WIW - Holly Lodge, Glenvar Park (off Cross Avenue) Blackrock

4 bed detached in Blackrock, requiring complete refurbishment (and probably extension; it’s not as big as it looks in the photos). Up for auction on 23 June with an AMV of €750k:

Two questions for the pinsters:
(a) WIW?
(b) What will it actually make at the auction?

Not sure wiw but that 750k seems really expensive to me.

  • 1

Specially since it needs refurbishment (in te current climate)

In a normal market, that looks very close to fair value to me.

On first glance I thought WOW - but I also would say it’s smaller than the photos present.
Check out the bedrooms - none of them massive and two of them pokey.

Amazing location and garden though, and nothing a big extension wouldn’t fix if you had the (large) funds!

Just to give you perspective, a similar house on that road sold for £675,000 (€857,000) in 1998 - independent.ie/unsorted/prop … 43301.html

That would possibly put this house at 1997 prices.

You’re actually being conservative.

Using “mambo”'s favourite inflation calculator:

IR£675,000 in 1998 is the equivalent of €1,202,806 in 2011.

IR£421,000 is the 1998 equivalent of €750,000 in 2011.

For question (i) you can take your guidance from the ‘Usjes’s rule of thumb for valuing property in Dublin’ ™:

  • In Dublin => worth <= 1,000,000
  • North of the Liffey => worth <= 500,000
  • Outside the M50 => worth <= 250,000

So this one is worth about 500,000 being a mid-range Southside property.

As to what it will achieve, I can see it making the AMV purely due to its location (within pi$$ing distance of Blackrock College) and my assumption that there are still enough buyers out there with more money than sense.

Remember winning the lottery MIGHT make you a millionaire, if you were even to pay 500,000 that would be half your fortune gone before any refurbishment or extension. Only in Ireland. But as I say, I suspect there are still enough of our criminal (sorry I mean ‘professional’) classes who probably managed to squirrel enough of their ill-gotten gains away before the $hit hit the fan, so who knows.

June 2007
No 2 Glenvar Park, Blackrock, Co Dublin Four-bed detached family home. Sold excess 2.6m.
This house sold in 2007, has since been demolished.

Nice location, traffic free and good plot size. Will be interesting to see how this home fairs.

I think I’d rather money than sense, tbh.

Sense won’t buy a house like that in Blackrock.

Anyone hear what this went for?

I bet above the AMV. Anyone know?

This went for €990k at auction. Lots of people bidding well above the AMV, not just a battle between two bidders. All of the lurking buyers of SCD were there and there’s plenty of money around when the site and property warrant spending it.

(Note to the usual “only worth 500k brigade”: - keep it to yourself, the market has spoken for you.)

Kicked off at 700k and raced to 900k in under 5 mins. Lots of bidder present (including myself) but only 4 or 5 in the running once it went over the AMV

Thought so. Reflects what I have been hearing on the ground recently. This was never a €500k house. I thought around 880k would take it. Really is a home for life, partner type, place. Right side of BR, good schools etc.

Need 200k put in but, relative to 2006, huge value.

EDIT: Did any of the pinsters take it? Would be interested in someone putting a date in the diary for pints in Feb. 2013 around Blackrock!

Not surprised. There is still a lot of old money in those parts and supply for decent family homes isn’t exactly flooding onto the market. I still think that paying 990k was too much, and it will decline in value in a few years.

…but does one care if it is a home for life? Overpaying, perhaps, but not by a material amount.

Just shows that its all about location, location, location. Old house in great location sells for over €6000 per m2 in 2011

I am surprised and humbled. I would never have valued this house at 1m in 2011.

990k for the house and another 100k to modernise it. I’m not sure if this really makes sense but obviously it did to the bidders. If I had 1.1mm to spend on a house I think I could get a very good large period house for that. Each to his own though

myhome.ie/residential/brochu … in/1457601