19 Charleston avenue, Ranelagh, Dublin 6 (-70k, 14%)


#1

collapso.dyndns.org/JavaHost/ser … ing=Active

anyone seen this one? is the garden really as small as it looks?

[dropped 495k -> 425k - mambo]


#2

Seen it. Yes, the garden is tiny. You could probably knock the shed and create an “al fresco dining area” as the estate agents like to put it. It is also in need of some serious refurb… you couldn’t live there at present. And i’m not that fussy … I have lived in some dodgey student places in my time…


#3

thanx ariidae,
you reckon its a 100k refurb or that ball-park anyway?


#4

I wouldn’t be great at knowing costs but you would need to knock existing “kitchens” and install a kitchen anyway. You would probably want to put a bathroom upstairs at some point and change the layout of the rooms (Three doors from landing but four rooms). The wiring also looked a little worrying to my untrained eye; loose wires hanging about, old sockets. I didn’t ask about the heating.


#5

And not forgetting that it’s a listed building so all that work is going to be expensive. I couldn’t even begin to guess how expensive. And when you’re done, no where to put the car and you front room view is a mid 80s infill apartment block.


#6

Sale agreed


#7

Little doubt this would have gone for over €1m in 2005/6.

If the last asking price was €425k and it has taken this long to go sale agreed, it’s quite possible the final price was under €400k.

The lack of upstairs bathroom forces me to call this a 3 bed (after the obligitory bathroom and en suite installation).
However, even with the refurb and small garden, that’s not bad going for over 1400 sq/ft in a location that’s in constant demand.


#8

went to see this last weekend, it is an amazing house but needs a huge amount of work, I would love this house if i could get it for 360K(which is possible) and then spend 10 years fixing it up.


#9

Aghh … it’s back. I wonder why it went unagreed.


#10

Link: myhome.ie/residential/brochu … -6/1835620


#11

Now at 950k: https://www.myhome.ie/residential/brochure/19-charleston-avenue-ranelagh-dublin-6-d06-wc53/4384111

Any thoughts? Very small garden (as noted above) but superb location and finished very nicely. Aslo BER exempt and some issue with it being listed. I understand that there is an offer close-ish to the asking.


#12

Some nice renovations but single glazing and BER exempt. Keep those home fires blazing!


#13

The extension breaches the boundary of the neighbouring property. A world of pain there. Wouldn’t touch it with a bargepole.


#15

How do you reckon it breaches the neighbouring property boundary?


#16

Site boundary is down the middle of the chimney and the party wall. The extension incorporates both halves of the party wall (both its own and the neighbour’s), and the soffit overhangs even further. You can even see they had to chop away some of the soffit to fit around the neighbour’s roof.


#17

I see this is back on the market with a bit of media coverage:

Same price as when launched before Xmas, but it’s a different market now. Surely a 10% fall awaits…


#18

Now sale agreed.

They bought for Euro 425K. in 2013 (i.e. close to the bottom of the market). They then did about 200K. of work, I would guess, with lots of decorative touches.

If they get close to their asking ( 950K.), they have done very well indeed. Most of this uplift was from the market in general. Even without improvements, they still could have sold for around 600K. in 2016 and maybe 650K. in 2018. I would regard anything over 850K as profit (plus the value of living rent-free, if you don’t mind living on a building site).

I expect the price of houses in Ranelagh without decent gardens to drop substantially over the next year or two. Why pay a massive premium for proximity to the city centre if you WFH, like so many denizens of the D6?

https://propertypriceregisterireland.com/details/19_charleston_avenue_charleston_road_ranelagh_dublin_6_co_dublin_ireland-64385/


#19

Think this is a fair call. People will probably end up working from home for 2 days per week. In the house hunters decision set the importance living so close to work will be reduced.


#20

I would imagine the reno was closer to €300k. I’ve lived on that road, access is shit, it wouldn’t be a handy job. So with interest, stamp duty, estate agent commission, etc you’re heading towards a cost base of €750k especially when you factor in the cost of living elsewhere during the major part of the reno. So you’re prob looking at a clear €200k profit, assuming they got what they were asking for - which I wouldn’t say is a given considering how long it was on the market.


#21

If you’re right, then any profit they made is simply from the overall uplift in the market and they may actually be losing money on their works.

The CSO residential property price index for Dublin went from 68 in September 2012 to 99 in October 2014, so almost all of their 200K. profit (on your estimate) could have been realised in just two years if they flipped this property without any works. The CSO Index for Dublin peaked at 127 in October 2018 which implies the property would have sold for almost 800K at that stage, assuming it tracked the average price increase (in fact, D6 is now the most expensive Eircode region in Ireland so price increases in Ranelagh since 2012 probably exceeded the Dublin average). If they put anything over 200K. into this house, they are losing serious money on their work.

It was the same story in the boom at the start of the Millenium. Flippers flattered themselves by believing their interior design skills were adding enormous value but their profit was purely speculative so when the bust came even the fanciest refurbishment couldn’t save them.