WIW - 15 Sydney Avenue, Blackrock

Any thoughts on what this would be worth a year from now?
It hasn’t been lived in for 20 years.
Valley roof has been leaking for some time so central spine wall is soaked, plaster falling off and mouldy.
Basement is damp, floor half excavated.
No returns apart from basically a portaloo nailed onto the back of the building.
North facing
I doubt a mortgage could be got for this

But great garden, off street parking, quiet road.

myhome.ie/residential/brochu … lin/406704

Less than it’s worth this year.

obviously, but if Mr Anderson had to put his hand in his pocket for this what would you pay

nice of the agent to inform potential viewers of the issues you referred to in the ad. Oh, wait he didn’t -

location is a plus but I wouldn’t be surprised if refurb cost more than a new build

site value basically?

200k? What would it be worth after you though 400k into it? 700k maybe.

This could be a floor tester.

Undoubtedly a great location, but if I was to give a stab-in-the-dark price as to what it would sell for today, in it’s current state, no more than €250 per sq/ft.
So €220 per sq/ft next year ?

Consider this one is €427 per sq/ft.
It’s bigger, a 4 bed and in pristine condition.
myhome.ie/residential/brochure/25-mount-merrion-avenue-blackrock/359112

In all honesty, before even contemplating an offer, I’d get a detailed engineers/surveyors report carried out.

To all the problems you list, always remember, they are only the ones you know of !
To my untrained eye, it looks like a potential money pit.

You might be right on price because someone usually pays up but the one on Mt Merrion Ave is 1.095mm for 2,560 sq ft, no refurb required. Lets say they’d be happy to take 900k for it this side of Christmas. That’s 351 euro a foot

250 a foot for Sydney avenue looks steep to me. At least a year of renovation work, getting planning permission and dealing with builders and county council etc.

I like it but fair value for me is down at 150 a foot, might look a little low but when you stop and think of the delays involved, hastle and uncertainty in Ireland I think that’s about right.

is it a protected/historic structure or anything that would require an even more expensive refurb?

It’s protected, pretty much everything is now

If I was truly interested in this myself, I’d wait until the Mount Merrion Avenue property was sold, then knock on the door of the new owners and ask (politely) how much they paid for it. Explain your reasons for doing so (so they know you are not just a nosey neighbour).
Bring along a copy of the brochure.

Its surprising how few people actually do this.
Speaking from experience, buyers generally have no hesitation in telling you.

At least you will know the price per sq/ft and can adjust your offer accordingly.

You risk the Sydney Avenue property selling first, but there will be others.

At 150 that is over €400k including stamp…for a site…in the land of the IMF…

To my mind that is steep give a) the work involved and b) the money pit risk premium.

Cheeky offer - you are right, that’s too high, I was thinking 300k is about right. But how do you convince a vendor that the real price for this is now 300k. Not easy

judging by the state of it maybe it’s probate… squabbling siblings have possibly held the sale up for a few years?

If that house was in pristine condition it would struggle to get 900k in this mkt. It looks like it would take 300-500k to get it pristine. Hard to see how u cud justify paying more than 400k and even at that your finished product won’t have much positive equity. 800k asking price is laughable in this mkt.

tell him to turn on the news

Naw. About half that to restore it to its original state these days.

Build costs have come down too you know.

I hate to live in a 3-floor house, and I know what I’m talking about. Also it might be Blackrock but it’s terraced and very overlooked. 300 tops in my view and at that you’d struggle to see some equity in it for at least 10 years or more.

Oh, and it’s listed. A gem, really, in every aspect.

that’s the thing - the renovator will have An Taisce/Council et al breaking his balls - the people who let this ‘gem’ fall into shite aren’t answerable.

Obviously it’s hardly unique but the onus should be on the owner generally to protect heritage instead of dissuading a well intentioned refurb-er.

reminds me of the thread on that huge Georgian place around Bolton St

Well they should be answerable through the pricing mechanism - it’s just people up to now were dumb as a box of rocks when it came to pricing upgrade/refurb investment costs into the overall price.

If it costs €200K to bring up to scratch and current pristine ones sell for €400K then the most the asking price should be is €100K.

Except numbskulls in Ireland have been paying €400K for a doer-upper in anticipation of flipping it for €750K.