WIW 3 Palmerston Road

Any thoughts on this?

Is is just me or is the asking a bit steep? Anyone been to see it or have any idea of building costs?

myhome.ie/residential/brochu … -6/1963730

knew someone who used to live in this. Major grotty flatland bedsit territory. Would think there are houses on this road and nearby for same or less in walk in condition.

That is very out of date. Some of Palmerston Road was grotty flatland bedsits two or three decades ago but not anymore.

This one might be a good test of the market.

Probably €500k + for a quality refurb thus bring the price to €1.75m for the poor end of the road.

I don’t think this will sell without a price reduction (but I am not sure)

Eh you’re dreamin’ - try 5 years ago. I am not referring to the whole road but this particular pad . Plus at least two other I knew of that were home to small time dealers in the last 5 years.

Would not call this road grotty at all, I think palmerston is very nice wide leafy road with large victorian houses , but I think the AP is still to high as it would swallow over 200k to bring it back to a house in turn key condition.

Is there something structural that needs fixing? I’d think around 120K could do a very nice job with this (though note that I haven’t seen it in real life).
Agree the asking price is too high.

See dublincity.ie/swiftlg/apas/r … ID=2447/06.

At the time of this application, the house was in bits. Look at the documents to see photographs of the fruiting bodies of the dry rot. When they are visible, things are very bad. The lack of photographs and the statements about needing complete refurbishment do not give the impression things have improved much.

Gunnes sold a house that was 10% smaller, with off-street parking and in pretty much walk-in condition across the road for 1.2 million a few weeks ago.

Given the renovation costs would be at least 450,000 to make it a proper family home and take months, this house is ludicrously over-priced or sherryfitzgeralded as it is known.

I grew up two road across from here. As I said the road is not grotty - it is clearly one of the nicer roads in SCD - that howver does not mean there aren’t a couple of houses still in manky grotty bedsits that you wouldn’t ask a dog to live in. But sure don’t let that stop you from buying this place. It’s a bargain.

Good luck with the sale.

When you get someone to pay that amount for this tip, you can invite us all around for a breakfast of fried mushrooms scraped from the walls.

Landlord is very careful with his money but includes all costs associated with a refurb (these even include lost rent, etc)

I wish it was mine to sell. The gunne one apparently went for over the asking which suggests there was at least 2 bidders and given the garden orientation on this one there could possibly be another bidder or two interested

If you are going to do a refurb you need to gut the place anyway so a few mushrooms is probably neither here or there so I would not be surprised if this one went for around the asking.

If I had that kind of money to spend on a house it certainly would not be this one

I was wrong :frowning:

It has gone sale agreed without a price drop.

An advertised asking price drop of course.

Still, its good to get these money pits sold so they can come back on in 1 year for 1m fully renovated.

Given how quick it sold (less than 6 weeks), I don’t think so.

Fully refurbished, what would it rent for?
myhome.ie/rentals/brochure/p … -6/1921588
myhome.ie/rentals/brochure/p … -6/2005526

Maybe €3.5k pm tops, lets call it €40k gross rent pa ignoring voids and costs.
The maintenance costs on these red-brick trophey-turkeys required to keep them in a reasonable state is not insignificant.
I would say at least €5k pa higher than a regular house,
→ protected structure, if you have to tackle the slate roofs, wiring or plumbing every 25-30 years it will cost a lot more than a more regular house.

Variable rate mortgage from Bank of Ireland is 3.8%
Refurbished these should be circa €1m based on financing cost versus rental cost.
That won’t stop some people paying a lot higher for the trophey house.

How many of these houses are owned by CapitalD, D246?

Your rent looks low, IMO refurbed this will get €5k per month in the current market.

At the peak D246 and CapitalD combined would have had less than 40 of these type of houses.

I’m not that suprised about this one although it does seem like a lot of cash, but I am suprised with the momentum of scd market at nearly all levels - the last 2 or 3 months has seen an uptick in activity in my view , could it be more a case of the Bounce is getting trendier?

Hard to believe if one looks at da fundamentals but markets gone very 2004ish imo

This particular market segment is very thin at the moment, with very few potential sellers actually selling and very few potential buyers actually buying. It takes two to tango and BOTH sides are frozen. The real estate agencies and government/quasi-gov agencies such as Dept of Finance, Nama, banks, are all working where possible to prevent Irish property prices from falling any further. Mainly but not exclusively this is done by delaying all distress-related sales or selling privately with no CSO price records. Potential buyers are rightly suspicious of quoted asking prices where available. So the market is nearly dead in this segment and pricing is very obscure. Noone really knows what any property’s “market” price is in such a thin and manipulated market.