61 Eglinton Road, Donnybrook

Was 2.7m, then 3m (2004)
archives.tcm.ie/businesspost/200 … 723129.asp

Since extensively renovated
irishtimes.com/newspaper/pro … 65641.html

Now 3.85m
myhome.ie/residential/brochu … n-4/211920
€985/sq ft

Or you could rent up to recently at 8000/month (2.5% gross yield on 3.85m)
webcache.googleusercontent.com/s … clnk&gl=ie

I suspect 3.85m was arrived at by using the following formula;
purchase price + stamp + refurb cost + forgone interest (or financing) = breakeven

The thing that would really worry me about these places is not only the shockingly low rental yield (8k a month is not even acheivable by the way, as the place has been for rent for months with no takers), but the prospect of any kind of property tax, which will wipe the ‘net’ yield to almost zero after EA fees, Insurance etc

Last thing one wants is to buy this place, pay the stamp and then in 2 years time find out you owe 1% of the ‘assessed value’ in some form of Mansion Tax, ie 35k a year or so
People may laugh at that possibility, but the warnings are there. Even the Lib Dems in UK are talking about it now.
Any tax like that will force alot of these homes onto the market by retired couples who own them outright and were happy just sitting on them, but the Tax now eats into all of their pension…suddenly they have to sell.
Anyway, anytime I mention this risk to people I get laughed at, but the worse things get the more likely it becomes and it will become very easy to justify if it ever gains traction in the UK

There’s no way a 1% levy gets landed on a retired couple, there would be a revolution. The govt will be cleverer than that, they will stick the 1% levy on but for pensioners the taxes are only paid when the house is sold. So the pensioner doesn’t get hit, it just rolls up and gets taken out of the inheritance.

+1
And the cause of so many unrealistic asking prices.

Gets a write-up today in the Indo, for some reason??
independent.ie/lifestyle/pro … 75578.html

Still 3.85m

Is it just me or does this sound as dated as ‘decking’ ?

Anyone know how this auction went yesterday? AMV was €3.4m, which is rather excessive. I know Number 64 wasn’t at the same standard of walk-in condition but was much better value at €1.8m in 2013. It just seems that everything over €1.5m is about €500k to €1m over priced.

myhome.ie/residential/brochu … n-4/211920

Beautiful house.

looks very nice inside and out - lot of cash though and usually AMV is below what vendor will sell for

Does the IT not have the result ?

I think some of those pictures are a few years old and it has been a rented out in the mean time.

myhome.ie/pricechanges/dublin

looks like no interest and they are confused now as to how to price !

61 Eglinton Road, Donnybrook, Dublin 4,
€3,800,000 - 5 Bed Period House 363 m² / 3907 ft² For Sale

myhome.ie/residential/brochure/61-eglinton-road-donnybrook-dublin-4/211920

+1

No bids even close to AMV

  1. Recent Irish Times article on the Property.
    irishtimes.com/life-and-style/homes-and-property/new-to-market/outstanding-home-on-eglinton-road-to-auction-for-3-4m-1.2168522

  2. Failed to sell at auction in March 2004 with 2.7m AMV (there were no bids at AMV), but Sherry put it back on at 3m
    irishtimes.com/life-and-style/homes-and-property/dartmouth-road-house-sells-for-over-3-9m-1.1137934

  3. House was in renovated condition in March 2004 (most of the structural work in evidence today was done) and Sherry subsequently sold it for at price not exceeding the AMV of 2.7m

  4. Was renovated again post purchase in 2004 to its current condition. Pretty sure that no major structural work or extension was done in this renovation but a completely new interiors / kitchen and some interior styling (wooden beams) added.

  5. Was put up for sale in 2010 for 3.85m (a completely mad price at the time) and covered in another PIN thread.
    thepropertypin.com/viewtopic.php?f=23&t=29791

There are few +2m houses D4 that are selling today for even close to their mid-2004 prices ? I think that Eglinton Road is a good road, but nothing like an Ailesbury Road, Herbert Park, Park Avenue or other core prestige D4 locations. That is where I think the EA (and owners) have mispriced this house.

72 Eglinton Road sold for 2.6m at end 2014, but it was a fully detached non-period two story (perfect for extending), and had one of the best back gardens in Eglinton Road - very long and fully south facing. 85 Eglinton Road also sold for 2.6m in 2014 but had almost half an acre of land with a very imposing large detached period house in its centre. I don’t think 61 Eglinton Road is in the league of these two houses. It’s renovation gives it a short at achieving their pricing, but not the current price being quoted.

Given how poor todays auction was, at the very most they should have stuck with the 3.4m price, on the basis of and un-renovated value of c. 2.9m, to see if they could pull off getting a c. mid-2004 pricing for a +2m D4 house. If they couldn’t find an Embassy or Corporate type buyer, then they should be more willing to accept c. 3m (which I think is still a decent deal).

observer thanks - interesting

any idea what the highest bid was ?

many bidders ?

it will be sitting along time at 3,8m …

Just realised that this thread is continued on in 2015 on the following thread:

61 Eglinton Road, Donnybrook, Dublin 4
thepropertypin.com/viewtopic.php?f=10&t=64378&p=826172&hilit=+61+eglinton#p826172

Can these threads be merged ?

Done!

61 Eglinton Road continues to hold out for Mark Keenan’s “Moneybags foreign buyer” (i.e. an idiot)

Another data point on the extreme over-pricing of 61 Eglinton Road comes from the price drop of 7 Temple Gardens to 3.95m
thepropertypin.com/viewtopic.php?f=10&t=64383&p=830569

Sunningwell, 7 Temple Gardens, Rathmines, D6 is now asking almost the same price are 61 Eglinton Road - you decide:

(+ in favour of 61 Eglinton)

  1. Sunningwell is 3,700 sq ft. - 61 Eglinton is 3,900 sq ft.
  2. Sunningwell is decorated from the 1990s (tired) - 61 Eglinton is decorated from c. 2006 (look good).

(+ in favour of Sunningwell)

  1. Temple Gardens is one of the top 4 roads in Dublin - Eglinton Road is not even in the top 20.
  2. Temple Gardens is quiet, little traffic - Eglinton Road is a major traffic junction and frequently blocked up.
  3. Sunningwell is period detached - 61 Eglinton is a period semi-d.
  4. Sunningwell has a decent sized north-facing garden - 61 Eglinton has a small north-facing garden.

I thought eglinton was a top address ?

This was the Indo top 10 article - would agree with much but not all of it. The article was done to prep the market for several Howth houses that were being readied for sale (and two other Dalkey houses but they never came to market)

independent.ie/life/home-garden/homes/paved-with-property-gold-the-top-10-most-exclusive-streets-in-ireland-30215475.html

There was another Sunday Paper article on the top 20 from 2006 but I can’t find it. It included the top 10 above plus Vico Road, Killiney Hill Road, Temple Villas, Cowpower Road, Westminister Road (I think), Herbert Park, Raglan Road, Elgin Road some road from Malahide and another from Dalkey / Killiney. It did not have Eglington Road I’m afraid ?

super thanks - I know some heavy hitters like Peter Sutherland live there though