Rosemount, Corrig Ave, Dun Laoghaire (> -10%)

Interesting one this.

Sold originally in July 2005 for excess €1.2m

Sold in May 2007 in excess €2.25m

Now back on the market Oct 2007 at €2.25m

Even accepting that the vendor gets the asking price, stamp duty (I think we can assume non-FTB) and transaction costs make this an expensive (>€200,000) 6 month foray into the property market. Any theories as to what might have happened here?

Ouch - you’d expect anyone putting up 2.25 mill would have checked for and seen the writing on the wall in May.

Likewise some impressive timing and probably salesmanship by the previous owner, getting out with a signficant profit even after the top.


An attack of the Casey Serins?

Do you not think that it is more likely that the May 07 sale fell through and the original vendor now has it back on the market?

This could be a return to the market by the 2005 buyer after the May sale fell through.

Anecdotally there sems to be a bit of that happending.

Interesting to see how things pan out.

Sold above 1.2m in 2005. say 1.3-1.4 conservatively given the madness of the time. “Extensively renovate” apparently. Add 100-200k to that gives 1.4-1.6m.

Now on the market at 2.25 and like most things open to a 30% fall at lease realisitically before the can justify a sale (at 2.25 it is more than 10,000 per square metre!!).

That would take you to 1.58m. Pretty much what they paid for it (including renovation) in 2005. And this has cost 5% per annum or more than €160,000 in total to “carry” (i.e. could have put the money in the bank or alternatively avoided the mortgage interest).

Add the SD pf 100,000 and this is a cool quarter mill in “dead money” by buying at a time when apparently the Irish property market was excellent value and you would have been mad not to jump on the nearest ladder.

Actually as far as I understand it this house was actually sold e.g. a contract was signed and a non-refundable deposit paid. Would this be standard for a post-auction sale?

If this is the case then either (a) the contract was reneged on and presumably the deposit forfeit or (b) the sale was completed and the purchasers are now reselling the house.

If (a) then it doesn’t look too good for the market that a purchaser would forfeit a large deposit rather than complete the deal (whether they were forced to pull out by external forces or did so for purely hardnosed economic reasons e.g. the house is worth less than they paid for it). If (b) then it doesn’t look too good for all the reasons set out above.

How do you know that?

It is certainly the case that after exchanging contracts you have a binding agreement.

I dont have any inside info but a big “SOLD” sign went up outside the house in May, it disppeared from the market and the Irish Times article uses the word “Sold”.

It would be standard if the property had Sold that a deposit would be paid and it would be non-refundable.

Down to €1,975,000 … ty&ID=3991

Irish Times

Looks like someone may have taken the hit on the deposit rather than complete the purchase.

Ideal for ‘downsizers’…? Exactly how large is the house that you are selling if 2,200 sq. ft. is downsizing?