Loreto House sets out to buck ebbing price tide

IS the property market about to pick up, and turn a corner? The owner of Loreto House appears to think so, as it has just had its asking price put up despite being on the market since last summer.

The ask now is put at €1.1 million, instead of what it had been, at €1m, admits estate agent Dan Howard of Dooley and Howard as he gives it a new year sales push against an ebbing price tide.

The 1960s styled house, on a very large site in Cork’s inner suburbs by the Magazine Road, has a sizeable eight bedrooms, and at one stage accommodated UCC students, thanks to it location within an easy walk of the college, city centre, the Lough and other amenities.

Only the centre part of this very wide, c2,200 sq ft house can be seen from the public road, given the length of straight avenue up to it, but in fact the site is both wide and deep, stretching to more than a third of an acre, more than enough space for a few houses or apartments.

Perhaps that’s where the sale hiatus has come from, as this property is one which could go in any one of several directions.

The existing house is in good overall condition, so a buyer can just walk in and start to make themselves at home.

Then, there’s development scope, for one amazing house or a couple, or maybe a little bit more density and for smaller units, all of course subject to planning. And, there’s the option of buying, moving in and banking the prospects of some future development option as a sort of pension.

Rooms include a tiled entrance hall just inside the quirky, off-square front door and its coloured glass side panels, two reception rooms, dining room, family room, kitchen, utility room, guest WC and main bathroom.

Loreto House with its great location, house size and site-with-scope is a good bet in almost any market. Will it buck the price slide trend?