We went to look at this last weekend when the asking price was 450K. Just noticed this morning that the asking price is now 500K.
After a year of looking at executors sales, I was a bit bedazzled by the finishes at first, but when we got down to how we might live in the house, we decided that it wouldn’t suit our family. (I won’t go into all the details).
Am a bit shocked at the price hike, as the site layout isn’t that great, the house has been built in the back garden of an existing house so the front door looks out onto a back garden.
Would be interested to hear other views…
(I didn’t post this in the price drop forum as its a price hike.)
Went to see this as well - first off, looks much bigger in the pictures than it actually is; but on the plus side plenty of light everywhere …
The rooms layout is however a bit strange, for us anyway … you d struggle fitting wardrobes in any of the bedrooms or a table in the kitchen; it could do without one of the bedroom/ ensuite downstairs to get the extra living room space - and the chimney going through one of the first floor bedrooms is just completely out of place.
Not to mentiond the chicken coop in the garden, what s that all about ?
According to the agent - there s an offer at 510 … crazy
Also visited and agree it looks much smaller in reality than it did in the photos.
House is nicely built and finished but I would worry that there is NO storage space and as another poster noted, rooms are fairly small so wardrobes are going to take up a lot of space.
Agree - what is with the chicken coop?
Agent also mentioned to me that it was likely to go for 500K or more. Also think 510K is crazy when you see the price of other houses in the area - but there are so few new builds in that part of the world. Maybe that is the attraction.
Thanks for the replies, I’m surprised to hear that there is an offer of 510K.
Yes, we couldn’t see how the kitchen / dining room could take a table either, we measured the space available and it just doesn’t work or at the very least would mean squeezing past the table to get into the kitchen.
The main bathroom is on the ground floor, as well as a separate ensuite bedroom. The big issue for us was the fact that there is only an ensuite upstairs. If we decided to sleep upstairs, it would mean one of the kids having to use the ensuite in the morning / at night, (unless we banned them to the downstairs loo.)
I think that it is not really a family house, but it might suit a retired couple or a young couple without kids that don’t realise what you need in a family house (like us when we bought our first house ). But the floor to ceiling glazing in the living room and the rooflights really give great light.
There is a 4-bed semi just gone up for sale today on Foxrock Avenue asking 475K, so it will be interesting to see what that goes for…I got a bit excited when I saw the description saying westerly facing rear garden, but google earth shows very much a north-west orientation.
Also viewed this. It was quite disappointing, given the rarity of new builds in this area, that the layout throws up the problems mentioned above for family living. Not to mention the dining table problem. I expected to not like the location behind the cottage but that that didn’t really bother me at all, if anything I liked it.
I think given the other houses in the area are moving at and the cost of getting them to that sort of condition that it’s not surprising that there’s a bid at 510k, but I think it steps beyond “unique” design into hard to live with.
Delay in getting a BER apparently. Latest bid is €550k, think the estate agent himself is surprised at the price. Went to see it - actually liked it a lot more than I thought I would, excellently designed for light which is seductive, south west orientation is perfect, and the “back of a house” thing isn’t so bad - actually feels very private and quiet. Am only just about to start out with a family though so I’m sure I’m not seeing all the drawbacks of the layout! Think we’re out at that price though - bit far from town for us anyway.
True, but you have the 46a bus-stop less than 100 yards away from that house and you could drive or cycle to either a Luas or DART station in 5 minutes going different directions from there (Sandyford or Monkstown stations). Also a very good range of shops and schools locally in the Deansgrange area.
However I would agree that SCD prices are still generally too strong as reflected in the bid, not too sure they will come down further though for this particular market which has its own micro-climate, for the long set of reasons that have been expanded on here previously that I’m not going to repeat.
I am not disagreeing with you but the market is what it is, and what it is reflects the fact that the long list you mention is not overly affecting the natural buyers (and few sellers) of these properties. Just like in share trading/currency trading you can go broke waiting on what you believe is a “rational” market.
What you say is of course correct. All i am saying is (as with say bond and/or FX broking) if someone is willing to pay a price that seems (to me at least) higher than makes ‘rational’ sense to live in someone’s back garden then good luck to them. Over the long-run markets do eventually revert to their mean and unless i am mistaken if we price in the ‘a’ associated to this gaff it leaves it overpriced (in the long run). Again you are correct to say that right now it is worth ‘525k…’ since this seems to be where the market is (for now). It was 50% higher too. Money has a different value for everyone i suppose!
A couple of other posters here have viewed the house and liked it so as always beauty is in the eye of the beholder. With these family-oriented houses in SCD, or in other good parts of Dublin, you are paying a premium for location (schools, shops, decent commutes and safe areas with generally good neighbours).
I suppose one way of ignoring any current market conditions and look objectively to see if you are getting any kind of value is to try to value the house in terms of site value + build costs + add a reasonable profit to developer to reflect the time involved and hassle of a build. The site value should reflect the mark up for any particular location. Or of course have a look at what the rental yield looks like.
The only issue i would take with that idea is that site value, build costs and so forth will give you some metric of current value (today) . The rental approach too depends on current rent levels and again provides a value for today- and although it is useful i seem to recall NAMA making some use of this idea when estimating the longer term expected values for the crap they were ‘buying’. And they made some crazy assumptions to boot like stable rent levels (i think) … most of these metrics get lost due to this SCD market that lives on despite ~15% unemployment, broken banks, rotten budget(s) past(?) & present (!), austerity…
…anyway, what i was getting at is the longer term value. Is this really worth 550k? Clearly it is to someone, for their own reasons , but will they be in-the-money down the line? I doubt it. Do they care, i doubt that either. So good luck to them.
None of us can predict the future very well so we can only really value something based on current build costs or current rental yield and then look at how these stack up in historical terms taking into account prevalent rates of interest over the years. NAMA were valuing mostly commercial property and in a market where there was an over-supply and declining demand (and with an agenda to save the banks). I am not sure that anyone is claiming that the supply and demand equation in areas like SCD for family homes is anything like the commercial property market so I think rental yield for these houses is as good a metric as anything out there.