WIW Sancta Maria, Brighton Road, Foxrock, Dublin 18

Sancta Maria, Brighton Road, Foxrock, Dublin 18
€4,000,000 - 6 Bed Detached House 745 m² / 8019 ft² For Sale B2 (0.52 acres)

Quillsen, the guys who brought you this “transaction” in Howth thepropertypin.com/viewtopic.php?f=10&t=65846, are still fighting their way into the Dublin high-end by promising client they will deliver on huge askings.

As nearby Mandeville on Torquay Road thepropertypin.com/viewtopic.php?f=23&t=64604 has confirmed (same as with others in Foxrock such as Hillside and Windermere etc.), land in Foxrock is worth c. 2m an acre. Brighton Road is not Westminster Road, but is still not bad (on a par with Torquay Road), and therefore Sancta Maria’s land is worth c 1m.

That leaves about 3m for the house which is just way too much (especially given how modest the plot - narrow feel - and location of the plot is, for this part of the world, where closer to an acre is expected, plus a lot more privacy etc. at this pricing level).

Unfortunately, another +7,000 sq ft house on almost half an acre sold a few months ago called Windermere, for only 3.1m thepropertypin.com/viewtopic.php?f=10&t=65784. Windermere was an even newer build (highest spec I have yet seen in Dublin high end) and was on Westminster Road (better road than Brighton Road).

What is unusual (and probably why Quillsen have made an appearance) is that pricing in Foxrock high-end has been very weak for the past 12 months. Apart from the poor buyer of Mangerton, Foxrock high-end pricing is struggling to hold the initial gains of the summer of 2013, and there is plenty of evidence that it is back in mid 2012. Hillside thepropertypin.com/viewtopic.php?f=23&t=65179, Windermere thepropertypin.com/viewtopic.php?f=10&t=65784 and a few other recent deals highlight this. Quillsen are asking a price that would never have been achieve in Foxrock in 2013 or even the mini-bubble of 2014. That is how out of place Sancta’s asking is. I think Lisney have gotten this (hence they have the highest turnover of high-end sales in Foxrock), but Sherry Fitzgerald have backed themselves into a corner and are stuck with some others (Sherry have decided to do the opposite in Howth with Horizons thepropertypin.com/viewtopic.php?f=10&t=66034).

I suspect that this will languish for a year until the pricing gets closer to 3m (if not 3m exactly). That will suit Quillsen as they will have a +3m house in SoCoDu (and therefore meet more +3m buyers and stay in the high-end game). Their one hope is that an Embassy or Corporate buyer appears. If that doesn’t happen, expect material pricing reductions (and probably a change of agent).

Half way there to the 3m figure!

I do think that Santa Maria has a very good shot at 3m (if not slightly over), however if it doesn’t sell soon, it will go into the winter season which will be tough. They should have started at 3.25m (and could have sold up if they found a keen bidder, which usually means non-national, which a good EA can get to bid against themselves.). It would have given them a strong feel for how much above the 3m mark they could push. Now they have yet to establish that.

Sold for €3.15m.