IRISH TIMES: Millionaire buyers continue to snap up €2m-plus homes in capital
Heated bidding for redbricks in Dublin 6
It suits Sherry Fitzgerald and Lisney better to have “extracts” of “3rd party articles” on Dublin high-end real estate, that they themselves wrote for the Irish Times, sitting in their foyer, for their ex.pat / foreign buyers to read, as they wait for their “busy” (not) high-end EA to emerge and advise on high-end Dublin houses, in their 5 day whistle-stop tour.
Unfortunately, the Irish Times, who would be insolvent without their property advertising, must oblige.
This article is most likely a Sherry Fitzgerald plant which was done to make up for their 5 Temple Gardens plant Irish Times article.
(which I am sure that even the Irish Times got pissed off at being so abused in such a blatant manner).
However, for the ex-pat who does do some work (usually the spouse), and reaches the PIN, allow me translate.
11 Rostrevor Terrace was a big price - they did no work and got fleeced. It does happen from time to time. The buyer of Mangerton in Foxrock, got the same treatment just recently.
The “lavishy refurbished” house that sold for 2.05m in 2012 (whose auction was at the absolute rock bottom) had no back garden and ongoing legal issues over its rear access and title (used to be an old guest house). Had it had the same back garden / set up as 16 Northbrook, it would have gone for c. 2.4m in 2012 (at the absolute bottom). It was a neutral result for Lisney who only beat their 2.95m asking because a older couple - wanted a mint-condition D4 pad - and bid against themselves to 3.4m.
Helen Dillon’s 4.3m for 45 Sandford Terrace was a poor result for Sherry Fitzgerald and I think resulted in the additional - and desperate - plant article on 5 Temple Gardens. Neighboring 47 Sandford Terrace almost got the same price for a smaller house (with some structural issues re extensions) on a smaller site. The fact that Sherry Fitzgerald settled so fast with 45 Sandford Terrace, also showed that there really was only “one buyer” at this level in Dublin high-end at the time (SF would know every buyer active in the Dublin high-end at any time, and knew to grab this offer regardless).
Clearly the Irish Times is reading the PIN but shrugs off the fact that 57 Merrion Road, 11 Herbert Park and 70 Ailesbury Road sold below asking. However, unlike with their 6 Mary’s Road example, the author of this “plant” article forgets to mention that two of the above sold for LESS than their identical neighbors did in mid 2013 (3 years later). They also of course aren’t going to mention that the median / average high-end sale in 2015 is back to 2013 levels, which was on the same thread they sourced the information on 57 Merrion Road, 11 Herbert Park and 70 Ailesbury Road (we couldn’t have that).
They round it off with 31 Wellington Place, which was also sold to a overseas buyer (despite delicately crafted plant articles at the time implying it was a local, so as to not let him know he was the only bidder), and is now for rent. The house itself would have cost close c. 3m to build (including basement swimming pool / spa), so at 5m it was still a fair deal (albeit with only one bidder).
The final purchase of 9 Maple Road is by a wealthy family advised by the authors of the plant article (nice work if you can get it), who no doubt are wondering why they paid so much for a house in Clonskeagh (vs. say Windermere in Foxrock) ??? Hard to believe that you would pay 3m for a 0.5 acre on Maple Road in Clonskeagh, when Greenan 17B Avoca Avenue also on 0.5 acre in Blackrock, sold for just over 2m ? (both houses will have to be pretty much flattened anyway, to justify their sale prices). Avoca Avenue is easliy as good (if not a better) road than Maple Road (which never had the period cache of Avoca Avenue).
Of course, there is no mention in the article of the even weaker state of prices outside of D4 / D6 (noting that the article’s photograhed house, 9 Maple Road, is also not in D6 or D4, but in D14), as we would have to go over Greenan 17B Avoca Avenue in Blackrock, Windermere and Hillside in Foxrock, or Aylesbury and Traverslea House in Glenegary (both sale prices were 2012/early 2013 pricing) or Tudor House in Dalkey (same pricing basis as Aylesbury). Oops.
Also interesting that 25 Ailesbury Road (at 3,525,000) was left off the list (appeared on the register a few days before 9 Maple Road in Clonskeagh), but in this case it suits SF to acknowledge it as in “internal transfer” (which it was), or otherwise it would make the poor buyer of 9 Maple look like he overpaid (a lot).
Any high-end EA in Dublin will tell you the market is not only weak, but the whole game is getting ex-pats and foreigners to believe that they are in a bidding process (usually done by e-mail or text), which is 4/5 times against themselves. It is so bad now, that EAs will effectively tell the domestic buyers to clear off as they have an ex-pat’s deposit in the bank (even when they don’t).
If the high-end house has any material issues (i.e. north facing garden, tiny back garden, weak road / area, structural that can’t be solved etc.), where the ex.pats / foreign buyer hesitate (or pass, when the phantom bids roll in by e-mail or text), then it becomes almost un-sellable until the pricing comes back to mid 2013.