Someone who aspires to live in Orwell Park, Rathgar mentioned to me sometime ago that these houses are rarely sold and that people tend to live in them for generations.
The BBC has produced a number of excellent series on streets of houses in various parts of the UK and the generations of families that lived in them and how the streets developed. Orwell Park could be the subject of a similar series by RTE.
To me, this did not make sense. I can recall many houses on the road being sold over the years. So, ever the old to seek to go to primary sources, I decided to spend a few hours doing some analysis to examine the topic further.
I am sure that SoCoDu could do a better job than me of this.
The post is probably aimed at the more affluent and Dublin-based posters on this site as well as interested bystanders like me.
It is a very mixed road with detached and semi-detached houses, two and three storey, of mixed sizes with the older houses dating from the 1880s to the 1920s and newer houses dating from mid-1990s to 2014. The garden sizes vary substantially.
There has also been quite a bit of development on the road. There is a large undeveloped site or around one acre beside number 58 that has been the subject of a number of planning applications.
This summarises the various developments:
One side of the road the back gardens are mainly North or North West facing while on the other side they are South or South East facing.
When sold, some houses were in very good condition while others when just half-built shells in the case of one house - 28 Orwell Park (otherwise, 30/31 Orwell Park), which was bought in 2012, completed and sold in 2013 - or in very poor condition such as Lisnoe, 58 Orwell Park, Rathgar.
Unlike nearby streets such as Rathgar Road, none of the properties are protected.
So all this makes any comparison of prices for which these houses were sold inaccurate.
Also, houses sold before December 2010 would have attracted stamp duty at the older and much higher rates. So the effective cost to the buyer would be very different.
To me the road is quite narrow with a lot of traffic. But to others it clearly represents an aspiration.
However, having made all those points, I feel that the road can be used as a bell weather for property prices at the high-end. For a road with around 70 houses (excluding Orwell Banks, Orwell Park Square, and Orwell Woods – note that several houses at the start of Orwell Woods have an Orwell Park address probably because of the original houses that were demolished to build them) a surprisingly large number have been sold and continue to be sold in the last 14 years – just under a third. There are probably very few other roads in Dublin where the same proportion of houses have been sold as individual residential units in the same interval.
There is currently one house that is for sale – 12 http://www.myhome.ie/residential/brochu ... -6/2817434
for auction with an estimate of €1,750,000 - and one that has sold – 14 http://www.myhome.ie/residential/brochu ... -6/2799055
with an asking price of €3,750,000 -but whose price has not appeared on the price register. It will be interesting to see what these sell for.
There is the infamous Sherry Fitzgerald add from Oct 2007 (http://www.sherryfitz.ie/PDF/IT_Oct18.pdf
which they really should delete from their web site) where there is one house listed on Orwell Park – number 7 – listed for auction at the now (and even then in my view) utterly extraordinary and scrotum tightening price of €6 million. This really was the last Cheynes Stokes gasp of the expiring Celtic Tiger. That price would have incurred stamp duty of €511,000. Now, this price was never achieved. But it was the aspiration of the owner and the estate agent. Some underbidder really dodged a magazine of bullets that day. The house remains unsold to this day, the owner having made several half-hearted attempts to sell over the years by trailing his asking price behind a rapidly falling market.
Bear in mind that this is one of the smaller two storey, semi-detached houses with a relatively small north-facing back garden. The house backs onto some light industrial units. The house was in very good condition, with a large wrap-around kitchen/conservatory.
That same house was for sale in July 2008 for €4.75m - http://www.independent.ie/life/home-gar ... 59255.html
Edwardian family home in Rathgar
Dublin 6, five-bed, elegant family house, Orwell Park, Rathgar €4.75m
The house could have been yours for €1.6 million in 2012, around when the market reached its bottom, or €1.622 million including stamp duty. The second asking price represents a drop of 75.09% from the first when you compare the stamp duty inclusive prices of €6,511,000 and €1,622,000.
If recent apparent house price increases are true, then it could sell for a higher price in the future.
DNG had an even more egregious brochure for 51,52 and 53 - http://staging.lisney.com/Files/Orwell% ... 104420.pdf
. The brochure does not mention money.
On the directory http://staging.lisney.com/Files/
, the brochure is dated 28/9/2009.
To quote the gushing nonsense:
The Three Ages of Man.
The Three Pyramids of Giza.
The Three Tenors.
Isn’t it amazing how many of the great things
in life come in threes?
At Three Houses on the Park, you have a
unique opportunity to acquire a brand new period-style
home of quite stunning specification and quality.
The best things in life come in 3’s.
A home offering the superb quality of life
afforded by one of the capital’s most exclusive
Your lifestyle will be further enhanced by a
location just a short distance from the centre of Dublin.
Three Houses on the Park.
One unique opportunity.
Those indeed were the days.
These three houses sold for between €6 million and €7 million each in 2007 - http://www.irishtimes.com/newspaper/pro ... 32643.html
ORNA MULCAHY, Property Editor Fewer properties are coming on the market and some are being withdrawn altogether as buyers wait for the bottom to appear
AFTER TWO years of over-supply in the Dublin second-hand housing market there are finally signs that the glut is ending. Would-be sellers are holding off putting their homes for sale at today’s knock-down prices, while others have withdrawn their property altogether, postponing a sale until conditions improve. The result is a tightening of supply that could stabilise prices in the coming months.
Market data points to a dramatic slowdown in new supply, following price erosion of between 35 and 50 per cent.
The number of fresh properties coming on the market in January was 60 per cent down on previous years, according to property website myhome.ie which tracks new instructions with the country’s estate agencies.
According to myhome.ie chief executive Jim Miley, the number of properties offered for sale in January was “probably a third of what it was in previous years”.
This matches anecdotal evidence from estate agents who say that they are getting far fewer calls from potential sellers. One Dublin agency which has several branches across the city says it received less than 40 new instructions in January, compared to around 160 in January 2008.
Sherry FitzGerald, the city’s largest estate agency chain, says its new instructions were down by “about 32 per cent” in January. However, the agency has also seen an increase in sellers withdrawing their property from the market unsold.
“The number of properties that were on the market, but vendors withdrew, has increased by 46 per cent in January,” says MD Michael Grehan. “In some cases, because interest rates have dropped, peoples’ holding costs have halved. Maybe people are happier to hold on to property now that pressure has eased,” he said.
Meanwhile a report from Goodbodys Stockbrokers shows that Dublin now has the lowest supply of second-hand homes for sale in the country. It shows that 1.2 per cent of the second-hand housing stock is on the market in the capital, which contrasts with 3.8 per cent in Galway, 2.6 per cent in Cork, 4.9 per cent in Leitrim, and 6.1 per cent in Cavan.
Traditionally, many homeowners wait until the spring is well advanced before putting their home for sale with April and May being the busiest months of the year for transactions. This year there are indications that supply will be limited, particularly at the top end of the market. There is unlikely to be the usual spring rush of houses, apart from those being sold because of what estate agents are calling the “three Ds” – Death, Divorce and Difficulties of a financial nature. But at least one of these categories is also being restricted – in the case of divorce, judges have stopped ordering family homes to be sold, on the basis that they are unlikely to sell.
The lack of fresh supply is most obvious at the mid to upper end of the market with supply and sales at starter home level relatively strong.
“There has been no significant fall off at the more affordable end,” says Simon Ensor, a director at Sherry FitzGerald. “That is where the activity is at the moment. Sellers know that they won’t get last year’s price, but they also know it’s a good time to trade up.
“However, in the middle sector of the market – between €600,000 and €1.5m – there has been a significant fall-off in supply, and it’s most noticeable of all at the top end of the market, in the €2.5m-plus bracket where there is a very limited supply coming on. If people are being told that their house is worth €2m, when at one stage it was worth €3m, that is a difficult pill to swallow.”
Ensor points out that for most people thinking of trading down, conditions are not favourable. “You are going from a quiet market to a more active market, and the price differential and the potential gain has narrowed.”
But for those planning to trade up, the narrowing differential is an incentive to move while prices are depressed. “Trading up makes huge sense at the moment. Trading down doesn’t.”
However, it is still difficult to “motivate people to trade up”, says Pat Mullery of Douglas Newman Good. “It is a brilliant time to move up the property ladder if people have the confidence. The old supply is being reduced in price, and the new supply is coming at much more realistic levels.”
However, he says, buyers are still extremely cautious. “There are very few people in normal circumstances out there, sitting at home saying to each other, ‘let’s move house’.”
He is hoping to tempt buyers to view one upscale property that is new on his books – 32 Orwell Park in Dartry. The 279sq m (3,000sq ft) detached house is in good decorative order but has plenty of scope to extend. The asking price is €3.6m.
Two years ago, Sherry FitzGerald sold a semi-detached house on the same road for €4.6m, while across the road from number 32, two large newly built detached houses sold for an estimated €7m and €6.2m apiece.
The most expensive asking price – I cannot find if it sold – was number 34 which had an asking price of €7.25 million in 2007:http://www.highbeam.com/doc/1P2-24895632.html
The Progressive Democrats first got together around the dining table of this house in Rathgar, now on the market with an AMV of €7.25m. Fiona Tyrrell reports.
A large Edwardian house in Rathgar has good party credentials - it can comfortably host 70-plus people for drinks - and has the distinction of being the location of the founding of the Progressive Democrats political party.
PD founder member Paul Mackay and his wife Lila are selling the Dublin 6 house, a detached five-bedroom home dating from 1910.
Kintullagh, 34 Orwell Park is an impressive house located on one of the best roads in the area.
The stamp duty on this asking price would be €624,000 giving a total cost of a massive €7,874,000.
This attempts to identify the main houses sold over the years, including their plot sizes:
In my view, the sale of number 27 for €2,150,000 in 2013 represented the best bargin of all these sales.
This summarises the details of the sales price and asking price for various houses on the road over the last 16 years:
Type Number Date Price Incl VAT Stamp Duty Total
Sale 1 24/02/2006 €3,000,000 €3,000,000 €241,000 €3,241,000
Sale 2 16/07/1998 £480,000 £480,000 £14,000 €627,380
Sale 5 23/11/2003 €2,150,000 €2,150,000 €165,000 €2,315,000
Sale 9 13/07/2012 €1,850,000 €1,850,000 €27,000 €1,877,000
Sale 10 17/03/2000 £1,700,000 £1,700,000 £124,000 €2,316,480
Sale 17 26/01/2001 £1,250,000 £1,250,000 £84,000 €1,694,180
Sale 17 24/06/2011 €1,850,000 €1,850,000 €27,000 €1,877,000
Sale 20 02/07/2012 €1,350,000 €1,350,000 €17,000 €1,367,000
Sale 22 20/08/2013 €1,750,000 €1,750,000 €25,000 €1,775,000
Sale 25 30/05/2012 €1,375,000 €1,375,000 €18,000 €1,393,000
Sale 27 30/05/2003 €3,200,000 €3,200,000 €259,000 €3,459,000
Sale 27 17/01/2013 €2,150,000 €2,150,000 €33,000 €2,183,000
Sale 28 03/08/2012 €1,549,050 €1,549,050 €21,000 €1,570,050
Sale 28 13/09/2013 €2,365,000 €2,365,000 €37,000 €2,402,000
Sale 41 10/03/2000 £540,000 £540,000 £20,000 €711,200
Sale 47 15/07/2014 €1,321,585.90 €1,500,000 €20,000 €1,520,000
Sale 48 26/07/2013 €925,000 €1,049,875 €11,000 €1,060,875
Sale 48 03/09/2013 €814,977.37 €924,999 €8,000 €932,999
Sale 51 18/04/2013 €2,400,000 €2,724,000 €44,000 €2,768,000
Sale 54 26/07/2013 €1,660,000 €1,660,000 €23,000 €1,683,000
Sale 58 30/01/2013 €1,750,000 €1,750,000 €25,000 €1,775,000
Sale 67 21/07/2000 £1,800,000 £1,800,000 £133,000 €2,454,910
Sale 68 19/10/2003 €1,100,000 €1,100,000 €12,000 €1,112,000
Sale 68 04/05/2012 €1,550,000 €1,550,000 €21,000 €1,571,000
Sale 47A 11/10/2013 €828,194 €940,000 €9,000 €949,000
Sale 49A 21/08/2013 €807,401 €916,400 €8,000 €924,400
Sale 50A 21/08/2013 €792,952 €900,001 €8,000 €908,001
Sale 51-53 17/02/2012 €3,251,144.74 €3,690,049 €64,000 €3,754,049
Asking 34 06/09/2007 €7,250,000 €7,250,000 €624,000 €7,874,000
Sale 51 2007 €6,000,000 €6,000,000 €511,000 €6,511,000
Sale 52 2007 €6,000,000 €6,000,000 €511,000 €6,511,000
Sale 53 2007 €6,000,000 €6,000,000 €511,000 €6,511,000
The price register data for 51-53 is clearly an error. These three houses have not been for sale for several years.
These are extracts from relevant newspaper articles on some of the prices.http://www.independent.ie/business/pers ... 31548.html
26/04/2009http://www.independent.ie/business/iris ... 12130.html
Rathgar, south Dublin, Capel Homes director Edward Keegan is selling his Orwell Park home. The house, which has been lavishly refurbished, was bought for around €3.5m in 2005 and is selling now for €3.7m -- a small loss if stamp duty is taken into account.
21/05/20061 Orwell Parkhttp://www.independent.ie/irish-news/vi ... 01314.html
FORMER Shell Ireland chairman Michael Forde is selling his Victorian double-fronted pad on Orwell Park in Rathgar. The restored period home is being sold by Sherry FitzGerald who are quoting an AMV of ?4m.
24/02/20062 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 80582.html
Victorian house sells for more than 3m
A VICTORIAN residence at 1 Orwell Park, Rathgar, Dublin 6, sold under the hammer yesterday for an undisclosed figure in excess of its 3m pre-auction price guideline. The property - sold by Douglas Newman Good - has five bedrooms plus a study.
16/07/19985 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 37333.html
Hamilton Osborne King : 2 Orwell Park, Rathgar sold £480,000.
23/11/20035 Orwell Parkhttp://www.independent.ie/life/home-gar ... 59255.html
5 Orwell Park, Rathgar, Dublin 6. Guide 1,100,000, period residence, in need of refurbishment. Sold at 2,150,000.
4 Jul 200810 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 22221.html
Edwardian family home in Rathgar
Dublin 6, five-bed, elegant family house, Orwell Park, Rathgar €4.75m
17/03/200010 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 00462.html
A two-storey over garden level semi-detached period house at No 10 Orwell Park, Rathgar provided this week's highlight selling for £1.7m at a Lisney auction.
26/01/200127 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 49147.html
Location: Orwell Park, Dublin. Price: £1.25m. Description: Victorian double-fronted semi-detached building.
30/05/200341 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 21758.html
Number 27 Orwell Park was highest priced property going to the rostrum yesterday. Agents Lisney were guiding €2.75m for this detached home with a coach house on quarter of an acre and withdrew, now quoting €3.2m
10/03/200046 Orwell Parkhttp://www.independent.ie/life/home-gar ... 76981.html
No 41 Orwell Park, Rathgar, Dublin 6 was withdrawn at £540,000 and is under negotiation through Douglas Newman Good.
67 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 14338.html
46 Orwell Park, Rathgar €1.25m
21/07/200068 Orwell Parkhttp://www.independent.ie/unsorted/prop ... 36233.html
67 Orwell Park, Rathgar, sold after £1.8m, joint agents Harper O'Grady.
68 Orwell Road, Rathgar, Dublin 6. Guide 1,100,000, detached, currently in four two bed units. Withdrawn at 1,000,000, sold after for higher.