Will O’Flynn Construction’s 17 story ‘Elysian’ tower in Cork City centre come to be known as Cork’s Folly?
The tower which is nearing completion (In fact it was due for launch in March) was expected to command high asking prices and by the look of the website branding and general marketing was looking to attract the cream of the crop of purchasers.
Of course all that marketing was concieved in the heady days of 2006 when the boom was …em… ‘booming’
How things change in 2 years. Now that nothing in certain in the property market the only guarantee that O’Flynns and agents Sherry Fitz have is that they will get plenty of tyre kickers eager to see the view from the top of the elysian tower whenever it launches. But how many of these will transform into signed up purchasers?
I predict that they will not have many takers unless prices are reasonable. At the time of the press launch figures of a million euro were being tossed around for an apartment on the upper floors of the tower. Is that realistic in these more recessionary times?
Perhaps the elysian may come to be known as Cork’s Folly - a striking building but largely uninhabited. Still they could possibly use the roof as a viewing platform to attract the tourists - may provide an alternative to Shandon Steeple
Maybe O’Flynns will lose their shirt on this - skyscrapers don’t come cheap.
See www.theelysian.ie for property porn at its finest (no updates since Nov 2007 though and a countdown clock to its scheduled launch in March 2008 was removed with a week to go)