I feel a 600k walk-in valuation misses a point - if refurbing this place you’d be mad not to extend it to 200 square metres. So I put a walk-in valuation of €900k on it.
I agree with the figures of €250k to €300k for the refurb but the upper end of that budget would be sufficient to include the extension.
That puts a value of €600k on the house as it is in its present state, or €900k refurbed and extended to 200 square metres. If someone here knows of a significantly cheaper 200 sq m detached house in the same area, let us all know.
HOWEVER I expect this to sell for a lot more than €600k. I believe that there is pent-up demand for decent-sized opportunities in Sandymount - not too many detached houses come up there. This also has the advantage that its location is less likely than most other parts of Sandymount to be flooded by the sea when the inevitable storm surge arrives (search this forum for flooding in Sandymount for more on this).
Those two facts combine to make me think that someone out there will be willing to cough up €750-800k for the place. In short I suppose I could have just said that I agree with onedmc but I wanted to set out the rationale.
That’s absolutely correct. However, from what I understand from the threads on flooding, significant civil engineering works have been undertaken to built flood defences to deal with the Dodder problem. The threat of Sandymount flooding from the sea, however, is still only dealt with by leaving around a few sandbags, and signs asking people not to park on Strand Road when the sea comes in over the wall.
Fantastic location…huge amount of potential for a re-furb…big back garden…not many properties like this come up.
Im not surprised at the asking but i am surprised at the offer in…apparently €850 offered on it already. I really dont get that as it will cost €300k to justify that spend. €1.15m??? I dont think its worth that. you can get better value around Sandymount or Mount Merrion…
had a very quick view of this proeprty today. EA told us on the way in they had an offer of €850K so we immediately lost interest. funny though, at every viewing today the EA’s informed us that they had an offer of €850k
The optimist in me views it as an improvement of sorts. Six months ago, every second house I viewed allegedly had an offer of €1.1 million on it - and strangely several of my house-viewing buddies were hearing the same thing!
It will be interesting to see this house up close, it looks ‘reasonable’ but why the small extension of 40 sq.m.? The back garden is a fair size, surely it would have been an idea to go for a bit more space.
And that price is high given the overall upgrade required, plus extension. EA chancing their arm, which is fair enough, but not a great strategy as the market continues to fall. Will hurt the vendor in the long run. If the new build is priced at say €2k per sq.m., so €80k for the new build, and the refurb is at €1.5k per sq/m., they are pricing this house well above €900k when ‘done’. Just not credible.
What what I can make out there is a planning application which increases the gross size of the house by 40 Sq.m, (or actually 36 from memory), which of course is then in addition to any other changes that need to be made, downstairs and up. The positives, such as they are, would be a wide ‘plot’, a relatively attractive mature front, and a quiet road. The refurb would be extensive in my view.
I’d be interested to hear what people think of the asking price of €795k, to me, given the constraints of limited planning, difficult neighbour (see the planning app) I’d not be queueing up to acquire this one.
Saw this at the open view. Firstly, there was significant interest. I was just killing time with my nosy mother in law, but there were couples there with small children (about three or four), a few older people including a man with an iPhone taking pictures and a few ladies who were just being nosy. I mention this because the young couples clearly illustrate that there is significant interest in family homes in this part of the world. Was also interested to hear the agent give a few different reasons why the house was being sold including, that the owners had bought another house and that they were moving for work reasons.
The house itself is in very bad nick. Anyone spending 800K on it couldn’t really expect to move in. I would doubt that any real work has been done on it in the last ten years. Old cheap pine floorboards, broken horrible fireplaces, the wood on the frontage looks rotting and most surprisingly, the type of kitchen you’d expect to see in a bed-sit. The toilet is also real water closet, on one side of the hall, and the bath/shower sits on the other side. If Bennett s extract 800K, you would get a house that itself requires serious work just to modernise it and live in some sort of comfort. I would say that, even before you go near the extension, you would be looking at 30-40K (minimum) to refit the toilet facilities, reline some of the walls and try to sort out the kitchen.
The planning permission was sitting in the middle of the table and was being leafed through by everyone. (note to self, always get planning permission for something grand when selling the house - people seem to get excited about it) I understand why the planning would be attractive, but you would be looking at spending about 150K to bring it to fruition. Based on all that, after spending about 1million, you would have a nice house on a good road. Now, compared with other houses in the Sandymount area, that is really far too much. There are entirely done up houses for sale in the million bracket that are much more attractive. There was a bigger period house in Oaklands Park last year for €1.1m (No. 7 - I think) which didn’t seem to sell. Similarly, there was an entirely renovated house in St Albans Park for about €970K (albeit a three-bed) which struggled to sell last year.
I would be saying that 500 - 600K would be realistic but my sense is that this will go sale agreed quickly for in excess of that by someone who doesn’t realise that the planning permission isn’t really a bonus, more of an additional bill in order to make the house worth living in. Even if you drop all that cash into the build, you wouldn’t be creating any real value for yourself. You could have saved yourself the hassle of the build by just buying a house that already had all the work done for similar money.
I totally agree with ‘private tenant’. There was certainly interest in 36 Wilfield Park, but then there always is in these family style homes and yet many houses offered in Sandymount are over priced. I think this one is way way over priced. I say this as someone who sees the 40+ people at a viewing, and then the property just sits there. Numerous tyre kickers out there, or else perhaps people who know when something is overly aggressively priced.
The estimation of €150-200k is a very safe bet, and possibly conservative. To add to the benchmarking for a second, 75 Tritonville was sold at something below €690k, was on the market for ages, had a good orientation and a decent plot. It needed work, but significantly less than this one. It didn’t have planning, but that isn’t a big deal at all (it has planning now I think, for a few small changes). If it went for say 10% less than the asking, it was just above €600k. This makes the pricing of 36 Wilfield Park look silly, as Private Tenant says, you have to factor in the pain and uncertainty of building… and waiting. But who knows, there could be someone desperate out there who just doesn’t care, but €1m is dreamland.