24 Gainsborough Lawns, Malahide (-140k,-19%)

Was 710k

link

Now 695k

link

and in competition with

25 Gainsborough Lawns, Malahide

which had it’s price dropped from 770k to 700k.

Now 670k
myhome.ie/search/property.asp?id=HYMTW281346

Now 640k

www5.daft.ie/searchsale.daft?id=187573

I suppose that’s playing hardball. I’m almost tempted to make an offer about 10k/1.5% under the asking price. Not that I’d buy it, just for the hell of it.

Dropped from 750k to 725k almost exactly 12 months ago

irishpropertywatch.5gbfree.com/i … 00507.html

www5.daft.ie/searchsale.daft?id=342032

but this one went sale agreed at region €750k

must be the bigger corner house garden is worth 100k

www5.daft.ie/searchsale.daft?id=358671

This one went sale agreed region 655k

this one is still 0n sale at www5.daft.ie/searchsale.daft?id=340227

there’s another 6 or 7

This is a race to the bottom

any takers on what the last property in this estate will go for?

Say 9 properies left each to be cleared at -20k on the previous =€470k?

Seems a little high still

#26 went sale agreed in Jan region 715k.

www5.daft.ie/searchsale.daft?id=238665

57 for region 730k in jan!!! www5.daft.ie/searchsale.daft?id=232303

Jaysus 90k in 5 months…

what about the next 5 months ???

Now 610k

www5.daft.ie/searchsale.daft?id=187573

The battle continues with number 25

The patterns in Gainsborough seem very unusual. Firstly, as regards pricing, there seems to be a rapid race downwards going on. Its very different to other estates in mature areas, where the prices move downwards alright, but at a slower rate, and without the ‘duelling-banjos’ between neighbours. This is not some new development, with the builder slashing prices.
As discussed before, there also seems to be an unusually high proportion of the houses for sale, for those familiar with the size of Gainsborough, its a pretty small development.
2 years ago I remember surmising there might be value in them at anything under 600k (a friend had sold for 750k). Now I think I may have been off the mark, as that amount of stock in on development will take time to shift, although the 600k might be a phycological barrier for the sellers, for a while at least.

I suppose a lot of the vendors have purchases already and need to sell asap

The reason for the high level of drops is that most bought into this estate before 2003 paying anything from 435K to 220K. The heady days of 800K houses in Gainsborough are gone, most of the residents here have done well both in terms of equity and career’s + there is high levels of mobility.
There were always 2 or 3 houses for sale at any one time, now there is excess inventory with 10 for sale, so sellers are doing what they have to.
There is nothing wrong with Gainsborough, its a good estate, quiet and the houses are good houses, there is just so much chioce at the moment.

I dont mean to sound rude Jean, but unless you happen to know the most or all of the people who live there , or have access to non public records I fail to see how you have career information, sales data, and some insight into mobility ?

There owners of Gainborough are not some how a special case, there is a chance what you say is true but a really doubt it, I think what we have are HARD listings and a high supply side, that is all.

Hi Evil,
I lived there myself for almost 8 years and I do still know a lot of people who live there as I only moved a mile away. There are only 200 houses, bar the 25% that are rented I knew approx 40-50 family’s, I also know 4 of the vendors selling at Gainsborough currently.

BTW my comments were IMHO but thanks for your insight on what you can + can’t know! It was a real eye-opener.

“HARD Listings” haven’t heard that one before though, is that a new term post Celtic Tiger, or one you coined yourself?

Hi Jeanclaude,

Hard and soft is a RE term for motivation levels of sellers and buyers. Mostly used for sellers that are highly motivated.

Sorry if you feel offended that was not my intent. I was perhaps poorly suggesting that prices paid , incomes etc all take a huge back seat to highly motivated sellers in a dead market.

The people of Ireland have a right to access the tax dept sales data for homes, we really need to pressure .gov to give up this information. It has nothing to do with peoples rights to keep things private and everything to do with keeping things honest and above board.

No worries Evilcart, thx… good point + well made.