Bubble mentality still strong in Cork

This probably will only interest a minority on the Pin, but anyone noticed how Cork remains in a bubble for house prices.

Had a look over the past two days and the asking prices remain shockingly high.

I’ve been looking in Blackrock, Ballintemple, Ballinlough and around the Douglas and South Douglas Roads. These admittedly are in the nicer city suburbs but still…it’s mental!

Is this purely a demand v supply thing? Or what?

Two examples

  1. Posted this one on worst value thread

daft.ie/searchsale.daft?id=389549

475K for a 3 bed townhouse. No size given but I’d say it’s under 1,000 sq ft

  1. daft.ie/searchsale.daft?id=658038

750K 4 bed. Only 1 pic given.

If I had the money I’d look at Lindville
This for 550K daft.ie/searchsale.daft?id=660171
or this POA (really annoying)
daft.ie/searchsale.daft?id=496415

Another 5 years sitting on the sidelines will soon sort this out :angry:

Totally agree with you Jackal. My other half is from Cork and on visits to the southern capital I am constantly amazed by the Examiner property supplement. Asking prices are way above Dublin IMO. And if the Examiner property supplement is to be believed (doubtful I know) they are actually selling for this.

The ‘Cork is different’ mentality still prevails among my relations and friends from Cork. When I noticed a house in Douglas (Douglas proper now, not Grange) for sale for 40 per cent above the asking for a practically identical place in Mount Merrion (similiar suburbs IMO). I was lectured about ‘well it is Douglas, don’t you know’.

The facts are that Dublin has more barristers, company CEOs, senior people in the multi-nationals, professors, hospital consultants etc than Cork. So the fundamentals (remember them) would indicate that prices in Cork should be lower not higher than Dublin.

however cork is smaller?

but i agree the standard of that first house crammed in there and the standard of the sales - one photo of what i hope is the spare room. people might be selling at what they can afford to sell at.

rather than what is a realistic price

I’m of the opinion that if you compared Cork v Dublin for the exact same type of house in a similar suburb, the Cork hosue should be atleast 100K cheaper than Dublin one.

But it’s just not happening so far in many cases!

Now, I rent and work in Dublin at present but at some point in the next 5 years I can see myself moving back. Looks like I’ll be stuck renting if these prices remain!

I think there are a combination of factors at play here.

I can’t speak of other cities but in Galway, you can get a recently built 4 bed semi-d in Knocknacarra for about €150k.
However that would not get you much in Salthill/Barna/Moycullen/Bushy Park etc.

Certain cities are desirable, certain locations in those cities more desirable.
From an employment perspective, some cities have not been as badly affected, Dublin Cork and Galway would be in that group.
The prices of desirable houses, in desirable locations, with better employment prospects are proving a little more sticky.

It looks as if parts of Dublin, Cork and Galway are still drinking the tiger blood, not as much as before but some have a bit left.

Charlie Sheen ran out of tiger blood, so will Cork.

Asking prices are effectively set by the seller (with a bit of input from the agent) and lots of people want to live the delusion that their house is “worth” X when it is really worth half that or whatever. Do the overpriced properties in Cork sit on the books or actually sell? The less volume and price information the more easy it is for potential sellers to live the dream.

I’d say the problem is at least partly to do with the layout of the city. North or south are the sides of the valley, so the good quality old British era housing tended to be laid out east and west of the city center.

To the west you’ve now got the colleges so much traditional residential housing has become student accomodation.

To the east of the city is a small peninsula containing all of the popular housing mentioned. It’s probably less than 10 square kilometers. This housing isn’t as dense as it’d be around SCD, you’ve also plenty of green spaces, sports grounds, large schools etc… It’s a limited supply.

I like the city but from a practicable point of view as a city to live in or close it’s probably never going to work very well. The limited number of houses that allow normal city living will command a premium.

It depends on the property, large swathes of that area in Cork City have houses that are effectively unsaleable due to Flood risk or Subsidence, the few homes that can can be insured to secure a mortgage can command a premium.

If you look a little further out you can do a lot better.

I hear what you’re saying, though Cork had 44K on the Live Register in 2011, the 2nd largest county (Dublin 1st of course).

The Cork City social welfare office is the largest in the country too for numbers signing on.

Theres a cosy little cartel in Cork between the Examiner’s Property Supplement (which is basically a one man band run by Tommy Barker) and the local estate agents.

The asking prices in certain areas seem to remain stubbornly high. My perception watching over the last few years is that very little is selling.

The database (when we get to see it) will tell a tale and hopefully shake things up a bit.

As previous posters have mentioned there are only a handful of ‘good’ areas.
Cork has a northside southside divide similar to Dublin although it’s not exclusively northside-bad southside-good. In fact its quite mixed - you have Blackrock alongside Mahon, Montenotte next door to Mayfield, Togher next to Glasheen/Bishopstown, Shanakiel beside Knocknaheeny etc

Asking prices seem to have fallen most in the less desireable areas. Either debt, pride, arrogance or delusion are keeping asking prices up in the good areas.

I’m interested in a small geographical area comprising two estates where little has been on the market in the last coupkle of years. What does appear for sale is invariable an executors sale and are usually shells requiring total refurbishment.

I’m contemplating doing a leaflet drop for houses that I would be interested in. It might flush out a seller.

Fingers crossed the database will move things along a bit.

And his sidekick, Rose “tinted glasses” Martin.

They mustn’t be too busy these days anyway. Every Saturday you’d be lucky to see 10 houses listed in the property supplement.

And what’s this annoying habit they have of stating whether or not the house has broadband, but not stating the number of bathrooms?!!

One of our own ex-developers turned British Bankrupt would have woken up with a few bruises bubbling up on his face this morning according to the taxi drivers operating out of Cork Airport. Story goes an ex bigwig flew into the airport where he was spotted by a subby turned taxi driver who lost his business due to ex bigwig owing him a lot of money and leaving him high and dry. Subby then exacted a degree of satisfaction.
I can’t see it going to the courts though or there could be a few more subbies lined up at the gates waiting for him. Sorry for being vague, I’m sure the Sindo will have it by Sunday.

Meanwhile in a Galaxy far far away

Sherry Fitz are renting apartments in the Elysian
900 for a 1 bed
1300 + for a 2 bed.
daft.ie/searchrental.daft?id=1265431

Obviously it’s the China Syndrome like!

From what I hear ex bigwig may well be getting used to this by now.

Rent is dead money. Christie’s are still advertising a flat in the Elysian for only $2,575,660 USD. Mind you, its a

christiesrealestate.com/Prop … 3449/32/14

Ooh, a triplex penthouse. Don’t know what it is but sounds fancy! :mrgreen: