A PERIOD mansion in Crecora with over 200 years of history has gone on the market for €1.2m.
Some seven properties in county Limerick are now for sale with €1m-plus price-tags, but few have the history of Kilpeacon House in Crecora, which is partly open to the public every Sunday.
The sale of the detached residence, which has six bedrooms and five bathrooms, includes a sprawling 32 acres of land.
The design of the property itself is attributed to the renowned architect Richard Morrison and was built in the “Villa” manner, a style that was popular in the early 19th century.
The property retains many of its original period features, and is situated in an elevated position with views across the surrounding countryside.It has been described as a “beautiful property, in immaculate condition”.
Another property new to the market is Boher Lodge, Bohergar, Boher. Priced at €2m, it is a newer build than Kilpeacon, and includes eight bedrooms and nine bathrooms. This 8,250 sq ft. three storey family home features its own gym, sauna, marble flooring, five acres of land and stables. The grounds are monitored by 24 hour surveillance cameras, security gates and an alarm system. It is available through BOC Properties in Nenagh.
However, the number of properties with seven-figure price-tags coming to the market remains slim, a reflection that people can’t afford to buy these residences, and their owners are afraid to sell because the market has plummeted.
One auctioneer in the city, Tom Crosse with GVM, said Limerick’s mega-mansions are being held back from sale until the property market stabilises over the next two years. Just two properties in Limerick city worth over €1m are now listed as being for sale - a substantial drop in the previous six months. Mr Crosse said the drop in luxury homes available for sale is down to fear on the part of the vendor.
Last year nearly 20 residences with asking prices in excess of €1m were for sale locally, but in recent months this figure has more than halved. Mr Crosse’s views are reflected in the listings of the popular property website Daft.ie, which shows 3,070 properties available for sale in Limerick. However, of those, 72% (or some 2,200 homes) are within the €50,000 to €300,000 price bracket, and just over 200 are within the higher bracket of €300,000 to €500,000. In the mega-bucks league, only 69 properties are retailing at €500,000 and beyond.
“People aren’t putting these residences on the market at the moment because they’re waiting for things to settle down over the next 18 months. Many properties are being withdrawn from the market for that reason, and these properties have already been written down by as much as 50%,” Mr Crosse said.
The holy grail of property in the city - the North Circular Road - is also taking a hit, with some more modest properties having €200,000 and more being shaved off their prices in a bid to lure buyers.
Recently, however, Rhorkee, 78 North Circular Road was put up for sale with an asking price of €1.2m - yours for some €5,000 a month not including the additional €24,000 stamp duty. The five-bedroomed residence was built in the 1920s and is said to be in need of refurbishment, but possesses a lot a character.
Meanwhile, a plethora of discounted Limerick properties will be going under the hammer next Friday, July 6, at the latest Allsop Space sale in Dublin.
A Georgian building on O’Connell Street – No. 66 – has a reserve of €260,000, while a two-bed apartment on the Dock Road is going for €30,000. A 500-year lease on a building in Ballycummin Village, Raheen, will also go under the hammer for €30,000.
Apartments in Cratloe student village are again for sale, at €75,000 for three in one lot.