Lynn's Howth house sells for €4.9m

rte.ie/news/2008/0122/lynnm.html

A property belonging to solicitor Michael Lynn has been sold at auction for €4.9m.

The guide price for Glenlion House, Howth, Co Dublin was €4.5m.

The auction at Lisney’s offices in Stephens Green took about ten minutes.

Located on a seafront site, the house was built in the 1950s and is in need of refurbishment.

So, the banks are only out about 10 million on the deal then?

Sure that’s grand.

Will his wife get half the proceeds of the sale?

Who do you think will be the first to cite this as a sign of “confidence returning to the market”?

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.

I think this is a sign of confidence returning to the market. I’m off now to put an offer in on the French Embassy.

So lets figure this one out …

Bought for €5.5m
rte.ie/news/2007/1218/lynnm.html
plus 9% stamp gives a grand total of … €5.995m

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.

This is the true hidden cost of Stamp Duty.

Well it IS a trophy home given that its on a 5 acre site on the seaside in Howth .

The stamp duty ‘loss’ is 3% extra foregone for each of the 3 banks involved not 9% for one. I am sure thats a business expense of sorts :slight_smile:

Michael did a load of work on it too which can only have added to its value .

Shame its on the North Side all the same Mr A …eh 8) !! However North side or not its a 100% sucessful start to the Dublin Auction Season 2008 .

Rock on

shhh we dont want this thread ending up in northside-southside jokes :stuck_out_tongue:

OK.

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!!!

A Result I Say

Just heard on the radio that Lisney says this is a sign that things are moving in property market as it sold above its AMV.
It was the seven o clock news on galway bay fm.

Lisney assidously follow 2Packs utterances . They are constantly waiting for me to call ‘game on’ !

Were I a billionaire-tycoon (I’ve a bit to go yet), I’d be paying €50m+ for the French embassy. That is one quality property.

Have to admit, its been my no1 property for as long as I can remember.
Will bear a slight jealousy towards the lucky buyer.
Just hope the back garden isnt turned into some mews style development,

Incidentially, has anyone been to Riga ?
The houses surrounding the old town are magnificiant.

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 .

Quote from the Indo on the state of the place.

The way I see it, is that the condition of the house is immaterial to the purchaser. That person obviously has so much cash that the cost of refurbishing a gaff is mere pocket change anyway.

It’s the location, the grounds, the planning permission and the scenery that you’re paying for.

I reckon he added value to a potential buyer. This is a site purchase only.

Did Sean Dunne buy it?

A 37 story tower wouldn’t look out of place in Howth would it?

Obviously it is now… Lynn bulldozed the Gaff…

the question is if Lynn hadn’t got rid of the Gaf would a buyer have had to pay more

Lynn’s original purchase wasn’t for site only it was for site and Gaf.

Now if you want to buy a gaf and then knock it down then that’s your business but you still got to pay for the gaf.

Perhaps I’m being naive but generally I would have thought

value of Site with habitable gaf > value of site without habitable gaf

I understand where a certain amount of “oh look you would have had to refurbish it anyway so i’ve done you a favour” but come on… :wink: