Robswall, Malahide 40% price drop

These neo Georgian houses were launched last year at €1.3m now selling for €750,000 - MASSIVE 40% DROP!!!

myhome.ie/residential/search … QCWB332821

This is the death knell for anyone selling an apartment or townhouse in this uber Celtic Tiger (badly built - I know, I rent one of them) development…

Any Georgian house now and there are a few for sale on Myhome.ie (one at €899,000) is now only worth - at most - €700,000

I think we’ll have reached bottom (or near) when these are selling for €400,000

Interesting. Rental value for these is around €2,500pm. A yield of 5% would value them at around €600k. However, with rents falling of a cliff, your €400k prediction may yet come to pass.

2,500!!! Try rent at €2,100 which at x11 = 231,000 x 19 (years - max) = 438,900 and rents are dropping fast…

do you have any proof they were at 1.3m? I can’t find any immediately.

Can’t find any online right now but they were certainly at 1.29m. Went to see a few of the showhouses and they had an ad in Irish Times prop supplement last week advertising 40% drop. They were vastly overpriced at 1.29m

found a source for 1.29m:
news.myhome.ie/property/2009/012 … 71748.html

Some were being sold secondhand at 1.33m

UPDATE - 2 of them have sold :angry:

Now there are seven of them sold - looks like the price may be right…

how are you guys getting that info?

I bought one of them ( hence I hope the price is right ) - and there are now posters in the windows of seven of the houses saying ’ I’m Sold’

I have been tracking these houses for a while and in August of last year I offered 850K on an asking price of 1.25m - I was politely rebuffed. How times change.

I’d be higly dubious of that, sounds like a standard selling ploy…

Are you really taking that at face value or has the fact you bought one silenced your inner cynic.

My wife asked me the same question when I told her 2 of them had sold. My neighbour told me. Don’t ask me how he knows.

They also had “I’m Sold” signs in at least 8 windows one year ago and then the signs all magically disappeared. We’ll wait and see if this is a standard Gannon ploy when there’s a large turnout for viewings. I dunno, I suspect it is. I find it very hard to believe that Robswall alone bucks all trends nationally. Who are these other brave buyers? They must be a) Very secure in their employment b) Have plenty of ready cash c) Easily pleased as you could do far better for 750 in the current climate than buy one of these. (I live in one of them and - you’ll see - they’re cheap and poorly constructed).

I do wish you all the best in your new house but I hope you didn’t actually pay 750. This is a fire sale. They’re desperate to offload (40% drop remember) at any ballpark price.

This info doesn’t really sound very credible to be honest

What is not credible ? That I bought one ? That you think I work for Gannon or HT Meagher ? Short of posting my deposit receipt I dont know how to convince you otherwise.

Let me be clear - I have no connection whatsoever with the property industry except to purchase this property.

To the chap that lives in one already - you would have paid anything from 725K-1.2m if you purchased from 2004 to last year. Only 4/5 houses sold in the in the 1.2m phase so I hope you are not one of those. As for build quality we will see eventually.

As for the signs in the window - the estate agent also has a hand-out indicating the available houses when viewing the show house. It would seem bizarre to block out houses with sea views in order to try and sell one or two in between them. If you look at the houses with the signs in the windows they are at the end of terrace or at the highest point of the block - therefore having the best sea views so logically would go first.

I’m not sure of the intent of this board but surely the only way to value a property is for it to change hands. As long as everyone - ‘waits for further falls’ there can be no realistic valuation put on these.

I live in Malahide and know the area very well - I can afford the price and it is where I want to live hence I am in the market. If it is a fire sale then I am happy to take advantage - isn’t that the point of a fire sale ?

Compare the cost per square foot for apartments in the development and nearby houses and the price seems fair in my mind. I dont really care if they fall a little more this year as I wont be selling for a very long time.

Cheer up guys - the more you depress yourselves the more this recession will continue…

PM me for housewarming invitations…

Danash - good luck with the house. Let us know how you get on.

The “I’m Sold” signs in at least 8 windows are not credible, come on think about it for a second. Are you really that gullible?

The price which the last one of these sells for will be the realistic valuation.

Yeah lets all be happy and the recession will go away…

Every year for the duration of your mortgage you are paying more than you have to. Happy now?

I certainly am not gullible - I made a choice that you seem to disagree with - that is fine but dont criticise me for making what I see as a good financial move that suits my ambitions and circumstances. I was one of the first to view the properties on an advance preview a week before the press launch. The reported drop did not hit this site for at least 4 weeks after I put my deposit. On the day there were three people looking for the property I purchased.

As I said - there is interest in the scheme at this price - why would they block off the best properties from potential buyers by scaring them off with Sold signs ?

As for your point on the last one selling - that is slightly incorrect - it wont be the realistic valuation - just the current valuation. I see this price as realistic for my intentions so am happy to pay for it.

As for being happy - if you are happy to be one of the doomsayers - good luck with that. I have never been a glass half empty sort of person.

As for paying more than I have to - we will have to wait and see - I prefer the theory of buying while there is blood in the streets…

Calm down folks. This topic isn’t for discussion of your personal situations. It’s not for attacking people either.

Time to get back on topic.

What I say isn’t credible are the signs in the windows. Surely just let people move in and demonstrate the houses are sold by occupancy.

Signs in a window just don’t say creditble to me.