Not roller disco. Man with one leg longer than other walking South, South East.
4 St. Mary’s Road, Ballsbridge, asking €1.2m
daft.ie/searchsale.daft?id=7 … fr=default
Sold in 1998 for €977k £770k]
independent.ie/unsorted/prop … 93567.html
which would certainly be more than €1.2m in today’s money, if you factor in 15 years inflation.
[Correction, article refers to a different house, No. 17 - apologies]
I think that is a different house (no 17). The text of the article is confusing.
No 4 and No 6 daft.ie/searchsale.daft?id=734110 now both for sale. They were in some sort of religious institutional use and used to be connected by what looked like a chapel. This has now been demolished.
They were a convent for the Sisters of the Holy Faith (who have a very big convent and lots of land in Glasnevin, as well as other places around the Dublin area).
No 7 now €1.2m
And a change of EA. Was DNG 1st time around.
Thats a nice gaff. Love the extension.
4 & 6 both sale agreed
#6 sold 12-1-13 for €1762.5k
Did this really go €562k over the asking price?
I cannot believe someone paid nearly 1.8 for a house that needed to be gutted, at least 400K’s worth of work needed to be done
Did it even have a garden. I really can’t understand this, it is not a premier road, was in shocking condition and other houses on the road have failed to sell in recent times
One of the most surprising sales even in the current madness
but…but… whatever happened to the Pin maxim of never buying on a street named after a saint or a 1916 leader?
#4 also sold on 19-12-13 for €1762.5k.
I came across these when I was looking for an office last year - I asked the guy from Lisneys what they were looking for and he said 1.2m - I asked if that was for both and he checked - no - each. So it looks as if someone bought them both for 3525 (I find it hard to believe that two people came up with exactly the same price). I wonder if they will be replaced by an apartment block - it seems a lot for something to do up and flip - and I suspect PP would be difficult on that road. There are no gardens and there will be building work in the old school in Haddington Road for a good while so I’m not sure that they will cut it as ‘trophy houses’ at that kind of price. I suppose its just possible that the 1762.5k is for 2 and the PPR entry was messed up.
It is odd but the PPR entry dates are very different and selling these both for 1762K as a lot would have been way under market value for property in the area at the time eg 16A Pembroke Park sold on 20-12-13 for €750k myhome.ie/residential/brochu … -4/2627312
I dont thing these would have sold for sub €800k each, I think the PPR entry is correct.
No 4 St Mary’s Road now back on the market for €2.5m.
They (Merrion Property Group) have obtained the following planning permission:
Looks like they are building on most of the already small north facing garden.
Worth bearing in mind that they have also gotten planning for a large extension for No 6 St Mary’s Road (next door).
Doubtless we will soon see this on the market once No 4 is sold. If you wanted either of them you could have some interesting bidding strategy options.
You gotta hand it to these guys, getting planning permission for a smaller garden, not lifting a spade and then 9 months later asking for an uplift of €750k, has the market really changed that much since December? I imagine they are looking for cash buyers (banks won’t lend at that level) so why wouldn’t the desired cash buyer for this purchase have bought the property 9 months ago? I don’t understand where the market for these buys is coming from or indeed where the value is coming from.
4 St Mary’s Road reduced to 2.1m
myhome.ie/residential/brochu … -4/2946239
4 St Mary’s Road, Ballsbridge, Dublin 4 €2,100,000
- 6 Bed Detached House 261 m² / 2809 ft² For Sale
4 & 6 St Marys Road, Ballsbridge, Dublin 4 were bought together as a pair for just over 3.5m at the end of 2013.
The buyer was a very experienced high end Dublin operator (who I think also has foreign money behind him). Unfortunately, having been largely out of the market for a long while (as a buyer), he overpaid for this one. I meet such developers who don’t realise the 3 month rolling, interest-only, 2% Anglo mortgage, at +10 max earnings, is now gone. This is why the +2m market has been so weak. Irish banks have made almost zero foreclosures for 5 years of +2m houses and their books are full !
4 & 6 were on offer for c. 2.5m (1.25m per house) in 2013 but the agent was expecting up to c. 1.5m each (or 3m).
At the bottom in 2012, I think these two would have gone for c. 2.5-2.75m (as a pair), so the 3m target was not mad (+10-20%).
The 3.5m paid was mad. These used to be some of the nicest houses on St. Mary’s Road, but their back gardens are long gone. I don’t think there is even 3m between the house and back wall. And they are heavily overlooked by larger structures (and more to come).
The buyer’s logic at the time was that these should be similar to Cowpower Road-type houses in D6, which were going for +2-2.5m at the time. I don’t think this logic holds. Cowpower is a very good road and is closely surrounded by even more expensive roads. St. Mary’s is not full prime D4 by any means. In addition, the Cowpower houses have very good back gardens, where as 4 & 6 have none.
I think their biggest mistake was coming out with a 2.5m asking post planning permission. They were probably looking at the track record of another couple who bought 2 Shrewsbury Road (for 4.8 and flipped for 6.5 post planning) and 19 Palmerston Park (for 1.75m and flipped for 2.25m post planning). This couple however were active in the crash and everything they bought was at rock bottom prices (I tip my hat to them). The buyer of 4 & 6 St. Mary’s however materially overpaid in late 2013.
There are much better options around. 26 Northbrook Road (5,091 sq ft + bigger garden + as good / better road + same condition) for 1.75m. Or, if you were not up to re-development, you could buy 56 Northumberland Road (4,112 sq ft + bigger garden + as good road + much better condition) for under 2.5m (it failed at auction and has been lingering ever since).
I think 4 St. Mary’s will be lucky to re-coup much above the price paid for it at the end of 2013. Had the buyer paid the more realistic 3m (1.5m per house) at the time, there might have been a small mark up (which would be consistent with other pricing we have seen). They should have pitched it under 2m. Converting this house into the plans will cost 800k to 1m (when vat and all fees are added in). Paying c. 3m for a +4,000 sq ft. house with no back garden on a secondary road in D4, it a big ask (and you have to build it ?). They should have noted how long it took to sell St. Peter’s on Ailesbury Road (+5,000 sq ft. + beautiful period front + great road frontage + tiny back garden + heavily overlooked) which only finally sold for 2.85m. 4 & 6 St. Mary’s are nowhere near St. Peter’s level.
There were several +2m deals done in 2013 / early 2014, that, if re-sold today would get lower prices. The +2m agents continue to have statutes of the patron saint of Embassy’s and Corporate’s on their desk. Without them (and the fact that they can be rolled over easily in a private treaty), it would be tough going out there in +2m land !
so so true observer,
the days of the medical consultant etc at that level seem to have fallen sharply
No 6 St Mary’s Road now up for €2.5m
No 4 still at €2.1m