North Cork scheme prices slashed to €105,000

DIFFERENT counties, different houses and different values, but the same sale pitch – very sizeable price drops.

Try a 53% reduction in Kanturk, north Cork with houses at Dun an Oir now asking €105,000, and around 40% drop in The Naul, Dublin near Swords.

And, the difference between stock-to-sell in north County Cork, and north County Dublin is still sizeable, pricewise.

New mid-terraced two-beds are down in the Dublin scheme by about 40%, down from €380,000 to €230,000, and big detached four-bed 2,065 sq ft homes are slashed from €820,000 to €490,000 – and there’s a competition chance to get one of them mortgage free for the first year too.

However, the relative value pales into insignificance when compared to the last few houses being sold for Cork County Council in the scheme Dún an Óir in Kanturk.

At one stage, similar houses developed by Liam O’Callaghan were selling for €225,000, and now auctioneer John Ryan has five mid-terraced three-beds of about 980 sq ft left to go, seeking offers around €105,000, with one at this level going through right now. They were acquired by the local authority under the Part V Social and Affordable scheme. There’s over 60 houses in all, and the estate with a strong owner occupier profile is “is fully finished out and serviced, it’s not a ghost estate”, says Ryan.

These houses (the developers have other unsold stock, however, at higher prices) are virtually complete, needing just various small snagging jobs and touches, as well as final floor finishes but kitchens are in, walls painted, etc.

Meanwhile, in The Naul, Co Dublin, agents O’Farrell Cleere are selling the last 10 or so of 80 homes in the scheme Delvin Banks, which they say are finished to the highest standard. Their fully finished three-bed offering, semis of 1,140 sq ft, are priced at €290,000. It’s 22 miles or half an hour from Dublin, while – for those keen to buy at around €105k – Kanturk is 160 miles from Dublin, or three hours, nine minutes drive, according to the AA. Cork city is an hour away, about 35 miles by road.