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TERAPROOF:User:joedermodyDate:12/05/2011Time:17:39:53Edition:14/05/2011Supp1XS1405MunsterProperty Page:10Zone:XS1
XS1 - V1 XS1 - V1
10 IRISH EXAMINER Munster Property Special Report | 14.05.2011 IRISH EXAMINER Munster Property Special Report | 14.05.2011 11
MUNSTER PROPERTY PRICE GUIDE
FOCUS ON: CORK CITY NORTH SIDEArea: FarranreeHouse type: 3-bed semi-detachedYear built: 1970Peak value: 180,000Sale price: In the region of 140,000
Area: Close to BlackpoolHouse type: Four-bed semi-detachedYear built: Mid-1970sPeak value: 340,000Sale price: In the region of 215,000
City enjoys saleslift in key areasThree-bed semis in Tower are fetching 150,000, downfrom their 330,000 peak. Overall, average prices varyfrom 140,000 to 180,000 depending on location
Residential rentsare stable and allagents suspectthat they will rise.One agentpredicts a rise of3% to 5% in 2011.Supply isbecoming an issuealready, with acurrent shortageof quality stock inthe market likely
IN AN area withrelatively fewunoccupied estates,the property market
on Cork’s north side isfunctioning reasonablywell, with a good mixtureof property moving.There is some trading-upactivity going onalthough, as oneauctioneer puts it, “whilewe’re encouraged to seesome trading up going on,we’re starting from whatwas a very low position.”
In contrast to the moresparsely-populatedmarkets, the propertytypes that are showingsome signs of life arethose which are keenlypriced and which areconvenient to theamenities of city. For thisclass, the fall in pricefrom peak has been in theregion of 30%. Inaddition, any housesfitting such a description,and which also have anattribute that offers
something in the way ofthe unique or special,tends to attract interestand offers.The houses in the north
side that are the leastsought after includeapartments and what oneagent describes as thesort of houses that arelocated in rural positionswhere transport is nowbecoming a problem. Therise in heating andtransport costs areobvious disadvantages in
an area where choices aremade first and foremostaround employment andservices opportunities.But as lending policycontinues to becomestricter and stricter,many financialinstitutions are alsotaking a hard look atsuch choices of propertyand are inclined to rejectapplications for this classof property.“The worst hit would
certainly be the more
rural properties,” saysone auctioneer, “from thepoint of view that theyhave to factor in travelcosts and factors thatpeople didn’t have toworry about before. Theyhave become almostimpossible to sell andmany banks are nowtalking about not lendingfor these properties.”Once again, the advice
from agents for vendorsis to price according tothe market.
Another agent says: “Alot of comment in themedia suggests thatnothing is happening, butif a seller halves theoriginal value and takesoff another 10%, thenthey will get interest.“Having your property
in good condition is vital.That wasn’t so importantin the past, but it’s nowmore important than everto listen to yourauctioneer if you want tobe in the market.”
Residential rents arestable and all agentssuspect that they willrise. One agent predicts arise of 3% to 5% in2011. Supply is becomingan issue already, with acurrent shortage ofquality housing stock inthe market likely tobecome more marked inthe coming months.Approximately 80% of
transactions done in thearea are mortgage-backedpurchases, with Bank of
Ireland the mostprominent lender in aquiet marketplace. Forthe rest, the cashpurchasers are beginningto show their hand moreand more, with manynow beginning to“emerge from thebunkers” in search ofworthwhile investment orhome purchases.Despite the mixed
fortunes and thecontinued concentrationof activity in the lower
end (i.e. 200,000 andunder) of the market,there has been a markedincrease in activity inrecent months which hasgiven agents here somehope of predicting whenthe market will bottomout. Predictions varyfrom September to earlynext year, but all areencouraged by the lift inthe number oftransactions, as well asthe re-appearance ofbidding scenarios driving
asking prices upwards ina number of cases.In the Tower area,
three-bedroom semi-detached homes that weregetting in the region of330,000 at the peak arenow fetching 150,000.Overall, average pricesfor three-bed semis varyfrom 140,000 to
180,000 depending onlocation in the area.These prices are downfrom peaks of 280,000and 320,000 respectively.
SOLD: The vastly extended five-bed detached home CnocMhuire in Cork’s Well Road/Ballintemple went up for sale
in January of this year, seeking750,000. With about 2,800 sq ft ofspace, it has sold fairly swiftly for over650,000.
Sample sale: Cork city
by Conor Power
SOLD: Cork North Side
■ Northside,three-bed semiAsking price:160,000Sold for: c. 150,000
■ Commons Road,three-bed semiAsking price:195,000Sold for: c. 175,000
■ Northside,three-bed semiAsking price:200,000Sold for: c. 150,000
■ Mayfield,three-bed semiAsking price:210,000Sold for: c. 170,000
CLASHANURE, OVENS
3-Bed Detached €315,000
KILLARD, BLARNEY
SOLD
HILLCOURT, DOUGLAS
Spacious 3-Bed Semi €189,000
MANOR HILL, BALLINCOLLIG
SOLD
THE CRESCENT FARRANLEA ROAD
SALE AGREED
AVONDALE, PASSAGE WEST
SOLD
PYNES VALLEY BALLYVOLANE
Immaculate 4-bed semi €245,000
BALLINORA, WATERFALL
SOLD
RECENT SALESFota Rock, Carrigtwohill - SOLDGlencairn, Bishopstown - SOLDWilton Manor, Wilton - SOLDBallyleigh, Waterfall - SOLDCastleinch, Ovens - SOLD
Glincool, Ballincollig - SOLD
PROPERTIESARE SELLING!
CONTACT US NOW TOSELL YOUR HOME
M.S.C.S.INAGLECON
021-4877133
M.S.C.S.INAGLECON
021-4877133
BARRY NAGLE M.S.C.S.I
021-4273038www.globalproperties.ie CORK 021-4273038 BALLINCOLLIG 021-4877133
No. 70 Main Street, Macroom, Co. Corktel (026) 41421 or (086) 383 7543 info@klauctioneers.ie
Kilbarry, Macroom, Co. Cork
4/5 bed bungalow & garageSituated on C. 2.2 acres landscaped gardens, C. 7 miles fromMacroom, C. 30 mins from Cork. Pristine condition throughout.Accom: Kitchen/dining, sitting room, sunroom, utility,games room, 4 bedrooms, 1 ensuite, bathroom.
Guide price: €250,000
Kilnamartyra, Macroom, Co. Cork
5 bedroom residence on C. 1 acreConstructed in recent years, comprising of C. 2,000 sq ftliving accommodation. Geothermal heating. Accom: Hall,sitting room, kitchen/dining room, utility, sunroom, wc, 5bedrooms, 1 ensuite, bathroom. Macroom C. 4 miles,
Cork 30 mins. Guide price: €270,000
Toames, Macroom, Co. Cork
4 bedroom house on C. 1 acreConsists of C. 2,500 sq ft living accommodation.Situated on an elevated site. Accom: Sitting room,
kitchen/dining room, sun room, utility, wc, 4 bedrooms, 1ensuite, bathroom. Macroom C. 6 miles & Cork C. 30 mins.
Guide price: €280,000
Carrigrohane, Co. Cork
C. 0.115 acre siteSituated on Cork city suburbs only minutes from the citycentre. FPP for C.2,340 sq ft dwelling house, level & easily
developed. No restrictions.Guide price: €125,000
Inchigeelagh, Macroom, Co. Cork
2 bedroom townhousePresented in immaculate condition throughout
with rear gardens & garage.Accom: Living room, kitchen/dining room,
bathroom, 2 bedrooms. OFCH.Guide price: €65,000
Coachford, Co. Cork
C. 0.5 acre site with FPPFantastic site situated in a private, natural setting.
Easily developed & only minutes walk from Coachfordvillage. Full Planning Permission for C. 2,2330 sq ft house
with no restrictions.Guide Price: €110,000
Aherla, Co. Cork
No. 23 Hillside, Aherla, Co. Cork
3 bedroom semi detached houseImmaculate 3 bedroom residence in the outskirts of village.Ballincollig only C. 10 minutes. Large rear gardens. Accom:
Hall, sitting room, kitchen/dining room, 3 bedrooms, bathroom.Guide price: €160,000
South Square, Macroom, Co. Cork
– UNDER OFFER
Commercialpremises with living
accommodationOperating as a fast foodtake away in the towncentre with C. 1,150sq ft overhead livingaccommodation.
Accommodation: Shop,living room, kitchen/diningroom, 4 bedrooms, 3
bathrooms.Guide price: €350,000
“Due to high volume of sales in 2011 we require properties in all surrounding areas”
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