Bargains galore in the high-end house market
HOUSE sales stayed slow in 2011, but there were some notable transactions, and some spirited bidding and happy buyers and sellers alike in the mid and upper-markets.
In Kerry, one of the top sales was Mori House, a 2,600 sq ft modern early-2000s five-bed home, sold at one time for circa €900,000, and making circa €520,000 by late 2011 via Tadg Gallivan.
Other than that, most quality house sales were in the €300,000 to €400,000 bracket, says Michael Coghlan, who reported good sites selling for up to €150,000, and with ex-pat interest now being shown, from Britain in particular.
For those high-end vendors in Kerry, still thinking that large new-builds on a few acres were worth millions, the sub- €2m sale (essentially a lease with option to buy in a few years) by John Brennan, of Dromquinna Manor on 38 waterfront acres in Kenmare, was a salutary reminder of how values have plummeted.
The Park Hotel figure aims to do a “glamping” tourism product here, as exclusively reported in the Irish Examiner in April last (see image p 9).
Another period home, and tourism product, eventually selling in 2011 was Duninga House in Kilkenny. This 10,000 sq ft partially-restored house, with 14 tax-incentive holiday homes on 48 acres of land, made a little over €1m via Savills and Dominic Daly.
Back in Cork city, just a handful of top Cork city homes came close to the €1m mark (see other story p3 of €1m-plus sellers). They included builder Tim Lawton’s A-rated new builds by the CUH, at Bishopstown, with two of four selling for about the €950,000 mark, the second of which is now being finished off, while work will start on the third with a signed contract in place.
The five-bed houses are 3,200 sq ft each, finished extremely well.
Another builder happy to sell quality product was Killarney-based Brian Gallivan, whose three energy-efficient Innishannon Cork homes at Rosewood Manor sold after an autumn price reduction. The showhouse (which would have been pitched at the €1m mark as the market turned) made between its €475,000 asking price and the €500k mark, while first-time buyers paid €360,000 for a three-bed, 2,250 sq ft detached home at Rosewood. More houses here in the niche village scheme, ten miles west of Cork city will be built “on demand,” say Savills.
They also had one of the most viewed second-hand houses: the bungalow Coolfree, in The Orchard off Farranlea Road/Model Farm Road. The four-bed, not flashy but with a wide appeal, had over 60 viewings, four strong approved keen bidders, and went well past its €375,000 guide with Savills to make over €400,000. It was one we noted in our “Verdict” slot only in September “Don’t dither too long, it should be a quick seller.” Thankfully, we didn’t jinx it.
Another bungalow getting almost as many viewings (but needing work) was Marsala, on Dundanion Road in Beaumont: it made in the mid-€300,000s with O’Donoghue Clarke, who also had some good western suburban sales, and good successes too in Monkstown, such as the US-style Woodhaven, with 2,750 sq ft of comfort, making in the mid-€600,000s, and the massive period end-terrace at 10 Alta Terrace, Monkstown, gone sale agreed at about €450,000, needing modest work, but a worthwhile period gem with huge potential to come right.
Back in Cork’s Blackrock, agent Jeremy Murphy sold a large and upgraded three-bed, called Knocknacura, within a month of going to market, on the corner of Blackrock Road and Crab Lane. It made in the low to mid-€500,000s after ten viewings. On Crab Lane, auctioneer Tim Sullivan sold a tired bungalow, called Glenville, on a site with extension potential for well over its asking price of €300,000, after 50 viewings. And, notably “it won’t be knocked, the days of the concrete wrecking ball are almost gone, they’ll work with it,” he says.
He also had circa 50 viewings at a period home called Idaville on Victoria Avenue, selling it under its €380k guide.
Across the city, the modern house on a hillside perch just west of Sunday’s Well, Ardfionn, finally found a buyer after over two years on the market. When first offered in 2009, the 2,800 sq ft high-spec home had a €1.1m price guide, less than it cost to build on its awkward site with great views. It sold in the latter half of 2011 with joint agents Cohalan Downing and Frank V Murphy for around €700,000.
On the opposite end of Sunday’s Well, a total do-er upper called Landscape House sold after 20 fast viewings for around its €220,000 guide via Michael O’Donovan, of Sherry Fitzgerald.
Other strong Sherry FitzGerald sales (see also their “sale of the year” on p3) were a modern build at Bayswater, Carrigaline for around €800,000, and its selling agent Ann O’Mahony also had a Charlement Heights Rochestown house make about €575,000. Sherrys also sold a 2,300 sq ft dormer Listarkin, Glenrichmond, Glanmire for under its €569,000 AMV, probably closer to the €500,000 level.
Making over €700,000 with Dennis Guerin of Frank V Murphy, was a do-er upper, Bruaidhenabarra in Menloe Gardens, Blackrock, a detached house on one of this park’s best sites. It made about €720,000, having had a € 750k asking price. Also selling well for Guerin was an older five-bed, 2,200 sq ft Mount Oval Rochestown red-brick, in the mid €500,000s, as was a Woolhara estate, Douglas Road detached called Tolca, making about €600,000 and needing modernisation. Buyers for almost all of those had been waiting out the market for a couple of years before deciding to buy, he said, but a difficulty for buyers is houses needing work, as banks are reluctant to lend for further expenditure.
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