I hadn’t seen the update he has done to this post
Incredible work - so much respect for the work SoCoDu does
What you can get for free on the internet vs. the crap / lies you can get from market participants / advisors
I have a rule of thumb. Unless there are exceptional reasons, I calculate price per sq foot as a function of distance from Dublin City Centre. At the furthest edge of Dublin, Dalkey comes in at 200-250 in my book. And look at how far it is from a main road. (Yeah, I know the Aircoach picks upthere every hour.)
For some reason, people try to ascribe some kind of “prestige” to the location without ever backing it up.
Sea views? You can get similar in Balbriggan or Rush.
You can see the sea from rooms and balconies. Lots of natural daylight. What happens when the 2 houses are built in front?
So at 200-250, this house should be 800k to 1m. If I am paying out that kind of money, I don’t want to share the front gate with 1 to 3 houses.
I have a feeling they won’t accept an offer of 800k anyway.
Hendre on St George’s Avenue got 338 sq ft around corner - also new build but on 1 acre
Even Paddock Wood sold at about 400 sq ft when you include all the buildings
(building had issues but the build quality was very very high end - ie not just 200 sq ft)
338 sq ft on c 3800 sq ft would vale West House (Plot #1) at c 1.3m (same for Plot #2)
I think this is probably too low and close to cost of build (850k house / 350k plot)
I would say c 400k sq ft is the right max target (1.5m) but could be lower
Compare with 125 Strand Road Sandymount (just sold at c 430 sq ft) or the grander 12 Strand Road Sandymount (sold at 450 sq ft) - sea views and both fully refurbished / nearly new
A house on an estate in Dalkey is not worth 2m - I’m sure of that
The crazy asking of Plot #1 plus even crazier asking of Plot #2 (2.5m and smaller garden) makes me think these houses are not really for sale
It’s not too difficult to back up the, “prestige” element as far as Dalkey is concerned.
(As for distance from Dublin city centre - it’s on the DART line and not that far from the N11)
The big unknown here seems to be the two undeveloped plots on the site. At the moment it looks like a spacious site with plenty of light and views to the south. Put another two houses in here and it will be a wholly different proposition.
Who, with €2.4m to spend, wants to buy into the uncertainty of losing light, views and space and the hassle of living in a building site for 12 months at some point down the road. I cant see this selling at this price while that uncertainty remains.
Per the Irish Times today, the remaining two sites are up for sale now. Also, I have to wonder who would actually build houses to the same design as the existing ones? I’m really not sure how attractive they are - perhaps it’s just the outdated tiger interiors that puts me off them, but the exterior doesn’t do much for me these days either. The new sites could technically accommodate houses built to a totally different design - in any case, regardless of what is built, it is going to be disastrous for the existing owners IMO - such an overly dense development.
