12 Gulistan Terrace, Dublin 6


#41

It’s not “quite” a 3 bed, and it’s rightly advertised as a 2 bed, but the attic room looks like a fairly decent third bedroom in practice, and at least the family bathroom is situated in close proximity to it and they’ve got a great second bathroom by sacrificing the ‘proper’ third bedroom.

They paid €400k in March 2012 for the house, as previously posted about earlier in this thread, but they have clearly spent a good deal of money on getting it to where it is. The built the large rear single-storey kitchen / living extension, converted the attic and landscaped the rear garden. Not to mention actually refurbishing the whole house – it had PVC windows and net curtains before they bought it, whereas it’s now in great condition and has a B2 BER, so needless to say they have done a lot of work.

If you compare to 4 Gullistan Terrace, which was bought in 2018 for €1m, depending on your preference for garden (i.e. south facing but half the length, or north facing at least double the length) this is a nicer house in my personal opinion.

4 Gulistan was 145 sqm, equating to €6,897 / sqm, with 3 bedrooms. The seller, as confirmed by the Irish Times article about it at the time (not a secret) bought it in 2007 and I believe it was asking €1,225,000 by private treaty in Summer 2007 at the time he bought it. As per the Irish Times article, he didn’t do much in the intervening 11 years other than a soft redecoration, e.g. painting rooms, windows frames. I don’t think even the front or rear landscaping was touched. To buy in D6 at the absolute height of the Celtic Tiger and get out for basically 20% less (excl. transaction costs) was impressive. It was in move-in condition but it wasn’t perfect. For example the kitchen was upstairs as it’s an upside-down layout, meaning there was no direct access to the garden and it only had a handful of units and wasn’t the big open-plan living space that many people are looking for. Still a lovely house, of course, with a good garden and great orientation.

5 Gulistan Terrace directly next door then sold in 2019 for the novel sum of €888,888 (best bids process maybe?), which worked out at a significantly higher €7,797 / sqm for each of its 114 sqm. It was in lovely condition with traditional decor and full planning permission for an ultra-modern 48 sqm extension. That extension would drag the all-in cost to over €1m to get a 162 sqm house.

12 Gulistan ticks all the boxes aside from garden orientation. At the allowable measurement of 135 sqm, the asking price breaks back at €7,296 / sqm, sitting roughly in between the prices per sqm achieved for 4 and 5 Gulistan in 2018 and 2019 respectively. If you were to include the attic room (effective third bedroom), the house is supposedly then a sizeable 161 sqm. Compared to those other houses, this has been upgraded to an impressive BER B2 (the others relied on being BER Exempt), which is about as good as it gets for a house like this, and the more standard layout of living accommodation on ground floor and bedrooms above will suit most people better than the upside-down arrangements in the other two houses. As I said, in my personal opinion it’s a better house.

Historically, houses on this side of the street have sold well in spite of the orientation issue. When you look at 15 Gulistan Terrace a few doors down achieving €810,000 in 2016, that house was just 127 sqm and had absolutely nothing on this in terms of condition and 2016 was a much lower point in the general housing market. That same house achieved €655,000 in 2014. Another house, albeit with a small garden, sold on this row in 2006 for just over €900k for 102 sqm and wasn’t refurbished – which, when you compare to 4 Gulistan being 40% larger, fully renovated with a larger south-facing garden and for sale for around €1.2m shortly after – just goes to show houses on this side of the street don’t seem to suffer much for the north-facing garden orientation.

All in all, if 12 Gulistan Terrace had come up for sale in 2018 / 2019 at this asking price of €985,000 it would certainly have given the other two houses a run for their money and would have flown off the shelf. It’s only been on the market for a week now, so time will tell where it lands. Like many others here, I’m perplexed by the resilience of Irish property prices (thus far) in the Covid-adjusting world, but people have their own reasons to buy and certainly this is no worse value than the other houses that have sold on the street and has every chance of selling.


#42

Further to the above, the sale of 12 Gulistan Terrace closed for €1 million on 16th November. So €15k over asking price and took 2.5 months from going on the market to the sale closing, signaling strong demand.


#43

quality refurbs in desirable locations are still selling quickly at strong prices.