Boom baby is back...
No 15 was among the last of the luxury Dublin homes launched in the boom. Mark Keenan assesses its 2018 credentials
How Much Is Your House Worth? 2018, the ultra comprehensive nationwide survey of property prices is published free with the Irish Independent tomorrow. Our survey will show that values in some parts of Dublin now stand at close to 20pc of peak, with at least one location (D2) now within 10pc of boom era price levels - according to local real estate experts on the ground.
But in some locations, and especially when it comes to "nearly new" houses at the top end, prices still have an awful lot of ground to cover to even make it halfway to those dizzy 2007 values.
An example is the upmarket red brick Brighton Square scheme which was launched in 2007, right at the tippy top of the madness. The scheme of 22 four- and five-bedroom detached houses was finished by the Galway based Burkeway, a well-known developer, currently busy turning out homes in the western capital.
Located off Victorian-era Brighton Road, this scheme first launched with prices starting at an eye-watering €2.4m. But then the downturn kicked in they were relaunched the following year for €2m. Then four your years ago they were back again with prices starting at a more sober €820,000.
Today after three to four years of steady inflation, one of these homes has been placed on the market through DNG for €995,000 - a tag which is also pegged well below the current 2018 D18 price of €1.2m for an average 2,000 sq ft detached home - as documented within tomorrow's report.
So not only is today's asking price for 15 Brighton Square 60pc less than its peak offering, it's also substantially below the average for a home of this size in D18 today. This is despite inflation through the last year of 8pc in D18, following a 7pc hike the previous year and 4pc the year before that. So, do we smell value?
Top-end scheme homes that were sold in the dying days of the boom do have a series of advantages versus other property types. In order to attract the premium buyer away from equivalent size and characterful period homes, they were often finished out with very high quality kitchens, floors and other extras back in 2006 and 2007. In a market which had by then seen five years of excess, developers had to go more than the extra mile to draw in buyers with that kind of money.
In the case of Brighton Square, the kitchens were from McNally Living, the designs features included more costly period style rooflines with turrets, bay windows and expensive red brick. They were finished with 9ft high ceilings, mahogany joinery, a quality-crafted feature staircase and an outsized allowance for tile fit outs in the bathrooms.
The Brighton Square houses were also equipped with quaint looking 1930s-style garages with interiors the size of a studio apartments which today very much look like potential rent-a-room income generators.
Built in 2008, No 15 has 2,368 sq ft of accommodation.
There's an entrance hall with the stylised mahogany staircase and underfloor heating as well as an under stairs storage cupboard and this leads into the drawing room with a solid mahogany floor, fitted blinds, a stone chimney piece and sliding doors to the dining room, also with mahogany floor and fitted blinds. A lounge at the front of the house with a fireplace has sliding doors to the family room which in turn leads out through French doors to the garden, providing a tally of four reception rooms proper.
There's a kitchen/breakfastroom with cream McNally units, and quartz surfaces, Siemens oven, microwave, hob and integrated fridge freezer. There's a guest bathroom on this floor and a utility cupboard.
Upstairs the master double bedroom has an ensuite bathroom with a walk-in shower and bedroom two also has an ensuite while bedrooms three and four have fitted wardrobes. The hand-painted 'Luxflex' luxury window blind system is used throughout and there's a Smart Home entertainment infrastructure.
The rear garden has lawn and a patio and the garage measures 258 sq ft with a high enough ceiling in its pitched roof for conversion with a mezzanine to a lettable space or home office/clinic.
The site is accessed via remote control gates. No 15 is located near Foxrock Village with schools like Loreto Foxrock and St Brigid's.
The M50, N11, QBC and the Luas at Carrickmines are all handy.
15 Brighton Square
Foxrock, Dublin 18
Asking price: €995,000
Agent: DNG (01) 2832700