I was booked in to view this property, then we had the heavy rain and floods. The agent said there was a bit of a leak in the garage, and cancelled the viewing until it was fixed. He then rang back a few weeks later to say it was withdrawn from sale. Now its back, for auction. hmmm.
I think its highly unlikely that they would sell the house for that AMV, it looks very low to me unless there is something structurally wrong which would cost tens of thousands to repair, and has been factored in. The AMV will get the punters in the door, hoping to pick it up for 400k or thereabouts. It will definitely sell if they have that as the reserve, and there might be a feeding frenzy. Will be interesting to see what it achieves. May make the asking prices of properties in the area look silly.
My guess is between 430 and 460, buy auctions bring out the crazy.
It was advertised before for 495k. Aprox in nov it was sale agreed.
Then the sale didnt fell through and the heavy rains came. Over two months to repair it?
I saw it when it was rented two years ago and it was quite a disaster. The stairs to go to the attic were really narrow.
Now it seems much nicer despite having the Supervalu trucks parking in your doorstep.
I think it’s an excellent pricing strategy. The interest here on the pin is already clear, but nobody is under any illusions that it will sell at the AMV - I agree with those putting it in at least high 400s. I would not be surprised if it even went to 550k.
If I were selling a decent family house in SCD now I would be very tempted to go down the auction route. There are a lot of very desperate people out there eager to buy, and not much in the line of good houses to choose from.
Have been looking in SCD for over a year and its true… so long as the place does not need major (50k+) work done to it, have been outbid on everything so far, 350-400k range (asking 400+), especially with a nice orientation to the garden.
Edit #2: And of course think of the headlines in the property pages when this inevitably sells for way above its unrealisticly low AMV… “No recession @ Mt Merrion Auction as property exceeds expectations”… Isobel will have a field day!
Kips that have not been upgraded since the day they were built are taking a bit more time to shift, and the offers are low, but you are basically only getting 4 walls and a roof.
Think the 500k+ estimates here are a bit off, some of the stuff quoting 600k or so (and presumably open to negotiation) is in just as nice if not better location and much bigger. This is an average house in an above average location, and I don’t think its going to get 500k, but with a crafty auctioneer and some overexcited home-makers, who knows.
Viewed this about 3 years ago when it was up for rent - interesting to see from the pictures that none of the issues which I raised as concerns at the time, have been addressed!( tiny cheap kitchen/ poor sloping garden( there was actually a ‘hairy visitor’ in it when I viewed)/ unfinished decking complete with sharp drop )I actually don’t remember there being no fireplaces so I’m wondering if that’s a recent development- therefore I’d have to ask ‘why’??? It is a small house and if you don’t have a car or ever expect to have visitors with a car then you’re could get yourself a nice wee gaff! The parking is CHRONIC but on the plus side the Supervalu is excellent ( however, lots of lovely fresh food,meat,bread and milk means lots and lots of regular deliveries) I’d say it could make €435k - and it’ll be some eeejit that doesn’t choose to visit the house any morning of the week circa 9am or 3pm when schools out on a rainy day!!
I’m glad to see that I’m not the only one who realises that there is going to be healthy demand for this house, and I too feel my stomach heave when I think of how the IT will dine out on the auction result.
My estimate of how high this could go is based on a tip-off from my network of homeless people regarding the actual selling price of another house in Mount Merrion within the last few months. Can’t reveal the house or price as it was passed on confidentially, but I had to pick my jaw up off the floor when I heard what that house fetched. It was about 100k more than I would have expected anyone to pay for it. Without that knowledge, I too would be estimating low to mid 400s for no. 5 in The Close.
I know that kind of info is impossible to verify, but we’ll know in three weeks time what the market is actually willing to pay. The auction result will give us a useful indication of what may be in store in 2012 for househunters in this part of SCD - and I really hope I’m wrong.