So that’s a 35% drop, or a 53% rise which didn’t happen.
I agree this is a nice house but cant quite work out if it was a sense of humour at play when they wanted €1.3 mill for this or just pure greed. Anyway it has a good bit to drop before the price gets realistic in this economic climate as nice semi-Ds are common at this point.
This house sold for somewhere in the region of 950K in 2006 + then was renovated to the tune of 250K.
Its a good house in an excellent location with a good back garden with the correct aspect, I personally dont think it will drop any further considering interest rates have more or less peaked.
My bet is this house will sell at this price (or close to), I dont think we will see this house on PP again at a lower price, watch this space…
I know I sound like the EA, I’m just a watcher, I also know the area.
Interest rates may have peaked but credit is still being withdrawn from the economy. Say with 20% down and borrowing multiple of somewhere between 4 and 5 times (which will soon be the max that anyone will lend) you still need to earn at least 150k a year to be able to afford this…
I dont agree with your statement unless you know something that others dont.
For example if this was bought as an investment property to do-up and sell on you may end up with a distressed sale on your hands but more likely as Johnboy said borrowing will be the killer for buyers as the only people likely to be able to afford this would be trading up so it means they have to sell their property on or have on a hell of a salary.
As for the asking price €850 for a semi-D in sutton! Get real, also if the owners bought the place for €950k in 06 and spent €250k decorating then they were either ripped off or shouldnt be involved in property speculation as its obviously not their forte.
2006 was the market peak
discount 20% off 950k and it is unlikely that a purchaser will have any concern about the 250k that was invested.
not the new purchasers problem.
this house may sell at the price they’re asking if they can find the bigger fool but prices will plummett way more than that
The price being asked is I believe way too high and many of those who used to have money and would have invested in property at these prices are now suffering from the slump.
Price falls have a long way to go and this house is likely to be no exception.
IMO 4 bed (large) semi-d’s (like this one) in Sutton and Raheny are worth 500-600k dependent on condition. This one’s worth 600k IMO. That’s worth/valued rather than priced.
Also 250k seems way over priced for the kind of work done. New windows, heating, electrics, kitchen (nothing special), bathrooms, flooring, plastering, wardrobes, garden and other minor cosmetics. Shouldn’t have cost more than 100k.
I might be a little bit pessimistic on the price but certainly not by more than 100k. Try plugging an 80% mortgage in at circa 6% and see what the repayments are. Even most trader uppers will be stuck with significantly high borrowings proportionately, due to stamp and other costs.
This has a north facing back garden !!!
Well spotted. Though if you believed every EA, there is no such thing as a house that doesn’t have the correct aspect
Back up to 870k