510 Mourne Road, Drimnagh (-160k, -44%)

Was 360k then 340k

link

Now 300k

www5.daft.ie/searchsale.daft?id=256452

Now 280k
daft.ie/searchsale.daft?id=256452&search=1
propertynews.com/brochure.php?p=MERMER0593

Now 200k

www5.daft.ie/searchsale.daft?id=256452

44% is massive.

Two significant things I think:

  1. The property is close to 2 Luas stops (by the looks of things, I don’t know the area that well). The Luas was meant to be a big plus in helping a property retain its value. This property would undermine that view.
  2. A lot of ordinary people invested in places like Drimnagh, Inchicore, Kilmainham and Kimmage during the boom believing the location close to town was another form of protection against price deflation. This place is close to James’ so has a better location than many bought in that general area, and its relative proximity to town is not helping it hold its price. A price fall on this property is bad news for these folks.

It is also fair to say that the place needs a lot of work, so its price fall probably reflects that.

Ive sold a number of houses in this area throughout the years.
Make no mistake about it, this is a serious fall.

Yes, the house needs work, but then most around here do.

Incidentially, Ive always had reservations about the area - too many undesirable characters.
And Im not talking petty criminals.
I remember driving to one viewing to find the road sealed off by gardai and a clearly visible dead guy on the pavement.
I think its fair to say he was sporting the latest in bodily aerodynamics. :wink:

It’s a working class property, at a price roughly 3.5 times a working class two job household.

Would well believe it, as a friend from this area - actually, from the same road - has told me similar stories.

I’m from near there originally and totally agree with you here. But while it’s a substantial drop I was amazed at how the prices shot up here (no pun intended!). There is an estate I can’t remember the name of it but it’s past the Marble Arch on the Davit Road and my cousin lived there a few years ago, she looked to sell in 2001 - she refused an offer of 165k (punt) because she wanted 180k. She rented it out and later sold it for mega money after.

The offer she refuesed, IR165K, would be E210K now with no allowance for inflation or normal growth.

Does this particular house have some history, a dead body inside for instance.
Or is there a turfwar dispute over it in some way?

WOW :open_mouth: , 44% drop in drimnagh. Probably because it looks like crap. Good old rustic Irish crap.

wow that is a huge drop

I paid 190k euro for a 3 bed (associated properties , down the far end of Drimnagh) in 2003 - in practically original condition - ( i think i underpaid by 10/20k at the time) - so this indicates that we are practically at 2003 nominal prices already (discuss !) … be interesting to see how quickly this sells.