Asking Prices - Worrying developments


#1003

Viewed this place a few weeks back, needs a complete upgrade and really an extension. Was asking 625k, dropped to 580k and believe they are expecting to close near 550k - that’s down 12% on initial asking or 5.2% on revised asking price.

myhome.ie/residential/brochu … in/3124117
collapso.net/Sale-Property/p … id=1041655


#1004

Up around Glencairn, about 3 minutes walk from the Luas, which is really important to us as driving is a waste of time/money, my employer pays for my Luas card. Paid less than €400 per sq ft, which was a deal breaker for me. Still can’t believe some of the prices paid last year, think I mentioned before this was the worst example in terms of places we saw: propertypriceregisterireland.com … nd-116050/


#1005

That’s a good sized house. One of the many houses in that range where it’s really difficult to estimate how much you need to keep for the upgrade/extension so you’re never quite sure what your top bid would be.
And the asking price doesn’t really seem to have taken into account the amount of work needed to modernise it.


#1006

Congrats & welcome to the neighbourhood ionapaul, its normal to question whether you think you paid too much or should have waited another while but that will pass, my advice - just think of it as your home. Best of luck.


#1007

That’s a big house and more on the Blackrock side of Holly Park, too. Big south/SW garden. I think expecting €550 there shows some recognition of a change in the market. It’s not cheap, but compared to what has been going on…

Yep, there’s work needed on that house, but it doesn’t all have to be done up front.


#1008

It’s a lot smaller than it looks!!! We went with expectations of large bedrooms and loads of space that you’d expect with a 1500+sqft house… turns out they are including the garage and utility room (AKA back of the garage!) in the measurements. I worked out a little less than 1350sqft of actual house, so the rooms aren’t large at all when you stick in 4 bedrooms and a small family bathroom, adding new en-suit(s) would make the rooms smaller again - otherwise I would have been interested.
Not obvious in the pictures, but the South facing garden is also on a steep incline with large trees and a neighbors Shomera at the top, to use it you’d need to create 1 or more large steps in the middle and create a terraced effect (not the end of the world!)

But it’s a nice location with good schools and transport!


#1009

FFS that is not on. Aren’t there rules against that type of advertising? It’s bad enough people including 50 year old single-glazed conservatories!


#1010

They all do it. One of the last viewings we were at, the missus and myself got a bit of craic talking loudly (and sarcastically) to each other about how “spacious” the house was and how “they had understated the size if anything”. Went over the hungover EA’s head anyway.


#1011

Congrats.

Enjoy.


#1012

Is there no end to the sneakiness of EA’s?

A well-known trick to hide price drops for currently selling houses is to delete the ad and re-list as a new ad but I’m coming across a new one to hide sales that went for below asking and it’s simply not to update the house from “sale agreed” to “sold” on myhome because myhome will then add the sale price as it appears on the PPR. Leave it as sale agreed indefinitely and the myhome algorithims don’t update while the agent still gets to crow about the sale.

Here is a good example.
myhome.ie/residential/brochu … 12/2888521
Originally looking for just shy of €400k and PPR has it sold for €340k on 24th April. Only got alerted to this yesterday as I heard of a similar house where the vendor was told not to contact myhome themselves to correct the error because “it would cause tax problems for them” when the real reason is that the EA wants to hide a sale 18% below asking. Buyer will probably be onto myhome pretty snappy once they realise their home is still up on the site but I imagine that the ad will be deleted rather than having the price added.


#1013

68 Brighton square, Rathgar
myhome.ie/residential/brochu … -6/3209684
Asking 825k
Sold 965k, 17% above asking

38 Mount Pleasant Square, Ranelagh
myhome.ie/residential/brochu … -6/3110583
Asking 825k
Sold 910k, 10% above asking

46 Ramleh Park, Milltown
gunne.ie/index.cfm?fuseactio … &curpage=1
collapso.net/Sale-Property/m … id=3124314
Asking 685k
Sold 710k, 3.5% above asking

(all sold prices as per PPR in July-2015)


#1014

Bull marche!

Very interesting and great to get a balanced picture.


#1015

daft.ie/sales/8-seabury-mead … n/1018895/

Surprised it made nearly the €0.5m asking price

propertypriceregister.ie/We … enDocument


#1016

Ongoing “recovery” in prices of ordinary stuff in D15.

47 Sorrel Heath on for 370k from Aug 1 2015.
daft.ie/sales/47-sorrel-heat … n/1091506/

PPR history for this road, all identical 4 beds AFAIK:
28/10/2011: 31 Sorrel Heath €275k
18/12/2012 58 Sorrel Heath €252k
18/06/2015: 40 Sorrell (sic) Heath €365k

That last sale is 45% up from trough in Dec 2012, and 72% of the asking of #50 in Sept 2007:

viewtopic.php?f=22&t=3461&view=previous

These new builds sold for <350k in 2003/2004.

Meanwhile 29 Glenville Green sold for €366k on 24/07/2015 after asking 395k.

daft.ie/sales/29-glenville-g … n/1040862/

Maybe this is the price compression that was predicted, as prices of stuff in Castleknock looks to have been dropping recently.


#1017

Those D6 prices above are very bullish and show how fragmented the market is given the declines elsewhere


#1018

Saw that as well. Depressing really. Am losing faith in Seabury, or any of Malahide for that matter, dropping to reasonable prices. Time to stay looking future a field.


#1019

Still off 5.8% since listing and took the best part of 4 months to move. That would have gone for asking +10% this time last year. Nice to see prints <500k.

Lets see where we end up in March next year.


#1020

But what would the asking have been then? The initial asking, and even with the price drop to €498k, were still really high hence the 5.8% off (means little with a high asking).

I’m not sure this would have went over 500k this time last year either, so not sure there has been much movement in the interim be it up or down.

The main point of note is that this house isn’t worth nearly the PPR price imho, whether the initial asking was high or low, and that the value certainly isn’t there yet.


#1021

Agreed on the point of value.


#1022

I think we can all agree that asking price are pretty much meaning less and it’s sold prices that really matter. And we can also all agree that 500K for this house represents poor value. 3 beds are around 400K so pretty much 50K per bedroom.