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Number 35 Drumnigh Wood is a great house for entertaining, according to its owner, with bright, open-plan living areas connecting to the garden
October 3, 2010
VOL 27 NO 40
'Whatever about price drops, we were lucky to have had this house'
This Portmarnock house cost €985,000 five years ago - now its asking price is €595,000, writes Valerie Shanley
Stories about sellers dropping their asking price to nearly half what they originally paid are the norm in the current depressed market. Very often, even that's not enough to get wary buyers through the door, and so it's the properties that are well maintained and presented in pristine condition that may attract more attention.
Kim Gale is owner of one such home with an appealing interior design. Number 35 Drumnigh Wood, a modern four-bed semi in Portmarnock, Co Dublin, is now on the market for €595,000, through local agents Savills. Gale is philosophical about having paid €985,000 five years ago for the property.
"You know how you try not get carried away, but when you fall in love with something it's difficult to resist? Unfortunately, that was at the height of the boom. But the house was so perfect for us and only needed a cosmetic makeover. Now, because of work commitments elsewhere, we know we have to significantly drop the price if we hope to sell."
Originally from Donabate, Gale wanted a home by the sea and along the Dart line and number 35 fitted the bill. Also, the 141 sq m (1,500 sq ft) floor space feels even bigger because the bright open-plan living areas interconnect through to the rear garden and this makes it a great house for entertaining, she adds. The house was built around seven years ago and all that was needed was a fresh decor.
The bright entrance hall has ceiling coving, tiled floor and double doors into an equally bright living room. A special feature of the living room is the mirrored walls either side of the granite fireplace. This room connects to the dining area through double doors. Both rooms have pale, solid oak floors. The dining area also leads directly to the sun room and, from there, to the south-facing rear garden. In the fitted kitchen is a run of oak units, integrated appliances and a tiled floor. Adjacent is the utility room with side door to the garden. Also at entrance level is a guest cloakroom with mirrored wall.
Upstairs are four bedrooms, the main with built-in wardrobes, en-suite with double shower, and more mirrored walls enhancing the space and light. The three remaining bedrooms have built-in wardrobes while the fully-tiled main bathroom has a jacuzzi bath.
To the front, the drive can accommodate two cars. Both front and rear gardens are in lawn surrounded by mature shrubs and there is also a timber garden shed.
Now that a change of work location necessitates a move, Gale says she will miss not only her home in this quiet cul-de-sac near the sea, but also the local community.
"You know how people say these days that neighbourly living is gone? That's not the case here and I think it's because everyone is so proud of their house. All the gardens are well cared-for and you just get a feeling of calm the minute you drive in. Whatever about price drops, I feel we were very lucky to have had this house, and if my husband's work wasn't due to take us abroad, we would never leave it."
Asking price: €595,000
September 26, 2010
Comments
#2 John commented, on September 27, 2010 at 11:16 a.m.:
Finbar seems to be an expert in all things property, perhaps his real name is Eddie Hobbs !!
Perhaps he should bring a little positivity to his future posts. I have never come across such a negative person in my life. Its self opinionated experts like him which keep confidence in the current day at an all time low.
Have he ever heard the expression "if you have nothing good to say, say nothing at all" or "better not to speak like a fool, than to speak and confirm it" ?
#3 Finbar commented, on September 27, 2010 at 1:23 p.m.:
John, you've hurled abuse - but you haven't offered any evidence to suggest that my points are incorrect. You should always attack the argument, not the person.
So you think it is correct that the average house in Dublin is around 8 times the average income? You think it's right that a house is worth about 28 times the potential annual rental? If you do, then you disagree with all the experts! So can you explain why you think this?
I don't think it is negative to try to draw attention to the fact that property is still overpriced. In fact I think it is very positive.
#4 Maire commented, on September 27, 2010 at 3:34 p.m.:
@John, Perhaps John you are an auctioneer? You certainly sound like one. Finbar is right in everything he says and if everyone in this Country, especially auctioneers, thought like Finbar we wouldn't be in this mess in the first place.
#5 Eoin commented, on September 27, 2010 at 5:37 p.m.:
John, The market will dictate the seling price of the property, the same way it always has. You need to seperate emotion from business.
#6 joe commented, on September 27, 2010 at 6:14 p.m.:
I'm going to stand up and compensate for Finbar's "negativity" - the house is easily worth 4M Euros. They are giving it away at this price.
#7 anthony commented, on September 27, 2010 at 7:49 p.m.:
Must disagree with you John.Finbarr is totally correct.Confidence is low not because of "self opinionated" people like him but because we are bankrupt.
The problem with us Irish is that we are a stubborn people and thats what has got us into this mess. We live in myth.Believing in what we want to believe if it suits the agenda When some of us critisized the boom in good times we are unpatriotic.The fact is Finbar is realistic.
Anthony
#8 kirsty & phil commented, on September 28, 2010 at 12:26 a.m.:
The negativity in this room is unreal- where is the love?
I can confirm my home in Ireland has lost 50% of its boom price valuation- Am I bothered?- not really as I brought it at a price of 25% of its boom price valuation just over ten years ago- have I lost?- not really as I have no mortgage to worry about...Fortunately my other three homes are outside Ireland seem to be doing better- I'm happy with my lot as property has been good to me....
But I don't depend on it as work is where I earn my money...
Remember folks property is like stocks and shares- it can go up or down in value- so some you win and some you lose...
On the upside I think Ireland has started to become a nice place again as the country has started to rediscover its spirit and its love all things less materialistic- makes a change from my house went up 20,000 last month and I'm sending the kids off to Peru on holidays...
#9 john molloy commented, on September 28, 2010 at 2:05 a.m.:
Wow!! A nice house in Portmarnock for the price of 150 nights in an Italian hotel. I know someone who can afford it.
#10 phil commented, on September 28, 2010 at 1 p.m.:
Ireland has "started to recover its spirit"DESPITE the likes of kirsty and Phil.Are you taking the P*SS or what!!??
#11 David Walker commented, on September 29, 2010 at 11:19 p.m.:
I am not trying to be smart here but during the week I read about some houses in Leitrim that sold for 140k after falling from a peak of 320k. If this is shape of the drop then this house is worth about 433k, sorry Gale. The only problem with that price is that it is still way above the multiple of the typical salaries whereas 140 seems affordable on about 40-50k.
#12 john commented, on September 30, 2010 at 2:48 p.m.:
The bank losses were reveled today Eur50b.Tomorrow the next elephant to appear will be mortgage defaults.We are still borrowing Eur20bn (with no end in sight) a year to run the country.We are ending up bankrupt with a Euro bail out.The Europeans will impose conditions one of which will be the ending of our low corporation tax.We are heading for a 50% (at least) lower standard of living and Gale is asking for Eur595k.I'm sorry for you Gale but consider it a bonus if you get an offer for Eur250k and if you want to blame anyone look no forward than the government.
#13 Jaker commented, on September 30, 2010 at 5:38 p.m.:
The housing bubble is now going to hit Hong Kong & China,
& the world's on it's final binge, do you people "Realizar"?
#14 kirsty & phil commented, on September 30, 2010 at 7:17 p.m.:
We are where we are and moving forward- we are turning the corner...
The Anglo news does not help- my agent said my home in Ireland went down 10% Today but I'm still winning so I'm going down the pub for a few scoops..
Kim Gale's house is lovely and the location is perfect... Kim is ready to take a hit but I'm sure she'll be fine as work will take her and the family off to another part of the World- I wish her well and I'm sure they'll prosper on foreign shores...
#15 Finbar commented, on October 1, 2010 at 12:52 p.m.:
Maybe buyers are only making offers of what houses are really worth? Maybe asking for double is a long-shot that just might pay off! And who'd blame anyone for trying a long-shot?
Finding out what property actually sells for is like trying to discover the Third Secret of Fatima.
So we simply don't know!
Does anyone out there know what the usual diffierence is between asking prices and selling prices?
#16 Dave commented, on October 1, 2010 at 7:48 p.m.:
Only worth 250k. John you are clearly not in touch with reality. Maybe you should become an TD or become a banker. Also pints should only cost 10 cent and a loaf of bread 5. Get a grip man.
If prices were to fall so much wages would have to follow otherwise you would have hyperinflation. Maybe look that up on Wikipedia to get an understanding. Also look up reality while your at it
#17 Finbar commented, on October 2, 2010 at 10:53 a.m.:
In answer to Dave's comment - in fact a halving of the current asking prices would bring house prices into line with current wages. Average prices should be four times average wages. They are currently 8 times average incomes. If prices do not halve, wages have to double. If one or other does not happen, buyers will continue keep their money where it now is. In their pockets.
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I'm sure everyone reading Gale's story will have genuine sympathy with her plight. She is the classic example of a "boom victim" who paid an absurd price for her house. Per square foot, Dublin was the most expensive location on the planet at the height of the boom.
If the Portmarnock house could achieve a rent of 3.5k per month, then it could be worth the asking price. Or take a different angle, if you are earning 150k per annum (and you're sure you'll keep earning that much for a very long time) you could probably cope with the mortgage you'd have to come up with!
595K? Good luck Gale! You'll need it!