Price of prime west Cork property slashed by 22%

It would seem the wave of recent price drops experienced at the upper end of Dublin’s residential market has moved well beyond the capital and all the way to the west Cork coastline, with the amount being sought for a prime property in Kinsale dropping by more than half a million euro last Friday.

Selling through Engel & Voelkers, the asking price of The Anchorage, a three-bedroom Victorian residence on the waterfront in Summercove, took the plunge from a lofty €2.5 million to €1.95 million. Far from being a drop in the ocean, the €550,000 decrease accounts for 22 per cent of the initial sum sought.

But while there’s little doubt that it’s a major markdown, it isn’t out of kilter with the recent reductions in asking prices experienced by vendors of high-end homes in the capital. As reported by The Irish Times previously, a swathe of prestige properties across several of Dublin’s most sought-after suburbs have seen their prices slashed in a bid to find buyers.

[ Dublin 4 mansion sees 14%-plus price cut as palatial piles refuse to budge ]

With the height of the summer season now very much in the rear-view mirror and with the pool of prospective purchasers possibly drying up as people return to the reality of their lives elsewhere, the owners of The Anchorage are no doubt keen to reel in a buyer.

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Located on the water’s edge, the Victorian property promises the buyer uninterrupted views over Kinsale Bay and is likely to appeal to a sailing enthusiast, with its boat slip and private mooring. It is said to have been owned by a British navy admiral in the 1800s, who was known for paddling out to his ship at Bulman Buoy, a red navigation marker that can still be seen from the house.

More recently, the house is believed to have been occupied by Oscar-nominated American actress Mary Elizabeth Mastrantonio, known for her roles in The Color of Money, The Abyss and Robin Hood: Prince of Thieves, and her husband, Bafta-winning Irish film director Pat O’Connor.