was €775k, now €695, drop of €80k or 10.3%
tribune.ie/property/article/ … e-to-view/
@154 sq. m, or 1,657 sq ft, gives a figure of €419.43 per sq. ft.
comment no 3 from derek brawn makes interesting reading
#3 Derek Brawn commented, on January 17, 2011 at 8:22 a.m.:
Continental Europe uses unit pricing - the price per square metre – as the basis for standardised comparative home prices, we in Britain & Ireland do not. They use long-term fixed-rate mortgages (so bank rate rises become irrelevant) whereas we in Ireland (as well as the UK) use ‘variable’ rates (remember tracker mortgages are ‘variable’ too).
The above properties listed for sale are quoted at:
(1) EUR 4,500/sq.m. for the Glasnevin, Dublin 9 home,
(2) EUR 5,400/sq.m. for the property for sale on St. Alban’s Road, Dublin 8
(3) EUR 1,900/sq.m for the house + garden at Kells, Co. Meath
Obviously price varies by locality or area, but once we have a price per square metre for lots of homes in any given area or cluster, we can then established more accurate values for that neighbourhood.
Then as prices drop in each local we can determine if a reduction is warranted, sufficient or behind the curve.
With regard to what people see as overvalued properties today, they will not correct overnight, nor will a Vendor reduce their asking price by half a million Euro’s at a snip. They will drop in increments. Property prices ‘travel’ just as a person does e.g. it takes 3 hours to drive from Dublin to Cork, not 3 minutes.
Bearing this in mind, the top property listed at EUR 695,000 in Glasnevin or EUR 4,500 per square metre of available living space, is pricey, not just by Irish standards, but by international ones too.
What would I pay for such a property? No more than EUR 2,500/sq.m., which implies the Dublin 9 home is really only worth about EUR 385,000. That would be a reasonable price in anyone’s book.
How long more will it take for values to correct to these more appropriate levels? At least another 3-4 years in my humble opinion.
robd
January 18, 2011, 1:27am
#3
Madly enough that listing seems to have been removed from MyHome and Lisney sight although still viewable through Google Cache.
So I guess it’s been snapped up.
webcache.googleusercontent.com/s … ent=safari
It’s fare to say it needs total renovation.
Gorgeous houses which most people in Glasnevin/Drumcondra aspire to however the BER is a serious downside. This would score an F with flying colours and there’s not a huge amount you can do to change that. The facades can’t be insulated on the outside, there’s no cavity, and the plasterwork coving on the ceilings makes properly drylining the inside difficult without getting new molds made etc. Also these houses need to breath.
I’d also expect BER to start have a serious effect on sqm prices unless energy prices decide to surprise us all and take a nose dive.
HBR
January 18, 2011, 5:11am
#4
I second that. I sold a house in Glasnevin last year, and the results of the BER inspection made me weep.
mambo
July 26, 2011, 2:31pm
#5