Woolhara sale bucks the trend setting new price high

WELL, What do you know? Straight from the bottom drawer of end-of-year surprises comes a sales result to buck the trend and negative market sentiment — a new price record has just been set for a three-bed semi-d in Cork.

Capping off the year that’s been in it? Strange, but true.

A whopping €760,000 has been paid for a three-bed semi of 1,300 sq ft, in the Woolhara estate in Douglas.

And, while a fine house as it stands, Annely will need further upgrading: think €100,000 plus, before even costing an extension.

That old stalwart of estate agents’ business, a cut-throat bidding battle, was the key to the exceptional sale result, which bucked all the doom and gloom of the slump-year that was 2007.

Annely only hit the market in September 2007, and had sales terms agreed by October, but contracts have only been signed this week.

Handily, the buyer gets a saving on stamp duty of €24,0000, thanks to Budget 2008, but still has to pay €44,450 to Finance Minister Brian Cowen’s depleted coffers.

Annely’s asking price had been €625,000 and while it had strong initial viewings and an initial €550,000 opening offer, it really took off when two bidders slugged it out from €660,000 to €760,000 in private treaty bids. The successful bidder, who is relocating to Cork city, had been the individual who made the opening €550,000 offer, and who had to watch bids go a painful €210,000 higher from his opening salvo to secure his purchase.

Selling agent was Dennis Guerin of Frank V Murphy & Co auctioneers, who said the key had been the location, the convenience of an inner Douglas Road address within a walk of the city centre, and the strength and determination of two bidders.

“It certainly bucks the doom and gloom of the year, sales are still taking place when the essentials like location and demand match up,” he stated (though his website frankvmurphy.ie shows an overhang of fine €1 to €2 million Cork houses, many of them on the market since the spring).

As a contrast or perspective to the success of Annely, the other ‘half’ of this pair of Woolhara semis sold about 18 months ago for a then very strong €630,000 via Woodwards. It too was in fairly original (ie steel windows) but well-kept condition.

Woolhara, a cul de sac, is one of the Douglas area’s more prized residential address, with large individual homes, detacheds and semis and a handful of more standard post-war semis. Other ‘old suburban’ Douglas three-bed semis are now selling from €430,000 upwards and into the mid and late €500,000s.

Annely, which has a garage conversion and some structural work already done on it, has a two reception rooms, breakfast room, kitchen, utility, guest WC, and three overhead bedrooms plus bathroom. Its site is 33’ wide, and a good 170’ from front to back, with a west-facing back garden.

See our end of year review and 2008 preview on December 29.