WIW 9 Cullenswood Gardens, Ranelagh asking €795k

I’ve been wrong about Ranelagh before but aside from the North facing garden, an odd layout and small size for a 5 bed @ 156 sqm which is fixable with a bit of renovation / extension this looks like a nice house.

myhome.ie/residential/brochu … pertyAlert

I’m sure it will go quickly but anyone care so suggest an alternative price?

Currently asking €795,000

€5100 / sqm
€473 / sft

I’m calling in the oh-so-often Pin argument that downstairs bedrooms don’t count, so this is essentially a four bedroom house.

21 Cullenswood Gardens - €378/sqft - early 2012
13 Cullenswood Gardens - €408/sqft - small garden
9 Cullenswood Gardens - €473 - now

€378/sqft → €473/sqft = approx 25.1% rise in a matter of months? Nice if you can get it.

Dated house, needs work, close to city 350k, or 10 times average earnings. Not 20+

A near 800K ask for this sums up the situation out there nicely.

If you did this place up and told everyone you spent 1m theyd think you were on acid.

I don’t think this house is a bad as you have sugested as it has the potential to be made into a fine family home.

For example if you replaced the shitty extension with a carefully done 2 story extension and made the rear ground floor open plan you would have a 220 sqm house with4/5 proper bedrooms. It has a fine garden and off street parking which is rare in Ranelagh. You would be looking at spending the guts of 200k doing it though. After spending that and paying the asking price of 800k would you have a million euro home?

The clear answer is No.

That said I thought 21 Cullenswood was a shit box which had no chance of getting anywhere near its 650k asking, but it was sold within weeks.

I wouldn’t pay 800k for this place 5-600 maybe but I’ll bet this one goes sale agreed reasonably quickly.

According to the 2011 census, the average number of rooms per dwelling in Ireland is approx. 5.70 and in Dublin, detached houses make up 11.8% of the total number of dwelling and semi-Ds make up 34.9% (so less than 47% between them)
Bearing that in mind, how realistic is it to expect that a couple on the national average industrial wage (not even the average Dublin industrial wage) could afford a 10 roomed semi-D, “close to city”, in one of the more sought after parts of the capital?

I see you posted a similar valuation (10 x average industrial wage) for a house in D4 in another thread. A reality check might be in order…

Crazy, crazy price. Are there really interested parties at that price? That’s what has this country the way it is.

That, or that people may have paid 1.6m for this 5 years ago.

Indeed. Well, sheep are there for the fleecing, as they say.

Agree absolutely with the posts that say this is a mad price. It’s happening all over again!

I know many pinsters have methods of valuing houses, but the following are IMO the most sustainable and have served me well for the 25 years or so I’ve been following the Dublin property market.

First calculation: Assume a two income family. Main earner €100k, second earner on €40k. This is the sort of house people earning that amount should be able to live in. Four times first plus once second = €440k max in a normal market. That’s AFTER renovation too by the way, IMO.

Alternative calculation: rental price of say €2,400 per month x 12 x15 = €432,000 . And that’s AFTER renovation, IMO.

The problem in south county Dublin is trader-uppers who bought in mid 1990s at reasonable prices and now have earned a few quid, late 40s, kids as teenagers needing more space. This demographic can sell, say a three bed in Sandyford for c. €300k, and then trade up. They probably have a large amount of savings too as they bought for sensible prices in the mid 1990s. It’s not a huge ask to top those savings up with €200k in a mortgage and hey presto we have very normal, quite grey and boring houses in Ranelagh asking €795k.

I hope whoever buys it enjoys paying the €1,987.50 (or IMF version of €3,975) in property taxes every year.

Am I missing something? surely if onlyone is valuing it at ten times the average wage he is saying someone on that wage COULDNT afford it!

Average wage is irrelevant.
What you need is the average wage earned by prospective Ranelagh buyers.

On another topic, it is useful to work out the potential property tax coming our way.

At 0.25% on €795k, that equates to a €1,987 bill for absolutely nothing, other than the ‘privilage’ of owning your own home.

Agree.

Average wage cant possibly account for every house, irrespective type and location.

Maybe every second house on park drive, ranelagh comprises a hospital consultant or a tribunal barrister. It might explain things.

This had an open viewing on Saturday…Almost 80 people turned up; several are coming back with architects…
(Have a friend living on the road who is bemused at the number of houses selling on what has been a very quiet selling road for the last few years…)

Diamonds - do you know these potential buyers that are coming back with architects? Or is that what the EA said?

It’s what my friend on the road says is the word in the 'hood! Presumably from the seller via the EA…

This is on open view again this weekend.
Open viewings over a month apart would suggest to me that they have no acceptable offers yet.

Still languishing on the Ranelagh market after 4 months.

Wonder if they will consider a price drop.

Sold for € 1,210,000 in February 2019.

It doesn’t seem to have sold back in 2012/13 - how very fortunate for the owners who have now pocketed an additonal half-million Euro for their patience (less perhaps 30K. for upgrading)

Some of you may say that is an outrageous price for a semi-d in Ranelagh which has nothing major done.
Look at it this way - our government can borrow the price of this house in the morning and only have to pay 3,500 Euro per year to service the loan. So it’s really a bargain if you have the finance.

https://propertypriceregisterireland.com/details/9_cullenswood_gardens_ranelagh_dublin_6_co_dublin_ireland-369958/

No. 19 was sold for €1,410,000 in May.
15% extra for a swisher, slightly extended version.
https://propertypriceregisterireland.com/details/19_cullenswood_gardens_ranelagh_dublin_6_co_dublin_ireland-385474/

In either case, Cullenswood Gardens is now over 8,500 Euro per sq. metre. Is that a record in Dublin? Anything sold recently for more than 1.5 M. was far larger i.e. over 200 sq. mts. . What’s the attraction of Cullenswood Gardens? Schools?