Interested in buying a property in Co. Cork - myhome.ie/269218
Offered for 225K
Like every other property I’ve viewed over the passed while it has 3 people interested, 1 serious and the best offer is the asking price
- What do people think its worth?
- Given the phantom bidders and notorious West Cork EAs, how should i negotiate the price?
Lovely location and a nice bit of land but plenty of work to be done on house. Hard to give an estimate without looking but I would say 180 - 200K in current market.
Nice house,looks like the EA took the pics on his mobile phone though,lazy bastard.As previously noted needs a bit of work to shine it up to its true potential,rip up the cement to the front of it,put in nice gardens and a drive,repaint exterior,stick on a new front door,rip out the carpets,new kitchen.job done
Roof looks ok.
I have heard that English people are buying a lot of holiday homes in West Cork,no idea if this is true.
If you do proceed make sure to get a thorough survey done.
I would reckon its worth e170-e190.
my offer here would be 67k euro and a small(15) herd of goats . . . No more no less . . .
Thanks very much for all of your replies.
Realistically its only worth 150 -180 in this market.
Any tips for negotiating the price with the estate agent. Im a serious buyer and want to negotiate a fair price and not to buy into negative equity
Thanks again guys.
I see that it’s on myhome - I wonder how unusual that is outside the Dublin area?
The reason I ask is because I am curious as to whether this could be a sign of a Dublin seller trying to offload a holiday home.
Of course, given that the contact is a local (co. Cork) agent, I could be barking up the wrong tree here.
Even getting it for the best price now will not mean that this time next year the property isnt up to its gutters in NE…
…however if you must,do not turn up to a viewing in a top of the range BMW/Range Rover,you will have tipped your hand totally,if need be borrow a clunker.
Neither you or your wife make any comment during viewing,no oohs and ahhs etc,let the EA do all the talking,do not rush in to fill silences,let him do that,ask him how much it “will cost to put it right”
At this stage he will have given you all the info there is,down to the number of interested parties,if any.
Put in a bid well below asking,if you are not embarrassed by this offer its to high,take it from there…all bids should come with the proviso that the property is removed from the market immediately,if bidding upwards do not do so by 5-10k at a time,increase in amts of 1k at a time,set a amt beyond which you will not continue to bid,if its for you it wont pass you by.
Values will never be scientific but this looked like a reasonable comparable from Tipperary and close to a large town - larger property and refurbished, same sized mature plot and indeed same range of outbuildings with an asking €50k less. No idea about Rosscarbery but I would have said somewhere between €150-160k. Mind you beware the characteristics of “local markets” (or as I call it the Kinvara Syndrome)
Thanks again all. Such useful responses.
I have viewed a few properties in the area. Every time I view a place, its the same story. 3 or more interested parties. 1 or more serious bidders. Unrealistic prices!!
Won’t be rocking up in an a new car, but good advice.
Going by the responses and my own instinct, this property is over priced - to say the least!
It is a case of the EAs getting real. Don’t they read the FT/Examiner ?
Thanks for the advice on the price. Still keen to hear price negotiation advice!
Its not really a question of what they read …more a question if they can etc…most EAs I have dealt with are as dumb as dinner plates.
If you are from there, or have a connection in that area, and are working locally… and can afford the mortgage on a monthly basis, and are willing to call it home, for the next forever… what price then.
Rosscarbery, go left Clon, go right Leap and Glandore, … minutes away
The decision is yours… I would love to have the option once income is ok, household bills are covered, heat etc…
Great location - the TeleAtlas map is misleading - the satellite view will show the water location better.
So many great beaches (I don’t include Owenahincha in that) and villages within reach. The Celtic Ross on your doorstep (special offers on spa treatment right now!) which may be a positive, or a negative if you share Pete McCarthy’s (McCarthy’s Bar) opinion!
Hope you have deep pockets for the excellent but expensive local restaurants!
Having said that - restaurants and artie/craftie places have been closing down in West Cork for the past 5 years, the yachtie crowd are digging in and cutting costs (Cork Week in Crosshaven was pretty quiet apart from 2 nights, and the boatyard has a lot of yachts that never went in the water this year) and prices will fall further - no doubts. Don’t think the days of a handy doer-upper for 20k will ever return though, alas.
I have been keeping an eye on West Cork property for a few years as it is one of my ‘index’ areas for following property prices, and have expressed an interest in a number of places.
Firstly, my experience of ‘auctioneers and valuers’ in West Cork is poor. They appear to have 3 or 4 people interested in any property despite the fact that the properties had been on the market for years! I have been blatently lied to on a number of occasions by a number of people.
They are in denial about the property crash and credit crisis (or maybe it genuinely doesn’t affect West Cork and Kinvara?).
With respect to the property in Rosscarbery, it has been on the market for over 9 months. The price quoted 225000 euro by one estate agent includes a plot of circa. 1 acre,
that of 175000 the plot size is 0.25 acres daft.ie/searchsale.daft?id=542803
I would suggest that if you bought the 175000, you would have a few new neighbours in a few years when the ‘boom restarts’.
The auctioneers are in a position where they may be able to sell at 225000, but the possibility of holding on to 0.75 acres is tantalising for them. I wouldn’t be surprised if they say that they have another buyer for the 0.75 acres and will rack up the price accordingly. This seems to be common practice there as I have seen it in a number of property sales.
Anyway, caveat emptor.
I have walked away from the Irish property market and will not buy until I can deal with an honest broker.