Tuesday 23 January 2018

Price of seaside home plunges by €2m

The price tag on Eirene in Killiney, south Dublin, has been dropped for the fourth time to a mere €3.95m -- but it may still be a tough sell

EIRENE: A period residence overlooking Killiney Bay won't leave much change from €4m
EIRENE: A period residence overlooking Killiney Bay won't leave much change from €4m

Jane Suiter

EIRENE on Marino Avenue East in Killiney, south Dublin, has dropped in price again, this time to €3.95m.

The house, belonging to the Hamilton family, formerly of Zurich Insurance, but which is now vacant, came on the market in March last year at €6m, before dropping to €5.25m a month later, to €4.15m in September, €4.1m in March and now €3.95m. The Hamiltons bought the home from another well-known Dublin business family, the Kidneys. It was built in the 1890s for a Reverend T Palmer.

In total the price has now dropped by just over 33 per cent, though it is still over €12,000 a sq m, making it expensive by the standards of other European cities and similar to prices on Sorrento Terrace, Dalkey, south Dublin. It is on 1.3 acres and several people are said to have viewed it with a view to development if and when planning restrictions loosen up in Killiney which could, as they say, be a "long play".

The same agent has a site with full planning permission in Dalkey on the market for €1m, so even assuming the gardens with slightly disused formal lawns, vegetable gardens and orchard are worth €600,000 without planning that still leaves €3.35m for the house.

It is a listed structure with sea views to Sorrento Terrace, but that may still be a little rich for these times. Another nearby detached period house without the sea views had been selling for €6,300 a sq m before being withdrawn from the market. New A-rated homes 45a and 46b Killiney Road, priced at €1.675m, are asking €6,000 a sq m.

By comparison areas in the upmarket 3rd, 4th or 5th arrondissements or districts of Paris are around €6,000 per sq m, while homes in the 6th or Left Bank can cost upwards of €10,000 a sq m, while in far cheaper Copenhagen prices range up to €5,000.

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IN Rathgar, south Dublin, Capel Homes director Edward Keegan is selling his Orwell Park home. The house, which has been lavishly refurbished, was bought for around €3.5m in 2005 and is selling now for €3.7m -- a small loss if stamp duty is taken into account.

It appears that no money was spared in the refurbishment with walnut floors and Siematic kitchen as well as the refurbishment of arches, alcoves, ornate banisters and stained glass windows.

Capel Developments was the first Dublin developer to bite the bullet on the downturn on the housing market. At a time when others were in denial about price cuts it announced that it was slashing prices by up to €100,000 at its Rathborne development near Ashtown on Dublin's northside.

Capel had been very active in the prime Dublin southside residential areas for years with developments such as Lyndon in Blackrock, Dunstaffnage in Stillorgan and Sandford Lodge in Ranelagh.

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FURTHER north, in Malahide, prices are also dropping. No 6 the Mall has been "reduced to sell" from €2.35m last May to €1.95m now.

The 209 sq m 1950s house has views over Malahide Estuary and a 150-foot south-facing garden. Nonetheless at €9,300 a square metre it may have further to fall. Another, Vermont on the coast road, still has a price tag of €3.5m for the four-bedroom 217 sq m detached property also with views over Lambay Island and the estuary.

Further inland, No 2 The Old Golf Links, a detached house, is asking €2.5m. A five bedroom 372 sq m house with garden, its price has not dropped since it was put on the market last September.

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