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Saturday, 28 June 2008

Down, Down, Get On Down...Irish Property Crash...Daft Property Prices 2008...

Down, Down, Get On Down...

So just how low can it get?


Irish Times Property News:

"Deep price cuts in end-of-season sales.

WITH summer holidays looming and a glut of €1 millon plus homes on the market, and the realisation is finally setting in that a drastic price cut could be required to secure a buyer.

While the property market has seen price "adjustments" across the board, heavy discounts are now offer in some cases.

In the six properties listed here, the average price cut is 33.4 per cent.

The slowdown has been particularly tough on high-end properties, which have a smaller pool of potential buyers. Price drops of over 30 per cent can mean upwards of €1 million being shaved off the asking price.

KILLINEY: -31%

EIRENE ON Marino Avenue East in Killiney, Co Dublin, came on the market in March at €6 million. Now three months later Savills HOK has cut the asking price to €4.15 million for the two acre property which is a stone's throw from the Dart and beach and may have long term development potential. The 1880s house was designed by eminent Victorian architect Thomas Deane and is full of original detail, including striking ingle nook fireplaces.

However, the five-bed house, which extends to 325sq m (3,500sq ft) needs extensive refurbishment. It has two reception rooms overlooking the sea and leading to a long pavilion-style conservatory fronting onto the teraraced grounds.

DALKEY: -30%

It started out at €25 million in April 2007, but now Monte Alverno, high above Sorrento Road in Dalkey is asking €17.5 million. The stunning Gothic style home comes with 1.2 acres of grounds including formal gardens, swimming pool and tennis court. Next door to Van Morrison's home, it has 770sq m (8,298sq ft) of living space, decrorated in a rich traditional style. Sherry Fitz-Gerald is the agent.

SANDYMOUNT: -30%

NUMBER 6 GILFORD Road, Sandymount, Dublin 4, was put on the market at €2 million but Lisney is now asking €1.395 million, representing a 30 per cent drop.

The four-bedroom redbrick family house is a spacious 147sq m (1,580sq ft) and has four bedrooms, a main bedroom en suite shower room, drawingroom, diningroom, kitchen/breakfastroom, bathroom with free standing bath, and separate shower room.

MONKSTOWN: -27.5%

PRICED AT €4 million last year, Alta Vista in Monkstown, a 10-bed semi at 2 Knapton Road is on the market now at €2.9 million. At approx 465sq m (5,000sq ft), it has its original marble fireplaces, ornate ceiling plasterwork, window shutters and architraves.

Rooms include a livingroom, kitchen/diningroom, drawingroom, diningroom, livingroom and a kitchen. It has a large rear garden laid mainly in lawn and a garden level apartment.

DUBLIN 4: -41%

Nutley houses sold like hotcakes in the boom, but this renovated four bedroom semi at 10 Nutley Lane has been on the market for over a year, and has seen its price crop from €2.7 millino to €1.6 million.

The house has 255sq m (2,740sq ft) with a drawingroom, diningroom, study, open-plan kitchen/breakfast room and family room. The main bedroom is en suite and there's also an en suite attic room.

SUTTON: -41%

DOUGLAS NEWMAN Good is now asking €1.65 million for Lois Bridges on Greenfield Road in Sutton, Co Dublin - 41 per cent below the original asking price of €2.8m. The mid-1930s-built four-bedroom house is extended, with open-plan living accommodation which includes a kitchen, dining and living area. It also has a separate livingroom, study, and guestroom. Two of the bedrooms are en suite and the main bedroom also has a walk-in wardrobe."



You gotta love the term "price adjustments" - should be "price corrections".

Property prices in Ireland are totally daft... It's now time to get real folks!

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