There is real stress building up in the high-end (i.e. +2m) Malahide house market
Over 955 houses appear for Malahide since the Property Price Register started in 2010.
Excluding apartment blocks (i.e. Abington Wood) and commercial (i.e. Heely’s View), only four houses have sold for over 2m since 2010.
9 Dec 2014: 2.45m for 50 Abington Wood (on market 6,500 sq ft. brand new and good quality build on 0.65 acre)
Unlike many of the 150 sq ft. plywood builds in the Abington estate (Ireland’s McMansion village - or Potemkin village - if there ever was one), 50 Abington Wood was actually very well built and quite tastefully designed as well. About a 1.8m cost of build, so with the site of 0.65 acres, was not far off fair value.
16 May 2014: 2.30m for 27 Abbots Hill (off market)
17 April 2014: 3.40m for Roseneath, Church Road (++6,500 sq ft. house, c.1 acre, indoor pool, separate site worth c. 750k).
Well known mega mansion from infamous character with large indoor pool / sauna etc. Most importantly, it came with an additional site at the back (that had planning), which was worth c. 750k, making the effective cost of Roseneath about 2.5m (similar to 50 Abington but much better road, and much higher standard of internal fit-out.)
10 April 2013: 2.10m for 25 Abbots Hill (off market)
At least one of the two Abbots Hill houses is not a real transaction - don’t know about the other.
Malahide has not really had a +2.5m sale to date (allowing for the extra site that came with Roseneath). The genuine houses that sold for close to 2.5m were huge, in great condition and on big sites. Note, Howth also has also not had a +2.5m sale to date (see post on Windgate thepropertypin.com/viewtopic.php?t=60767&p=730182)
In contrast, actual house sales (i.e. ex. appts, commercial and sites for multiple houses) of c. 3m and above for equivalent south-side locations:
Killiney had 7 (Miramar 3m, Cloneevin 2.9m, Ash-Hurst 4.1m, Dorset Lodge 3.0m, Strathmore House 7.5m, Paddock Wood 4.0m, Balure House 3.3m)
Dalkey had 3 (Bartra House 3.0m, Sorrento Terrace 3.0m, Nerano Road 3.3m)
Sandycove had 2 (Castle Place 3.0m, Rockfort 3.1m)
Monkstown had 3 (Albany 3.3m, “Brockly” The Hill 2.8m, 30 Belgrave Square 3.0m, The Priory 4.2m)
All the above south-side locations are still struggling to make material increases over their late 2012 / early 2013 pricing.
Malahide (and also Howth) EAs are now really struggling with big asking prices, set at the end of 2014 from the 50 Abington sale. However there is just not a lot of buyers interested in these areas with +2.5m to spend. While Irish banks have - almost - never foreclosed on a 2.5m house (that is for another day), they have no interest in financing +2.5m homes (or even 1.5m).
We are going to see some re-sets of Malahide higher-end asking prices over the Summer.