Insightful as ever, SoCoDu. But I still think it’s a good property. It looks in immaculate condition, and I would pay a premium for the incredible sea views and grounds. Maybe not ‘excess 6m’, but I would take it over this place, for example, which is looking for 4m:
but then again that is probably more than I will earn in my lifetime so my perspective is warped
That is just depressing. Those pools are amazing
On the other hand, you have to pay 6.3m USD for this not massive and oddly laid out apartment in NY :
Why stop there? This flat in London is asking €107m:
And it doesn’t even have sea views! One would be mad not to spend 6m on an odd-looking castellated semi-D in Killiney. It’s a bargain!
The point is, international comparisons don’t really matter. Just as there are some wonderful properties to buy overseas for half nothing, equally there are places where millions buy you a shoebox. The relevant question is what can one get in Dublin for that price.
Yeah, I’d take that.
Wow. Monthly. Do you get your own personal butler or something?
Looking at New York, San Francisco and London prices always puts Dublin in perspective a bit…
there’s a doorman!
it’s a co-op so I think that means the taxes are included in the monthly charge possibly heating too
this bit will be a shock for Irish punters
There’s no comparison between incomes in NYC/Lon/SF and Dublin though. Granted SF is an outlier but Dublin does not appear on any of the high income tables for cities.
At least $2mm+ of that price will for the central park views.
The monthly maintenance charge is not excessive for an apartment of that size in the city - it’s most likely a white glove building with multiple doormen, elevators, shared services etc.
Also the sales/buying agent fee can be anything up to 7.5% to 10% of the sales price.
Add to this the fact that you can’t just buy it, you have to “apply to the board” to be allowed buy it. They’ll want everything from copies of bank accounts, salary slips, background information, federal & state tax submissions.
On top of that they’re may be restrictions on your source of financing (in this case it says the building allows 50% financing). There is also a 2% flip tax.
Worth noting that those sorts of restrictions can apply to “normal” apartments too. Co-Ops regularly ban buy-to-lets also. Of course this being the US there’s regular arguments about whether co-Ops provide a way to discriminate against “the wrong type of people”.
So, it’s a bit like the worst aspects of renting and buying, then? Not only do you have to make possibly the largest financial commitment of your life, but you also have to convince someone that you’re better than the other candidates.
Kind of tiny awkward kitchen, too, by the look of it. If I was spending 6 million, or indeed 600,000, I’d expect a more sensible layout. Even at 300,000, I would not exactly be impressed. Also, entrance to one of the bedrooms via the kitchen; what? I mean, okay, the views look better than literally anything you could get in Dublin, but you’d think at that price a decent layout would be more or less assumed.
From personal experience, the kind of apartment that would rent for about 2,000 euros per month in Brussels, would cost up to 10,000 USD in NY. And while there are lots of very wealthy people in NY, there are also lots of average earners either living in minuscule spaces, or commuting long distances.
From Oct 2014
Was 560k, now 525k
myhome.ie/residential/brochu … 14/2695053
Slow one to sell, this.
390/sqft in Skerries. BER F. Nope.
39 Dublin Road, Skerries, County Dublin
€620,000 - 4 Bed Detached House 150 m² / 1615 ft² For Sale
myhome.ie/residential/brochu … in/3279539
That’s one expensive lawn.
Am I missing something on that Skerries house? Can’t understand how the price is even vaguely justifiable.
Now asking 350K. So four drops now starting from 525K back in Sep 2015