23 Cambridge Terrace, York Road, Dun Laoghaire (-240k, -26%)


#1

So, it has been a few days since we have had a WIW for DL

New to the “morket”:

myhome.ie/1257387

House in flats. In need of serious cash to restore to a family home.

The pikey in me says €350k (busy road, mid terrace, aspect not great etc.). €250k in would see a €600k house. Not sure it is worth more than that or is it just wishful thinking on my part.

I have given up as lots around 550k seems to be selling but I can’t see who is getting the funding and from where.


#2

2007 context…WOW. tribune.ie/archive/article/2 … laoghaire/

Area Spotlight Dun Laoghaire
Well-known to anyone who’s ever got the ferry to the UK, Dun Laoghaire, formerly known as Kingstown, is one of the most popular South Dublin neighbourhoods, largely because of its coastal location, and its large stock of beautiful Victorian terraces. And despite being just a short hop on the Dart from the city centre, Dun Laoghaire has a distinct village feel to it.

Where is it?

Dun Laoghaire is just seven miles (11kms) from the city centre. A pretty coastal town based around the harbour, Dun Laoghaire is bordered by Monkstown, Glasthule, Sandycove, Deansgrange and Sallynoggin.

Average house prices According to Ed Place of Douglas Newman Good, one-bed apartments in Dun Laoghaire start from around Euro385,000, while you could pay around Euro2.5m for a house on Vesey Place.
**
"First-time buyers looking to live in the Dun Laoghaire area tend to go out more towards Glasthule and Sallynoggin, although if they have a bigger budget and parental help, we find that Pottery Road and Whitethorn are very popular with young buyers, where prices start from about Euro600,000. At the other end of the scale we are selling a three-bed detached on Tivoli Road for Euro1.475m, " says Place.**

Type of houses Clarinda Park, Vesey Place, Cambridge Terrace, and De Vesci Terrace are all examples of fine Victorian homes, where you could pay anything from Euro1.5m to Euro3.5m. More modest Victorian two-up, two-down houses are available at Northcote Terrace from around Euro485,000.

You can also get ‘30s’ houses on Mulgrave Street, where again you could pay around Euro1.2m for a semi-d. Whitethorn is a good example of modern semis, where threebeds are Euro600,000-plus. The town also has a supply of new apartments near Georges Street and on Rochestown Avenue.

Best streets to live in Most parts of Dun Laoghaire are popular such as De Vesci Terrace, Clarinda Park and Cambridge Terrace. For those on more modest budgets, smaller redbricks on Northcote Terrace are also popular.

Rental market According to Daft. ie, a two-bed, two-bath apartment on Royal Marine Road, rents from between Euro1700 and Euro2000 per month, while a five-bed house in Crosthwaite Park is available for Euro4,500 per month.

Amenities Dun Laoghaire has a yachting club, golf club, the People’s Park, IMC cinema, Pavillion Theatre, Bloomfields Shopping Centre, Dun Laoghaire Shopping Centre and St Michael’s Hospital.

Schools The area has plenty of primary, secondary and third level institutes including Dun Laoghaire Institute of Art and Design, Dun Laoghaire College of Further Education, and Dun Laoghaire Senior College.

Future development plans:

Under the Dun Laoghaire Rathdown County Council’s Development Plan 2002 to 2012, the council have committed themselves to improving community and educational facilities.

June 10, 2007


#3

That’s a truly ridiculous price in this market.

see here - # 22 was asking 985 a year ago (probably sold for a good deal less), and as I recall that was in pretty good nick.
viewtopic.php?f=23&t=28835&start=0&hilit=cambridge+terrace
So 925 in the new post-IMF world is cloud-cookoo-land. I’d say you are about right - it needs a minimum of 200K spent (and you wouldn’t be long doubling that if you went for a top of the range finish), and it still wouldn’t be worth 900 at the end of it. Might get 500 tops? See this one and its neighbour for comparison myhome.ie/residential/brochu … lin/219499 Both on the market for a long time, been asking 595 and 695 for a good while now with no takers.


#4

I got the same ballpark number as OP when I looked at the brochure without seeing the price. I was thinking €500k + €100k-€150k renovation giving you c.€600k valuation. That would fit in with the earnings of a couple of (successful) solicitors buying a trophy home in Monkstown.


#5

I see where people are coming from with the valuations in this site but I do not think this holds true now. I do not believe a couple on 200k will be buying a house for 600k (more like 800k to 1mill) nor do I see the people who are buying houses for 300k now earning 100k or all those houses that the op mentions at around 550k are not being bought by people on circa 180k a year, individually or combined. I think these multiples are wishful thinking and I do not question their logic or the rationale behind them, nor do I say they should not apply but it is not what people are doing right now, people are getting more like 4.25 salary or 4.5 or in same cases whatever they can get away with. Which basically leads me to believe: people expect the market to fall until a house can be gotten for the equivalent of 3 times salary but if these multiples are not holding now, there is no reason to believe they ever will and therefore the market will not necessarily fall to that point, perhaps it will fall for other reasons but not necessarily for this one.

I apologize I am not a native English speaker I could not express that very well, hope some people got the gist of what I was trying to say.


#6

Agree but what surprises me is the amount of transactions given the number of companies going bust and the fact may people a very leveraged post the boom. Transaction in Dublin see no sign of slowing…eventually the buys have to dry up…but I know may in the wings still…it depends on how long someone is prepared to wait.

Ireland is different. UK still operates on a 3.5 multiple. Irish multiples only exist to slow the descent.


#7

A lot of people are simply tired of waiting…
Friends of herself just agreed to buy in a leafy suburb. Both are accountants - high flying ones at that, so they should know better - she has a bun in the oven and their attitude is - “so what if it loses another 20% if you’re living in it for the next 40 years”… There’s also the factor - “well we’re getting a good deal compared to peak”


#8

…and amortising the cost over 40 years they are probably right. The perfect time is never there.


#9

I really think it’s less about people being tired of waiting, and more about ‘How secure is your money, (obviously held in Euro currency) in an Irish bank?’ It’s a genuine fear now for anyone who has money that it will be swallowed up by govt to pay off the country’s debts, replaced maybe with useless Irish government bonds or a new worthless currency.


#10

It’s a combination of all of the above. I rent myself, waiting for the right time to buy. And yes I do wonder if my money is safe, yes I am tired of waiting and yes I do find myself every now and then trying to re-calculate how smart is this renting thing when you consider that a part of your mortgage is re-paying your capital and when you’re renting “you have nothing at the end of it”. And yes we would be prepared to go SLIGHTLY over the 3x multiple to get the perfect house (not very much above that but perhaps a little bit… like 3.5 times or so…). So i think for most people is a combination of the above. Which leads me to believe that perhaps the market will not fall by that much because there are so many people with itchy feet… unless of course other more catastrophical economic reasons drive the market down. To some extent in these country i think there will always be someone prepared to throw more money than they should after what they might perceive as a trophy house, at least for their possibilities…


#11

A sensible approach. Speaking with fellow professionals (doctors, accountants, solicitors) everyone knows of someone in serious trouble…yet carries on regardless.

Insolvencies hit a record last month - it is only a matter of time before corporate insolvency feeds personal insolvency as the who indebted pile is built on personal guarantees. I just can’t see how, for example, AIB is still lending (other than using taxpayers money).

It is just frustrating when you understand finance…to see finance professionals continuing to act so blinkered in their personal lives. Hey ho, whilst I am enjoying retirement they will be paying their 40 year mortgage.


#12

well, they were getting a mortgage so I don’t think they were worried about their wedge on the edge…

AFAIK one of them already has a house but not in a very ‘professional’ (though still respectable) area.

It’s grand when they are both working but IMHO the benefit of having a high salary is that you or your missus has the option of taking the kids out of the crèche


#13

I agree but that’s a personal thing, my kids have never been in a creche, I work part-time from home and a lady comes over here to mind them 3 mornings a week, but some people don’t like being at home even if given the option.


#14

As on the price drops forum, it would be helpful to include the full property address in the subject line (e.g. “WIW - 32 Cambridge Terrace, York Road…”), so that it can be found from search engines, and we know what property was being discussed when the day comes that the link to the property page no longer works.

Maybe a mod, or the OP, could alter the subject line in this case. Thanks.


#15

Noted. Thanks.


#16

Down to €685,000

daft.ie/1589461


#17

Interesting. Somewhere just north of €500k if that get it away in the “season”.

Quick drop means someone is eager to deal. Makes a mokery of many houses in SCD asking 600+.

The trouble is nothing looks “cheap” in the current macro environment.


#18

Sale agreed:

myhome.ie/1257387


#19

23 sold for 545K November 2011. Number 21 sold for 1M in June 2015 and wasn’t even renovated:

propertysteps.ie/Property-for-Sale/house-for-sale/21-cambridge-terrace-york-road-dun-laoghaire-dublin/23889

Whoever bought 23 seems to have done well! I think they’re stunning houses.


#20

irishtimes.com/life-and-sty … 5?mode=amp

On sale €1.795