Misery at manor as prices tumble
The price-tags on high-end country piles and city apartments are falling by millions, writes Daniel McConnell
You may live in the lap of luxury in a multi-million euro country pile with expansive lands or an extensive town house which is the envy of most, but don't try and shift it, because you won't be able to or, if you are, you will have to do it at a knock-down price.
Ireland's elite have been badly hit by the housing crash, with many forced to slash their prices by over 60 per cent to shift their lot, while others have been left languishing for over a year without interest.
Despite a certain flight to quality in the marketplace, as Robert Ganly of the IAVI said, some of the most luxurious and expansive residence have been among the hardest hit by the slowdown in the market.
One of the key examples of how the big houses have failed to sell is Moyglare Manor, in Co KIldare, which has dropped in price from €10m to a guide of €4m, when it goes to auction on Tuesday.
The exceptional drop in price is indicative of the major adjustment seen across the board -- but for the owners of big properties, a 20 per cent fall means a million less in their pocket.
Another example is Ballybrada house in Co Tipperary. The beautiful period residence was originally pitched at €6m but is now available at €5m.
"Turnaround times are much slower than they were, there is no doubt about it, and obviously, with the bigger homes, there is a smaller number of people able to buy them, so the slowdown is making it tougher. But, if serious offers come in that are in the ball park, we're not saying 'no'," said Robert Hoban, of Savills Hamilton Osborne King.
"We will only deal with people who are prepared to be realistic on the price. There is no way people are going to match the prices of the peaks of 2006, those days are gone for the moment," said Mr Hoban.
But such savage cuts on price can be seen on many of the big properties around Dublin and around the country. Over €10m has been slashed off the price of the French Ambassador's residence on Ailesbury Road.
The huge building, which is among the most historic houses in Dublin, was put out to tender with a guide price of around €60m, but it is believed that the mansion, on 1.75 acres, is back on the market after long-running but fruitless negotiations with a number of prominent developers. The French government is also trying to sell their embassy on the same road. The embassy has refused to comment as to the latest progress with the house.
Both the British and Canadian governments have also attempted to sell large properties in Dublin -- but while the British offloaded Marlay Grange in Rathfarnham, the Canadians have been unable to sell their large residence in south Dublin's Killiney.
Another house in nearby Shrewsbury Road -- Walford -- was purchased by a mystery buyer from the Duggan family for €58m in 2005. Now the Edwardian pile on 1.8 acres has come back on the market with a price tag of €75m, making it potentially the most expensive house sale ever in the city -- if it sells. There are significant doubts that the high price tag will last, as vendors have been urged to "get real" on prices.
Also on the market is the home of Irish businessman Paul Coulson, who runs Ardagh PLC and is selling his mansion, Balholm, with a price tag of over €27m.
A Dublin businessman, meanwhile, who owns Monte Alverno in Dalkey, Co Dublin, has cut the price of the property from €25m, when it was first offered for sale, to €17.5m.
Outside Dublin, one house that has seen a sizeable drop is Lower Cove, Kinsale, Co Cork.
The picturesque property was originally listed at €2.75m and is currently on sale for €1.3m, according to IrishPropertywatch.com. That is more than a 50 per cent fall in value in just over a year.
Another Cork pile in Glengarriff, a luxury detached four-bedroom property, has dropped by €1m since originally going on the market and is now being valued at €1.9m.
