Further property price fall and another WIW

Hi all,

I have been a lurker here for a long time now and I have to say that a lot of people here have thier heads screwed on!! I am looking for a bit of advice regarding a property I am interested in. :blush: (i know i shouldnt be looking)

myhome.ie/residential/brochu … ely/202513

There has been a drop of 105k in the last 10 months, an average of 10.5k per month.

Do you think it will drop further and what do you think it is currently worth?

It looks like it needs a lot of modernisation, maybe new wiring etc.

Any imput would be appreciated!!!

Thanks “Pinnies”!! :laughing:

Hi 2Buy, I know very little about property in Dubln but I bought about 16 months ago which while bigger would have needed a similar modernization and garageconversion ( I presume you would convert the garage). This was in Cork. The cost of converting the garage into a small sitting room and a large wet room,fitting out a bedroom that “appeared” over the garage, (that whole story is here)
plus everything from new fireplaces complete new heating floor tiling, 3 big rooms, very good quality timber flooring in 7 other rooms including the hall plus a new shed, a new kitchen plus new fridge, cooker etc associated wiring plumbing new paths around the house and various bits and pieces including having the whole place painted came to about €67k I would think that now and if you shop around and have a few contacts I could be done for less.
Sorry I have no idea of what the price should be

Thanks Discostu, I will read your link now for consideration!

67k sounds reasonable for all that work and yes the garage would need to be converted!!

YES. I think that this place will drop considerably further. Probably another 100K in the next 2 years if if fails to sell during that time (which it might!). And more again if the country continues to go the way it’s going I believe (no real domestic growth, high unemployment, reducing budgets, more austerity, etc. etc.)

And I think it’s worth right now in this market about 320K if a buyer was willing to really make an offer at that price it might well be accepted. It probably has the fact that it’s a SCD reasonable address going for it, close to Dun Laoghaire/Blackrock etc.

It definitely looks immediately liveable and in reasonable nick but could do with some modernisation for sure and probably would need things like insulation, wiring and re-decoration.

This house is enormously overpriced. I wouldnt touch it with a 370k bargepole.

150k, no 175 for SCD

Its worth 360k now.
It will be worth 260k, three years from now.

A better (?) property daft.ie/searchrental.daft?id=965790 is renting for €1,400pm.
So even if #110 achieved €1,400 (which is highly unlikely), @ €370,000 this suggests a yield of 4.54%.

However, when you consider that further money would have to be spent on the house in order to achieve €1,400pm, a yield of sub-4% would be more realistic.
This is still bubble territory.

However, whilst prices will continue to fall, for the moment (and with a brief look at what else is on offer locally), this house looks like the one that represents - relatively speaking of course - the best value.

So, although it will probably sell before the others in the area, thats not to say it will be a good buy.
Cheaper does not mean cheap !

To answer your question, if I really had to buy right now, I’d offer no more than €320k. But thats with the knowledge that it will be worth less next year.

Wouldn’t really regard this as being in Cabinteely as such, despite the address. It’s a fair old walk up to the N11 to the QBC and even further to Cabinteely Village and The Park. (There are parts of Cabinteely that are 12 minutes walk to the new Luas station at Carrickmines but from here it would take about 40 minutes) In fact, if you look at one of the photos of the back garden you can see the apartments which were built in the grounds of the Rochestown Lodge Hotel. This area is a kind of a limbo between Dun Laoghaire/Sallynoggin, Cabinteely, Killiney, Pottery Road, Deansgrange etc. In fact, I’ve heard this area described as both Rochestown and Johnstown over the years.

However, it’s still a good “mature” location for schools, shops, pubs etc. and it’s a short drive to places like Dalkey and Killiney. House looks in reasonable condition, though in need of complete modernisation, with scope to extend at the side and in the back garden. What it’s “worth” is what just one buyer/bidder is willing to pay for it (something that seems to be long forgotten around these parts!)

First we had boarded up windows but that seems to have a bricked up window. You wouldn’t be buying it for it’s aesthetics anyway. WIW? less than 200k

Thanks for all the replies folks,

I think you all have a valid point, I also agree that no one should pay more than 320k for it.

TBH, the amount of work that is needed to go into this place, I would be more comfortable paying 280-300k, I suppose the vendor wouldnt even consider this.

Il chance my arm and see how I get on, im expecting a mortgage offer in principle in the next 2 weeks, il let you know how I get on,

thanks again!!! :laughing:

Its a four bed reasonably large house. Why worry about garage conversion plans now? You’ll need the garage to store all your DIY gear during the next couple of years :slight_smile:

I’d second this (I live in the same general area) - nice safe family area but this part in particular is a bit of a public transport limbo, so personally I’d avoid it unless I had work nearby. Also that era of houses can be pretty badly built (I live - rent - in one) so watch out and make sure you get a really though survey. You know what they say about lipstick on a pig :slight_smile:

Ha very good, very true though!!! :laughing:

Yeah i know what you mean, I live less than 5 minutes away from this house. Its not pretty by a long shot. Public Transport will not be an issue for me, the transport ,ink isnt too bad here though.

Yeah i have a relation in a well known engineering company who will be doing the survey, fine tooth comb will be used if I decide to purchase.