Tuesday 27 June 2017

Michael Meanley leaves Mulryan board

Ballymore loses an executive less than a year after joining while the number of houses up for sale outstrips sales and high-end house prices plummet

SEAN Mulryan's Ballymore has lost one of its top executives less than a year after he joined the company. Michael Meanley was brought in when the property group sought to beef up its global management team last year, but he departed recently on amicable terms.

Mr Meanley was responsible for all sales and marketing across Ballymore's residential property interests, including that of the London Docklands skyscraper complex, Pan Peninsula. Ballymore has been engaged in legal moves to oblige buyers who put deposits on apartments in the 50-storey tower complex in better times to pay up.

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THE number of homes being put up for sale is quickly outstripping the numbers that are actually selling on the Dublin market, new data from market watchers Myhat.ie shows.

Some 750 properties came on the market in February but just 440 of these have gone 'sale agreed'. So the number of properties newly up for sale is close to double the volume that are actually selling.

There's also evidence of considerable churn on 'sale agreed' deals. Myhat.ie calculates that five a week of these are falling through in Dublin alone, with properties landing back on the market, adding to the glut of available stock.

So what is selling? Trophy homes would seem slow to shift, as are apartments. Ordinary decent semi-ds are holding up better and are easier to get finance for.

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Speaking of trophy homes, there's a fair amount of deja vu occurring on the high-end house market, with some properties having more comebacks than a 1980s' boy band, with prices taking a bath with each appearance.

A large period house, No 62 Merrion Road in Ballsbridge, Dublin 4, was on the market for €5.25m in July 2006. It was advertised at €4.25m in 2007, and for €4m in 2008. Now it's on offer for €2.45m.

Ashley is a seven-bed, seven reception room sprawling home at Hainault Road, Foxrock, Dublin 18. In 2008, it was on the market for €3.5m and in January 2009 that price had dropped to €2.8m. It's now priced at €2.25m.

Budweiser bottle designer Kevin O'Farrell's island hideaway Mermaid Isle in Kerry was priced at €7.5m in 2008. It's for sale at €4.9m now, €50,000 less than advertised in November 2009.

A five-bed period house, No 66, Claremont Road, Sandymount, Dublin 4, was withdrawn from auction with an advised minimum value of €2.1m in April 2007. It was on the market for €1.65m in 2008, and €1.5m in April 2009. It dipped under the €1m mark to €995,000 in January.

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