This made five times its original price

THE shortage of good second-hand houses is helping to underpin the strong current prices being achieved.

A good case in point is the recent sale of lucky, rather than unlucky, thirteen in the Grove just off Orchard Road in Cork city.

No 13 made almost five times its day one purchase price of ten years ago.

Originally built as a grant-sized house of about 1,340 sq ft, it had a garage converted, a conservatory added, and in its final splendour it sold well above its initial €440,000 guide price. In fact, it went at auction for a hefty €100,000 more a whopping €540,000.

"It is probably one of the dearest houses built to grant size sold in Cork," says Brian Olden of Lisney who handled the auction.

When first built in the early 1990s, these Grove houses sold for c £92,000/115,000 each.

From the offset, it was clear that demand for this house in a small development of c 10-year-old houses built by O'Brien and O'Flynn was going to be high.

It now has over 1,600 sq ft of well finished space inside, with four bedrooms and good gardens, situated near the Bon Secours hospital and UCNo 13, The Grove was offered by private treaty, and bidding was strong, but to bring the level of demand to a sales conclusion and possibly put some of the underbidders out of their misery it went to auction.

Six parties gave chase, five of whom went beyond the 0.5m mark on it.

It was knocked down under the hammer to solicitor Eoin Tobin of Ronan Daly Jermyn in trust for a client.

"The sale result is exceptionally strong, but what it also means is that there are five disappointed underbidders looking for houses like this in the area," said Mr Olden of Lisney.

One of the last sales of the original detached Orchard Road houses took place in late Summer when the mid-1900s home Millboro, on a mature site of 0.75 of an acre, sold for over1 million with Cohalan Downing.

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