Kilmuire, Military Road, Killiney (-€1m, -50%)

This property has been on the market for a while and hasn’t shifted.

You can see where it was being quoted at €2m in the Irish Times last August - and then €1.25m sometime after that.

Now it’s been sitting for a while on Daft with an AMV of €1m. It needs some investment but it’s a big block in this part of the world - makes me sus - anyone got any insights?

Check out this property I found using Daft: Detached Houses for Sale in Killiney, Dublin | Daft.ie

I think this is the old convent for the Holy Child nuns who founded the school next door. It’s a charmless block of a house with institutional interiors. Mad to think they’d get €2 Million, even with development potential on a site of less than an acre.

Think Lefournier3 is right on that one. I’d imagine 2m price tag was originally targeted at developers. House itself looks like it requires extensive ’ modernization’ which at a going rate of about 1.5k per sqm adds about 450k to the price. Buyer might also want to alter the exterior to take the institutional look off it. Although there’s a fair bit of land the house appears to be squashed into one corner of it. In fact one side of the house is actually on the road, with barred windows which would be an unattractive feature. Without the developer interest it’s a difficult house to price although I’m sure someone will take it at that level

Good points - I looked at it on street view - you’re right, the bars on the street/road side windows are very unappealing.

Sold at auction for €1.2 Million.

A fair price, I think, especially as the buyers don’t seem to be speculators.

Remember the fuss years ago about unrealistic guide prices as a marleting ploy at auctions, and how AMV was supposed to rid us of that tactic?

The €1 million AMV proved a strong draw even in a pandemic,

https://www.irishtimes.com/life-and-style/homes-and-property/surprise-killiney-auction-reels-in-the-buyers-1.4305007

Very interesting - thanks for sharing this article.

You’re right - it’s prob a fair price - it’s a big block and a big pile of bricks in an exclusive part of the world - while there are downsides to it, I can imagine there would be people who would feel they could make it special.

I hope they get a good architect to reimagine this house. A major remodelling (€400k.) could create a bright, modern home benefitting from the lovely gardens.

The two drawbacks mentioned here are not major, IMHO. The rear wall of the house runs along Military Road but that is not a busy road (no buses etc.) and, with 300+ sq. m. , it would be no great loss to use the rooms at the back of the house as utility rooms.

The lack of a sea view probably reduced the price by 20% or more. I would prefer to live near than sea (this house is 200 m. from the beach) than have a sea view.

Lots of houses in Ireland are built on hilltops and promontories to have expansive views but, as a result, they are exposed to howling gales and walking home is exhausting.

You quickly get used to even a spectacular view. After a few months, only your visitors are impressed (but maybe that’s the point?).

Very solid analysis - speaking from experience - views sell - but you’re dead right in what you wrote - hence I was interested in this property. If the purchasers have bought this property for the long haul (ie they want to live there for 20+ years) then they’ve done well. Best of luck to them!

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