This thread is specifically about Malahide “high end” which usually (in Dublin) means 1million+. There was a research report by Daft which showed that the different price brackets can move in completely different directions (sorry I do not have the link but I promise I read it!). The flood of 1 mill+ in Malahide could even push other price brackets up rather than down. See below for quote from earlier contribution:
It’s not incredible if you know the market and the properties - I see 2 abington has removed the black plywood from the gates once headlines hit about the House of Prayer and the interiors may not be everyone’s taste, 15 is not a typical abington house and was overpriced, it stands out relative to the mansions around it, briarsfield is in portmarnock, and to say streamstown is in malahide is a stretch, it’s in kinsealy, so hardly representative of the higher end which remains busy.
looking back on this thread is interesting, high-end properties that tick all the boxes continue to shift quickly - recent sales in old golf links, abotts hill etc confirm this
Comments on 2 and 15 Abington, Briarsfield and Streamstown are all totally valid. But then in terms of movement, its pretty limited.
You look at properties that have sold and you’ve got 9 properties over €1m on the price register since Jan 16.
2 in Streamstown (see above)
42 Abington (€2m)- great house but still took 1.5 years and a 10% haircut to sell.
2 Windsor Terrace (€1.85m)- great property. Tick.
12 The Rise (€1.375m) - Site in the centre of Town.
21 Abington (€1.48)- Not sure how, this sold so quickly (but fair play). €120k below asking and then garden was small vs rest of Abington and relatively small property.
28 Abbotts Hill - took 3 years and a reduction from €2.6m to €1.975m to sell despite good location.
20 Auburn Grove - Took a €250k price drop to sell at €1.15m
The Golf Links, whilst well located are hardly high end - generally 2,000 sq ft (ish) and tiny gardens bar the ones on your left as you enter. Effectively around the €1m mark but gap to next band of property prices in Malahide (the high end ones) is generally €500k hence the competition and quick turn around for those properties.
Basically, with the exception of 2 Windsor Terrace I’d say all of those properties above needed either a significant price reduction and still the time to sell was significant.
This house has previously been on the market (in 2008) seeking €6.5m, then it appeared again in 2015 for €3.6m. It was unsold then and withdrawn. It has been on and off the rental market since, at one point reportedly commanding a monthly income of €7,500, or €90,000 per annum.