Definitely a price drop! Despite the big sell, there is little to warrant it being anywhere remotely near that price bracket!
Agreed - an asking price drop from an originally off market asking price.
My guess is they will find a buyer at 800-850k. It definitely won’t be me though!
Nor me! I still think e800-850k is poor value. It’s being marketed as high-end to justify the price and it just isn’t (low BER rating, no soft landscaping, white tiles everywhere which are meant to give a “contemporary” look, etc) but you’re probably right live_wire, some poor soul will probably buy into all the hype and go for it at that level. The estate agent is funny staging the property with the outdoor dining area in the front drive!
Drove into this estate while house hunting. Found it characterless and uninspiring. Typical 60’s semi D suburban heaven / hell. Depending what you’re into.
Think you’re being a bit harsh on the place. Finish looks good to me, albeit the decor has been selected by someone with a severe neurosis. That sliding glass at the back isn’t cheap. B3 rating is more than acceptable for a 60’s semi.Back garden is no smaller than any new build. Home office space downstairs is welcome. Aspect is a problem. Missing an ensuite upstairs.
Houses on this estate seem to sell in the 650 to 750 k bracket. I took a look online at the one that sold for 700k. Better site but requiring complete renovation. Assuming 140 SQM at 1500 per SQM gets you to a 200k renovation. Add in 50Sqm extension at 3k per SQM and you’re over 1m. You have zero chance of seeing that back. Zero.
Pricing that white house over various others sold you get to a value with a 7 in front of it. Probably about 775k.
i know its been pointed out several times but i feel like its not sinking in, price drops on overpriced houses are simply that, look to achieved selling prices for evidence (or not) of any material decrease in the property market.
For what its worth i posted about this house on boards a few weeks / months ago shocked at the price and said it would never get it. Its a decent location, i live close by, but the estate is grim enough imo and not somewhere id consider purchasing, certainly not at that price for that kind of refurb job.
@cyrusir - what would expect this to actually sell for, based on your knowledge of the local area and recent transactions?
Would a sale price of €850k indicate a rising or falling market?
its a strange one as in the context of dalkey 850k isnt a whole lot, just across the road from this are some very ordinary houses on cunningham road looking for €1.3m+
both need full renovation.
That said dalkey park/mapas drive isnt the most desirable estate (only because of the aesthetics and no of houses, its a nice settled estate) so i think the seller here has done a refurb in the hope of getting a strong ready to live in price but to me the refurb isnt of the calibre to attract the kind of buyer they want.
i think 800k for one is a strong price in the context of transactions over the past 3 years,
Think around the e700s would be a correct valuation alright for 40 Mapas Road and I’d agree with colonel that a purchase price at the e775k mark represents fair-ish value and with cyrusir that e800k would be quite a strong price for this property.
Don’t think anyone means to be harsh colonel but the guide price was almost e900k (since dropped to e850k) for this property - a 1600 sq ft north facing Semi-D with a small garden in a housing estate - so that price level should be robust enough to withstand some level of scrutiny.
Not saying the renovation or finish is in any way poor, just saying I don’t think it justifies the premium price tag.
To pay anything over the odds for this house, I’d have expected at least some high spec aspects, such as:
bespoke kitchen (no mention of where the existing one came from)
higher spec on the hob, oven and white goods (rather than basic, low cost hotpoint)
some level of fit-out for the utility (appliances are just lined up beside each other)
higher level of spec on energy efficiency, for example, a better energy rating, an air-to-water heat pump, perhaps some assurances on air tightness or a heat recovery ventilation system etc
some soft landscaping (maybe in the front but particularly to screen the overlooking of the rear of the house)
en-suite to the main bedroom (though this would make it a 3 bedroom house)
downstairs toilet (not via another room)
Some points to consider:
estate agents describe the flooring as a “white oak floor” but the Irish Times article said it was “limed oak timber-effect tiling” which implies it’s a tile or a laminate
garden has been described as 30 ft but the comments above on this thread when the house was originally for sale in 2014 also described it as 30 ft so you would wonder if it maintained that sq footage after the renovation (presumably it was extended to the rear)
property is primed to sell (barely any furniture etc) but the living space will be lost very quickly once you put any additional seating in the living room which will be needed by whoever buys it. So the extra room downstairs may well be needed for basic living space (rather than an office)
Property is not without merit as colonel pointed out (good green area around the corner and great estate for kids too) and fair play to the estate agents if they can find a buyer willing to pay that premium asking price but at the same time it’s only fair that people are aware of what they are getting for their investment.
i agree with most of that i have to say, to me the refurb looks at best medium cost, probably erring on low, done in as sterile a way so as not to offend anyone and at that level people are looking for engineered / solid wood floors, bespoke kitchens, decent white goods etc etc.
I agree 100%.
Just FYI, as extracted from PPR, houses on Mapas Road sold for the following prices since 2010:
11/11/2016 e620k No. 11
14/3/2016 e647k No. 14
2/10/2013 e505k No. 25
12/01/2011e540k No. 49
Mapas Road is also one of the more congested roads on the estate as the road is quite narrow in comparison to the other roads and cars are generally parked outside the houses on both sides of the road (rather than in the driveways). The other roads in the estate would generally be far wider.