Cork Property Thread

Mav11 · 14-06-2021 6:06pm

who_me wrote: »

It's a very clever use of extremely limited space, and looks well. But by God it's tiny. For a short-term period it'd make an affordable home for a young professional... but very impractical and limiting for anything longer.

I suspect that it is best compared to a small studio apartment. Probably offers better value on that basis, in terms of location, own front door and less noisy.

Kerry25x · 14-06-2021 6:08pm

rain on wrote: »

Similarly, this place which was listed at 195k for a few months is now relisted with an asking of 179k (still vastly overpriced for the size of it IMO) and the description "FIRST OFFER OF €179,000 SECURES":

https://www.daft.ie/for-sale/end-of-terrace-house-the-lodge-1a-thomond-square-co-cork/3283449

Still very overpriced, doubt they'll get the 179k to be honest. I'm glad that this one and the other overpriced shoebox on Vickers Street aren't getting much interest.

lostinsuperfunk · 14-06-2021 7:46pm

Kerry25x wrote: »

Still very overpriced, doubt they'll get the 179k to be honest. I'm glad that this one and the other overpriced shoebox on Vickers Street aren't getting much interest.

Sold for 47,500 in 2014 according to the property price register ðŸ˜¯

https://propertypriceregister.ie/Website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-B153C3150278025680257D3A00477E76?OpenDocument

Lia_lia · 14-06-2021 9:21pm

liam7831 wrote: »

Was previously advertised at €475 now €490.

https://www.daft.ie/for-sale/detached-house-orchard-view-sweeney-146-s-hill-rathpeacon-blarney-co-cork/3285027

Mental price!

RINO87 · 15-06-2021 9:38pm

Lia_lia wrote: »

Mental price!

Sold!

Spideoige · 27-06-2021 5:13pm

I am starting to feel extremely deflated with the market in Cork now. Pretty much all the new builds are outside of my price range or are located way too far out and any second hand properties in our preferred locations would require extensive works. I know that there is always the option to venture further out of the city / suburb area but the prospect of commuting from Macroom or Mallow just does not appeal to us as we are a single car family at the moment and would ideally like to use public transport where possible.

Sonrisa · 28-06-2021 4:56pm

Spideoige wrote: »

I am starting to feel extremely deflated with the market in Cork now. Pretty much all the new builds are outside of my price range or are located way too far out and any second hand properties in our preferred locations would require extensive works. I know that there is always the option to venture further out of the city / suburb area but the prospect of commuting from Macroom or Mallow just does not appeal to us as we are a single car family at the moment and would ideally like to use public transport where possible.

Same, it's really quite depressing and hard to know what to do.

unplayable · 28-06-2021 5:44pm

This market is insane and a sellers market only. Wouldn’t be buying now unless you have to or get something off market. Wait 12-18 months will be a different landscape completely.

TheSheriff · 28-06-2021 6:00pm

unplayable wrote: »

This market is insane and a sellers market only. Wouldn’t be buying now unless you have to or get something off market. Wait 12-18 months will be a different landscape completely.

Terrible advice, people were saying the same on here 12-18 months ago. Those who waited are now significantly worse off.

unplayable · 28-06-2021 6:03pm

TheSheriff wrote: »

Terrible advice, people were saying the same on here 12-18 months ago. Those who waited are now significantly worse off.

Houses will be built and prices will drop off they cannot continue to rise at this levels it’s not sustainable. We are coming out of a pandemic remember.

theboringfox · 28-06-2021 6:04pm

The Cork market does not seem to be as bad as others. What is strange is that despite construction costs going way up the price of doer uppers seems to be staying very strong. I wonder do people bidding know the costs of extending and modernising.

TheSheriff · 28-06-2021 6:10pm

unplayable wrote: »

Houses will be built and prices will drop off they cannot continue to rise at this levels it’s not sustainable. We are coming out of a pandemic remember.

Again, this was all said 18 months ago; have a look back through the various threads on this forum. Its been said for years actually.

We will not have adequate supply in 18 months, even if they started building en masse tomorrow.

For the foreseeable, the only way is up for house prices. I'd expect Cork to continue to rise as more people relocate from Dublin.

Mav11 · 28-06-2021 6:25pm

TheSheriff wrote: »

Again, this was all said 18 months ago; have a look back through the various threads on this forum. Its been said for years actually.

We will not have adequate supply in 18 months, even if they started building en masse tomorrow.

For the foreseeable, the only way is up for house prices. I'd expect Cork to continue to rise as more people relocate from Dublin.

But where is the funding coming from? Prices are also rising in Dublin.

Timing belt · 28-06-2021 7:05pm

Mav11 wrote: »

But where is the funding coming from? Prices are also rising in Dublin.

If a couple on a Dublin wage can work from home they will be able to outbid others pushing prices higher...add on top investors chasing yield and a total lack of supply indicates prices will remain high for the short to mid term

Spideoige · 28-06-2021 7:59pm

unplayable wrote: »

This market is insane and a sellers market only. Wouldn’t be buying now unless you have to or get something off market. Wait 12-18 months will be a different landscape completely.

Friends of mine were told to hold out a year or two ago and have seen subsequent phases of their estates being sold for more than what they paid. It will probably be a year or more before we find something but I can't see the market improving in that timeframe. I think everyone needs to make their decision on what suits their situations, for us the ideal time to buy is now and we would be happy to do so if there was something suitable came up.

theboringfox · 28-06-2021 9:59pm

Spideoige wrote: »

Friends of mine were told to hold out a year or two ago and have seen subsequent phases of their estates being sold for more than what they paid. It will probably be a year or more before we find something but I can't see the market improving in that timeframe. I think everyone needs to make their decision on what suits their situations, for us the ideal time to buy is now and we would be happy to do so if there was something suitable came up.

Totally agree. If you can afford it and happy to love there then go for. Trying to time the market does not make sense to me. Debating trading up vs extension. I always leaned trading up but have spent couple years looking. Only bid on 2 houses and both went to under bidders.

Gru · 29-06-2021 8:05am

Mav11 wrote: »

But where is the funding coming from? Prices are also rising in Dublin.

First time buyers mostly it would seem going by the numbers of those increasing month on month:

https://www.rte.ie/news/business/2021/0628/1231847-mortgage-approvals-up-in-may-driven-by-ftbs/

they are saying in the article there are more loans being approved for first time buyers and movers since they started recording the data in 2011...

Covid obviously allowed for more first time buyers to save more and be in a better buying position.

Mav11 · 29-06-2021 8:37am

Gru wrote: »

First time buyers mostly it would seem going by the numbers of those increasing month on month:

https://www.rte.ie/news/business/2021/0628/1231847-mortgage-approvals-up-in-may-driven-by-ftbs/

they are saying in the article there are more loans being approved for first time buyers and movers since they started recording the data in 2011...

Covid obviously allowed for more first time buyers to save more and be in a better buying position.

I would be concerned that higher mortgage borrowing would lead to higher long term debt servicing commitments and reductions in disposable income, with obvious implications. Probably not a discussion for this thread though!!

rob316 · 29-06-2021 8:52am

Their is a limit to the prices though, this isn't 2007 where you could get 110% mortgages on whatever pretend salary you made up, the central bank rules will keep it from going to celtic tiger levels. I know its not far off but the sharp rise is due to the pandemic, its couldn't have been predicted.

18-24 months from now there will be more supply and hopefully affordable housing will get off the ground. The pressure on the government to sort this is immense and they know they are out if they can't make a dent in this.

Iscreamkone · 29-06-2021 12:06pm

rob316 wrote: »

Their is a limit to the prices though, this isn't 2007 where you could get 110% mortgages on whatever pretend salary you made up, the central bank rules will keep it from going to celtic tiger levels. I know its not far off but the sharp rise is due to the pandemic, its couldn't have been predicted.

18-24 months from now there will be more supply and hopefully affordable housing will get off the ground. The pressure on the government to sort this is immense and they know they are out if they can't make a dent in this.

Dream on if you think there will be any impact within 18-24 months. I reckon it will be 5 years of price growth at least.

Spideoige · 29-06-2021 3:24pm

Iscreamkone wrote: »

Dream on if you think there will be any impact within 18-24 months. I reckon it will be 5 years of price growth at least.

I agree, I try to keep an eye on upcoming developments and I can't see the supply increasing all that dramatically in the next two years. I assume it takes a couple years for a developer to go through the planning process alone never mind before the break ground!

rob316 · 29-06-2021 3:24pm

Iscreamkone wrote: »

Dream on if you think there will be any impact within 18-24 months. I reckon it will be 5 years of price growth at least.

The 3.5x borrowing rule will limit how high the prices can go. Whats the average household income 70/80k? That puts a mortgage available of about 280k.

Its mad right now, but I think people are looking too far ahead and predicting celtic tiger levels. The central bank rules are there for that reason, to stop wreckless borrowing on insane house prices.

I can see a stagnation at the ceiling but not much if any of a decrease.

who_me · 29-06-2021 10:32pm

rob316 wrote: »

The 3.5x borrowing rule will limit how high the prices can go. Whats the average household income 70/80k? That puts a mortgage available of about 280k.

Its mad right now, but I think people are looking too far ahead and predicting celtic tiger levels. The central bank rules are there for that reason, to stop wreckless borrowing on insane house prices.

I can see a stagnation at the ceiling but not much if any of a decrease.

That's part of the danger of boom-bust cycles; the booms inflate prices to a level that can't be met during busts. And - unlike other purchases - people can't afford to just 'take the hit' and sell for a loss; so you probably have lots of people holding out for prices they're not going to get any time soon.

With the difficulty selling, and the resultant effect that's having on the rental market, it doesn't really make much sense to sell now anyhow. Keep the property and rent it out.

rob316 · 30-06-2021 10:12am

Sean Blue Planetarium wrote: »

https://www.daft.ie/for-sale/site-site-b-leafy-lane-moneygourney-douglas-cork-co-cork/3432269

..... really?

Have you seen the houses up there? Anyone buying that site won't care about the price. Absolute mansions

Mav11 · 30-06-2021 12:46pm

Sean Blue Planetarium wrote: »

https://www.daft.ie/for-sale/site-site-b-leafy-lane-moneygourney-douglas-cork-co-cork/3432269

..... really?

It seems to be gone now. Was that the one where the photo looked like it was in West Cork? Big rocky mountain behind the house.

Gru · 30-06-2021 12:56pm

Mav11 wrote: »

It seems to be gone now. Was that the one where the photo looked like it was in West Cork? Big rocky mountain behind the house.

its still on myhome....

My home link

theboringfox · 30-06-2021 12:59pm

Foxwarren houses were selling for big money in same area. So they will probably get that.

Brussels Sprout · 02-07-2021 3:30pm

rob316 wrote: »

Their is a limit to the prices though, this isn't 2007 where you could get 110% mortgages on whatever pretend salary you made up, the central bank rules will keep it from going to celtic tiger levels. I know its not far off but the sharp rise is due to the pandemic, its couldn't have been predicted.

This would make sense except for the fact that it ignores cash buyers & institutional investors who are outbidding people looking for family homes.

This story is a good example of how things are playing out in many cases right now:

https://www.irishexaminer.com/news/munster/arid-40327145.html

pkvader · 06-07-2021 9:09pm

donnaille wrote: »

Does anyone know much about this new development of 4 bed detached in Carrigaline? - https://www.daft.ie/new-home-for-sale/abbeylane-road-carrigaline-co-cork/3219283

These are gone up €20k to €495!,lovely houses,but back gardens are postage stamp size.

https://www.daft.ie/new-home-for-sale/abbey-lane-mountain-road-carrigaline-co-cork/3221241

RINO87 · 06-07-2021 9:59pm

Half a million....for Carrigaline.
No thanks.

rob316 · 06-07-2021 10:09pm

Half a million to battle through that traffic and road. No ****ing thanks

donnaille · 15-07-2021 7:45am

https://boards.ie/discussion/comment/117609387#Comment_117609387

These houses have always been priced in a range, as the Phase 2 houses are being built to a different spec.

Mav11 · 15-07-2021 9:11am

https://boards.ie/discussion/comment/116769790#Comment_116769790

Went for 550k in the end!🤑

https://propertypriceregister.ie/Website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-F901849C4D1D4B9A802587120047768C?OpenDocument

whatever76 · 15-07-2021 9:24am

https://boards.ie/discussion/comment/117612643#Comment_117612643

WOW ! Nice price for the sellers . Market really is tough at the minute esp in Ballinlough and Blackrock but its other locations as well !! Be interesting to see what this finally goes for - 228 Connolly Road, Ballyphehane, Co. Cork is for sale on Daft.ie

opus · 15-07-2021 9:52am

This 2-bed in Shandon impressed me, going for 85k over asking price.

https://www.auctioneera.ie/property/5-old-friary-place-off-shandon-street-cork-city-cork-t23-wk4v

leahyl · 15-07-2021 12:11pm

https://boards.ie/discussion/comment/117613015#Comment_117613015

Ridiculous money!!

rob316 · 15-07-2021 8:28pm

320k? Lord above thats insane

theboringfox · 15-07-2021 10:59pm

https://boards.ie/discussion/comment/117612643#Comment_117612643

They got great value there.

Mav11 · 15-07-2021 11:27pm

https://boards.ie/discussion/comment/117617835#Comment_117617835

Compared to that place in Shandon st., yeah! Otherwise???

board I se · 16-07-2021 2:05pm

Hi Lads, Anyone know what ashmount is like? The address is Tivoli but looking on map its pretty much in mayfield? Houses look really nice there.

leahyl · 18-07-2021 10:01pm

https://boards.ie/discussion/comment/117620196#Comment_117620196

Yeah Ashmount is Mayfield really, they just like to put Tivoli as the address because it “sounds better” - I live very near it, haven’t heard anything bad about the area, quite a lot of houses up there.

Sonrisa · 19-07-2021 12:11pm

Shandon now officially a 300k+ area

whatever76 · 19-07-2021 12:48pm

and this went for 320k - am I reading that correctly ?

5 Old Friary Place, Off Shandon Street Cork City, Cork T23 WK4V (auctioneera.ie)

who_me · 19-07-2021 5:22pm

I think people are underestimating just how much some people want outdoor space. A reasonably sized, central house with a garden/patio would be a great combination for some people (young professionals without kids).

I've been living in the city centre for 20+ years but I'd kill to have some outdoor space along with it.

Celmullet · 19-07-2021 7:29pm

I thought I was earning a decent wage (being in the highest tax bracket and all) until I started looking to buy a house! Some people must be pulling in mad money to be able to afford those prices.

opus · 20-07-2021 9:47am

https://boards.ie/discussion/comment/117631954#Comment_117631954

Wow, that's a huge jump in prices in the last few months. Glad I moved there before the price of admission went out of reach, nore a fluke than great foresight on my part. Tbh it's a good spot to live, very close to town & lots of character as well. If only the council would sort something out with the old craft centre before it falls down now.

Faith · 21-07-2021 11:44am

https://boards.ie/discussion/comment/117632133#Comment_117632133

I know someone who bought something very similar, only with no garden, for €330,000 in 2006 for context.

Spideoige · 21-07-2021 2:48pm

https://boards.ie/discussion/comment/117641250#Comment_117641250

Are they still living there? I was renting in Shandon for a while a few years back and I was staying in an old damp, cold and poorly insulated house. It is one of the main apprehensions I would have about moving back to the area.

Faith · 21-07-2021 6:04pm

https://boards.ie/discussion/comment/117642480#Comment_117642480

No, they sold it at a big loss a few years ago 🤦‍♀️ It was beautifully modernised inside before they bought it so that pushed the price up, but I think they avoided the worst of issues like damp and cold as a result too.

To be honest, it was always a bad choice as they were always planning to have a family eventually and the house wouldn’t have been suitable for kids, but I think they were banking on either A) the market staying strong indefinitely or B) earning enough to rent that place out and buy another bigger place. Neither of those things happened! Even now they’d probably struggle to break even, if they’d hung on to it.

MrDerp · 21-07-2021 9:14pm

https://boards.ie/discussion/comment/117634319#Comment_117634319

I remember thinking like that in our early 30s, before we bought. ‘Surely we’re making a competitive amount and can afford a good house in a decent area’.

It’s worth looking at people in the market to set your expectation accordingly

in 2019 the median disposable income for the south west was 45351. This means that half of all households in Cork/Kerry take home more than 45351 per annum, or just under 4K per month net of taxes and social transfers like children’s allowance. There’s lots of higher earners not in the market (already bought) but lots of lower too (retired or unable to buy).

A good example of a house buyer in cork might be two people working for multinationals. A software engineer, business analyst or PM, process engineer aged 32 would have 8-10 years experience and will have a gross income of anything from 50k-85k depending on experience and breaks; a couple in such jobs might have a combined income of at least 100k, but possibly 120-140k range. they can borrow 350k-490k without breaking the 3.5 x rule, as long as they have the deposit. So they can spend 390ish to 545k on a 90% mortgage and won’t blink at a decent sized semi in Carrigaline/Ballincollig for that if it’s shiny and new.

a lot of other folks are in the 80k combined income bracket, and would be able to spend about 312K on a house.

The problem you have is all the couples on 80k, 90k, 100k are blinking/panicking and over paying for very average places as they see the size and areas they can afford slipping away.

I’d hate to still be in the market. I’ll give people useful advice I once got before we bought, from someone with regrets: ‘we went for the shiny turkey house and ended up hating where we lived, needing the car for everything, crap transport. Buy the best house you can afford, in an area you actually want to live, and that meets your needs now. Forget about spare rooms, garages, big gardens and live somewhere you’d be happy to walk outside your front door and go for breakfast/coffee/pints whatever you do for fun’. We bought very close to the city centre with very small garden but private parking. We have kids now and we can push a buggy to a park with swings, to the marina, to town etc and you know what, location was more important than a big garden with sun on it all day long.

I’m from the suburbs originally but I’d take a near to centre 3 bed over a 4 bed in Carrigaline/Douglas/Glanmire that’s 20 mins walk from the town core and 15 mins from the bus. So lots of people are happy to spend their budget in areas like Shandon/low road that have come up here with noting but a small deck/yard and a short walk to a social life.

Good luck out there!

Cork Property Thread

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