Rathfarnham Park

A lot of work needs doing but you’d make a great family home in a good location. Seems overpriced though.

€895,000
38 Rathfarnham Park, Rathfarnham, Dublin 14
4 beds - Semi-Detached House - 2 bath - 149 m 2

Hi Boston

It’s technically “a lot of money” for a house that needs a lot of work, but if you look at the comparables it isn’t necessarily massively overpriced.

The best comparable sale is 22 Rathfarnham Park, which sold in 2015 for €985,000 as it’s on the same sunny side of the road. The property was well maintained but relatively basic, and the purchasers totally refurbished it, demolished the existing rear extension and built a new modern one in its place so the house might as well have been in unextended and in bad condition when they bought it. Assuming the purchaser for this would want to do a major refurb and modern extension even if it was in ok condition, €895,000 for this is probably better value than the €985,000 house and 2015 was a far more depressed market generally speaking than now - there has been major price increases in the interim notwithstanding the current lull.

By way of further context, the property would have been worth this much back in 2002. At that time, 41 Rathfarnham Park achieved €750,000, being a four-bed house comprising 170sqm (1,920sqft). That was on the wrong side of the road, so a house on the sunny side of the road would have been worth significantly more. Prices rose sharply thereafter and comparable sales for the subject house include 30 Rathfarnham Park, which sold for €1.51 million in September 2005 and was a four-bed with 155sqm (1,673sqft) of space and was very similar to the house currently for sale. 25 Rathfarnham Park, again on the wrong side of the road, sold for €1.31m in September 2004 with 183sqm (1,975sqft) of space. Peak asking prices for a comparable house was €1.8m (24 Rathfarnham Park, 2007).

Even at the bottom of the market, 27 Rathfarnham Park achieved €640,000 requiring refurbishment, on the wrong side of the road. There was another transaction of a comparable house to this in the property price register, but as far as I am aware it was an inter-family transfer and was not an arm’s length market comparable so is irrelevant.

Even if you look at sales on neighbouring roads, 82 Crannagh Road was an ordinary semi-detached house (1,403sqft) with an easterly orientation requiring total refurb and extension, yet achieved €820,000 last October. The subject property is a far more attractive proposition, in spite of its condition. On Ballytore Road, Number 3A sold for €835,000 around the same time, comprising a modern house with 195sqm (2,100sqft) of space but it was a very different offering, and was a move-in ready semi-detached house with a northerly orientation that suited someone who isn’t interested in character or potential, and just wanted a good family home to move into. If you are buying 38 Rathfarnham Park, it’s all about the potential and the 115ft west-facing garden.

Hope this helps and good luck with your search.

The sale of this property closed for €940,000 in January 2020, significantly above the asking price based on the strength / desirability of the street. Planning permission has already been obtained by the new owners for a large two-storey rear extension.

Next up for sale is 4 Rathfarnham Park:

€995,000
4 Rathfarnham Park, Rathfarnham, Dublin 14, D14TX82
4 beds - 3 baths - 216.1 m 2 - BER C3

This is a different offering to the last house as it’s not on the quiet Rathfarnham Park road, it’s basically at the start of Ballytore Road and while it has a good south-facing rear garden and much larger front garden, it’s a busier road and that may detract from its appeal.

It’s been extended at some point and the attic was converted, so it is easily liveable as-is but realistically the decor and layout are not going to have a wide appeal. Downstairs is a warren of rooms- it doesn’t have the large open-plan rear living space opening out to the garden that most people are looking for. Upstairs the master bedroom does not even have an en-suite bathroom so effectively it has been improved, but it’s entirely possible an incoming purchaser would undo those works to bring the house in line with 2020 living ideals.

It will be interesting to see how interest on this pans out in the new post-Covid-19 market.

I expect the top end of the market to crater for the next few months

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I would say the purchaser is as sick as a pig at the moment

If he had held on he probably would have saved AT least 200,000 euro by buying later this year
Estate agents aside the majority of experts are predicting a fall in prices of 12-40%
Sherry Fitz are still saying the demand is high and the property market will bounce back

SFitz are dreaming.

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Ya forgot this…

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