Lack of options drives up secondhand stock
The shortage of quality trading-up options in the Cork market is driving up values of secondhand stock with low interest rates keeping the show on the road.
And, the buying confidence isn't just in the city market, it is also seen in prime country locations too.
Among the recent strong sales, and an auction shocker, was last week's Warren Strand, Rosscarbery, an old farm cottage on an acre. It went for double its initial €250,000 guide, making a whopping €546,000 in electric biding. Selling agent was John Hodnett of SWS Property Services, and it was bought by city agent Maurice Cohalan for an undisclosed client. It is the second Burgatia, Rosscarbery, house to make over €500,000 at auction in the last month, confirming the location as super-hot among a coterie of house hunters.
Back in Cork city, 9 Janeville, the 3,000 sq ft 1970s six-bed house off the Blackrock Road, also sold last week at private auction. It was guided at €675,000 by Lisney, and sold in competitive private bidding for €825,000.
This week a sale was agreed on Rosnalee, a three-storey five-bed Victorian semi-d on the Cross Douglas Road. Guiding €450,000-plus with Noelle Morrison Properties, it had three bidders who chased it right up to €595,000.
Out in Glounthane, a mid-1900s bungalow called Wilderness on 1.3 supremely-tamed and lovingly planted acres, hit the market in spring with a €550,000-plus guide with HOK. It ended up selling for a lot more reputedly close to €900,000.
