New lease of life after best laid plans
Luxurious house set at foot of Dublin mountains
Since last year, following the clearance of legal obstacles which stood in the way of many mainstream home repossessions, banks and receivers have launched a hell-for-leather drive to sell off a backlog of long indebted properties, many of them coming to market all at once and after lengthy court battles.
In the year to May, banks have sought to repossess more than 5,000 homes from people who failed to keep up with their mortgage repayments, figures from the Courts Service of Ireland reveal.
Figures from the country’s 26 circuit courts show lenders lodged 5,021 civil bills for repossession from January to December last year. Some 81pc of the applications applied to primary homes, 2pc to buy-to-lets, with 16pc in the category of ‘other’ dwellings. In total, 1,284 repossession orders were granted by the courts in the previous year — 2015.
The data shows 918 were for primary homes, 148 were for buy-to-lets, and 218 for ‘other’ dwellings.
The repossessions data does not include “voluntary” bank-driven sales which are not listed. All represent the dashed dreams for those recession-stricken owners who first bought and invested in their homes only to run into hard times and ultimately lose them.
Although prices have lifted substantially since the crash, most properties are still valued at around one third cheaper than they were at the height of the bubble. In the case of larger homes, today’s buyers can benefit from expensive and plush fit outs of the sort that previous owners had ploughed into their properties in much better times, and when these owners believed they were furnishing a home for life.
An example of the type of larger luxury dream home which has come to market as the result of a receiver sale is Verschoyle Hill, a modern detached property at Saggart, Co Dublin.
Located at the foot of the Dublin mountains, the house spans a massive 5360 sq ft and includes luxuriously large dimensions, high ceilings and bright spaces.
It’s built in a quasi period dormer style with a double-gable frontage, a recessed porch reminiscent of the arts and craft era, and butter-coloured rubble stone walls. But inside it’s all 21st century. As is the case with many stressed sales, the house stands unfurnished which only accentuates further its massive internal dimensions. Glazed double front doors lead through to the double-height white marble tiled gallery hall which runs 35 ft from one end to the other.
Off this is a 30 ft wide living room, a dining room, and a kitchen which is also almost 30 ft from end to end. There’s a utility room and guest wc, a playroom and tv room, and unusually the master bedroom suite is also located on this floor. The chamber itself is 24 ft long and includes a luxurious ensuite bathroom with a “raised” sunken bath and mosaic tiles. Upstairs there are five bedrooms, two of them sharing one ensuite. Meantime, bedroom four has its own ensuite plus a substantial walk-in changing room which is also shared with bedroom three. There’s also a family bathroom on this floor.
On top of this, there is a two-storey workshop building on the grounds which spans 872 sq ft with work space and offices on the ground floor, and a self-contained one-bedroom staff apartment overhead.
Luxuries here include a heat exchange system and electric gates leading into the property which also includes a separate paddock for keeping horses.The house is believed to have been completed just as the property market crashed between 2006 and 2008.
Vershcoyle Hill is located off the N11 and near Citywest on Meagan’s Lane which rises up into the Dublin hills. The area is home to a number of celebrities including chef Derry Clarke and his wife Sallyanne of the famous Michelin starred L’Ecrivain restaurant. The Saggart Luas stop takes you to the city centre.
Agents Hooke & MacDonald launch the property this weekend.
Meagan’s Lane, Saggart, Co Dublin
Asking price: €850,000
Agent: Hooke & MacDonald (01) 6318402