4 Ardenza Terrace, Monkstown (-1550k, -45.5%)

price-drop

#1

Was 3.4m
See thread viewtopic.php?f=23&t=4773&p=227087

Than 3.1m, 2.95m, 2.6m, 2.0m
irishpropertywatch.com/viewS … &Site=daft

Now 1.85m
daft.ie/searchsale.daft?id=354939


#2

298.9 Sq. Metres (3,216 Sq. Feet) @ €1.85m

€6,189 per sq m

or

€575 per sq ft

It’s a lovely house, large with seaview and good back garden. Buuut, judging by the lack of photos or exclamatory descriptions, I would imagine there is no fancy expensive kitchen or bathrooms. There could also be some money required to redo roof/wiring or somesuch, not to mention if you wanted to reconnect the granny flat to main house and reconvert. This is a ways off from being the trophy house even though it has the potential to be.
If you imagine the sort of people who would buy this house and what their salary would be, therefore the size of mortgage they could get, minus the cost of doing it up to their standard, I would see a house like this going for around €200 per sq ft, which is being generous to reflect the style, location and aspect of this house, so around €650k


#3

Now 1.75mm
myhome.ie/residential/search … WBVN336803


#4

House is worth 1m. After you put in €350k so spot on. IMHO


#5

This one went Sale Agreed about 2 weeks ago. No idea of the offer on it. But the history of price drops shows motivation? Anyone more illuminated?


#6

which one?


#7

I like the detail of the analysis but I’m curious about the “sort of people” analysis. E.g. if we’re guesstimating house prices on what a consultant doctor would earn (I presume this is they type of buyer you have in mind), should we be factoring in impending salary cuts for public contract consultants and loss of patients for purely private consultants?


#8

We should probably move this discussion elsewhere. I know a few doctors with private practices and they are not overly affected by the recession so far. Certainly incomes have taken a hit but they still earn a lot of money, and compared to most, have a highly reliable income stream. There is still a strong demand for private medical care as long as people can afford it. Moreover, given the state of the public finances, private health care might not suffer too much.

For consultants with private practices, their relative financial standing will be increased by the recession I reckon.


#9

Reasonable points all, but I was only using consultants as an example - substitute another profession / business if you wish.

I think the key point is slightly wider: if Jellybelly is using a methodology to put a value on houses based on the salaries/profits of individuals, and those salaries/profits are deflating, does/should the methodology factor that into account or does/should it assume 2009 salaries?

There’s nothing wrong with an answer which says that the methodology is putting a notional **current **value on houses based on **current **salaries - but if so we have to bear in mind that our results will change as the underlying salaries change.


#10

I know that one of these was sold in Nov/Dec 1998 for £1m. It was in pristine condition at the time and had the basement converted into a self-contained flat. Interestink…


#11

back on the market…

no reconsidering the asking price though.

lots of sale agreed properties coming back on the market. it would be interesting if we had some data on how often sales are falling through and where / at what last asking price?? is this possible from daft data?

myhome.ie/residential/search/brochure/4-ardenza-terrace-monkstown-dublin-co&-city/BWBVN336803


#12

6 Ardenza Terrace sold 24-10-13 for €1,320k


#13

2 Ardenza Terrace sold 31-7-15 for €1,750k


#14

4 ardenza terrace sale agreed


#15

Was asking €3.2 Million back in November 2007.

Sold for €1.17 Million in 2010.

[https://propertypriceregisterireland.com/details/4_ardenza_terrace_monkstown_co_dublin_ireland-1053/]

A lot of work went into it since, according to Daft. Regardless, if they got their asking price of €2.75M. , they made handsome profit.

(https://propertypriceregisterireland.com/details/4_ardenza_terrace_monkstown_co_dublin_ireland-1053/)
https://www.daft.ie/dublin/houses-for-sale/blackrock/4-ardenza-terrace-seapoint-avenue-blackrock-dublin-2627761/


#16

On the PPR now, sold for €2.6 M. , close to asking and well over double the price paid in 2010. Strong price for a terraced house with a small garden. I doubt it would fetch €2 M. if it wasn’t on the seafront.

https://propertypriceregisterireland.com/details/4_ardenza_terrace_seapoint_avenue_blackrock_co_dublin_ireland-473914/


#17

In Australia, doubling of price in 10 years is frankly unremarkable.

Given 2010 was close to the bottom of the biggest property price crash in the history of Ireland and given this property has been significantly invested in and is in a desirable location, this outcome doesn’t surprise me at all.


#18

Prices doubling nothing to see here

15 percent drop in Sandy mount sell sell sell

Is that it :joy:

Also the refurb wasn’t exceptional I’d wager the buyer will be doing a full refurb again looking at the pics