32 acres, looks like a beautiful site & includes FPP for 6,200 SQ/FT house, (although the proposed house looks awful!)
It is the site would be perfect for me. But €950k… implies nearly €30,000 and acre…Seems overvalued by a large margin…!
Last I looked average prices of land round here were between €8,000 to €12,000 an acre. West Cork snob premium perhaps?
I think a reasonable / generous offer might be in the 400k region, any suggestions?
I’m familiar with the area too, though not really from a property perspective. Are you sure about the ag value of the land? The land on the coast is often difficult to access and very poor even compared to land 10 miles inland or so. I know rubbish land can often get bid up in certain places but around here you don’t have the same cohort of part time farmers desperate to expand (as you often have in the midlands )
I’m not sure if the beach is strictly private, there does appear to be another house to the foreground which would share the access rights from the look of it.
On the land quality, yes it probably wouldn’t be the best agricultural land around, I imagine its that thin type of leached peaty soil. I’m not interested in it from an strictly agricultural perspective anyway, more in terms of an stunning coastal location to live, with the bonus of a decent bit of land / space around its superb.
What would be best approach to determine the rough value here? Taking recent sales or similar poor quality land in locality, and then add premiums for the natural beauty of the coastal site, and the FPP? Might be difficult to but a price 2nd point.
32 x €8,000 per acre = €256,000
Coastal premium per acre: 25%? Say €64,000
Value of FPP?? No idea, but if I say 80k that brings the whole site to even €400,000
Which of course you would then have to develop & build on for at least another 200k…
Yeah me too, big fan of the outdoors, fishing, hill walking etc, plus love the area and lifestyle down that way.
I currently live & work in Dublin, so I would love to get something like this to eventually retire to over the next ten years, while working on the build over that time. Going to arrange a viewing in the new year if its still available, and have it valued professionally if I like the look of it. Obviously I think the asking price is over optimistic, my own rough & inexperienced calculations indicate a good deal less than 950k! Although the brochure had a chopper in it, so perhaps they think some Abramovich type will want a country pad there…!!
From memory (quite rough) I think there are two houses there. It is picture book pretty there, but for me the key would be exactly where you are permitted to build. I expect it’s near the other two houses, and that would not be ideal. I seem to recall a ‘For Sale’ sign there for quite some time.
Also, the view back towards the small quay and the main road is not that great.
I notice that the brochure was created in May 2008, but that it refers to developments in Bantry due for completion in 2006-2008, so it is possible that the property was originally on the market even prior to 2008. It would be worth enquiring locally about the history of the site and land, when it was first for sale, who owns it, why they are selling it, what is their background, what other wealth (if any) they have, and so on. In my opinion this kind of analysis would be very worthwhile prior to making an offer. I doubt if you’ll be able to gather the aforementioned info on the internet so start planning a couple of scouting missions - and bring some beer money.
Loftus had about 63 acres of good quality land, but the house was almost worthless due to the state of disrepair / renovation costs.
So I might be thinking rightly of the ball park being €8,000 for poor land in this case, ruling out pure farming interests, unless for sheep grazing.
@Sharper, good thinking, I’ll probably learn a good bit from an evening spent in the local boozer!
We’ll see what the new year brings.
hey Tetra,there is a nice property on Kenmare bay at Collorous Point,Lauragh,Co Kerry with a few acres going with it.I viewed it myself and would have loved to bid on it but circumstances changed,it might intrest you though,Regards, Molligan.ps its on Tadgh O Sullivans D.N.G Kenmares website.
€950,000 seems reasonable to me for what looks like a stunning piece of property. It is basically your own private peninsula so I think the coastal premium would be far, far in excess of any agricultural land value. You could be competing with the international market for this one if it gets publicised correctly. There are not many places in the developed world where you would get that amount of waterfront for less money. Show that to a yank it will look like a bargain to them. Oceanfront property in the US could be priced 5 times that of inland property. Good point above about where on the plot the house can be – probably not in the spot you’d actually want it.
I confirmed today that the site has been for sale for years, at what price I don’t know.
What I could say about some of the calculations in other posts is that they are awfully theoretical. When it come to land like this, the crucial consideration is local people, or adjoining owners. So, you just don’t know.