Offers around €140,000 are expected for three-beds, or €145,000 for a 1,176 sq ft, three-bed showhouse, ready to walk into: that’s a 50% drop from peak prices. The same duo have a detached, 1,640 sq ft, four-bed home (with a great, cedar-clad rear extension) for offers around €170,000, or a 1,879 sq ft, five-bed detached for €200,000. That’s the price of some three-bed, Co Cork semis.
Developer Pat Gleasure, and Pio Enright, of Fourcon Construction, are being bold on prices, as they are close to being ‘out the gap’ in the completed development, says Darragh Taaffe, of Keane Mahony Smith. He says the high finish quality is there to see, in a scheme that is fully developed. Buyers don’t have to take completion on trust, nor fear they are buying into a future ghost estate.
Glanworth is 30 miles north of Cork city, beyond Fermoy and a few minutes drive off the Cork-Dublin motorway: most of the early buyers here, in 2007, were commuters to and from Cork city. The estate is primarily owner-occupiers, and last year’s buyers (following an earlier price cut) were public and civil servants, says the KMS agent. He has interest from people with local links, because the ‘last to sell’ prices are so low.
Left to sell for ‘make an offer’ prices are two, sizeable, detached houses, and three semis, each with variations, at the back end of the estate, overlooking non-zoned fields of pasture, grazing cattle, the local national school, and, in a different direction the Galtees, and the Nagle mountains.
These are fine houses, with 300 sq ft of convertible attic space, the detached houses have garages, oak internal doors, and a mix of oak, tiled and carpeted floors, and a range of fitted kitchens, and the concrete-built houses have ‘B’ and ‘C1’ BER ratings and come plumbed for solar panels, with large hot water tanks and powered showers.
Keane Mahony Smith, and the developers, are going on-site this Saturday afternoon, 2.30 to 4.30pm, and are talking about having a chalk board outside each house with current best offers marked up.
“Various economists are predicting where and when prices will bottom out, well we’re going down there before them,” says Fourcon developer, Pio Enright.