7 Meadow Villas Dundrum, (-€55k, -12%)

Was 450k, now 395k

See here for discussion of 450k price level

The interesting thing about this is that it was bought for 410 at an earlier Allsop auction with PP for new builds in the garden. I had a drive past and there are now two small detached town houses beside this, ready for sale by the looks of it but not on the market yet.

You can see a bit of one of them in the first picture on the myhome listing

myhome.ie/residential/brochu … 14/1758792

It will be very interesting to see (guesstimate) if someone managed to make a few quid by the time it’s all done and dusted. Fair dues to them if they do.

You can see from the satellite view that the site was substantial but in my humble opinion not substantial enough for two houses! :unamused:

‘Sale agreed’ on the sign outside today.

If it went for anything close to the asking price I am absolutely dumbstruck.

So the house sold for 410 at Allsop. The resold for 385 without the sites next door.

The buyer renovated, spent a few quid doing a nice job. Let’s call it 50k

With the ‘loss’ on the purchase price of 25k, the builder got the sites for the two townhouses for well under 100k. Seems like some good business was done.

You mean the buyer speculated and got lucky that the market turned up at the right time…

Can we get away from calling this sort of thing good business. It adds nothing to society and is not in anyway creative. Its not that much different to rolling a dice in a casino.

The state has about €50bn in national debt from this sort of deal gone wrong.

Actually it is good buisness if he builds houses for a living.

No…the profit here is from the increase in house values and land values.

He is a Property Developer. Not a Builder. He is not being paid to build a house.

No, the state has 50bn in debt from deals like the glass bottle site and others where someone paid vastly over the market price out of hubris, greed, vanity or other factors.

This is a builder who did his sums and in a stable market managed to make some money by plying his trade and providing 3 homes in an area with demand for them, where previously there was one that was borderline uninhabitable.

I don’t t5hink the house values changed dramatically in the meantime, he added value to the site through his actions.

7 meadow villas back on market for €495k
lisney.com/sale/house-for-s … blin/18463
No offers on it at the mo, the viewing earlier was mobbed I’d say it will likely achieve asking and maybe more.