Daft Property - Irish Property News

Cut-price homes go under the hammer... Up to 1,000 people are expected to attend today’s auction of distressed properties in the Shelbourne Hotel in Dublin when some 80 lots, ranging from a Ballsbridge mews to a collection of cut price flats in Portlaoise, will be offered to the highest bidders. The majority of properties are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. The lowest priced property is a site in Wicklow town with a reserve of €20,000 while the most expensive is the Dublin 4 mews which is estimated at €600,000. The majority of lots are priced between €35,000 and €150,000 and include flats in the Dublin docklands discounted by over 50 per cent and period homes with large gardens in the Dublin suburbs. The sale is expected to set a new floor for Irish house prices which are widely accepted to have dropped by at least 50 per cent from peak. Today’s prices may indicate an even steeper fall, a

What's a house worth now: does anyone know? With no national house price register available to help homeowners, working out how much your property is really worth can be tricky – if not impossible LIKE MANY neighbourhoods around the country, Charlesland in Greystones, Co Wicklow could be renamed Walter Mittyland, such is the huge disparity in the asking prices of houses in the area. When Keith Slowey and his wife, Genevieve, put their three- bed end-of-terrace on 89 Charlesland Grove on the market in October at an initial asking price of €310,000 (now reduced to €295,000), a three-bed mid-terrace house nearby was asking €345,000 while another three-bed, also mid terrace, in the area was €485,000. There are lots of properties in Charlesland on the market and according to Keith Slowey, “the price range is crazy”. Two-bed houses predominate in the estate and some are asking more than nearby three-beds. The houses are being sold by investors bailing out of the market and owne

RATHMICHAEL: €2.15M: A LARGE period house set on four acres just off the N11 in Rathmichael, Co Dublin has had its price cut almost 50 per cent Cuilin, on Allies River Road came on the market exactly a year ago priced at €4.15 million. The price has now been dropped to €2.15 million in a bid to sell through joint agents Sherry FitzGerald and Lennox Estates. The 396sq m (4,265sq ft) five-bedroom house has additional space in a coach-house and stables which have been refurbished and now include a games room and office. The grounds have also been restored and landscaped by the current owners who have lived at Cuilin since the late 1990s. A walled garden of just under an acre has also been restored, with traditional divisions and walkways lined with box hedging. The house is elegant and bright with the four large rooms downstairs and a fine curved landing upstairs. The house is located at the end of Allies River Road, well screened from the N11 though you can hear traffic through the trees

'The estate is shabby now. I don't know how they'll sell anything' Unfinished roads, stalled sewerage systems and dangerous empty houses: welcome to a housing nightmare... CIARÁN DOYLE lives in a well-designed, highly insulated, nicely finished three-bed house which he describes as “perfect”, yet everyone in town refers to where he lives as “the building site”. Rinuccini, incongruously named after a 17th-century Italian cardinal, is just one of several unfinished estates which encircle Portlaoise town but, on first sight, it’s the worst. Four storeys of bare grey concrete criss-crossed with rusting scaffolding, intended to house up to 70 apartments, fronts straight onto the Dublin Road. “The apartments are a holy show. Because we’re on the Dublin Road, it’s one of the first things that hits you coming in and it looks shocking bad for the town. I’ll never understand why they didn’t start building at the road first and work in.” Ciarán has plenty of opportunity to ponder

When property prices in a leafy corner of Dublin 4 hit world-record heights, the signs were all there for catastrophe... Four years ago, property editors of leading international newspapers just could not believe what they were hearing. Homes on Shrewsbury and Ailesbury roads in the Dublin suburb of Ballsbridge, which had long set the record as Ireland's most expensive, were reaching new peaks, rivalling some of the most expensive properties in Manhattan or Paris. Prices of a country's most expensive residential properties are a useful early indicator for economies facing economic trouble. Prices of top-end Irish properties at their peak were signalling that the Irish economy was heading for a crash, because residences on Ailesbury and Shrewsbury roads were not only the priciest in Ireland, but were also arguably the most expensive in the world. In 2006, high-end properties, selling for an equivalent €4,450 per square foot, in a London economy fuelled by bankers' multi-mill

Just how low can the market go? Research suggests the bottom is still some time away... Ronan Lyons of Daft.ie: 'The pace of the decline in house prices is gradually slowing' Sunnyside, The Burnaby, Greystones, sold at auction last week for €910,000 (€260,000 over the AMV) 65 Swilly Road, Dublin 7, a three-bed terrace with architect-designed rear extension, new to the market through Sherry FitzGerald for €295,000 Judging by the number of comments on the property page of the Sunday Tribune online, nothing gets readers reaching for the keyboard quite like that most contentious of topics – house prices. Then, to really get their goat, along came last week's headline in the Irish Times referring to a report on the European housing market by Standard and Poor

The victims of Ireland's economic collapse... Ireland was hailed during the boom years as a 'celtic tiger'. But now the government has had to introduce huge cuts to deal with its budget deficit. How is it affecting ordinary people? When Ann Moore returned to have breakfast with her family after a 12-hour night shift at a nursing home, she found riot police and bailiffs outside her home of 16 years. She and her husband, Christy, and their three children were being evicted. Despite climbing a ladder to the top of the house for six hours in a desperate attempt to thwart the bailiffs, the distressed care worker was eventually coaxed down and taken to hospital. Her home in the southern suburbs of Dublin was promptly boarded up. The Moores were badly in arrears, owing the council €10,000. For eight months, Ann had been paying back €50 on top of her €100 weekly rent. But in a country where 300,000 homes lie empty, the authorities decided to make the Moores homeless and punish them

Too many estates in the capital have been left in a mess after developers pulled out... THE Government is being called on to change derelict site legislation to prevent vacant Nama land turning into a new generation of eyesores. The call comes as it emerged that there are over 3,700 unfinished houses in developments in south Co Dublin alone. Councillors have backed a motion seeking a review of the laws and a redress of the balance "between the interests of developers and local communities". It was brought before a meeting of the council by Cllr Dermot Looney (Lab), who said the existing legislation favoured developers who had been allowed to leave behind ghost estates and "other kips" after the property crash. Derelict At the same meeting it emerged that South Dublin County Council has 3,789 houses in 23 developments that have not been completed. The council will now write to the Minister for the Environment, Heritage and Local Government, John Gormley, to carry out

A little bit of history repeating... Shoulder pads, Arctic rolls and grown-up boybands. We're reliving our youth... Have you noticed how eerily familiar so many things feel at the moment? Take a walk round the shops and you'll see Dynasty-inspired shoulder pads, stone-washed denim and 1980s neon bright colours. Just recently Blur headlined at Glastonbury, The Eagles played Dublin and Michael Jackson topped the charts. Meanwhile, the hottest rumour circulating in the film world is that singer Rihanna is set to reprise Whitney Houston's role in a remake of 1990s classic, The Bodyguard. The whole world seems to be suffering a collective case of déjà-vu. The nostalgia wave has even hit food. Milky Way has re- issued their 1989 'the red car and the blue car' ad, Birds Eye's Steakhouse and Arctic rolls are back on the shelves after a 12-year absence and Cadbury is describing the re-launch of the Wispa bar as 'the most successful revival ever'. According to ps

House prices fall 20pc but owners still battling to sell... THE average asking price of a house in Ireland has plummeted by almost 20pc over the past year, a new survey has revealed. And asking prices for residential property in Dublin's city centre have been slashed by almost a third, compared to the same period 12 months ago. A report by property website Daft.ie reveals that asking prices for residential property fell almost 6pc nationwide in the second quarter of the year, a significantly larger drop than in the first three months and in line with falls in late 2008. Dublin continues to be worst affected by tumbling house prices -- the average price tag on a home in the capital is 27pc lower than the 2007 peak, while prices for city centre houses have fallen by 34pc. During April, May and June of this year, homes in the city centre fell a further 11pc, compared to a 4pc drop for houses in Cork, 6pc in Limerick and a fall of just over 2pc for homes in Galway and Waterford cities

Recession: the bad luck of the Irish... It was once hailed as the best place to live in the world. Now it’s in the grip of a terrifying economic storm. Could Ireland be the first euro country to go bust? In Ireland, the biggest funerals take place in the smallest churches. St Mochta’s, on Dublin’s western fringes, is little bigger than a front room. So many mourners turned up for the funeral of Patrick Rocca that they spilt out onto the pavement. Anyone who is anyone in modern Ireland was there, huddled together under a sky the colour of a day-old bruise. Politicians, pop stars, billionaire developers, horsemen and the sporting elite. Even the paparazzi. Rocca would have liked that. The 42-year-old was the self-styled poster boy for the new, resurgent Ireland, with a glamorous wife, private planes and helicopters, and a property business worth, at its peak in 2007, €450m. But one morning in January, he snapped. The first sign that anything was wrong was when neighbours saw him walking

Developers cut prices of new homes in Dublin... Developers have sharply reduced prices at some of Dublin’s bigger housing schemes this weekend, in a bid to stimulate sales of vacant units and entice first-time buyers into the market. Price reductions of up to €150,000 are being offered at the latest releases of apartments and houses for sale. P Elliott & Co has put a total of 80 units at four of its apartment schemes, on to the market through Hooke & MacDonald, at substantially reduced prices. Prices now start at €169,000 for a one-bedroom apartment at Arena in west Dublin, while a two-bedroom apartments at Mellowes Quay in Dublin 8 now costs €269,000, down from a high of €415,000 in spring 2007. Jackson Homes, Kingscroft Developments and Durkan New Homes have also reduced prices at their schemes by about €100,000, or up to 30 per cent on peak levels. Estate agents reported strong enquiries ahead of this weekend’s releases. ‘‘Based on the level of enquiries we’ve had, we expect

Trophy seaside home tells story of the boom... IF A SINGLE house could tell the story of the property boom then it might be Sorrento Villa on Vico Road in Dalkey, Co Dublin. The Victorian detached house, facing the sea, slumbered up on the hill for decades, its interior divided into two spacious units that would have been described as flats rather than apartments. The house dates from the 1860s when it was built by a provost of Trinity College as a summer villa: and he chose one of the finest sites on the hill with a sunny east-to-south exposure. Two years ago when property prices reached fever pitch, it came on the market with an Advised Minimum Value (AMV) of €4.5 million. However, after intense bidding at auction it sold for €5.6 million. Stamp duty at 9 per cent added an additional €500,000. The new owners went on to spend many thousands more on redecorating the rooms and making changes to the layout, converting it to a five-bedroom house. They also drew up plans to install an expe