15 Cherry House, Mespil Estate (-290k, -77%)

Was 375k, 350k
property-vultures.com/History/367732.html

Now 315k
daft.ie/searchsale.daft?id=367732

265k
daft.ie/searchsale.daft?id=367732

If a one bed is asking €265k, how much do you think a two bed (essentially identical to this one - www.daft.ie/2688192) might fetch? Not mine, but I know someone who bought one of these in 03ish and is wondering if she’s in negative equity yet.

This is actually a Studio rather than 1 bed so presume a 1 bed would be priced higher. It is finished nicely though.

I would say a vendor could probably sell a 2-bed for €330 now - location is great and buildings, whilst old, are well maintained. I think that price would only be attainable for the spring season and if the vendors gets lucky. Once NAMA kicks off, more job losses announced and then finally the budget is announced then I think you would only get €250 for a 2 bed. Just my opinion of course!!

I cannot think of any person in the country - any salary, any social status, any class, any gender, any lifestyle - who would spend €265k on a studio. In fact, ditto €100k. Who in the country has €100k to blow on a pied-a-terre? My opinion is, literally, nobody. Not one person. If any of you guys can suggest to me a profile of a person to disabuse me of this notion, I’d be genuinely interested to hear it.

I am also always struck by how small the Mespil apartments are. Sure, they are very well located, but their size I think hugely limits their appeal, and that’s before you consider how old-fashioned they are.

I think €225k max. for a 2-bed is about right when the dust settles. 1 bed €175k, studio €50k max.

1 bed studio, onstreet parking only, no BER, no service charge mentioned, 350 sq ft, €757/sq ft , chuckle.

now €85k
myhome.ie/residential/brochu … -4/1610365

How much would this rent for?

asking €850/ month for similar in mespil complex
daft.ie/searchrental.daft?id=1155595

Very optimistic indeed with 1-beds asking just €75pm more:

daft.ie/searchrental.daft?id=1161336

This studio asking €640 - clearing a bit below that presumably - seems to be closer to sanity:

daft.ie/searchrental.daft?id=1024503

Ed: “Closer to sanity” =/ sanity.

Ed 2: How many bigger falls than 77% have we seen on the South Dublin forum? Not many I’d say.

By the 15 times annual rent metric it should €153,000 or else the rent should be ~€470 a month
Maybe they meant €185k?

  • darwi

Maybe the market has over corrected.

Perhaps this should be on the “Is that value thread I see”

XD :-GC

Nope, they meant 85k

170k will get you a 2 bed close by: myhome.ie/residential/brochure/2-court-apartments-wilton-place-dublin-2/1742734

That studio would be doing well to rent for 700 pm. Note - it’s ground floor which is seen by most as a negative.
For someone with the money it’s starting to make pretty good sense as an investment > 9% gross yield. But it’s a studio, so you’d probably need to be able to come up with the cash.