House prices Rathmines

sambuka41

My question is about house prices in "esteemed" areas, like Rathmines, Rathgar, Donnybrook and the likes. Now that the bubble has burst should we still expect these areas to be more expensive than the rest?

I dont remember paying attention to house prices before the boom (age being the reason probably,im 28) so I couldn't hazard a guess as to what would be good value for a house in these areas. Personally i wouldn't like to spend anymore than €200,000 for a 3 bed house but I imagine thats a tad bit unrealistic for Rathmines (the area I'd most like to live).

The average at the moment for a 3 bed house is between €400,000-€650,000

I wouldnt be in a position to buy for at least 2 more years (and thats if i decide to stay in this country!!:p)

Victor

Realise that closer to the city and other amenities will make property prices higher. The flip side is time saved and reduced transport costs. A lot of the housing stock in Rathmines and surrounding areas is in larger, traditional (1800-1940) houses, some sub-divided, some not. There is a limited number of typical 2- and 3-bedroom houses that you find elsewhere, but a lot of the modern stock is in apartments or 4-bed (3-storey) houses.

Doop

I think you'd be doing very well to get a 3 bed for 200k in Rathmines, even going further out from these "esteemed" areas you'd still be doing well to find something at that price.

Of course with the bubble "bursting" these areas are still going to be more expensive then others, prices have come down across the board, but there not going to level out so they're all the same. ie a 3 bed house in Rathmines will always be more expensive than a 3 bed house in Tallaght.
Supply -> Demand

sambuka41

would be nice too see things level out completely:p ha suppose unfortunately they cant. There are a few newer townhouse types up on daft but €650,000 for a 3 bed house is a bit much to say the least,even in Rathmines.

Guess im in for saving for a long time(or lotto winnings) to live in this area. Love the vibe and would be willing to pay for the location but not over half a mill!!!

I do think within a few years theres gonna be 3 bed houses in Dublin for around the €200,000 mark.

walshkvn

sambuka41 wrote: »

I do think within a few years theres gonna be 3 bed houses in Dublin for around the €200,000 mark.

Our esteemed Minister for finance thinks not ... house prices have bottomed according to him, but I not sure you can believe a word he says.

The owners of those house would like to think not. And if they did how would they ever be able to move out of them with that much negative equity. So you would have to be looking for someone that is really stuck to sell at that price or new builds if builders think they can make a profit for that price.

sambuka41

walshkvn wrote: »

The owners of those house would like to think not. And if they did how would they ever be able to move out of them with that much negative equity. So you would have to be looking for someone that is really stuck to sell at that price or new builds if builders think they can make a profit for that price.

Yeah dont get me wrong i know how crap it is for people who bought house in the last 10 years, my parents sold and bought a new house in the boom. With their business gone its a bit of a struggle.

I also know that if i ever want to own my own house then they'll need to drop to this price, not cause of job insecurity (area i work will always have work unfortunately and fortunately for me) nor for poor wages but for the banks not wanting to give money to anyone!! It'll need to be lower prices for me to be in with a chance.

stepbar

Although this goes against my "yield" philosophy but if a modern 3 bed house came up in Ranelagh for under the 500k mark, I'd jump at it (don't have the money thought ). It's a personal thing more than anything else.

Eglinton

stepbar wrote: »

Although this goes against my "yield" philosophy but if a modern 3 bed house came up in Ranelagh for under the 500k mark, I'd jump at it (don't have the money thought ). It's a personal thing more than anything else.

I absolutely agree. I rent in D6 and would really love to buy in the area. I've kept an eye on the prices over the last few years and even gone to a few viewings. The problem with places like Rathmines or Ranelagh is that they don't fall in to the typical sphere. They have a prestige and exclusivity that adds a huge premium to the price.

As someone has pointed out, there are very few typical 3 bed houses in the area. They're either very grand or small, pokey and in need of serious refurbishment. Other than that, you're talking poorly built apartments.

You hear a lot of talk about 'massive' price drops in these sort of areas from the media. The problem is that yes, you may see drops from peak of 50% in places like Rathmines but that's from €2 million to €1 million!

A 3 bed red brick terraced house sold on my road recently sold for circa €750K. If it had been 500K I'd have bitten their hand off for the deeds - breaking every rule in my book too.

sambuka41

Eglinton wrote: »

I absolutely agree. I rent in D6 and would really love to buy in the area. I've kept an eye on the prices over the last few years and even gone to a few viewings. The problem with places like Rathmines or Ranelagh is that they don't fall in to the typical sphere. They have a prestige and exclusivity that adds a huge premium to the price.

As someone has pointed out, there are very few typical 3 bed houses in the area. They're either very grand or small, pokey and in need of serious refurbishment. Other than that, you're talking poorly built apartments.

You hear a lot of talk about 'massive' price drops in these sort of areas from the media. The problem is that yes, you may see drops from peak of 50% in places like Rathmines but that's from €2 million to €1 million!

A 3 bed red brick terraced house sold on my road recently sold for circa €750K. If it had been 500K I'd have bitten their hand off for the deeds - breaking every rule in my book too.

yeah i lived on Grove Park up by the canal for years and one went up there recently for 590,000. It was one of the units that was separated out into flats but still!!! To think that when i first moved there 5 years ago one went for 2.5million!!!:eek:

Yeah i would break all my rules to live there,very homely little road.

Mr Amazing 2

I grew up in Rathmines / Ranelagh . I always found it to have something of a strange mix. Your either eye poppingly well-off (mostly blow ins) or renting there really isn't much in between. We used to live on a road with a 106 houses and only 2 families so to say things have changed is an understatement.
200k for a house , I'd really love to see that . my folks bought their's for 7k so you never know.