Cork Property Thread

opus

whatever76 wrote: »

Wow - 250k for end of terrace house on quaker road !
https://www.sherryfitz.ie/CRK200450_S

Parkowen is a nice little enclave especially since the gateway from Douglas St was closed as the little green area was a bit of a wino hangout prior to that. Looked at a house there around 8 years myself but it didn't really appeal. Asking price was somewhere around 170k afair.

RINO87

RINO87 wrote: »

Should have added a link: https://www.daft.ie/for-sale/detached-house-clontead-beg-coachford-co-cork/2933625

It's a nice enough finish, but i'd say its freezing!!


............

Looks to be electric rads ......... disaster.
I wouldn't mind a G rated house tbh ....... oil or gas heating to take the sting out of the cold and a decent stove and you'd manage away. I'm not a fan of A rated houses that are often too warm in summer.

But electric rads are a no no.

the beer revolu

Augeo wrote: »

Looks to be electric rads ......... disaster.
I wouldn't mind a G rated house tbh ....... oil or gas heating to take the sting out of the cold and a decent stove and you'd manage away. I'm not a fan of A rated houses that are often too warm in summer.

But electric rads are a no no.

A well insulated house should be cooler in the summer than a poorly insulated one, no?

Overheating is a factor in many homes that have been upgraded to being low energy. Passive homes can often be hotter in summer than older poorly insulated, draughty ones, loads of houses have lots of often unshaded glazing on the south , east or west.......loads of folk simply can't leave windows open as often as they'd like for security/noise concerns whatever.

Insulation and being air tight is a contributor to many modernised homes being warmer than you'd like in summer. Not as much of an issue with a new build as the architect might/should be more on the ball but I know more than a few people with passive homes who would appreciate air conditioning at times.

It's not just the insulation that's a factor.

who_me

Yeah, my nephew has a modern A rated house and is always apologising to visitors about the heat. "There's no heating on, that's just how it is!".

As someone living in an old unrated (that I know of) building, I'm jealous. Even with the heat blasting, it just ends up with hot spots and cold spots, not comfortable anywhere.

rcreedana

I've just seen that the new phase of development for Heathfield in Ballincollig was released a couple of days ago and all units are already agreed!

Does anyone know of any other developments coming out soon that would qualify for HTB? I like the houses up in Lehenaghmore but the estates (Coolkellure/Manor Farm) seem a bit remote with regard to basic services/amenities. Can anyone with experience of living around that area say otherwise?

Cheers.

Lia_lia

rcreedana wrote: »

I've just seen that the new phase of development for Heathfield in Ballincollig was released a couple of days ago and all units are already agreed!

Does anyone know of any other developments coming out soon that would qualify for HTB? I like the houses up in Lehenaghmore but the estates (Coolkellure/Manor Farm) seem a bit remote with regard to basic services/amenities. Can anyone with experience of living around that area say otherwise?

Cheers.

They sold out in 5 minutes apparently! Mental.

I’ve a friend living in one of the new builds in Lehenaghmore. She really likes it there. There is a regular bus service and if you drive it’s very handy for town, the link etc... But yes like you say not many amenities like shops there. You would be quite car dependant.

Not sure about other developments, looking myself. A lot seem to be sold out and haven’t heard much about any new ones coming on the market any time soon.

.red.

rcreedana wrote: »

Does anyone know of any other developments coming out soon that would qualify for HTB? I like the houses up in Lehenaghmore but the estates (Coolkellure/Manor Farm) seem a bit remote with regard to basic services/amenities. Can anyone with experience of living around that area say otherwise?

Cheers.

I never saw the attraction of Lehenaghmore. The estates and houses are lovely but it's got absolutely nothing up there. The road is awful and it doesn't have footpaths. There's constant streams of people walking the road down towards forge hill and I dunno how there aren't many accidents.
I know somebody up there with a young kid who has to drive to togher church and park up just to go for a walk.
If the road was redone with a proper footpath it'd be a fine spot.

IHateNewShoes

Agree on Lehanaghmore. Also crazy how quick Heathfield sold out but not unexpected.

Does anyone know the full pricing for the phase that was released? It said prices from 350k which I think is for the 3 bed semi's (think they were 335k when last released?)

The HTB going up to 30k causing this and once again showing how flawed it is!

Lia_lia

It’s was 350 for the 3 beds and 399 for the four bed semis. Not sure about the detached. The two new estates across from the guidedogs are looking for 450/480+ for the 4 bed semis, seriously mental prices in my opinion.

Lia_lia

Sean Blue Planetarium wrote: »

Model Farm RD premium

True, but they are practically on the roundabout. Nearest shop would be a good walk away. Definitely just to have model farm road on the address.

theboringfox

Was listening to David McWilliams podcast this week. He was emphatic in saying do not buy right now and to wait. Given he called the last big crash it has unnerved me a lot. I am confused now as have been looking for good while.

Lia_lia

theboringfox wrote: »

Was listening to David McWilliams podcast this week. He was emphatic in saying do not buy right now and to wait. Given he called the last big crash it has unnerved me a lot. I am confused now as have been looking for good while.

Yes I was listening to it too. He does have a good point but he’s not always right about when the market is going to crash. I don’t know what he’s on about when he talks about rent prices going down as I haven’t noticed that at all in Cork. The house we are renting is much too small for our family so we would definitely be better off buying than renting a bigger place. Just bad timing really. The market is completely bonkers at the moment so I would wait if we had no real need to buy.

the beer revolu

Lia_lia wrote: »

The house we are renting is much too small for our family so we would definitely be better off buying than renting a bigger place. Just bad timing really. The market is completely bonkers at the moment so I would wait if we had no real need to buy.

This is exactly the logic that a friend of mine used to buy a house right at the peak of the market before the crash. He was in negative equity up until very recently. They didn't lose the house, however and are still in it but the they'd have been in a much, much better situation if he's continued to rent and bought some years later.

I'm not saying that a crash is imminent, just that your reasoning sounds very familiar to me.

theboringfox

Lia_lia wrote: »

Yes I was listening to it too. He does have a good point but he’s not always right about when the market is going to crash. I don’t know what he’s on about when he talks about rent prices going down as I haven’t noticed that at all in Cork. The house we are renting is much too small for our family so we would definitely be better off buying than renting a bigger place. Just bad timing really. The market is completely bonkers at the moment so I would wait if we had no real need to buy.

Ya it just surprised me how emphatic he was. Like it was so direct. Not a be careful statement etc but an out and out do not buy now. I think if people are buying something they can afford and happy to live in it regardless of crash them can see logic in ploughing ahead. But very concerning as I like anyone else would prefer to not be buying at peak. It does seem particularly like lot of desperation bidding right now.

rob316

There is some real **** boxes going for stupid money, I was looking at a house on my buddies block in pouladuff, he bought 5 years ago the same house (much better condition inside) for 80k, bidding has already gone up to 250k from an asking of 210k.

People are going to be in serious negative equity.

Lia_lia

the beer revolu wrote: »

This is exactly the logic that a friend of mine used to buy a house right at the peak of the market before the crash. He was in negative equity up until very recently. They didn't lose the house, however and are still in it but the they'd have been in a much, much better situation if he's continued to rent and bought some years later.

I'm not saying that a crash is imminent, just that your reasoning sounds very familiar to me.

We live in a very small house in the city centre and have a young child and would like to have another soon, so this is our main reason for wanting to buy a house at the moment. Not too pushed about paying rent in the house we are in now as it’s cheap anyway. If we rented a larger house we would be paying a lot more as we are paying well below market value as it is. If we had no kids we’d absolutely wait another few years as it seems like the smart thing to do.

who_me

the beer revolu wrote: »

This is exactly the logic that a friend of mine used to buy a house right at the peak of the market before the crash. He was in negative equity up until very recently. They didn't lose the house, however and are still in it but the they'd have been in a much, much better situation if he's continued to rent and bought some years later.

I'm not saying that a crash is imminent, just that your reasoning sounds very familiar to me.

That's a good point, but there are counter-arguments too.

I bought in mid '07 (pretty much immediately before the crash) when initially mortgage payments were about 1,600 per month and rent approximately 900. But for the last few years the mortgage is 1,000 while rent would be 1,700+; so it's saving me a small fortune every month plus I have more security.

(This may be #BadFinancialAdvice, but I think the risk of negative equity isn't as bad if you have a steady source of income, and the property is a long-term home rather than an investment or step on the ladder).

Also, given the mortgage restrictions which are tempering any price boom now, that should lessen the effect of any price contraction

newuser99999

Lia_lia wrote: »

True, but they are practically on the roundabout. Nearest shop would be a good walk away. Definitely just to have model farm road on the address.

Is model farm road considered posh?

whatever76

who_me wrote: »

That's a good point, but there are counter-arguments too.

I bought in mid '07 (pretty much immediately before the crash) when initially mortgage payments were about 1,600 per month and rent approximately 900. But for the last few years the mortgage is 1,000 while rent would be 1,700+; so it's saving me a small fortune every month plus I have more security.

(This may be #BadFinancialAdvice, but I think the risk of negative equity isn't as bad if you have a steady source of income, and the property is a long-term home rather than an investment or step on the ladder).

Also, given the mortgage restrictions which are tempering any price boom now, that should lessen the effect of any price contraction

I concur with this sentiment and add in age as well and where you are in life in making the decision.

BurnsCarpenter

I really don't get the sense that people have lost the run of themselves like the celtic tiger era. It seems more like supply and demand. There are still a significant amount of people who have not had any financial knock this past year, and who may actually have saved a bit. And there is so little to choose from that asking prices are being met and exceeded. I don't see any big increases in housing stock any time soon either.

leahyl

newuser99999 wrote: »

Is model farm road considered posh?

There are a lot of big houses on it so i think that's why it has the name of being posh.

Orchard Road though - would love to live in one of the houses there!

newuser99999

newuser99999 wrote: »

Is model farm road considered posh?

Around turn off to St Olivers would be a nice stretch, out by the roundabout on Ballincollig side isn't posh ........ anything but. You won't get a 4 bed semi d in a posh are for €400k in Cork.

theboringfox

theboringfox wrote: »

Ya it just surprised me how emphatic he was. Like it was so direct. Not a be careful statement etc but an out and out do not buy now. I think if people are buying something they can afford and happy to live in it regardless of crash them can see logic in ploughing ahead. But very concerning as I like anyone else would prefer to not be buying at peak. It does seem particularly like lot of desperation bidding right now.

Whats his logic behind the statement?

From what I see just in the pharma sector it is booming and will be for the next 5 years min, if the construction in town kicks off then thats another reason for a boom. Intel are spending a fortune in kildare.

We are nowhere on the same level of madness as 06, I see the 20s as real growth and it won't be residential or commercial building driving it

theboringfox

Deleted User wrote: »

Whats his logic behind the statement?

From what I see just in the pharma sector it is booming and will be for the next 5 years min, if the construction in town kicks off then thats another reason for a boom. Intel are spending a fortune in kildare.

We are nowhere on the same level of madness as 06, I see the 20s as real growth and it won't be residential or commercial building driving it

I was surprised a bit too. And I agree the central bank rules should act as big control.

His view was basically there is too little supply. He referenced amount of houses on sale being down 40% versus last year and that only supply is mainly not great quality. He says people holding off to sell as it is pandemic even though market is good for sellers. So you have people bidding up the only bit of good stock frantically. And as prices rise instead of stepping away people get worried it might be even dearer in 6 months so they go in stronger and prices rise more.

It took me by surprise tbh. And not sure if I agree.

theboringfox

theboringfox wrote: »

I was surprised a bit too. And I agree the central bank rules should act as big control.

His view was basically there is too little supply. He referenced amount of houses on sale being down 40% versus last year and that only supply is mainly not great quality. He says people holding off to sell as it is pandemic even though market is good for sellers. So you have people bidding up the only bit of good stock frantically. And as prices rise instead of stepping away people get worried it might be even dearer in 6 months so they go in stronger and prices rise more.

It took me by surprise tbh. And not sure if I agree.

I can't see it. I'd be in a relatively sought after area, prices still are what they were in 06, albeit close enough. 15 years of even average 2% inflation would give actual growth of 34.5%, I know 06 was the peak and was over priced, but even so those prices could possibly be the norm today, I can see houses rising for the next 5 years min. The country is not on its knees and in a very strong position to rebound strongly

Mav11

theboringfox wrote: »

I was surprised a bit too. And I agree the central bank rules should act as big control.

His view was basically there is too little supply. He referenced amount of houses on sale being down 40% versus last year and that only supply is mainly not great quality. He says people holding off to sell as it is pandemic even though market is good for sellers. So you have people bidding up the only bit of good stock frantically. And as prices rise instead of stepping away people get worried it might be even dearer in 6 months so they go in stronger and prices rise more.

It took me by surprise tbh. And not sure if I agree.

David McWilliams has an interesting article in this mornings Irish Times, basically arguing the same thing. He argues that buyers should go on strike and stay away from the market, as it hold no value at this point.

There's some merit in his thinking, with no completions and construction curtailed with covid supply has been artificially limited for the guts of 12 months.

Effectively no supply and plenty demand, not a great time to buy really.

Mav11

Augeo wrote: »

There's some merit in his thinking, with no completions and construction curtailed with covid supply has been artificially limited for the guts of 12 months.

Effectively no supply and plenty demand, not a great time to buy really.

I was in the market to buy end of last year. I've stopped looking now, as the quantity of property on the market is down, the quality of the property remaining, in my price range is poor and prices are up. I'll come back (hopefully) when a little bit of sanity prevails!!

shnaek

Deleted User wrote: »

The country is not on its knees and in a very strong position to rebound strongly

Hard to know if that's true. Unemployment is very high and the ESRI say it will stay that way until 2023 at least. That will be a drag on the economy. Also Ireland has the highest debt per head in the EU this year. It's a risky position to be in. The ECB won't keep printing money forever. If inflation rises in the next few years, then interest rates will rise and we'll be in a different ballgame. But who knows. If you see a place you like and can afford it and are happy to stay there for the long haul, then why not.