Dublin's cheapest house has sold for €100,000 to a developer. Number 24 Rutland Cottages, a single-storey cottage in need of complete refurbishment attracted huge interest last week because of its modest €85,000 asking price.
The tiny north side cottage of just 31sq m (334sq ft) on a cul de sac off Rutland Street in Dublin 1 had recorded hundreds of thousands of views online by the time the final viewing took place last Friday three weeks after it had launched to the market. Hundreds of direct inquiries were made to the estate agent Move Home and about 120 parties passed through its doors.
Bidding had risen to €105,000 last Friday in advance of the property going to last and final offers on Monday. According to selling agent Ronan Crinion, offers went as high as €106,000 but in the end the sale to that bidder did not proceed. The client finally agreed the sale to a developer at €100,000.
Cash buyer
“He was the only party that visited the property with an engineer and having paid a substantial deposit, about 50 per cent of the agreed price, he was the one I could most guarantee my client would close in the next couple of weeks,” Crinion says, adding that the client was keen for a quick sale and a cash buyer.
Crinion said a cash buyer was always the preferred option because of the reluctance of banks to issue a mortgage on a house requiring such levels of refurbishment.
According to the property price register number 26, two doors up, sold in February 2017 for €77,500, while next door, number 23, sold for €84,345 in May of the same year. Number 21 sold for €88,800 in November 2016 and number 18 sold for €93,000 in August 2015.
Refurbishment work is expected to begin immediately.
