WIW Patina, Mart Lane, Foxrock, Co. Dublin

Old Foxrock, Foxrock, Dublin 18
€3,000,000 - 5 Bed Detached House 423.87 m² to 4065 m² For Sale (0.5 acres)

A giveaway that the asking is so extreme, is when the agent cannot be bothered to give the address of the house (Patina, Mart Lane, Foxrock), instead listing as Old Foxrock (whatever that means), to let some time pass before the client sees sense.

Mark Keenan, Independent’s property editor, who brings more cliches to property writing than a 1980s 2nd division sheepskin-wearing soccer manager, profiled it. Every million has the word “cool” in front of it. All sales are “snapped up”. All houses over 2m are “abodes” (could do a whole separate post on Mark’s writing style and his “independent” assessment of houses).

However, Mark “jumps the shark” with Patina, with the notion that Euro 1m (you will have to trust Mark’s source on that one), spent almost 2 decades ago (you read that right, 2 decades ago), is of value now ? Anybody looking at these pictures will recognize a construction quality from a different era that is cheap by today’s standards (i.e. note the D2 BER). In addition, they will also see a style and taste of fit out, that would not appeal (i.e. horrify), to the target market they are trying to sell to.

There is no chance of Patina getting anywhere 3m, and also little chance of Patina getting even over 2.5m.

Some simple examples:

  1. Just a few doors down on Mart Lane, we have the spanking new 6,245 sq ft Loughall, on 0.5 acre selling for 2.8m in 2015
    Loughall had a build cost of over 2.3m (ex. site), and was “re-structured” at 2.2m, but eventually sold for 2.8m

  2. On Westminster Road, we also have the spanking new 7,015 sq ft, on 0.5 acre, Windermere sell for 3.1m in 2016
    (one of the highest levels of internal fit-out we have seen for sale in Foxrock for some time).

  3. On Hainault Road, we have Aldington, another brand new 5,005 sq ft house for under 2.5m on 0.3 acre (it has been offered at 2.5m for over 3 years now, and no further joy from its sister house sold in 2012).

  4. We have Lismallon, a 4,154 sq ft real period house (not mock period), in good condition and more tastefully maintained, on a 0.75 acre site, and on Westminster Road (not Mart Lane), going for 2.5m in 2014 (the peak of Dublin high-end) as was re-traded in 2015 also for 2.5m. Again, there is no way that Patina is anywhere in the class of Lismallon.

Ultimately, 2m an acre is a stretch on the best roads in Foxrock (ex. probably Kerrymount), unless it is for multi-family development (can get closer to 2.6m acre on big sites). Check out the saga of Mandeville (there are many others in Foxrock).

Patina’s site is not on a top Foxrock road. It is also set forward onto the Mart Lane road, and junction with Westminster road.

Patina’s site is worth about c. 1.2-1.4m + house is worth <700k (sorry Mark, but non-period structures “depreciate” over time).

Patina should have been put up for 2.2m, with an ability to settle for lower.

I would keep an eye on Hillside (c. 1 acre on Westminister Road + 4,000 sq ft lovely period house + Coach House).
Period House is in ok condition but needs modernizing (but so does Patina).
Last asking for Hillside was 1.95m and has just gone sale agreed with Lisney.
Hillside has had several price drops so final price could be 2-2.2m range.
I don’t think that Patina will sell for more than Hillside.

Recent sale of Mandeville (0.9 acres for 1.8m confirms the insanity of Patina’s pricing).

Price drop to … 2,900,000

Mad asking just got slightly less mad.

That should get them moving.