This property…asking 250k, 110 sq foot so thats €230 per square foot. Its been on the market for some time at that price.
Its in Glasnevin, supposedly a ‘nice area’…its on the edge of Glasnevin, but its still in Glasnevin. Good local schools. Ten minute walk from Botanic Gardens.
The house has a nice enough exterior/front, a very big garden. its on a cul de sac. It has a garage. It has off street parking. So it ticks a lot of boxes.
It does need some work to bring it up to scratch.
Right across the road on Cremore Road, the houses go for a comparable price to Iona/ Lindsay direction…circa €400 per square foot for a house in good condition I would guess.
I’m wondering if I’m missing something with Cremore Crescent…why is there so much of a discount for this one, compared to its immediate neighbour…or compared to Glasnevin/ Clontarf in general.
And no, I am not the owner and I’m not really considering buying, just wondering…
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do people think its fairly priced relative to Glasnevin/ Clontarf in general…
This house is similary in size to Iona Villas - one there asking 499 now - so yes, it is an appropriate discount.
To put it in perspective I looked at a house close to here in 2007 in need of a full renovation which had frenzied viewings as it was only asking €730k…ah, those were the days.
In fact the one I looked at has the blue garage door in the turning area directly at the end of the street. Will check with better half that my pricing memory is correct.
In my opinion it’s an appropriate discount or even fair value. this looks to me like an executor sale which would probably explain the price drop. I think the garden is north facing which would put me off but you’re looking at a reasonable price for a good location.
“Its in Glasnevin, supposedly a ‘nice area’…its on the edge of Glasnevin, but its still in Glasnevin. Good local schools. Ten minute walk from Botanic Gardens.” - it’s in Glasnevin as opposed to many other areas which claim to be…
"Right across the road on Cremore Road, the houses go for a comparable price to Iona/ Lindsay direction…circa €400 per square foot for a house in good condition I would guess.
I’m wondering if I’m missing something with Cremore Crescent…why is there so much of a discount for this one, compared to its immediate neighbour…or compared to Glasnevin/ Clontarf in general."
The house is not a period red brick which are viewed as being much more desirable. Whether they are or not is another conversation.
On the comparison with Iona Cresent, it’s Smaller, more on the edge of Glasnevin, Iona is a more recognizable name
Vbold has answered these above. Interesting this house is close to a new metric of a reasonable multiple of Peak Stamp duty!!
This, to my mind, is fair pricing but I think we are going to see prices undershoot fair value once/if reposessions are dealt with.
SWMBO’s view is that the house at the end was asking around €690k when we viewed in '07 (we were excited as it was asking sub 700k she believes - funny how the mindset changes).
My point was not just about fair value, its also about relative value…
You made the comparison with Iona Villas.
Am I right in understanding that you believe this house should trade at a 50% discount to Iona Villas? Near identical houses with smaller gardens in a different part of Glasnevin, maybe a fifteen minute walk away.
If so why?
I suppose the point I’m getting at, is what is the value of location…even within an area.
Certainly ahead of the pack on the race to the bottom but needs to be a tad bolder with the pricing methinks. If I were a potential buyer I’d be thinking I could get a much nicer house in Iona or similar for the same money if I simply bide my time and hold my nerve.
False market as in: NAMA; people in arrears and/or negative equity who can’t and/or won’t sell; rent supplement propping up the lower end; controlled/throttled supply. The stuff that the Pin is all about
If the difference between Iona Villas and Cremore Crescent was €160k in 2007 should the difference now be €80k given the 50% overall drop in prices? So Iona Villas should be €330k?