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Falling prices show market reality

Some serious price drops in recent weeks may mean that vendors are capitulating to the new economic realities. Several €1m-plus properties have dropped by over 50 per cent, while, according to The Irish Times, just 14 of 192 properties sold in Dublin by one agent this year have achieved more than €1m.

Examples of dramatic price drops abound. For example, 7 Louvain, Ardilea in Clonskeagh is now quoting €1.37m from an original asking price of €2.75m.

The six-bedroom 370sqm house looks to be in good condition and would no doubt have achieved close to €3m in 2006; now it is on for around €3,700 a square metre. However, in 2003 the 279sqm 46 Louvain was guiding €875,00. In 2002 the 307sqm Louvain Villa on a 0.33 acre site sold for around €1m.

Another property where the vendors radically cut the asking price is 83 Palmerston Road, where the price dropped from €2.1m to €1.9m over the past few weeks. An offer did materialise but at around €1.5m, so considerably less than the asking price and the vendors have now withdrawn the house and are renting it. Some neighbouring houses sold for as much as €7m at the peak of the boom, although a house on that side in similar condition reached around €4m.

Residents of the road have included Sherry Fitz boss Mark Fitzgerald, Topaz zillionaire Neil O'Leary, and Investec's Michael Cullen.

Further into Rathmines, 4 Leinster Square, which has been completely refurbished, has dropped from €1.7m to €1.35m, while 3 Dartry Road is now asking €2.15m, having been priced at €3.25m, a drop of 34 per cent to €5,900 a square metre.

Down the road in Donnybrook, 88 Marlborough Road is for sale at €2.5m. The house, which only came on in the past few weeks, has not seen any reductions yet. However, number 61, a three-bedroom terraced house, was put on the market at a similar price at the end of last year. A sale was quickly agreed but for less than the asking price.

How much less is, of course, the problem. However, anyone thinking of setting up home on Marlborough Road no doubt has some spare cash.

Neighbours include Bill Walshe, who came home from Dubai to head up Jurys Doyle Hotels, and PR guru Gerry O'Sullivan of Q4.

The road is also something of a mecca for bankers, with AIB director Kieran Crowley, a chartered accountant and a founder of Crowley Services Dublin, and the operator of the Dyno-Rod drain cleaning franchise in Ireland, a resident. His current chief executive, Eugene Sheehy, lives just off Marlborough Road on Sandford Avenue while Ulster Bank director John McGrane is also a resident.

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