Cork Property Thread

opus · 24-01-2021 3:04pm

the beer revolu wrote: »

Sydney Park is lovely.
You're essentially in the city centre but with a real leafy suburb feel to it.
Very desirable.

Wow that place has shot up in asking prices. I was looking to buy somewhere close to the city centre back in '12 & that park was highly recommended to me by people from Cork. Think there was one house on sale there at the time but by the time I contacted the EA an offer had been accepted. Checked the property register just now & it sold for €320k. The asking price was less as that would have been well above my budget.

I worked in Bishopstown for a few years, it's fine but not somewhere I'd personally like to live. Hawkes Road used to make the traffic reports every day 'til the bypass opened as far as I remember. A lot quieter now I'd imagine.

Outkast_IRE · 24-01-2021 6:19pm

opus wrote: »

Wow that place has shot up in asking prices. I was looking to buy somewhere close to the city centre back in '12 & that park was highly recommended to me by people from Cork. Think there was one house on sale there at the time but by the time I contacted the EA an offer had been accepted. Checked the property register just now & it sold for €320k. The asking price was less as that would have been well above my budget.

I worked in Bishopstown for a few years, it's fine but not somewhere I'd personally like to live. Hawkes Road used to make the traffic reports every day 'til the bypass opened as far as I remember. A lot quieter now I'd imagine.

2012-2013 was rock bottom for prices - one of my older colleagues bought a decent 3 bed semi in blackrock for 100k cash from a distressed seller. Worth significantly over 300k these days and he only put about 20k of work into it.

Plenty of absolute bargains picked up at the time for people trying to get on the ladder. Best time in about 2 decades for 1st time buyers. Wont see the likes of it again for a while id say. The Austerity progammes is no longer the favoured ECB or IMF tactic in a recession , instead its the opposite , send cheap borrowed money out to the market.

corks finest · 24-01-2021 6:57pm

Outkast_IRE wrote: »

2012-2013 was rock bottom for prices - one of my older colleagues bought a decent 3 bed semi in blackrock for 100k cash from a distressed seller. Worth significantly over 300k these days and he only put about 20k of work into it.

Plenty of absolute bargains picked up at the time for people trying to get on the ladder. Best time in about 2 decades for 1st time buyers. Wont see the likes of it again for a while id say. The Austerity progammes is no longer the favoured ECB or IMF tactic in a recession , instead its the opposite , send cheap borrowed money out to the market.

Another property crash coming within 2/3 years, economy is goosed atm so anyone with cash will clean up as usual, social /affordable mixed housing badly needed

major interest · 24-01-2021 7:49pm

Mardyke wrote: »

WTF?

No offense, but Bishopstown is a miserable place at this stage. It badly needs a centre, some thought put into creating a village feel.

That house is on a busy rat run and will be surrounded by student apartments soon.

I wouldn't pay 150k for it?

Is the land worth 600k?

Think it depends on the part of bishopstown to be honest. Brother has a young family and lives near Waterfall Rd and very happy with it. Nice area with plenty green space, close to the curraheen and cycleway near south ring and walking distance to schools nearby. Also good sports facilities - Bishopstown GAA for example have done a massive job on their complex. So for young families, it seems like a good setup. There is certainly a traffic issue in parts of Bishopstown though. Not that you could rely on it to happen any time soon but bus priority (and possibly light rail?) are planned in future for parts of it so might help some bit.

Outkast_IRE · 24-01-2021 8:12pm

corks finest wrote: »

Another property crash coming within 2/3 years, economy is goosed atm so anyone with cash will clean up as usual, social /affordable mixed housing badly needed

Hard to know the pent up demand out there is unreal, even if there was another recession it would be hard to see it eliminating the level of demand there is . Most of my friends and colleagues are at a stage where they were saving to buy before covid 19 none of them lost their jobs so they have managed to save more the last year than ever before , think cork prices are up 5% this year when they were predicted to drop due to covid.

corks finest · 25-01-2021 10:52am

Outkast_IRE wrote: »

Hard to know the pent up demand out there is unreal, even if there was another recession it would be hard to see it eliminating the level of demand there is . Most of my friends and colleagues are at a stage where they were saving to buy before covid 19 none of them lost their jobs so they have managed to save more the last year than ever before , think cork prices are up 5% this year when they were predicted to drop due to covid.

I'm no economist but an ordinary tradesman, I can't see the banks giving out loans for housing to ppl who will be heavily in debt by the time covid is(if) sorted

corks finest · 25-01-2021 10:55am

Outkast_IRE wrote: »

Hard to know the pent up demand out there is unreal, even if there was another recession it would be hard to see it eliminating the level of demand there is . Most of my friends and colleagues are at a stage where they were saving to buy before covid 19 none of them lost their jobs so they have managed to save more the last year than ever before , think cork prices are up 5% this year when they were predicted to drop due to covid.

Demand if anything will be worse, prices will rise so much ordinary working class folk won't be able to afford anything, government will have to build affordable housing no other option

opus · 25-01-2021 12:09pm

Outkast_IRE wrote: »

2012-2013 was rock bottom for prices - one of my older colleagues bought a decent 3 bed semi in blackrock for 100k cash from a distressed seller. Worth significantly over 300k these days and he only put about 20k of work into it.

I did end up buying in the end in 2013, nowhere near as good a deal as your colleague got but still below the asking price at the time. A friend of mine bought in '14 & think it was around then things had turned as he ended up paying more than asking due to several people bidding the price higher.

corks finest · 25-01-2021 12:29pm

opus wrote: »

I did end up buying in the end in 2013, nowhere near as good a deal as your colleague got but still below the asking price at the time. A friend of mine bought in '14 & think it was around then things had turned as he ended up paying more than asking due to several people bidding the price higher.

No chance for a lot of ppl, niece is in Brown Thomas, 3days a week can't work any longer as she's an autistic 3yr old, her partner is a full time electrician and they just can't get enough together for a decent deposit, they're not on their own

Outkast_IRE · 25-01-2021 1:03pm

opus wrote: »

I did end up buying in the end in 2013, nowhere near as good a deal as your colleague got but still below the asking price at the time. A friend of mine bought in '14 & think it was around then things had turned as he ended up paying more than asking due to several people bidding the price higher.

My colleague would have a bit of a neck - he literally put an add in the paper offering 100k Cash for a house ability to close immediately following due dilligence , and filtered through the responses and sure enough found a bargain in the responses.

Outkast_IRE · 25-01-2021 1:06pm

corks finest wrote: »

No chance for a lot of ppl, niece is in Brown Thomas, 3days a week can't work any longer as she's an autistic 3yr old, her partner is a full time electrician and they just can't get enough together for a decent deposit, they're not on their own

I would agree with you , unless you have both partners working decent jobs , forget about a 3 bed semi or similar in city or suburbs.

A friend of mine was in a similar situation and he ended up buying a tidy little house in Cloyne. It gives you an idea of how far out you need to go before a standard enough single income is enough to buy.

corks finest · 25-01-2021 9:10pm

Outkast_IRE wrote: »

I would agree with you , unless you have both partners working decent jobs , forget about a 3 bed semi or similar in city or suburbs.

A friend of mine was in a similar situation and he ended up buying a tidy little house in Cloyne. It gives you an idea of how far out you need to go before a standard enough single income is enough to buy.

Cloyne and ladysbridge are fine, as is Castlemartyr

Mav11 · 25-01-2021 9:56pm

opus wrote: »

Wow that place has shot up in asking prices. I was looking to buy somewhere close to the city centre back in '12 & that park was highly recommended to me by people from Cork. Think there was one house on sale there at the time but by the time I contacted the EA an offer had been accepted. Checked the property register just now & it sold for €320k. The asking price was less as that would have been well above my budget.

I worked in Bishopstown for a few years, it's fine but not somewhere I'd personally like to live. Hawkes Road used to make the traffic reports every day 'til the bypass opened as far as I remember. A lot quieter now I'd imagine.

AFAIK that place is on the market for a few years now. Might be overpriced?

Outkast_IRE · 26-01-2021 11:30am

corks finest wrote: »

Cloyne and ladysbridge are fine, as is Castlemartyr

Yeah they are grand spots, but he is only there as he was priced out of the city, immediate suburbs, and even towns like Midelton are nearly reflective of city prices at this stage.

leahyl · 26-01-2021 11:37am

Outkast_IRE wrote: »

Yeah they are grand spots, but he is only there as he was priced out of the city, immediate suburbs, and even towns like Midelton are nearly reflective of city prices at this stage.

Depressing stuff for a single person looking to buy in the city suburbs

Outkast_IRE · 26-01-2021 11:45am

leahyl wrote: »

Depressing stuff for a single person looking to buy in the city suburbs

A colleague of mine bought a fairly decent split level apartment with outdoor area recently in a decent development . He utilised the Rebuilding Ireland home loan scheme which is worth looking into particularly for 1st time buyer on single income.

With the rebuilding ireland loan for example on a 50k single income you could go up to a maximum purchase price of 320k - with max borrowing towards it at 225k - through traditional banks without exemptions you would be 3.5x income so 175k

So it will bring more properties into scope for sure.

leahyl · 26-01-2021 12:49pm

Outkast_IRE wrote: »

A colleague of mine bought a fairly decent split level apartment with outdoor area recently in a decent development . He utilised the Rebuilding Ireland home loan scheme which is worth looking into particularly for 1st time buyer on single income.

With the rebuilding ireland loan for example on a 50k single income you could go up to a maximum purchase price of 320k - with max borrowing towards it at 225k - through traditional banks without exemptions you would be 3.5x income so 175k

So it will bring more properties into scope for sure.

Yeah, don't want to buy an apartment though. I know, beggars can't be choosers like, but I still don't want to live in an apartment...

I have decent savings so I would be able to get something if 3 bed semis were about 30k cheaper.....

I don't really need help in that way but at the same time the prices are still out of reach - I want as small a mortgage as possible.

It's complicated! Thanks though, I'll take a look at it

Gamb!t · 26-01-2021 3:09pm

Outkast_IRE wrote: »

A colleague of mine bought a fairly decent split level apartment with outdoor area recently in a decent development . He utilised the Rebuilding Ireland home loan scheme which is worth looking into particularly for 1st time buyer on single income.

With the rebuilding ireland loan for example on a 50k single income you could go up to a maximum purchase price of 320k - with max borrowing towards it at 225k - through traditional banks without exemptions you would be 3.5x income so 175k

So it will bring more properties into scope for sure.

I never heard of that, is it only for apartments or houses also?
Are the interest rates high on the loans?

Outkast_IRE · 26-01-2021 3:11pm

Gamb!t wrote: »

I never heard of that, is it only for apartments or houses also?
Are the interest rates high on the loans?

Either , no interest rates are lower than banks. For first time buyers, there are some set criteria you have to meet. I think you have to be rejected by a few banks but thats easy if you are asking more than they want to lend you. Its just paperwork , hassle but you are getting a very good loan, at a good rate if you can deal with jumping through the hoops.

Just google it, will bring you straight to the website.

Gamb!t · 26-01-2021 3:25pm

Outkast_IRE wrote: »

Either , no interest rates are lower than banks. For first time buyers, there are some set criteria you have to meet. I think you have to be rejected by a few banks but thats easy if you are asking more than they want to lend you. Its just paperwork , hassle but you are getting a very good loan, at a good rate if you can deal with jumping through the hoops.

Just google it, will bring you straight to the website.

Thanks, will check it out.

opus · 26-01-2021 4:31pm

For anyone looking an inner city areas, worth being aware of the areas covered by the Living City scheme as it will really help with renovations on older (pre 1915) houses.

Map is here & info here.

Think if I was looking now, I'd aim for one of the older houses on the south side of Blarney St with the fantastic views over the city.

corks finest · 27-01-2021 10:17am

Gamb!t wrote: »

I never heard of that, is it only for apartments or houses also?
Are the interest rates high on the loans?

Same, it sounds positive anyway

Slipperydodger · 28-01-2021 9:54pm

Over half a million for a house in an estate in Wilton? A bit overpriced?
https://www.daft.ie/for-sale/detached-house-67-fernwood-wilton-co-cork/2868837

marno21 · 28-01-2021 10:07pm

Slipperydodger wrote: »

Over half a million for a house in an estate in Wilton? A bit overpriced?
https://www.daft.ie/for-sale/detached-house-67-fernwood-wilton-co-cork/2868837

Massive house at 176m2, detached, nice location, plenty of room out the front, very close to Wilton & the N40. Big rooms & 4 bathrooms. Lovely house in fairness.

28-01-2021 10:09pm

Slipperydodger wrote: »

Over half a million for a house in an estate in Wilton? A bit overpriced?
https://www.daft.ie/for-sale/detached-house-67-fernwood-wilton-co-cork/2868837

Its even funnier its called wilton

But I know the area, its in at the back of that estate and fairly quiet. However i would be conscious of the old line behind which could become of the west cork greenway if it ever happens.

Mardyke · 28-01-2021 10:38pm

[Deleted User] wrote: »

Its even funnier its called wilton

But I know the area, its in at the back of that estate and fairly quiet. However i would be conscious of the old line behind which could become of the west cork greenway if it ever happens.

A greenaway nearby could be the reason it's overpriced?

timmyjimmy · 29-01-2021 9:12am

Deleted User wrote: »

Its even funnier its called wilton

But I know the area, its in at the back of that estate and fairly quiet. However i would be conscious of the old line behind which could become of the west cork greenway if it ever happens.

Actually being near the greenway would make it more attractive to me. Safe path to town? Sign me up.

29-01-2021 9:27am

major interest wrote: »

Think it depends on the part of bishopstown to be honest. Brother has a young family and lives near Waterfall Rd and very happy with it. Nice area with plenty green space, close to the curraheen and cycleway near south ring and walking distance to schools nearby. Also good sports facilities - Bishopstown GAA for example have done a massive job on their complex. So for young families, it seems like a good setup. There is certainly a traffic issue in parts of Bishopstown though. Not that you could rely on it to happen any time soon but bus priority (and possibly light rail?) are planned in future for parts of it so might help some bit.

I must be a neighbour of or live near your brother. Bought and completely renovated a 1970s house in the area two years ago, and it's a great place to bring up a young family. It has everything except a town centre and good pubs and restaurants but with a young family that's not high on the priority list.

Since we bought two years ago, a further six houses within a few hundred yards have been bought by young families with a view to major renovations. Bishopstown is changing rapidly, as students move into more dedicated apartment developments and the older and original generation die off.

With regard to the house on Hawke's Road, I also had a good laugh when I saw it at 600k. It was renovated and extended recently, but it was done on the cheap and it looked like it was mostly about adding bedrooms for the rental market.

The site isn't actually that big and is at a very busy junction. As has been pointed out, planning permission has also been granted for a 64-unit social housing development directly to the rear of the site. They will be doing well to get 450k.

Outkast_IRE · 29-01-2021 9:28am

Deleted User wrote: »

Its even funnier its called wilton

But I know the area, its in at the back of that estate and fairly quiet. However i would be conscious of the old line behind which could become of the west cork greenway if it ever happens.

Sure we all know what happened when the Togher sign went up at the end of the hill , half the houses on spur hill use "Doughcloyne" in their address

29-01-2021 9:33am

Mardyke wrote: »

WTF?

No offense, but Bishopstown is a miserable place at this stage. It badly needs a centre, some thought put into creating a village feel.

That house is on a busy rat run and will be surrounded by student apartments soon.

I wouldn't pay 150k for it?

Is the land worth 600k?

You're not giving a very balanced view of Bishopstown. Grew up there and moved back a few years ago to raise a family. What it lacks in pubs, restaurants and a village centre, it more than makes up for in public amenities, and all the things you need to raise a young family. Pre lockdown, the playground and facilities in Murphy's Farm were packed with people from all over the city and other suburbs. We are also much better serviced by the link road than other suburbs, and have none of the problems that the likes of Douglas has with traffic. It's not perfect, but it's a nice area, which unfortunately is reflected in the property prices at the moment.

For what it's worth, I scoured the marked for a 4 bed detached house for a few years and we kept coming back to Bishopstown. The houses are generous and have lots of space as they were developed in the 70s and 80s when the place was green fields. There are huge green spaces in many of the estates and it just doesn't feel anywhere near as claustrophobic as many other suburbs. Haldene, the Rise, Melbourne, Bishopscourt etc are all lovely parts of Bishopstown that are undergoing big changes at the moment as the first generation moves on.

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