14 Old Mill, Portlaoise (-80k, -47%)

Was 170k
Now 90k

12th Jul 2008

* Price changed: from '€170,000' to 'Region €90,000'

26th Nov 2007

* Initial entry found.

wow, big drop.

Sure is. Doesn’t look like an obvious typo either.

It’d be interesting to see if such a big drop will sell the place faster. I’d reckon that it still looks too expensive for what it is but the the leap ahead of the market might give them an edge. I’d say a single person on the dole could afford the repayments. The daft calculator says it’d be around 400 - 450 per month.

My sentiment exactly. That development is probably less than 10 years old, So I guess the vendor (if he is the original purchaser) could possibly still make a profit. That part of town would be mostly rented accomodation,and to it’s credit it is very clsoe to town, 1 minutes walk, but just far enough away not to be noisy. One of the first really attainable places I’ve seen recently.

I wonder what the effect of the ‘pause’ in the decentralisation program will have on places like Portlaoise? Many speculative developments were built on the basis of the Department of Agriculture moving there and on something else going to Mountmellick.

with 2 prisons, prison training school, hospital, esb line school, telecom hq, and a few hundred in Dept of Ag already, decenralisation postponement will have little effect on Portlaoise prices. The town has above average civil service jobs already which insulates it from recessions a bit. Property prices likely to show less decreases in prices than other similar towns within 50 mins of Dublin.
So far most BTLs are renting, apartments in poor locations suffering most as in other towns. 3- bed semis rents and occupancy rates holding up well so far.
Towns outside Portlaoise are suffering though- check out price drops in Mountrath and Borris-on-Ossary.

As pointed out the dept of Agriculture are already there. Currently occupying 3 buildings (that I’m aware of) with plans to build on a green field site despite the fact that one of those buildings has huge additional unused capacity. Great news if you’re a builder, not so good if you are a tax payer looking for value for money :unamused: That said I expect the building of said facility is likely to be shelved for now.
Up until about 4 months ago the property market in Portlaoise was more of less steady at ~500 listings on daft (still way too much for a town of it’s size IMO). In recent months that number has sky rocketed to ~680. The property market in town is taking a hammering, escpecially in the newer stack 'em tight and pile em high style estates.

You are probably correct. The fundamentals of massive over supply, lots of poor quality newer estates and a significant drop in demand will take care of that. Anyone remember that report on RTE a few months back with regard to the exteremly high percentage of (male) unemployment in the town -due in no small part to the construction down turn.

Problem is that this place has no parking from the looks, its too far out to be wanted by anyone but a local and theres plenty of better value semi and the like nearby.
Cant see any FTB’r blowing their stamp duty alowance on this place. Only market that I can see is a local “investor” looking to rent to social welfare.
Even €90k is probably too much for there.

There is a carpark around the back.

This property is right in the centre of town, less than a minutes walk from main street. What do you mean by “it’s too far out”?

Odd the parking out the back isn’t in the ad, is it safe and free?
Its too far out from Dublin, does that really need to be said?

300 m from railway station (on main Cork/Limerick line), 45 mins motorway drive to Mad Cow roundabout, free and relatively safe parking at back door. Former sec 23 , 3 beds, 50m away seeking €180+.

Not sure about the specifics of the parking, I expect it would be free for residents.

:open_mouth: Yes. it does need to be said when the rest of us do not share your Dublin-centric view. You are, after all posting in the rest of Ireland property prices drops forum. We are talking about a property in Portlaoise town. Any reference of the proximity of the property to any other town would seem random. Is it too far from Cork, Limerick, Roscrea, Tullamore??? The country does not revolve around Dublin, to suggest that a property not be desirable because it’s too far from Dublin is ridiculous. It’s proximity to Dublin is of no relevance. Are you suggesting that property beyond the pale is not desirable because a Dub wouldn’t want it (because of it’s distance from Dublin) :open_mouth:
In any case your logic is flawed, if the Dublin enclave of Kilminchy less than 2 miles away is cited as an example.

It’s not far from thousands of jobs in Citywest. On a bad day it would be quicker/easier to get to Citywest from Portlaoise than from D15.

Nothing to do with a Dublin centric view except that the road to Dublin is paved with gold as far as house/flat prices are concerned …its called the “commuter belt”.
Its no accident that gaffs in Portlaoise , Gorey, Athy etc price comparison is of interest to Dublin and whose values go up corresponding to distance from the big smoke…

Arguably the commuter belt is shrinking and as a result the new price is starting to reflect the new non (Dublin) commuter price reality.

I live in Wicklow so have a Wicklow-centric view of Ireland by the way :wink:

Folks this forum is mainly for listing price drops, so the relative merits of Portlaoise and Dublin might be best discussed in another part of the Pin.