THERE’s very little overhang of built houses in the Cork city market for when market sentiment and buying picks up — it is virtually all apartments. That’s according to new homes estate agent Trish Stokes, who reckons the tally of built houses in the city environs is in the realm of low hundreds — just a few months normal market supply.
And, she adds, stock in the pipeline is also fairly in short supply in many areas “if you want a new, three-bed semi, you could be waiting eight months for it to be built.”
She made her comments as pre-Christmas price-drops on remaining built houses at the Mount Oval scheme have seen a flurry of early 2010 sales. Now, just 41 out of 900-plus houses remain to complete what is probably Munster’s most comprehensive new homes development.
The Rochestown, Cork scheme by O’Flynn Construction, started off in 1998e, and was built out during the noughties, to include retail and social amenities, and a range of house types and apartments to encourage buyers to trade within the ‘village community,’ notes Trish Stokes of Sherry FitzGerald.
“It’s been hugely successful, it is very owner occupier dominated, and has genuinely seen the envisaged trading-up activity within the scheme,” she notes.
Now, for those looking to trade up, the most recent price adjustments in Mount Oval see the large 2,800 sq ft detached six-bed homes in both the Clarkes Wood and Rowan Hill sections of Mount Oval knocked back to just €810,000. At this adjusted figure it is a price level that will enter the calculations of those comparing new stock in a location like this, free of stamp duty, with second hand older stock in the greater Douglas area.
And, for those starting off, or seeking to trade down, prices at Mount Oval now start at €240,000 for two-bed 760 sq ft townhouses, a sizeable reduction from earlier values in the mid €300,000s and selling well in recent months.
Also readjusted in price at Mount Oval are three-bedroomed end townhouses of 1,100 sq ft, priced now at €285,000, while four-bed three-storey detached houses of 1,690 sq ft are down to €525,000 — again a sort of price marker for those looking at trading up to quality second hand stock.
While virtually all of the ambitious Mount Oval Village development has now been completed to the 1997 master plan on over 100 acres of prime Rochestown land, planning is in place for 14 more detached houses, as well five formal terraced three-storey houses.
© Irish Examiner Ltd. All rights reserved