Luxury Dublin house drops dramatically in value

$8.5 million house sold for just $1.8 million

CATHY HAYES,

IrishCentral.com Staff Writer

Published Sunday, January 30, 2011, 9:07 AM

Updated Sunday, January 30, 2011, 9:07 AM

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The Fairlawn House on Saval Park Road

A house in Dalkey, on the outskirts of Dublin, that was valued at €6.25 million ($8.51 million) three years ago has been sold for €1.4 million ($1.8 million), according to the Irish Times.

The Fairlawn House on Saval Park Road came on the market in May 2007. Although it was described as “offering immense potential for further development subject to planning permission” by estate agents Lisney, it failed to sell at auction in June 2007 and had been for sale ever since.

The Edwardian five-bedroom house, which stands on an acre of land, has been for sale through different agents with its price sliding along with the crashing property market.

The price dropped from €5 million in 2008 to €3.4 million in 2009, and down again to €1.75 million last September.

It was sold to a local couple for €1.4 million, and a recent cut in stamp duty, a tax based on the documents used to transfer property, from 9 percent to 1 percent will mean a substantial saving for the new owners.

Most top end houses are down by at least 50 percent and even then they are proving difficult to sell.

Nster.com

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7 Comments

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BARNEYKX | Feb 01, 2011, 03:05 PM EST

i sure hope it was a property speculater or politition who had to sell

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johnymac60 | Jan 31, 2011, 11:45 AM EST

Whatever it's worth, I wish them well, but hope they decide not to develop the property.

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Derrylass627 | Jan 31, 2011, 11:38 AM EST

you're right on the mark, pilib04. The Irish were always ones to hold on to their dreams. The claimes value of this house is nothing but a dream. It would not be worth near the final selling price in the mid-west.

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jamieLM | Jan 30, 2011, 09:00 PM EST

You're so right, pilib04. Way over-priced.

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pilib04 | Jan 30, 2011, 06:51 PM EST

From the picture, I would still think that this home is overpriced. It would help to know the square footage and amenities. Sure looks overpriced to me. Maybe $350,000 in the midwest.

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LoyalCitizen | Jan 30, 2011, 01:17 PM EST

1.8 Million still seems to high for such a delusional country.

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Silling | Jan 30, 2011, 11:07 AM EST

I went to see this house three years ago with my sister who eventually bought on Kiliney Hill. It certainly highlights the demise of Ireland. Here in Provence where I live now, houses of this value are being bought and bulldozed the same day. Recently a Russian bought a house for 12,000,000 euros near Nice and had it detonated to make way for a new structure. I.4 Million was a great price and the new owners will be smiling 10 years after they are dead.

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