2 Wigan Road, Drumcondra, Dublin 3 - WIW

Hi everyone,

This is my first post here. The forum is tremendously valuable so thanks for all the help you’ve (probably not realised) given me.

I’m looking to purchase my first home and it’s a very intimidating time to come to the market. However, there are plenty of nice places within a budget of €400K still. What’s concerning me is the massively inflated asking prices which seem to be whacked onto houses that I’m not sure usually warrant them.

I saw this house in Drumcondra and wanted to get the thoughts as to what it might end up selling for?
myhome.ie/residential/brochu … -3/2742769

If this site is accurate, then it looks like in 2013 the owner dropped their asking price twice (by €45K overall), before listing it now €75K higher in less than 7 months: collapso.net/Sale-Property/s … ?id=710669

Went for a look at this at the weekend. Flip/Refurb appears to have stripped the house of any character. Beige carpets and white paint all over the shop. Kitchen is extremely dark. Strange use of a small window where a bigger one would have made it much brighter and more pleasant. That said, there’s a very big back garden and plenty of room to put a bigger kitchen on there if you wished down the line. Decent amount of interest in it but a hard one to put a value on. Would think it’s more appealing to investors looking to rent it out rather than as a family home, but that’s just me.

If this is your preferred area, this looks like it’s in good condition with a great garden. It doesn’t seem to have any problems that can’t be fixed.

As a recent purchaser, I would advise you to take the plunge provided you know you can make the repayments. Once you buy, you’ll be relieved to be out of the market and thinking about furniture. You will get lots of advice, most of it unsolicited. Ignore it all, do your own thing, and remember that everyone makes a compromise on the house and pays more than they thought they would. The most common mistake is to hold out for the perfect house and let the market price you out of the houses you could have afforded when you first started looking.

As regards price, you won’t know until long after you buy whether you overpaid or got a bargain.

Good luck.

A small non-descript mid-terrace house a few yards from a stretch of the Royal Canal that’s a magnet for crime and anti-social behaviour… Please don’t pay €400K for this.

Have you looked at any properties at the top end of Drumcondra in and around the Gaelteacht area of Iveragh / Tourmakeady.

These are very substantial houses ideal from either family living or investment purposes.

With the sort of budget you have you should be able find something you like there

Sold for 474k as per PPR.

facepalm

There are a lot of idiots out there and they have acquired a lot of money somehow. That cheap refurb really paid off for the seller.

Mercy. I know I said it’d be a hard one to put a value on further up the thread but I never thought it’d go that high. Strange times…

Not everyone reads the pin & the same old relatives/friends that were screaming to get on property ladder, now is a good time to buy from back in 2000’s, are all back out in force again due to people “missing” the bottom of the crash.

Just for posterity, this is what someone paid half a million euros for:

https://photos.myhome.ie/media/9/6/7/2742769/front_m.jpg

That’s it settled in my mind now-we’re in another bubble. I don’t think this price would have been “achieved” in 2006. At a speculative guess, for many types of property like this one it’s going to be another 50%+ crash beginning somewhere between autumn 2015 and spring 2016.

Nah - these were way higher in 2006, similar 3 bed on Claude road was approaching €1M at the peak.

Does this price make any sense to an investor?
Can’t imagine the yield being any good

No, absolutely not. Someone bought it to live in.

It has pluses, a large west facing rear garden is rare in this area, even among more expensive houses. However the house itself is unremarkable, and is after all just an averaged sized terraced house that was previously 3 separate units and subject to a fairly light renovation.

There was a four bed on the street (albeit probably the same size) for 700k private treaty in 2006.
I realise that I just don’t have an appreciation for these types of areas on the Northside, but I’m pretty shocked somebody would want to pay the guts of 500k for that. What I see is a totally ordinary, if a little ugly, house ridiculously spread over 3 floors despite its 1000sqft of space and finished to bog-standard BTL quality. I presume parking isn’t an issue, but you have a patch of grass as a front garden, the street itself has next to no curb appeal (to me) with just concrete everywhere, no trees, tiny bit of grass in front of some of the houses, etc., etc. I suppose the streetscapes of North Dublin are different to that of the South, but If that street was on the Southside, I would genuinely consider it to look rough. I realise it’s not miles away from the more well respected addresses of Iona/Lindsay Road, but this road would actually depress me if I paid that much for it. You’d hope that they’ll substantially extend it and completely re-do the interior, however no house has a two-storey extension on the street so at best you’ll end up with a bigger kitchen/living area but the bedrooms will always be small.

You’re right off whitworth road too which means youre going to be worrying about letting the kids loose for a long time too with the traffic . no safety issue for adults I guess but a grim walk nonetheless.

Sad to see someone spend so much on this.