

Even if you don't get the undesirables it will lower the value of your purchased home.

These houses were first up for sale three years ago and they are still unsold.
That tells one that they are overpriced and not wanted.
Why would you want to buck that trend ?

"phase 2 is a pile of rubble overlooking phase 1."
And you in your next post you think the developer will landscape them.
The developer/estate agent will promise you there will be landscaped lawns, shrubs, tullips whatever you want but I won't hold your breath.

So there are 4 bedrooms for sale in the area for 150k so do you seriously think that a four bedroom in a half finished half empty estate is worth 65k grand more ?

Please do not be like my other half who always looks at what the original price was when it is "on sale" and then figures how good bargain it is to buy.
It doesn't matter what the original price was, because it was a bubble price and was overinflated.
Do not consider the original price because you will convince yourself you are getting a bargain when you compare it to a current asking price.

Look at asking prices in the area, then look how long they have been on the market, then figure out if those prices have dropped and by how much since they have come on the market.
Then factor in a drop of another 10%.

This site can help.
http://www.irishpropertywatch.com/

Then when you have all that done, take into account that this is half finished half empty estate and run away.

BTW what you called a "crowded estate" is what's also called an established estate where they may be some social fabric rather than a half empty eyesore.

Also I would have no issue with you buying half finished standalone house since finishing it is upto you and no one else.

AshAdele wrote: »

yep the back is the problem, I know that the estate was built by Star homes and they seem to be still trading,

I wouldnt buy the house until the mounds of earth are landscapped, im hoping to talk to the builder and see what he says!

Why oh why do I think you have set your sight on this and you are looking for validation of your decision ?
I hope I am wrong.

AshAdele

ya i suppose your right,
i wont be jumping into anything quickly, we are awaiting mortgage approval and im just trying to do as much research as possible, as i said i wouldnt buy it unless the place was landscapped properly.

i can see the potenial of this place thats why im asking. the other half is much more senisble then me and certainly wont be buying anyhting until we have fully investigated it.