40 Milltown Ave, Mount St Anne's (-835k, -58.5%)

Irish Times, 13 July 2006

Now €590k:myhome.ie/2043200

You gotta feel for the owners.
That’s a severe hit.

awful looking place on top of that.

That’s a big assumption.

Very fell people can afford to lose that sort of money.

Company owner, company takes a nose-dive in the recession and goes out of business.

Can easily happen. Very presumptuous to say they’ve plenty of cash and will be ok.

I hope you never make a bad decision when you are trying to act in the best interests of your family.

When property prices started to rise again

You mean, in 3 years?

Strange, I was sure this was sale agreed a few weeks ago?
listed as 560

myhome.ie/residential/brochu … -6/2043200

THAT sold for 1.4m :open_mouth:

The summer of 2006 was the very height of the bubble.

But even bearing that in mind, I agree with the ‘’ :open_mouth: ‘’ associated with €1.4m.

Just sold for 587k
propertypriceregisterireland.com … nd-105808/

€334/sqft that works out, and that had a garden. They now want about the same amount for (c. €435/sqft) for a smaller duplex apartment with no outdoor space. On a per square foot basis, that is only a 30% rise, however taking the total lack of outdoor space compared to No. 40 with a garden, and also being an apartment rather than a house, with apartments on either side and under you, I would consider this rise to be a lot closer to 50% than 30%. Also, you’re looking at 2-bed apartments for €425k in there these days with nearly 2k per year management charges, which makes nearly 1800sqft of space with low management charges and a garden look very very cheap for €587k.

I actually think that’s genuinely decent value (not just decent value in the current climate) on a square foot and location basis.

The one that sold or the duplex? Agree that the house was decent value, I think at the time there was just so much selection of ‘actual’ houses, i.e. semi-detached, wider gardens, lower density for the same prices, albeit needing work, that they weren’t as attractive. We looked at them at the time and thought they were good value, but didn’t go ahead in the end.

Interesting to see 16 Merton Crescent up for sale today. Undoubtedly the best house (haven’t seen all the penthouses in the development, so it may not categorically be the best unit) bar none, with an actual garden (that is larger than those of the neighbouring early 20th century houses in Ranelagh) and 3280sqft of space. Obvious disadvantage is the ESB building literally in your garden, but it is still west facing and will get plenty of sun, just not much in the evenings with the towering wall beside you. At a clean €300/sqft it definitely represents value in the current market for somebody who likes modern houses. I actually even find the rear elevation attractive, which is rare for these type of offerings as the houses usually look so squished together, whereas here you have a double width site
myhome.ie/residential/brochu … -6/2785072

I don’t want to personalise it but I don’t think that is decent value. Actually, there are very few houses that I would consider “decent value” at more than EUR300 per square foot. Of course the houses that SoCoDu often talks about are special.

Forgive me, but nothing in St Anne’s is so special that more than EUR300 is decent value. It is merely consistent with the prevailing delusion. However that will pass …

The one that sold (definitely not the duplex!). Not a phenomenal bargain or anything, but semi-decent value for those looking for a low maintenance, good sized property in a nice area.

While they may not be worth it, I don’t recall them ever reaching below €300/sqft at any point, or at least not by much. The cheapest I recall was a one bed that went for €165,500, which was somewhere between 550-600sqft, i.e. circa €275-€300 per sqft, but I’m fairly confident that everything else was in excess of €300. That one bed seems like a bargain now with another one bed in the same block asking €260k having recently gone sale agreed, probably for asking or more. There has always been a certain cachet associated with the development and in many ways it ticks a lot of boxes for people;

  • Good location (Surrounding areas of Ranelagh, Palmerston Park area, etc. all extremely in demand)
  • Well built (and good BER)
  • GFCH
  • Good internal finish (Rationel windows, SieMatic kitchens, etc.)
  • Marginally above average sizes
  • Good mix (houses & apartments, range of sizes, modern & renovated period units)
  • Direct access to the LUAS (this separates it from most developments)
  • Most units have parking spaces
  • Well maintained
  • Average service charge (Not unusually expensive)
  • Beautifully landscaped gardens (especially the centre garden)

Michael Cotter didn’t re-invent the wheel with Mount Saint Annes, he simply developed a product that people actually wanted, and in many ways could be considered future-proof for the above reasons, or as close as it’ll get. Most of the above were applied to subsequent developments of the same era at St. Anne’s (Northbrook Road) & Hanover Quay and other Park Development projects that continue to be desirable and achieve above-average prices. I don’t really follow developers and whether they’re NAMA’d, bankrupt or otherwise, but as far as I know Park is still up and running and Cotter did get permission for 250 apartments on the grounds of Notre Dame beside Dundrum Bridge back in 2007 having paid a small fortune for the site. That development would be a welcome one to the market, although planning has presumably lapsed and he’s probably in little rush to develop it.

A 1 bed sold in there just before the end 2009 asking €175k but pre price register days so I don’t know what it went for. Since then the 1 beds I’ve spotted (I may have missed some) have been:
23/01/12 11 Merton Hall (56.0m2) €165,500 €2,955/m2
14/03/13 43 Convent Hall (73.0m2) €221,500 €3,034/m2
30/04/13 6 Park Hall (47.8m2) €194,000 €4,059/m2
30/05/13 7 Convent Hall (71.1m2) €275,000 €3,868/m2
30/05/13 64 merton Hall (57.0m2) €230,000 €4,035/m2
07/11/13 5 Milltown Hall (53.0m2) €260,000 €4,906/m2

2 beds have gone from around €3.5k/m2 (27 Ramelah Hall, Jan 2013) to €5k/m2 for 31 Milltown Hall in March 2014.
There were 4 sales between 2010 - 2012 for between €302k and €330k but I don’t have sizes for those apartments (they can vary quite a bit i.e. the ones I’ve seen have been anything from 80.4m2 to 96.5m2)

Interesting, thanks Esselte. I haven’t kept records of the sizes so that’s good to know. We almost won the bidding on one of them, and weep every time I see the price after the way things have gone, despite the fact the yield would still be bad even with rents as high as they are… :blush: