Looking for a reasonably big family home in Foxrock or Carrickmines, around 3,000 sq.ft. with a medium sized garden. Trying to get a reasonable understanding of price in the area. I know a lot of it is down to the specific property location/spec meeting an individual’s desire to live there but it’s still a mystery to me. I’ve tried using a formulaic approach to valuation in the Foxrock/Carrickmines area, for the sort of home I’ve been looking for.
The simple formula I’ve been using, based on what I’ve learnt here is;
• Plot: €2.5m per acre +€0.1m
• House: ~€300 per sq.ft. for good quality, new build / ~€200 per sq.ft. for older, but good quality / ~€100 per sq.ft. for older requiring extensive work
The values I’ve gotten vary widely from the prices achieved/asked in the area. The prices achieved/asked in the area vary widely from each other…and I can’t really see why. Thought I would share some of my valuations Vs prices achieved/asked. I know it’s not a particularly rigorous approach to valuation, but I would appreciate anyone’s thoughts on it. There will be more stock coming on the market soon, so I’ll be back hunting.
On the border of Foxrock, Cabinteely and Carrickmines; Winthorpe and Arabella. ( http://www.independent.ie/life/home-gar ... 99243.html
Winthorpe, Claremont Road, Foxrock: 3,000 sq.ft. on 0.16 acre – sold for €1.75m – ( https://www.propertypriceregister.ie/We ... enDocument
). My valuation was giving me ~ €1.4m (€500K + €900K) - €350k (20%) below eventual selling price!
Arabella, next door; 3,200 sq.ft. on 0.25 acre – sold for €1.97m ( https://www.propertypriceregister.ie/We ... enDocument
). My valuation was giving me ~ €1.685m (€725K + €960K) - €285k (15%) below eventual selling price!
Arabella did have reasonable sea views from the back garden, and a nice garage out front. Both fronted onto the busy Claremont Road/Cornelscourt Hill. Handy enough walk to the Luas at Carrickmines.
Around the corner on Gordon Avenue; Kinloch, one of a pair of new built houses: 2,800 sq.ft. on 0.16 acre – was asking €1.6m, now €1.495 ( https://www.myhome.ie/residential/broch ... 18/3762777
). Nice area of Foxrock, just of Westminster Road. About 10 mins walk to Foxrock village. My valuation is giving me ~ €1.34m (€500K + €840K) - €155K (10%) below current asking, so not too far off.
Then in Carrickmines Wood, off Brennanstown Road, Carrickmines Oaks: 2,850 sq.ft. on 0.16 acre. About 15 yrs old, BER C1, great condition throughout with new kitchen – was asking €1.75m, now €1.595 ( https://www.myhome.ie/residential/broch ... 18/3762014
). Lovely estate, easy access to Cabinteely Park. Handy enough walk to the Luas at Carrickmines. My valuation is giving me ~ €1.21m (€500K + €710K @ €250 sq.ft. as new kitchen, bathrooms etc ) - €385K (25%) below current asking!
Most recent sale in Carrickmines Oaks was #12, which sold for €1.95m ( https://www.propertypriceregister.ie/We ... enDocument
). It was about 3,500 sq.ft. on 0.4 acre. My valuation was giving me ~ €1.875m (€1.1m + €785K @ €225 sq.ft. as in very good shape as I recall) - €75k (4%) below eventual selling price!
As you can see, prices for quite similar houses in a close area vary fairly widely. The selling prices for Winthorpe is the one that really surprised me...as is the asking price for Carrickmines Oaks.