Rathfarnham Park


#1

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


#3

€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.