Problems in the Malahide High End !


#41

Malahide extensively tracked from the start of this thread

viewtopic.php?f=10&t=54501&p=841215#p841215

If there has been a slowdown/drop off it’s not really reflected on ppr yet. See 8 seabury meadows as an example. I couldn’t tell you about on the ground though.

Prices still up €70k - €120k on Feb 2013 for a 3 bed semi in Seabury. They had gotten into the sub €300k for a while.

Still only 7/8 seabury houses for sale per myhome.ie. It seems the ‘sticky’ ones are badly priced. Plenty appearing in sale agreed pages too.


#42

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:


#43

“The flood of 1 mill+ in Malahide could even push other price brackets up rather than down.”

This could be true if the 1 mill+ asking price is correct, earlier in this thread it was noted the number of 1 mill+ houses sitting both on and off market.

If a price drop is required to sell these, which I believe will be the case, then pressure has to come on all properties in the price brackets below “high end”.


#44

Glengarry back on the market at €2.1m after the sale fell through.

myhome.ie/residential/brochu … in/2868461

19 properties listed at €1m+ and then the 15-20 off market available.

I wonder if we’ll have 30 listed come the end of October?


#45

Interesting that this market (as far as I can see is non-existent). 18 properties on at 1m+ (with similar number off market). All of which bar 1 or two have been on the market for at least 6-months.

Stalemate with no price reductions (apart from Aontacht and Shadow Glen)

Bit boring tbh!


#46

Flirting with the term “High End” but all the same seeing some movement:

myhome.ie/residential/brochu … in/3111524

14 May 2015: EUR1,200,000 ----> 1,100,000
13 July 2015: EUR1,100,000 ----> 1,050,000
15 October 15: EUR1,050,000 —> 985,000

18% of EUR215k decline is starting to be meaningful. Now EUR392/sq ft.


#47

Few higher end sale agreeds today

myhome.ie/residential/brochu … in/3082386

myhome.ie/residential/brochu … in/3166017

myhome.ie/residential/brochu … in/3111524


#48

Swiftly unagreed - someone hit the sale agreed button by mistake I wonder?


#49

Maybe the banks won’t go sale agreed, but the vendor just wanted out. If someone was willing to pay 2m+ then expect the banks to change estate agent and increase price…


#50

Just looking back through this thread and it’s incredible that 2 years later so many of the same properties are for sale (albeit at lower prices).

2 and 15 Abington
Glengarry
Briarsfield
Beechwood
Streamstown

Etc. etc.

It’s incredible.


#51

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


#52

I agree and disagree with you:

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.


#53

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.