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 Post subject: Flippin' heck
PostPosted: Wed Apr 17, 2013 9:42 pm 
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Neo Landlord

Joined: Nov 4, 2010
Posts: 228
Thought I'd start a thread on house flips. Some other threads deal with them in the context of individual houses in WIW threads for example, but I reckon we need a global thread on flips.

The reduction of stamp duty has brought about this practice here, it's been common in the States for decades, especially on foreclosures... I'd say it'll be even more common once (read: if) the repossessions start in earnest.

The idea of the thread (if that's not too prescriptive) is that Pinsters can identify house flips. Might save someone a few quid. Always good to know what the vendor paid for the house at the beginning of the process rather than finding out from your solicitor when he's examining the title that they got it for tuppence ha'penny six months ago and by that stage t's usually too late coz the auld heart's set on it.

Any starters for ten?


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 Post subject: Re: Flippin' heck
PostPosted: Wed Apr 17, 2013 10:23 pm 
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Neo Landlord

Joined: Nov 4, 2010
Posts: 228
Let's start with this, Woodlands, Glen o Downs, Delgany, Co Wicklow: viewtopic.php?f=10&t=58920&p=697950&hilit=Glen+o+downs#p697950

Bought for €155k in January 2013 it appears. [edit: link http://www.propertypriceregister.ie/web ... enDocument ]

Now (April 2013) for sale for €220k [edit: link http://www.myhome.ie/residential/brochu ... ow/2441644 ]

Caveat emptor.


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 Post subject: Re: Flippin' heck
PostPosted: Wed Apr 17, 2013 10:35 pm 
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Speculator

Joined: Oct 6, 2011
Posts: 459
This sold for circa 250k in mid 2011
Now asking 970k
viewtopic.php?f=23&t=22117


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 Post subject: Re: Flippin' heck
PostPosted: Wed Apr 17, 2013 10:45 pm 
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Neo Landlord

Joined: Nov 4, 2010
Posts: 228
Thanks live wire.

Now that stamp duty is all but gone, we'll have more and more of this I reckon.

Good for small-time builders. Also good for areas where there might be a few derelict houses that there'll be a bit of renewal like the one you posted.

Mental price now though!


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 Post subject: Re: Flippin' heck
PostPosted: Wed Apr 17, 2013 10:59 pm 
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Planning Tribunal Attendee

Joined: Aug 2, 2011
Posts: 1248
Rathmichael wrote:
Caveat emptor.


A warning the Flipper seems not to have taken notice of.

It's a 600 sq foot house in the middle of nowhere - once the sunroom and workshop are demolished. I mean, you wouldn't consider a decent refurbishment which would retain that kind of tat.

With a motorway running through it.


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 Post subject: Re: Flippin' heck
PostPosted: Thu Apr 18, 2013 1:49 am 
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Joined: Apr 1, 2010
Posts: 10878
Some flips that have already occurred, according to the PPR. Note:
a) I only included Dublin -- have about the same again for the rest of the country.
b) I only included upward flips -- there's an equal number of downward ones.
c) Some of it is due to rubbish data on the PPR -- I left out what looked like the most egregious errors.

Code:
Date         Price         Date2        Price2        Diff        Address
10/02/2011   €85,000       20/06/2012   €140,000      €55,000     1 Faughart Road, Crumlin, Dublin 12
19/05/2010   €97,500       11/09/2012   €107,000      €9,500      1 Pimlico Cottages, Thomas Street
14/10/2010   €300,000      23/06/2011   €315,000      €15,000     111 Haddington Road, Ballsbridge
04/01/2010   €425,000      21/12/2010   €545,000      €120,000    12 Sallymount Avenue, Ranelagh
26/10/2010   €220,000      03/07/2012   €230,000      €10,000     124 mount tallant avenue, terenure, dublin 6w
24/02/2010   €500,000      01/07/2011   €1,030,000    €530,000    126 Merrion Road, Ballsbridge
15/02/2010   €380,000      08/07/2011   €662,500      €282,500    131 Castleknock Park, Castleknock, Dublin 15
14/07/2011   €233,480      20/12/2011   €295,000      €61,520     13b Clontarf Park, Clontarf
14/12/2011   €295,000      31/10/2012   €311,000      €16,000     14 Homefarm Park, Drumcondra
05/08/2010   €205,000      28/02/2012   €500,000      €295,000    143 Upper Kilmacud Road, Stillorgan, Dublin
10/07/2012   €230,000      31/10/2012   €235,320      €5,320      151 RICHMOND ROAD, DRUMCONDRA
03/03/2010   €175,000      14/10/2011   €183,000      €8,000      159 Benmadigan Road, Drimnagh, Dublin 12
31/05/2011   €200,000      20/12/2011   €335,000      €135,000    15A Glendown Close, Templeogue, Dublin 6W
21/12/2012   €177,500      15/02/2013   €220,000      €42,500     17 Strand Street, Irishtown
18/08/2010   €150,000      19/12/2012   €265,000      €115,000    184A WOODLAWN PARK GROVE, FIRHOUSE, DUBLIN 24
26/02/2010   €280,000      19/01/2011   €306,750      €26,750     19  Ardmore Close, Artane, Dublin  5
06/12/2010   €450,000      13/08/2012   €480,000      €30,000     201 Vernon Avenue, Clontarf
09/09/2010   €230,000      29/11/2010   €310,000      €80,000     21 Tamarisk View, Kilnamanagh, Tallaght
13/06/2012   €150,000      14/12/2012   €160,000      €10,000     23 Corbally Avenue, Westbrook Lawns, Tallaght
19/07/2012   €550,000      01/11/2012   €685,000      €135,000    23  Northumberland Road, Dublin 4
27/01/2011   €300,000      15/02/2011   €400,000      €100,000    23 Wilfield Park, Sandymount
14/12/2011   €57,250       05/11/2012   €120,000      €62,750     26 Deanstown Road, Finglas, Dublin 11
23/03/2012   €62,500       23/11/2012   €109,500      €47,000     268 Le Fanu Road, Ballyfermot, Dublin 10
13/05/2010   €75,000       20/12/2010   €125,000      €50,000     27 Drumcairn Avenue, Tallaght, Dublin 24
14/04/2010   €81,000       05/11/2012   €100,000      €19,000     3 Ashford Place, Off Oxmanstown Road
30/05/2012   €96,916       26/11/2012   €255,000      €158,084    3 chapelwood green, hollystown, dublin 15
30/05/2012   €450,000      21/03/2013   €750,000      €300,000    3 LEA ROAD, SANDYMOUNT
06/09/2012   €77,800       08/02/2013   €196,000      €118,200    33 Alderwood, Hollystown
10/10/2011   €160,000      29/06/2012   €295,000      €135,000    33 Ringsend Road, Ringsend
05/08/2010   €234,000      24/02/2012   €360,000      €126,000    33 St. Assams Park, Raheny, Dublin 5
22/09/2011   €107,000      18/02/2013   €113,000      €6,000      38 hillbrook woods, blanchardstown
12/05/2010   €150,000      22/03/2011   €230,000      €80,000     4 Lower Road, Shankill, Co. Dublin
09/07/2010   €200,000      19/12/2011   €335,000      €135,000    4 Streamstown Cottages, Malahide
02/06/2010   €125,000      29/07/2011   €176,000      €51,000     440 Mourne Road, Drimnagh
03/05/2012   €110,000      10/09/2012   €115,000      €5,000      57   Forest Hills, Rathcoole
25/09/2012   €155,000      30/11/2012   €180,000      €25,000     57 The Way, Hunters Run, Clonee
01/07/2011   €215,000      12/11/2012   €342,000      €127,000    6 Grotto Place, Booterstown
03/09/2012   €125,000      01/03/2013   €339,950      €214,950    68 South Lotts Road, Ringsend
19/06/2012   €60,000       03/09/2012   €90,000       €30,000     7 Sundale Park, Tallaght, Dublin
18/05/2010   €150,000      03/10/2012   €225,000      €75,000     79 Sundrive Road, Kimmage
07/04/2010   €253,947      16/10/2012   €255,000      €1,052.39   8  Harrisons Cove, Skerries, Dublin
12/03/2010   €268,722      13/05/2010   €325,000      €56,278     8 Peyton Court, Stoney Road, Rathcoole  Co. Dublin
20/06/2012   €240,000      08/11/2012   €245,000      €5,000      8 The Ospreys, Barnageeragh Cove, Skerries
27/02/2012   €195,000      13/03/2013   €335,000      €140,000    84 Meadow Park, Churchtown, Dublin 14
26/01/2011   €162,500      25/05/2012   €178,500      €16,000     96 Cappagh Road, Finglas West
08/02/2011   €176,211      03/10/2011   €260,000      €83,788.56  Apartment 7 Watermint, Old Bray Road, Cabinteely
10/02/2012   €160,000      28/11/2012   €190,000      €30,000     Apartment 8 Crannagh Court, Crannagh Road, Rathfarnham

_________________
"Prediction is very difficult, especially about the future" – Niels Bohr


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 Post subject: Re: Flippin' heck
PostPosted: Thu Apr 18, 2013 2:52 am 
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Under CAB Investigation

Joined: Sep 14, 2009
Posts: 2002
@ ps200306 - could you also include the downward flips? Doesn't really make sense to exclude them. Thanks!


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 Post subject: Re: Flippin' heck
PostPosted: Thu Apr 18, 2013 10:07 am 
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Under CAB Investigation

Joined: Jun 9, 2008
Posts: 1653
ps200306 wrote:

Code:
Date         Price         Date2        Price2        Diff        Address
24/02/2010   €500,000      01/07/2011   €1,030,000    €530,000    126 Merrion Road, Ballsbridge



the 500K in 2010 was not full market value. That is the only one I checked as the 'profit' did look too good to be true..


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 Post subject: Re: Flippin' heck
PostPosted: Thu Apr 18, 2013 10:19 am 
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Single Home Owner

Joined: Oct 25, 2011
Posts: 133
02/06/2010 €125,000 29/07/2011 €176,000 €51,000 440 Mourne Road, Drimnagh

Making 50k on a house in Drimnagh between 2010 and 2011 was a miraculous piece of business (no idea if there was much cash put into it in the interim) Hats off to whoever managed that!


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 Post subject: Re: Flippin' heck
PostPosted: Thu Apr 18, 2013 11:07 am 
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Joined: Apr 1, 2010
Posts: 10878
TheEmigrant wrote:
@ ps200306 - could you also include the downward flips? Doesn't really make sense to exclude them. Thanks!


Will do. Will sort them all by flip date as well ... to see if the flips are getting flippier.

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