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 Post subject: WIW - 63 Dartmouth Square South
PostPosted: Thu May 05, 2016 1:03 pm 
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http://www.myhome.ie/residential/brochu ... -6/3595616

Any views on why this would be going to auction and what that might say about the direction of the market. Obviously they are looking for a quick sale - 3 weeks isn't a lot for people to inspect title and survey etc in advance of an auction.

From my limited knowledge would have thought the guidance of €1.40 seems reasonable on a relative basis - with south facing garden whereas the more expensive No.32 at €1.55 had a north facing garden (admittedly larger with mews potential).


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Thu May 05, 2016 1:33 pm 
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starryeyed wrote:
http://www.myhome.ie/residential/brochure/63-dartmouth-square-ranelagh-dublin-6/3595616

Any views on why this would be going to auction and what that might say about the direction of the market. Obviously they are looking for a quick sale - 3 weeks isn't a lot for people to inspect title and survey etc in advance of an auction.

From my limited knowledge would have thought the guidance of €1.40 seems reasonable on a relative basis - with south facing garden whereas the more expensive No.32 at €1.55 had a north facing garden (admittedly larger with mews potential).



the mews site might have been worth maybe 300k but then again the basement was a separate flat so the refurb cost might 200k

garden is south east - not bad orientation but not perfect


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Thu May 05, 2016 1:59 pm 
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starryeyed wrote:
the guidance of €1.40 seems reasonable
Guide prices are just that - guides! They more often than not bear little resemblance to the final sale price. As this is the first auction (and maybe only auction) of the year, they'll be guiding a price that will generate interest to ensure the auction isn't a total flop. If it was private treaty they'd be asking a higher price.

Nice house, but with 3 single bedrooms and not a decent bathroom in the place (possibly 2 of the smallest I've ever seen in a house of this calibre), it isn't going to appeal to everyone. I like the garden structure ('mews').

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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Thu May 05, 2016 4:09 pm 
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i was going by this house earlier and i noticed that there seems to be no external access via the basement at the front - well at least from the road no steps are visible up to the garden - i guess this would limit frontal access to the main door up the steps - not ideal for anyone with small kids - you would either need to come through the back garden and across the grass or lug them up the stairs at the front.


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Thu May 05, 2016 5:19 pm 
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That side of the square is like a main road. It's the perfect location if you enjoy watching family cars take to two wheels around the roundabout and then catch some air time off the completely ineffective speed bumps.


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Fri May 06, 2016 10:30 am 
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My god - an auction of a +1m house in Dublin !!

We were so close to running the full core buying season without one (first since the GFC).

This will sell at 1.4m (and above).

Because there have been no auctions this year in the upper end, room will be packed (50% EAs), so it will be an "atmosphere".

Guidance is credible and not too ambitious.


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Fri May 06, 2016 11:28 am 
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SoCoDu wrote:
starryeyed wrote:
the guidance of €1.40 seems reasonable
Guide prices are just that - guides! They more often than not bear little resemblance to the final sale price. As this is the first auction (and maybe only auction) of the year, they'll be guiding a price that will generate interest to ensure the auction isn't a total flop. If it was private treaty they'd be asking a higher price.

Nice house, but with 3 single bedrooms and not a decent bathroom in the place (possibly 2 of the smallest I've ever seen in a house of this calibre), it isn't going to appeal to everyone. I like the garden structure ('mews').



seems the main bathroom is in the outhouse


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Sat May 07, 2016 3:07 pm 
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Went to the viewing earlier. It's a nice house, no doubt about that. The drawbacks have already been identified in the form of the lack of a decent bathroom and the outhouse is a bit confused. I am not sure whether it could be converted into a mews.

The vendor is a well known solicitor who has been renting it while living elsewhere. Definitely not a distressed sale.....I'm not sure why he is selling; perhaps he believes the market is on the cusp of tanking.

Plenty of interest at the viewing, drummed up no doubt by the guide price.

My sense is that the vendor will hope to get +€1.75m for it and is probably scratching his head at the guide price but it's not a bad strategy.


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Sat May 07, 2016 4:44 pm 
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Isn't this a bit of a gamble, particularly for a non distressed vendor? Like what if the best bid is €1.42. Can they have a reserve which is way above the AMV? This is either a stroke of genius or quite the opposite - only have to wait three and half weeks to find out. As the only auction I'm aware of, I think it will have a material impact on the D4/D6 market over the summer.

They aren't going to let this flop in an open auction room. Hence I agree this will sell for 1.8, 1.9+ and the press articles are already written for the front page of the Irish Times property supplement the day after - Dublin market overheating - D6 house sells at auction for 30% over asking. Economist Marian Finnegan says lack of supply of prime properties will lead to strong auction results for rest of summer.

http://www.irishtimes.com/life-and-styl ... -1.1563237


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 Post subject: Re: WIW - 63 Dartmouth Square South
PostPosted: Sat May 07, 2016 5:50 pm 
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starryeyed wrote:
Isn't this a bit of a gamble, particularly for a non distressed vendor? Like what if the best bid is €1.42. Can they have a reserve which is way above the AMV? This is either a stroke of genius or quite the opposite - only have to wait three and half weeks to find out. As the only auction I'm aware of, I think it will have a material impact on the D4/D6 market over the summer.

They aren't going to let this flop in an open auction room. Hence I agree this will sell for 1.8, 1.9+ and the press articles are already written for the front page of the Irish Times property supplement the day after - Dublin market overheating - D6 house sells at auction for 30% over asking. Economist Marian Finnegan says lack of supply of prime properties will lead to strong auction results for rest of summer.

http://www.irishtimes.com/life-and-styl ... -1.1563237

The higher end Dublin auction market died last year and hasn't appeared since.
The issue is the international slowdown (esp. London Property and Sterling weakness).
Ex pats / foreign buyers are a (the) critical driver of Dublin higher end market.
This segment doesn't work well with auctions (they can't be there in time).

And it is much easier to bait them ("I have no offers"), and then ramp them up in 50k increments ("guy came in from nowhere") via a constant stream of emails. (always funny when an ex pat goes sale "unagreed", and then sees the house that he was bidding on furiously by email in 50k lots, go back on market, for another 12 months!?!).

HOWEVER, it helps when the ex pats can be shown some local auction headlines.

This will sell above guide (obviously), and the mews can give it an extra oomph that can be naughtily employed to set new benchmarks for ex. pats / foreigners etc.

After a pretty meagre start to 2016, also clear that Sherry Fitz want to get a good news headline into the market before June, for the Autumn selling season. This auction will be packed (every high end EA and many high end buyers will attend regardless of interest), so SF would not risk unless they were very sure of getting a very strong result.


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