Definitely not worth 600K for a decrepit 1970s dormer bungalow.
Hmmmm....there's the odd silly buyer - aka dumb money- out there who're willing to stretch themselves to live in something that makes the bare requirements and that they can just about afford (before interest rate hikes)
These are usually FTBs with a couple of kids who combine good jobs with occasionally a bit of family money AND expectations/belief that we're close to bottom and that the current prices represent "value"- and their earning/borrowing capacity usually taps out around the 600-700K range. The supply of this sort of buyer is slowly diminishing as reality sets in/layoffs occur/financing contracts.
This explains the phenomenon of the odd 1,300 sq foot 1970s 600-700K semi-D or Dormer actually selling to an occasional sucker.
But there's a huge overhang of MUCH better houses sitting at the 725-900K (e.g. period, 2000-3000 sq foot, IN the village of Dalkey or the better part of DL , or a couple of hundred yards from the sea.
www.myhome.ie/218058 www.myhome.ie/133746 For the same quoted price, this would be a much better doer-upper
www.myhome.ie/323682 If you want a real COMP, a good 1500 sq foot period house with a nice garden sold for €625K at auction in the heart of Dalkey in the Spring - and DAFT/Myhat.ie data suggest prices have fallen by 4-5% since then.
My advice - Run, Jump and tell the EA that the seller should bit the hand off the person who offered 600K
BTW Don't believe ANYTHING an EA tells you. They lie about everything - square footage, other "bids", etc. Give them the same level of credibility that you'd give to a well-dressed beggar explaining to you how they just need €20 to "get the train home" because they lost their wallet.
