Nice gaff. Plus the house’s history will be a good source of dinner party banter for the new owner. Was probably bought by one of the wiser celtic lions who now has a nice private, calm and tranquil environment in which to contemplate life and spend time with his grandchildren. Worth anyones life savings in my opinion. Trophy homes always sell at a premium.
Sold for €4.9m.
(dont forget, whatever stamp the new buyer pays, the seller doesnt see a penny of it)
Total loss of €1.095 or a 18.26% drop.
This does not even take into account interest repayments for 2 years as well as the (failed) refurbishment attempt.
As the auctioneer said ’ it would be an *‘ideal trophy home’ *and noted that this type of seafront property rarely comes on the market. ’
Try not to laugh.
Incidentially, with regards to my above post, the official drop will be listed as 11% i.e. the difference between €5.5m and €4.9m.
However, for the the owner, its a lot more (18.26%), due to the implications of the stamp duty they pay when buying, but not recovered when selling.
Let me reiterate. A reported loss of 11% is, at 18.26%, in reality a loss of near double that.
Simply Congratulate Lisney for their sterling work in getting the 2008 Dublin Auction Season off to a thumpingly good start with 100% of properties sold at above the AMV to date .
If Ken was in charge of the first gig of the year the fuckin thing would probably have lepped up and rolled into the sea along with all its neighbours and would have left the entire profession wallowing in unfortunate underwater metaphors for the entire year instead.
Lisney did damn good, executed with aplomb and even went over 20% below AMV simply in order to get the ball rolling beyond AMV in the end!!!
Maybe my Irony detector is wrong but actually he knocked the shite out of it!!! Let’s be honest about pricing which holds and or which is higher. This house when Lynn bought it was habitable. He completly gutted it and left it as a building site considerably reducing the value. The price achieved I would argue actually bucks the trend.
€4.9 million is an incredibly high price for a site with a shell of a house on it where a mansion formerly stood .