“Gorsefield”, Glenaula Road, Killiney (-2.075m, -70%)


#1

In 2001, was asking €1m (£800k)
In 2008, was asking €2.95m
irishtimes.com/search/index. … year2=2012

Now 875k
myhome.ie/residential/brochu … in/1951037


#2

It really is just a gorsefield with a house in it!


#3

No thanks.


#4

myhome.ie/residential/brochu … in/1951037

SAle agreed

Bounce is still getting bouncier, wonder what it went for. Ripples are spreading

Desirable and fairly unique location and great site but I’d imagine you’d spend a fair few quid doing it up for max potential


#5

I’d hardly conclude that ripples are spreading from the sale of this. The house is in the heart of prime Killiney, being just off Killiney Hill Road. Very interesting views from it - if the photos had been taken on a nice day, it would probably look tropical up there. I’m sure once the windows are changed and its painted a different colour, it will look infinitely better. Also a bit of weeding and general gardening wouldn’t go amiss. This will be a great house once it’s been given some TLC and with an asking of c. €400/sqft, it was hardly the most outrageous price we’ve seen as of late.


#6

Not as familiar with killiney but I don’t think that much over the 700k mark has been moving. I think rathmichael has been slow too and Dalkey. Just saying I think the d2/4/6,market has tended to be where most activity at higher level has been.

Personally I think this is a very attractive house tucked away, assuming you want to live in killiney


#7

No the Killiney/Dalkey market has been moving pretty quickly the last few months.

My own experience is that once properties get below 65% off peak they sell very quickly.


#8

€1.275m

Was €1.3m in February 2020.


#9

Looks like there was an attempt to sell it at €1.35m back in 2013…


#10

It sold for €1,085,000 that time in 2013, which was significantly under the asking price but was still ‘expensive’ because the sellers were flipping it having bought it in October 2012 for €740,000.

The people who paid €740,000 in 2012 did some remodeling; changing the exterior colour from a garish maroon to its current, more neutral, appearance. They also did some redecoration inside and some nice exterior landscaping, so they spent some money but probably made a handsome profit.

Fast forward to 2020, it doesn’t look like the intending vendors have done much (if anything) since buying it, but at the same time they bought it at the very bottom of the market and yet stand to make very little if they achieve the asking price. Asking €1,275,000, if they achieved that price they would make a 17.5% profit excluding legal fees, selling costs, carrying costs, etc. That’s a very poor return in the context of a market where prices have, more often than not, doubled in the same period of time.

From a buyer’s perspective, it is an attractive proposition to be able to buy at a price not dissimilar to the price achieved at the bottom of the market during the worst downturn on record. This house isn’t on its own in that regard, there are plenty trophy properties in D4 and D6 where owners wouldn’t make much money in spite of having bought at the bottom of the market. It’s debatable that people overpaid even in 2013/2014 during the market’s resurgence because for many people the market was on hold for 2008 - 2012 and, accordingly, a lot of lives were put on hold as people wanted/needed to upsize but were worried about buying, leading to a significant pent up demand for higher end properties. Those buyers seem to have piled in from 2013 onwards, to the point that even the last two years or so there has been limited activity due to a small buyer pool leading to uninspiring prices being achieved at the upper end of the market.

But, while the price being similar to 2013 levels may provide some reassurance to buyers, this house isn’t without fault. When the property was flipped, the work done was probably mostly cosmetic and as a result the house still has an unusual layout. Two bedrooms are accessed through a utility room, which is actually just the original kitchen before there was a new kitchen lumped into the living room! The decor is neutral and basic, but some would say tired.

Flaws and all aside, it will be interesting to see if this trades and how quickly. There isn’t much in the way of similar properties on the market apart from (at a push) that property Calendar Lodge on Claremont Road (€1,295,000), which is another elevated property on a similar sized site but it’s much smaller and needs work. Gorsefield looks a lot better value by comparison and the lack of similar properties on the market should stand in its favour.