WIW The Kilns Portmarnock

Big move downwards for 2 beds in portmarnock . 120k seem quite good for an relatively large apartment beside dart and coast.
daft.ie/searchsale.daft?id=628860
Similar price movement downward in Santry Northwood 2 bed large in Parklands down to 120k .
Could be an investor dumping as 2 properties in each devlopment have dropped current asking price significantly in past few days.

Trying to remember how much they were going for at peak. Pretty sure they were north of 300k. Anyone have a better memory? I know two people who bought these off plans - a good chunk of the development was snapped up before it was complete and is still mostly occupied. Bit nicer than the neighbouring ‘Links’ development. Again, I know people who moved from The Links to the Kilns, and some retirees who sold houses locally and bought duplexes about the likes of this two-bed.

Right across the road from the Dart but not very near the beach. Close to the coast, as you can see on the map, but most of that area is marsh and some of it is owned by Portmarnock Golf Club so it’s not like you can stroll to the seaside in five mins. Finding a local shop seems like a pain. Texaco garage near the roundabout is decent for basics and I think there might be a Londis in the neighbouring development but haven’t been there in a good while. You’d certainly need a car and it’s a good ramble to the pub in the village - and probably a taxi ride if you want to go up to the Sands Hotel or the Country Club. Nearly as quick hoping on a Dart into town. Takes about 20 mins off peak. Or a Dart into Malahide in the other direction.

Wouldn’t suit me for family reasons but €120k is not bad. Certainly if you’re looking in that area and comparing with parts of Swords, Malahide, Baldoyle, Clongriffin etc. it’s good value relative to what’s on offer elsewhere.

I know someone who sold a 2 bed apt in 2007 for about 400k. Not sure if it was this development or one of the neighbouring ones though.

It’s actually closer to the beach than you would think as there is access to the beach and a car park when you turn right on the way down to portmarnock golf club. It’s about a 20 minute walk to the beach from there if you cut across the green where the geese are. 5 minutes drive to the car park.

The walk into the village is actually a short one but because the road is quite exposed between the Texaco and the Village it always feels longer.

Good apartment

Apartment prices have dropped by 60% to 70% since peak , so 120k looks like a fair price assuming its a nice apartment.

Personally I cant understand how anyone would want to live in an apartment in the suburbs especially now that house prices have declined in price , although having said that it is widely recognised within estate agent circles that the general asking price for houses in Portmarnock and Malahide are very high in relation to prices for similar properties across the rest of the city.

Getting back to the original issue apartment living is really a city centre life choice and looks out of place in the outer suburbs where unlike the city centre there are plenty of other property options available.

Its with HWP. In the suburbs I wouldn’t be surprised if it went for less than 120. If it were in town I’d want it.

Renting for €900 a month gives a yield of 9%.

daft.ie/searchrental.daft?id=1148639

Just down the dart line in Raheny similar 2 bed apartments sold for €150k in recent Allsop auction.

auction.co.uk/irish/LotDetai … 08&S=L&O=A

In my opinion at €120k this apartment would be good value for an invester. Even better if you can get it cheaper. I’d expect a reasonable tenant churn over 2 to 3 years as couples have childeren and need to move out for more space. I hear Portmarnock has good schools and living in the area always will give you the preference. Plus development is beside the Dart. These two points would outweigh the relative isolation of the development.