Island price falls €1m since boom

Two off-beat properties have sold this week in Cork — one an island linked to developer Gerry Gannon, which fell €1m in value in a few years, and the other a nine-bed retirement home.

Sandycove Island, near the mouth of Kinsale harbour, was sold this week by private tender. The 18-acre island had sold for €1.3m in the mid-2000s, but is likely to have sold this time for about €250,000.

Meanwhile, agents Keane Mahony Smith yesterday brought a nine-bed, 4,000sq ft former care home on a quarter acre in Cork’s Bishopstown/Curraheen Road to auction yesterday.

The bungalow had been guided at €350,000, was withdrawn at €250,00 and sold straight afterwards in trust for about €300,000.

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