A rule of thumb in the property game is that oftentimes, the price will reflect the interest. The greater the interest, the greater the price. Obviously that is a simplistic view on what is a complicated market. Various other factors play their part in the final price, quality and parcel size being two.
For an 80-acre residential farm at Coneybeg, Watergrasshill, Co Cork, the interest in it was certainly reflected in the final price. When all was said and done, the hammer fell at just over €1.2m or €15,000/ac. The buyer was well-known and renowned businessman Tim Crowley. Crowley owns a large steel fabrication business in the area.
The farm in question is 80 acres in total, accompanied by a four-bedroom bungalow. The house is in need of refurbishment. Of the 80 acres, the vast majority is very good quality, with 10 acres in need of attention.
While the auction finished strong, it didn’t open that way. Agent Michael Barry had to earn his corn to see an opening bid of at €700,000 or €8,750/ac taken up. Over the course of the next half hour four bidders in total got involved and bidding flew to €1.08m or €13,500/ac. Placed on the market at this stage, a local dairy farmer, a solicitor and the eventual purchaser traded the final blows until the hammer fell at €1.2m.
The auction was handled by Michael Barry of Dick Barry and Son Auctioneers Fermoy and took place in Vienna Woods Hotel in Glanmire.
Auctioneer Michael Barry was very pleased with the result and said the excellent location of the farm played a big part in achieving such a strong price.