2 Silchester Wood, Glenageary (-1050k, -47%)

Difficult to quantify this one.

Withdrawn at 1.95m in Oct 07 according to the Times

Then went up to 2.25m for private treaty sale
Cached link

Back down to 2.05m, still technically a 100k increase on the auction price.
Link

Now €1.9m (-50k, -2%)

www.daft.ie/1315739

Now €1.2m - down €1.05m from the highest asking price (-46%)

myhome.ie/residential/search … OHKV333440

People are starting to really get the hang of this game.

This is a very significant drop, if true.

Firstly, it is leading the charge against its neighbour No. 6 which is priced at €1.695m and No. 6 is smaller at 2050sq ft (vs 2,700sq ft for this one).

Secondly, it makes an absolute mockery of some of the other asking prices out there. Case in point:

The house in question is €1.2m and is 2,700sq ft, 5 bed 3 bath in move-in condition.

Or you could spend €1.2m here on a 1,100sq ft, 3 bed 1 bath semi-d in need of refurbishment! If you use 2 Silchester Wood as a yardstick then the Mount Merrion house is worth half the asking price at a stretch.

The are a number of houses just around the corner (Silchester Park). Rather dire looking places in need of a lot of extention and modernisation and they were looking for up to €1.2m until this week.

wow, I worked it out on a calculator: (-1050k, -47%)

I think that’s a big drop.

So, does this now represent ‘good value’? Is this a desperate bid to sell at any price, and does anyone think this is a one-off? What are the chances of all the vendors at this level following suit? I will be watching with interest to see if this sells, and if so, will other vendors follow suit?

5% gross yield on €1.2m = €5,000 per month
4% gross yield on €1.2m = €4,000 per month
3% gross yield on €1.2m = €3,000 per month

Pick the point at which you reckon this place would rent out.

I reckon around 3.5%. Still looks overvalued.

Re Yield: Local rental examples:

daft.ie/searchrental.daft?id=593612
Clarinda Pk, 5 bed, looking for 5k pm (Geckko, think this one is/was for sale c€1.5m?)

daft.ie/searchrental.daft?id=590639
Seafront, 5 bed, 4.8k pm

Looks like this sold - can’t find it on daft or on HOK website.

Number 6 is still available - but for 300k more!

www.daft.ie/1398739

Back on the market, just dropped from 1.195m to 1.050m
myhome.ie/residential/brochu … in/3098466