WIW - Monday Mewsings**

So, I can’t help think that every market outside of the family home market should be dead due to over supply.

With that in mind how does one value these:

myhome.ie/1618003
[18 Glandore Court, Mounttown Road, Monkstown]

daft.ie/searchsale.daft?id=622521
[The Mews Rear Of 4 Eden Park, Sandycove]

I struggle to see with of these above 200k. The first one is, I believe, in a development part of which is in NAMA. Are nama offloading by the back door? irishhouses.ie/nama/nama-pro … r-sale.php

** Musings

Overlooked back garden ideal for the nude sunbathing exhibitionist!

Nah, I have a mancini…lime green don’t you know.

Back on topic. Are these horribly overprices or have I missed something?

Not so far off the market price maybe. Here’s one I’m watching to see how the market is going.

myhome.ie/residential/brochu … in/1765357

Last summer, there were several similar houses, with similar asking price, which sold in Southdene, around the corner from this. When they went on the market, I thought they were overpriced, but they sold within a few months. They are all just small bland apartments in house form to my mind, with management charge to boot.

I’m curious to see what happens. Perhaps, with apartment prices still crashing…

myhome.ie/residential/brochu … in/1389501

(What, not sold yet!)

…then, these sort of houses are going to come under pressure. I’m thinking of Monkstown Valley, Richmond Park in Monkstown, and Rosemount in Booterstown. I’m sure there are more like them.

…and then I see this myhome.ie/residential/brochu … -7/1764682 and think we have some way to go on the Southside (rebuild notwithstanding)

Both of the mews houses originally posted might be overpriced but not to a vast extent. I agree that the likes of Monkstown Valley and Rosemount in Booterstown offer an attractive alternative - in many cases with a reasonably decent garden space.

Seems reasonable to suggest that 50 The Beeches or 18 Glandore Court could be negotiated down to under €250k.

I lived in a mews house for a few years and did not find it the same as apartment living at all - it’s more like living in a terraced house. However, one important consideration for me in a mews would be having a relatively private courtyard or small garden. This can often be achieved quite easily with some careful planting and screening - I did it myself back in the day and benefited from the outdoor space as well as the indoors.

Comparison to a house in Stoneybatter is irrelevant unless that is the other area you are considering and price is the only consideration. But if you were actually serious about that, I suppose you wouldn’t have posted those two mews houses in the first place.

I struggle to see value above €150k in any of those. We live in a broken country, getting worse by the day - and these properties are not family homes therefore should be discounted appropriately. I fail to see how, with business failing daily, taxing increasing etc. anyone would put one quarter of a million euros into this type of property. Hey ho - I have been wrong before.

There are a lot of assumptions in that statement that could be questioned. Are there also businesses succeeding? Take a look around the area where those houses you posted are located - I see thriving businesses in Monkstown. I see failing businesses around the place too. I expect those who are thriving to have the means to buy - or to buy in the most expensive locations - and those who are not doing well to struggle to buy at all. It’s not a black and white picture.

Last week I met a few HR managers who said they can only hire or retain enough IT people with the required skills by increasing their pay and compensating them for anything lost through tax hikes. There are others in and outside the IT sector who are not doing so well. It’s not a black and white picture.

Are there around who can afford €250k for a starter home? Of course there are. Are there businesses whose exports are growing as well as firms that are shrinking? Absolutely. Are there more growing than shrinking? Hardly, as we are not experiencing strong economic growth. Again, it’s not a black and white picture.

Maybe after years of interrupted growth spread across most sectors, followed by years of recession, things just look black and white. White back then, black now. I don’t believe it. But as you say, hey ho - I’ve been wrong before too.

Do you think the Monkstown Valley house has a reasonably decent garden? Come on, and that or less is typical. And, I never said that those places were attractive alternatives. Instead, I said that they were too like apartments to justify such a greatly higher price.

These are both in areas of interest to me. Do you really think that 200K is a realistic offer for these properties? I was due to view on in Dundela Park but they have an offer of approx 235K at the moment which has been rejected as they expect higher. I am wondering if prices are likely to drop much more in these areas over the next year or so.

No, I don’t expect 200k prices anytime soon for those sorts of houses. Your experience with Dundela Park is what I would expect. They would be hoping for not much more than 10% below asking price. As I said in an earlier post, the one in Monkstown Valley is one to watch to maybe see where the market is heading short term.

Lived in Monkstown Valley for over seven years (two properties) and I loved it. Very quiet, only ten minutes walk to DART and sea, so not surprised the Southdene houses sold quickly. By the way, the two bed in The Beeches you are watching were £39,500.00 when built in 1987-ish!

Interesting: inflation-adjusted that is equivalent to €95,500 at the end of 2011. anthonykelly.com/inflation.html

I will defer to your eye on this market in terms of price. I do think that is a decent size of garden for the size and type of house: it just looks ugly and small because it is completely paved over. I doubt if you’d find many modern townhouses with much more garden than that. Frequently enough you only get a patio.

Nonetheless, your point about the similarity to apartments deserving only a relatively small price premium is a good one. And I’d be interested to hear your views on another recent post by squeak, here: viewtopic.php?f=10&t=43331
(where I freely admit to my limited knowledge of this sector of the market…)

Those Dalkey apartments tick a lot of boxes for me. The 2 beds are large at over 80 sq meters (I would never consider less than 70). There are recent build, so I assume they have a good energy rating. To my eye they look well, and require no additional work. Dalkey, by all accounts, is a nice place to live, although I have no personal experience of that.

As to the price, if you were talking about as an investment, then ‘no way Jose.’ But, I could see myself actually living in that sort of space. Would I pay 250 to 300k -well those are certainly not Allsop style prices. Will Allsop ever offer anything of that quality in that sort of quality location -probably not. My guess is that eventually you could do better -i.e. sub 200k, but not by much, but then you are taking your chances.

As to how they match apartment prices in terms of areas like Blackrock and Monkstown, I think most apartments in those areas have been sitting on the market for a long time going nowhere, and you’re going to see a steady stream of individual apartments offered at ‘distressed’ price levels causing overall price levels to fall steeply. This all previously happened to house prices, and has now stopped, but with apartments the freefall continues.

No, still echos of the Celtic tiger in those prices.

It didn’t take long…

collapso.net/HistoryMyHome/1765357.html

18 Glandore Court is back up, asking 299k - can anyone confirm what price it was last year - can’t find record of it…

daft.ie/searchsale.daft?id=705670

From memory it was 350k.

On 25/5/09 you could have had a one bed for the same money. “3 Glandore Court 1 bed apt c 450 sq ft Asking Price €299,000”

Cheers, thanks for the reply - not mad about the ground floor garage idea or the eaves-heavy bedrooms but was curious

It was the same price this time last year – appears in snapshots of myhome.ie in Jan and Apr 2012 at 299k.

Thanks for that, good to know.