Rushbrook, Torquay Road, Foxrock (-255k, -14.6%)

Was 1.75m, 1.62m, 1.55m in 2012
collapso.net/Sale-Property/sale- … id=1880749

Back on the market at 1.69m
daft.ie/searchsale.daft?id=7 … fr=default

Realistically this is a 140k rise, not a 60k drop. If it failed to sell at 1.55 then the original 1.75 is null and void anyway.

Rushbrook, Torquay Road, Foxrock, Dublin 18 €1,690,000

  • 5 Bed Detached House 285 m² / 3068 ft² For Sale. 0.35 Acre

https://photos.myhome.ie/media/5/3/3/2659335/Rushbrook%20Foxrock%20-%20Front_m.jpg
myhome.ie/residential/brochure/rushbrook-torquay-road-foxrock-dublin-18/2659335

So the old structure is probably worth c. 350-400
(would cost about 700-750k to build a brand new 3,068 sq ft. structure and about 300-350 to fix this up to newer standard)

So the 0.35 acre is being priced at about 1.3-1.35m
So Beirne & Wise believe that land in Foxrock is worth 4m an acre?
Land on Ailesbury / Shrewsbury is selling - today - for 4-5m an acre (depending)

Even if you managed to flatten Rushbrook and get planning for 2 x 3,500 sq ft. new houses:

  1. Cost of site 1.75m (stamp + fees)
  2. Cost of build 1.40m (7,000 sq ft @ 200 sq ft incl. VAT - you need to be a good builder to make something desirable for this rate)
  3. Total Cost of 3.15m
  4. Sell each one at 450 sq ft (which would be a god result for Foxrock) to get 3.15m
  5. Result is two years of time and effort for zero return on investment

Makes sense to me :angry:

myhome.ie/residential/brochure/suantrai-knocksinna-foxrock-dublin-18/2654807
https://photos.myhome.ie/media/7/0/8/2654807/738e424434_m.jpg

Just noticed that this brand new one is selling - although on a weaker road - for 300 sq ft. in Foxrock
Perhaps my assumption earlier that you would break even (before cost of finance) was too optimistic?

I don’t think the Knocksinna one will break even before cost of finance.

The site cost 5.3m in 2006.

independent.ie/unsorted/prop … 00072.html

They refurbished and extended the original house, built Suantrai and have reserved a part of the plot behind for one more house.

So if you say the original house was worth (charitably) half a million, then the site cost 4.8. One third of the site is 1.6m. Build cost for 5,000 sq ft at 200 psf (and it does seem to have been an expensive build) is another million. Round figures say a cost of 2.6 million for a house now advertised at 1.5. All I can say is “ouch!”

I’m surprised the bank is allowing such ‘mark to market’ situations
Must be that Scottish one that is still leaving
Honahan (Draghi) would never allow an Irish bank to do this

At 2.6m, a restructured mortgage to developer (or his company if he is gone) and rented for 1.5k per month will allow the loan to be kept at par for the stress test :angry:

Very interesting Moaner

So at 4.8m for 0.8 acres is equivalent to 6m an acre when Ailesbury / Shrewsbury was going for c 20m an acre (or 30%). Top D4 is now 4-5m an acre, implying a value of 1.5m an acre in Foxrock (which is where it is at), which would value this plot at 0.4m plus 1m for build which comes to the asking price. However, applied to Rushbrook, would produce an asking closer to 1m (which I think is closer to the real value than 1.7m which is too high)

Knocksinna is barely Foxrock.

It depends on what you like. I would prefer the cul de sac of Knocksinna to having cars driving continuously in front of my house as in Rushbrook.

If you are looking at upmarket credentials, both the Portuguese and Indian ambassadors have residences on the same road in Knocksinna.

My only niggle with the location is that you can only turn left when exiting to the Stillorgan Road. The location probably encourages some dangerous U-turns near the entrance to Loretto school.

Knocksinna is a top-class address, and while I’m a fan of Torquay Road, Knocksinna definitely trumps it in my books. That said, these two new homes have brought the street down. They’re absolutely horrific. How hard is it to get art deco design right when you’re surrounded by good examples? Whoever thought it was a good idea to build cross-overs of art deco & Celtic Tiger blandness should be shot.

Now 1.495m
daft.ie/searchsale.daft?id=738589

Suantrai sold for 1.6m
propertypriceregisterireland.com … nd-104307/