Prices dropping as vendors chase quick sale

PRICE reductions for quicker house sales are being flagged for city and county Cork properties.

In west Cork, a small builder/developer has pared back a sizeable €100,000 from a 3,200 sq ft re-build now down to a handy €450,000 for an architect-designed extension of distinction, while a Sheep’s Head farmhouse at Kilcrohane has come from €350,000 to €299,000 for a quick sale.

And, the investor owners of a four-bed house at 10 Wren Bank, Mount Oval Village in Rochestown are prepared to drop €80,000 for a quick sale too. With vacant possession, it could suit a buyer in a hurry.

The four-bed, detached house, part of the Mount Oval Village scheme of nearly 800 houses and apartments in Rochestown, is on the market with Conor Twomey of DNG Micheal Creedon for offers in the region of €510,000. Comparable properties sold there late last year for about €580,000. The house was an investment and was let out for the last three years.

It follows a similar, successful sale at nearby Kilbrody, where the same DNG agent dropped the price by over €60,000 and had the property sold within a week.

Agent and vendors are expecting a similar market response at 10 Wren Bank: while the expected viewings may get bidding going, they say they’ll sell at the new guide to the right buyer. The vendors will still turn a good profit, since they bought back in 2004.

The effect on other owners/vendors who purchased more recently may not be so positive, however, with a possible knock-on effect for other sales.

The house is a detached four bed with a living room, a smaller family room, kitchen/ dining room and utility with four bedrooms and three bathrooms.

Meanwhile, down Skibbereen way, a whopping €100,000 has been slashed from the asking price of an architect-designed residence near Shepperton Lakes, with trendy barn-like rear quarters.

The house at Shreelane is a renovated and stunningly extended cottage in a location close to Glandore and Union Hall and mid-way between Skibbereen and Rosscarbery.

On 1.75 acres and immaculately finished, the property was marketed at €550,000 last year via Charles McCarthy Auctioneers, and is now on the market for €450,000.

It has a 3,200 sq ft with three bedrooms, three bathrooms, a large, open plan living room, with and decked courtyard.

Further west at Sheep’s Head, Peninsula Properties have shorn €51k off a farmhouse at Ardahill, on 0.75 of an acre, with sea views and a lofted detached stone outbuilding. The asking price now is €299,000.