11 Herbert Park, Ballsbridge (-450k, -15.25%)

2.95m → 2.5m
myhome.ie/residential/brochu … -4/3088512
irishtimes.com/life-and-styl … -1.2168497

Chunky drop.

Points to very little (or no) interest.

Sold for €2.5m on the button. Great family home and not a bad buy IMO.
propertypriceregister.ie/we … enDocument
Address Information
11 HERBERT PARK
DONNYBROOK
DUBLIN 4
Dublin 4
Dublin
Sale Information
Date of Sale: 11/03/2016
Price: €2,500,000.00
Not Full Market Price: No
VAT Exclusive: No
Description of Property: Second-Hand Dwelling house /Apartment
Property Size Desc.:

11 Herbert Park, Ballsbridge, Dublin 4.
2,500,000 - 5 Bed, Semi Detached House, 352 sq m / 3,839 sq ft

Irish Times write-up
irishtimes.com/life-and-style/homes-and-property/new-to-market/classic-edwardian-near-herbert-park-1.2168497

Started out at 3.25m, but was quickly reduced to 2.95m.

Sat at 2.95m with no interest, before additional reduction to 2.5m.

We now have another “benchmark” row of upper-end Dublin house sales (to add to other “benchmark” rows in D4).
The PPR shows the following sales, for this row of semi-D houses just off Herbert Park:

17/09/2012 €2,600,000.00 3 Herbert Park, Donnybrook
25/08/2014 €2,360,000.00 6 HERBERT PARK, DONNYBROOK, DUBLIN 4, Dublin 4
11/03/2016 €2,500,000.00 11 HERBERT PARK, DONNYBROOK, DUBLIN 4, Dublin 4

3 Herbert Park was in a slightly poorer state to 11 Herbert Park imho. DNG probably assumed they could add at least 25% to the c. 2.6m price achieved by 3 Herbert Park in late 2012, to open with 3.25m for 11 Herbert Park in 2015.

Note that 6 Herbert Park (the 3rd semi-d to appear on this road) was on the better south side of this road, and while it was lower in price again in 2014 (also failed at auction), it was a materially inferior version of 11 Herbert Park (or 3 Herbert Park) in my view, (as it really faced onto the busy Donnybrook road, and had an awkward back garden).

A fair deal for the buyers of 11 Herbert Park in my view. It obviously did not attract any non-domestic or ex. pat interest, and thus failed to make any real progress over the 2012 pricing of 3 Herbert Park (or even the 2014 pricing of 6 Herbert Park).

Another example of upper end Dublin “benchmark” houses selling for little more then they would have gotten in 2013 (in fact 11 Herbert Park is more like a 2012 transaction). We have seen a similar “benchmarks” in:
(1) 70 Ailesbury Road thepropertypin.com/viewtopic.php?f=23&t=65271
(2) Moyvilla 57 Merrion Road thepropertypin.com/viewtopic.php?f=10&t=65783
(3) St Finbars Ailesbury Road thepropertypin.com/viewtopic.php?f=10&t=65785

We have also seen this trend on the overall 2015 PPR (vs. 2013 PPR) for Dublin high-end (i.e. over about 1.7m):
As discussed in more detail here: thepropertypin.com/viewtopic.php?f=10&t=65796

I do think the slowdown in London property, the world’s most extreme property bubble, and sterling weakness, is having an effect here. Irish ex. pats in London (and UK buyers), were important to high-end Dublin property prices in 2012-2014.

I think they are disappearing. Prices are showing this effect.

Buyers want to demolish that rear extension (no surprise) and do a 3 storey rear extension. Still think this house was a good deal for the buyers - great address, great location, etc. Some lovely rooms and they are rectifying the bad bits with their proposed works.

12 Mount Eden Road sold €2.025m on 2/8/16