Derelict house in Dublin 4 sells for 'bargain' €525k
A run-down Victorian house in the heart of Dublin 4 has sold for over €525,000 - a quarter of the price tag attached to a refurbished house two doors up.
Dublin may be gripped by property madness with house prices once again spiralling out of control, but that doesn't mean there aren't any bargains to be had for those with a nose for a good deal.
The house at 13 St Mary's Road, Ballsbridge, according to the Property Price Register, sold for a figure in excess of €525,000 on January 18.
While the price paid for the property would barely be enough to bag a semi-detached in Dublin's suburbs, the condition of number 13 goes some way to explaining things.
Indeed, up until late last year, the house had been included on Dublin City Council's register of derelict sites. The property, which was then under the possession of Permanent TSB, was subsequently removed from the register following a clean-up of its front garden and the removal of wooden hoardings.
Notwithstanding its poor condition, the property had been valued by market sources at €1.4m. But even that valuation would appear to be conservative, given the €1.9m price tag attached to a refurbished house two doors up, which went on the market last May. Earlier this year, another house on St Mary's Road went on the rental market for €5,500 a month.
News of the sale of No.13 may come as a surprise to local residents, and to others.
Indeed, a report in Wednesday's 'Irish Times' suggested unresolved issues with the title of the property were standing in the way of its disposal. The recording of the house's sale on the Property Price Register, however, indicates those issues have been resolved.
Fine Gael councillor Paddy McCartan told the paper that he had written to PTSB last month asking about its intentions for the property, but had received no reply.