Cork City terraced - €85,000 - Opinions?

johnnyjb

Hi were closing the deal on a 3 bed terraced house in a quiet area of the north side and im wondering what peoples opinion are on the price. Houses in the general area are asking for 100k+ and are not in the best condition.

We are going ahead with the purchase but do people think at a price like that there is much room for prices to drop alot further.

I checked on collapso and the area had asking prices of 310k back in 2008-2009.

(im not asking people to convince me im right or wrong so please don't attack, just discuss)

djimi

Id imagine its going to be hard to give you an answer without knowing the house, but if youre getting it for €85k then you dont stand to lose a lot of money even if the prices to drop (20% off the price of an €85k house is nothing compared to 20% off the price of a €250k+ house for example). If its boom price was in the region of €300k and youre getting it for €85k then Id say youre doing alright!

Rhys Essien

You cant really go wrong with that price.You have to remember that Cork is second to Dublin for highest prices,so for 85k not bad at all.

Cork City is generally a bit cheaper than the county barring the furthest parts of North,East and West Cork.

A ball park figure over the years that you should pay for a house was 5 times the average wage.(Pity this was never stuck too)

So now 5 x 30 = €150,000(being what should be average)

All the best.

johnnyjb

It was crazy that terraced houses in the north side of cork city were commanding 300k.

I got the house around 25% less than asking price. I know people who paid 280k for a 2-3 bed around 2007 and there was no budging on the asking price.

I though the formula was that you should only borrow 3.5 times your salary, so on average that would be roughly 105k -120k (dont know the exact figure for national average wage)

I wouldn't consider my property to be any thing spectacular so being 30k short of the perceived acceptable national price seems reasonable.

Man007

johnnyjb wrote: »

I checked on collapso and the area had asking prices of 310k back in 2008-2009.

Hi I'm just wondering how'd you get the 08/09 price of the area on Collapso maybe I'm missing something but have had a look at the site and I can only view houses currently on the Market

I'd be interested in finding out

Learpholl

Why not post the link to the house on daft/myhome and people will be able to give a better opinion then? There are a lot of varying neighbourhoods in the Northside and while 85k might be a great deal in some, it'd be terrible in others. Although if you're happy yourself with the location then obviously thats irrelevant and 85k is a perfectly acceptable price for a 3bed in a location you're happy with.

johnnyjb

Man007 wrote: »

Hi I'm just wondering how'd you get the 08/09 price of the area on Collapso maybe I'm missing something but have had a look at the site and I can only view houses currently on the Market

I'd be interested in finding out

Select your county from the box "dublin"
Type in specific area in blank box next to that "finglas"
Beneath click "Include Inactive Listings"
Click "Changes"
When the results appear there is options to change or add the date to the results, click "All"

Should work if there is data collected for your area