Sorrento House, Sorrento Terrace, Dalkey, Co. Dublin €12,000,000
6 Bed Semi-Detached House 714 m² / 7685 ft² For Sale
It is back - Sorrento House in Dalkey now at 12m
Interesting owner, Terry Coleman, outbid Lochlann Quinn in 1998 to pay highest price for a house in Ireland at Euro 7.5m
Tried to sell at the peak for 30m in Sept 2006, reduced to 20m in Mar 2007 but failed to sell.
The key headwind is that Dalkey / Killiney has fallen behind to D4 (and D6) for aspirational Irish buyers - for example:
“If there has been a bad buy over the last five years, Elsinore on Coliemore Rd in Dalkey was it. Bought for ?6.45m in 2000, it was auctioned with a guide of ?6.3m in September 2004. It was withdrawn. Sherry Fitz hawked it for more than a year at ?5.95m before finally doing a deal about a fortnight ago.”
While the home has been extensively renovated since its 1998 purchase, I’m not sure it is worth c. 6m an acre quoted.
Walford (PIN link below) sold for just over 7m an acre (14m), previously having been Ireland’s most expensive house at 58m
I’m pretty sure Sorrento House would never have sold anywhere near 58m at its peak.
With the best D4 trophy homes at c. 25-33% of peak 2006/07 pricing (closer to 33% for best assets and roads - see Milverton link thepropertypin.com/viewtopic.php?p=737797#p737797), can’t see Sorrento getting close to the 12m asking (don’t think it would have traded at 30m).
Would expect something closer to c. 7.5m which would be its original 1998 price.
There a quite a few Dalkey / Killiney mansions only making their turn of the century prices even with extensive renovation.
Same strategy as Deepwell - put up for a big figure in case an International buyer / Embassy buyer can be found on the basis that they are getting for 25% of EA “peak value”, however as per Deepwell, I don’t believe that these quoted “peak values” stack up, and the current asking it closer to 50% of truer peak value which almost nothing - even in D4 - is selling at in the trophy end of the market.