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 Post subject: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Mon Apr 20, 2009 4:39 pm 
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Joined: Mar 20, 2007
Posts: 8343
Was 3.55m in Sept 2006
http://www.independent.ie/business/iris ... 34302.html

2.5 years on, now 3.15m
http://www.myhome.ie/residential/search ... ERTA392265

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"Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide." - Bertie Ahern, 4/July/2004
"It is irresponsible to suggest that the ‘negative equity’ scenario that occurred in the late 1980’s in the UK could occur in Ireland" - Marie Hunt, Director of Research, CB Richard Ellis - Press Release 17/Apr/2007


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-400k, -11.3%)
PostPosted: Mon Apr 20, 2009 5:07 pm 
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Too Big to Fail

Joined: May 28, 2008
Posts: 3107
€1134/sq foot :shock: :shock: :shock: , no BER

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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-400k, -11.3%)
PostPosted: Wed Jun 03, 2009 5:44 pm 
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Single Home Owner

Joined: Nov 28, 2007
Posts: 146
Now 2.9 Mil

http://www.myhome.ie/residential/search ... ERTA392265

Realistically I would say another Million to go easy!


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-650k, -18%)
PostPosted: Sat Jun 06, 2009 8:12 am 
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Back Home with Mammy

Joined: Jan 18, 2009
Posts: 69
This place is built into a hill, and given its aspect is in near total darkness most of the day.
At €500 per sq ft, needs a 50% drop (e.g. €1.4m) from current crazy level of €1,044 per sq ft.

In fact, this is one of the most expensive houses on the market at the moment. There's a handful out there looking for over €1,000 per sq ft...would need to be seriously deluded at this stage in the game to think that this is even remotely achieveable.


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-650k, -18%)
PostPosted: Fri Sep 04, 2009 9:02 pm 
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Single Home Owner

Joined: Nov 28, 2007
Posts: 146
Now 2.8 Mil

http://www.myhome.ie/residential/search ... QDON413265

Any takers? I don't understand why they bother dropping it 100K, I'm pretty sure that if someone wanted this house for 100k less than the listing, they would have already made an offer :) Very nice house! Will shed at least another Mil, probably more.


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-650k, -18%)
PostPosted: Fri Sep 04, 2009 10:35 pm 
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Joined: Nov 21, 2006
Posts: 2350
PembrokeRoad wrote:
Now 2.8 Mil

http://www.myhome.ie/residential/search ... QDON413265

Any takers? I don't understand why they bother dropping it 100K, I'm pretty sure that if someone wanted this house for 100k less than the listing, they would have already made an offer :) Very nice house! Will shed at least another Mil, probably more.


www.iboughtatthetoprefurbishedandnowwantout.com


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-750k, -21.1%)
PostPosted: Wed May 05, 2010 12:34 pm 
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Neo Landlord
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Joined: Jul 19, 2009
Posts: 276
Location: The Real World (about 30% below the Asking Price)
Now 2.45mln

http://www.myhome.ie/residential/brochu ... key/135886

I don't know why I'm bothering to post this. It's gone from the ridiculous to the slightly less ridiculous :roll:

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PRESS RELEASE - April 17th 2007
‘FUTURE SHOCK – PROPERTY CRASH’ PROGAMME IRRESPONSIBLE JOURNALISM SAY CB Richard Ellis

Ken MacDonald, Hooke & MacDonald Estate Agents
Irish Independent, 25 March 2007:
"As one who has been involved in the Irish property market for 40 years and has experienced every type of market scenario, I am totally convinced that the market is currently in good shape and that anyone buying now will do extremely well in the years ahead.


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Thu Apr 21, 2011 2:50 pm 
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Joined: Mar 20, 2007
Posts: 8343
Still listed at 2.45m a year later
http://www.myhome.ie/residential/brochu ... key/135886
2777 sq feet, €882/sq ft :x

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"Sitting on the sidelines, cribbing and moaning is a lost opportunity. I don't know how people who engage in that don't commit suicide." - Bertie Ahern, 4/July/2004
"It is irresponsible to suggest that the ‘negative equity’ scenario that occurred in the late 1980’s in the UK could occur in Ireland" - Marie Hunt, Director of Research, CB Richard Ellis - Press Release 17/Apr/2007


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Thu Apr 21, 2011 3:55 pm 
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Too Big to Fail
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Joined: Jun 28, 2008
Posts: 4532
The Tardis-like quality is rather groovy. The price, not so much.


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Thu Mar 07, 2013 12:18 am 
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Joined: Feb 1, 2007
Posts: 2216
http://www.independent.ie/irish-news/co ... 14108.html
Quote:
In August 2006, shortly after Mrs Ryan senior went into the nursing home and where she has been since, Jonathan and his wife found a house they wanted to buy, Khyber Lodge, Nerano Road, Dalkey which they bought for €3.5m.

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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Thu Mar 07, 2013 12:58 pm 
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Under CAB Investigation

Joined: Nov 21, 2006
Posts: 2350
jake76 wrote:
http://www.independent.ie/irish-news/courts/bank-and-lawyers-sued-after-elderly-woman-left-with-2m-debt-and-without-home-29114108.html
Quote:
In August 2006, shortly after Mrs Ryan senior went into the nursing home and where she has been since, Jonathan and his wife found a house they wanted to buy, Khyber Lodge, Nerano Road, Dalkey which they bought for €3.5m.


What duty of care does AIB owe?


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Thu Mar 07, 2013 9:17 pm 
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Speculator

Joined: Dec 20, 2007
Posts: 404
jake76 wrote:
http://www.independent.ie/irish-news/courts/bank-and-lawyers-sued-after-elderly-woman-left-with-2m-debt-and-without-home-29114108.html
Quote:
In August 2006, shortly after Mrs Ryan senior went into the nursing home and where she has been since, Jonathan and his wife found a house they wanted to buy, Khyber Lodge, Nerano Road, Dalkey which they bought for €3.5m.

Jaysus what a clusterfuck.

So the Ma and the son lived in side-by-side houses in Sandycove. The son decides to sell both houses and with the proceeds buy a new place for himself and his wife and have ample funds left over to provide lifelong care for the elderly mother. All well and good.

What went wrong was the absolutely disastrous timing of the transaction. The son decided to borrow €4.11m to buy the new house in Dalkey in 2006 before he sold the existing two houses.

The Ma's house was initially put up for sale for €4.2m in August 2006 and was first mentioned on the 'pin in this thread here in May 2008. The asking price chased the market all the way down to €1.75m in September 2009. There is no sale price recorded but the net proceeds were €1.34m according to the Indo. Both properties sold for €2.8m combined in the end.

The Dalkey house was bought in the mother's name to minimize gift tax and now AIB are chasing the woman for the €2m debt outstanding on it. I can't find a sales record of the Dalkey place but if it did sell it is unlikely to have been enough to clear the debt.

So basically all the value of the original two houses, one of which was owned free and clear, has vanished. It is a very unfortunate story but it is difficult to see how the son has a case against the solicitors or bank. It was a high risk transaction and hard to believe that any intelligent person could fail to recognise that.


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Thu Mar 07, 2013 10:52 pm 
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Planning Tribunal Attendee

Joined: Apr 23, 2012
Posts: 1185
All leverage does is increases the variability of investment return, whether it's positive or negative :roll:

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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Fri Mar 08, 2013 1:35 am 
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Joined: Feb 1, 2007
Posts: 2216
two_scoops wrote:
It was a high risk transaction and hard to believe that any intelligent person could fail to recognise that.


Especially since they worked in a bank.

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LEFT = RIGHT

Both trying to ride me...


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 Post subject: Re: Khyber Lodge, Nerano Road, Dalkey (-1.1m, -31.1%)
PostPosted: Fri Mar 08, 2013 11:51 am 
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Under CAB Investigation

Joined: Nov 13, 2006
Posts: 1919
Location: Stuck in Ahernistan
If I understand this correctly, by buying a large house with the mother's money and living there the son stood to inherit it tax free on the basis that it was his residence. Otherwise, if the proceeds of the sale had been e.g. put into a deposit account then he would have paid 20% on the inheritance above the parent/child threshold. A sensible tax planning strategy in and of itself, but possibly one which skewed the perception of risk involved?


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