Cork Property Thread

Thephantomsmask

https://www.boards.ie/discussion/comment/118299643#Comment_118299643

I think it is social housing, I haven't seen any advertising.

marno21

https://www.boards.ie/discussion/comment/118299643#Comment_118299643

Sarsfield Heights its called. There was rumours it was social housing but it stopped completely during the Jan-April 21 lockdown.

vinnie_cork

The use of online bidding is relatively new. The house next door on market 3 weeks now, been ques of people into it. Something like 40 last week alone. Deadline for online bids closes at 2pm tomorrow. Currently 6 bids in, €14k over asking & I suspect the real action to happen from 12-2 tomorrow. Bit more transparent but I’d hate to be bidding. Was bad enough when I was looking in 2018 and was outbid on several before finding mine.

Serious demand & lack of supply especially in cork city centre area. Closest new builds are in Glanmire or by airport. So older houses in high demand & very few on market.

Bit different to 2006 scenario where there was an over supply but not sure where it will end.

iColdFusion

https://www.boards.ie/discussion/comment/118330059#Comment_118330059

There is some absolute madness happening with online bidding, there is a lot to be said for forcing people to stop, have a think and pick up the phone to the auctioneer before placing their next bid, wasn't interested in this house in Fota but look at the bidding 😲

https://onlineauctions.dngcreedon.ie/lot/details/57882

vinnie_cork

https://www.boards.ie/discussion/comment/118330636#Comment_118330636

And there’s a condition on that Fota one. Can only live in it 6 months per year. It’s a planning & tax regulation.

vinnie_cork

That live auction was dramatic. Closed at €101,000 over asking. And I thought it was spot on asking. At €5,550 per m2 great result for seller. But further shows pent up demand for city centre homes.

IHateNewShoes

https://www.boards.ie/discussion/comment/118299643#Comment_118299643

Just wondering if you were able to find out any more about this?

https://www.daft.ie/for-sale/detached-house-42-kiltegan-lawn-rochestown-road-rochestown-co-cork/3560857

curious what this has sale agreed at , considering the price of the last house in the area

whatever76

https://www.boards.ie/discussion/comment/118433163#Comment_118433163

I know its nuts what do uppers are going for but I guess its location location location - I heard latest bid on this was ~380k ; 45 Belmont Park, Ballinlough, Co. Cork is for sale on Daft.ie

according to Register No 35 in that estate went for 520k !

theboringfox

Good long garden on that Belmont Park one so well suited to extension. It doesn't surprise me following market in that area it is going for 380k plus. One on Somerton Road around corner went 375k recently. What surprises me is given where extension costs have gone what bidgets are people allowing and have they realistic idea on costs etc. Location is driving that price.

https://www.boards.ie/discussion/comment/118433163#Comment_118433163

Last one was asking 395 and went for 520, that one was detached though and in better nik but still needed work done to it

Jbholmes

That area of Ballinlough is a very nice quiet and mature area, so I can see why they command the premium.

Jbholmes

Yeah I actually agree with you. It all comes down to location. For example that house has a good school, swimming pool, shop (JJ ODriscolls) and a nice park with playground all within a two minute walk.

the beer revolu

It's mad. I grew close to that area and in the 70s and 80s, it wasn't considered a wealthy area, at all. Very ordinary single income working families lived there. Not saying it was a working class area, but it certainly wasn't considered posh!

notAMember

https://www.boards.ie/discussion/comment/118454347#Comment_118454347

Well... that is really a question of perspective or comparison to the rest of the country at the time maybe. Ballinlough has always been a southside "good" area, even from back in the 50's. St Anthony's and Cork Con rugby are right there, = fee paying Pres boy heaven. Semi-D's and detatched houses with decent gardens.

Remember too that single income was default/maximum permitted. The marriage ban was removed mid 70's for women in the civil service, and not until 1978 was it made illegal to reject a woman from private employment based on marital status. My mother was chucked out of her permanent job in the bank 1977 when she got married. So single income was effectively the rule, in law, here. A women's place was chained to the kitchen sink.

Also, 70's and 80's were our peak unemployment and emigration time. therefore having ANY income in the 70's and 80's, and not being on the dole or on the boat, was almost middle-class-ish. "Single income working family" means "loaded" if you're in the 80's. I accept that now, looking backwards, it's nothing like today's standard of living.

the beer revolu

https://www.boards.ie/discussion/comment/118456992#Comment_118456992

Not disagreeing with any of that, really. It was always a "good" area but you only needed a pretty average job to be able to afford to live there.

I'd say plenty of Ford and Dunlop factory workers had houses in Ballinlough. St. Anthony's was a regular National school - not in any way exclusive.

Now it seems that only the top earners could afford to live there. Two average industrial wages wouldn't see you there, now!

notAMember

What are the rules at the moment for FTP... 10% deposit and 3.5 times combined income?

Say a family / couple have a combined income of around €100k... or 50k each for easy sums.

https://www.statista.com/statistics/416212/average-annual-wages-ireland-y-on-y-in-euros/

Current statistics are average wage in Ireland 2020 was €49,300

That gives them a max mortgage of 350k

House costing 380 would need deposit of 38k, needing a mortgage of 342k, so should be within affordability.

Faith

https://www.boards.ie/discussion/comment/118460824#Comment_118460824

Plus stamp duty (€3,800 if it sold at asking price), engineer's report/survey costs, insurances, solicitor's fees and all the other legal costs (~€3000 - €4000 easily). Your calculations also exclude the cost of any necessary upgrades or maintenance work required, and most FTB will also need a fair budget for furniture. It might be possible to afford the property itself, but all of the necessary extras could put it well outside of affordability for the average couple. The ad itself states "The property itself arrives to the market in need of complete renovation", so who knows how much that could cost extra.

notAMember

https://www.boards.ie/discussion/comment/118460869#Comment_118460869

Yes, I was just going on mortgage. That doesn't include stamp duty and the legal fees, hiring the moving van, furniture etc.

That was my experience, First place I bought was a heap of crap at the top of my mortgage "affordability" that I upgraded slowly over time, furnished with freebie furniture being chucked away. That's what we all did back in my day. We didn't walk into a shop with a credit card and furnish a whole house day 1. Maybe that's the expectation now. shrug.

Timing belt

https://www.boards.ie/discussion/comment/118460680#Comment_118460680

Back in the 80’s a Good job was difficult to come by. Standards of living were very different to today and there was a big difference in standard of living between a good area and a working class area.

To put in context about 50% of the pupils in st Anthony’s came from homes where the parents had their own business or were professional. They weren’t millionaires but were financially better off than most at a time when unemployment was very high.

Lia_lia

https://www.boards.ie/discussion/comment/118462020#Comment_118462020

Renovation/building costs are massive these days. Houses for sale in Ballinlough for 350K often need loads of work done that can cost well over 100k. This would be essential work, not a fancy extension or anything. We are a couple on over 100k between us but would be priced out of houses like this as we don’t have an extra hundred grand lying around for renovations.

notAMember

https://www.boards.ie/discussion/comment/118462719#Comment_118462719

Yes, that's true. Standards are eye-watering, cost of materials is mad and the lead time is big. Finding a place you can move into and tolerate for a while would be ideal.

theboringfox

I think if that house is going for 380k its at least 100k to modernise existing house. I think it is much more likely anyone buying a house like this will do some form extension. That could be anywhere from 200k to 350k plus based on extensions you normally see around that area. So I think people buying are often people with budget closer to 600k plus or aiming to grow into it. In that sense the area is becoming hard to buy in. I expect the flow of workers coming home from Dublin with higher salaries are behind a lot of the recent push up in prices.

whatever76

Latest property price survey reveals Cork's Top 20 most expensive towns and addresses - Cork Beo

vinnie_cork

What’s the fascination with Carrigaline? Most car dependent town in country.

Mr.CoolGuy

Carrigaline is far nicer than 90% of the towns in Cork yet gets hammered on here constantly. A bit of traffic is not the be all and end all everyone

iColdFusion

https://www.boards.ie/discussion/comment/118498321#Comment_118498321

Carrigaline is just one big ever expanding housing estate, its not terrible but doesn't have the character, services or amenities of Midleton or Ballincollig plus always seems to jammed full of traffic which hopefully will be reduced with the relief road and I heard they have started enabling works for the motorway to Ringaskiddy too.

Your 90% comment makes no sense when you consider how nice all of west Cork is too.

Wyldwood

€275k for the Ballinglanna house in December 2020 would have been net of VAT as it was a new build.

IHateNewShoes

And probably another 30/40k kitting the place out. The negative of that is no HTB.

marno21

25 properties to rent on daft.ie this evening. 1 of the listings is Elysian penthouses and the other is student accommodation. So 23 properties altogether. I remember being shocked last year when that number dropped below 100. Absolute madness for a city of this size.