While price determination continues to be the order of the day in the wider residential property market, with soaring values set by the ongoing imbalance between supply and demand, those looking to buy and sell in Dublin’s prime and super-prime sector remain engaged in that other painful pursuit known as price discovery – wherein both parties agree to meet each other’s expectations to get the deal done.
In the majority of cases in the current market, the vendors have been the ones to “discover” that their palatial piles may not be worth quite as much to their prospective purchasers as they themselves or their selling agents had first imagined.
With price drops already being recorded across the capital, from Censure House on the Hill of Howth (down 17 per cent from €15 million to €12.5 million) to Ananda in Killiney (down 11 per cent from €10 million to €8.95 million), Dublin 4 has entered the fray with a 14.1 per cent discount being recorded earlier this week.
That €950,000 discount could be enough to bag a buyer if the recent sale of No 27 Ailesbury Road is anything to go by
Having come to the market at a guide price of €6.75 million last October, Dungriffan, a sprawling six-bedroom semi-d sitting on one acre on Sydney Parade Avenue has seen its price reduced by Sherry FitzGerald, newly appointed joint agents with Turley Property Advisors, to €5.8 million.
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That €950,000 discount could just be enough to bag a buyer if the recent sale by food distribution tycoon Tadhg Geary of No 27 Ailesbury Road is anything to go by. The five-bedroom end-of-terrace redbrick known as Mulberry is understood to have gone sale agreed to an Irish buyer for significantly more than its €5.65 million guide price.
[ Home of One Pico heads for auction with reduced guide priceOpens in new window ]
In other news from the upper end of the market, it is understood that the owners of Tresillian House on Brighton Road in Foxrock have taken the Victorian mansion off the market. The property was withdrawn from sale last week, shortly after The Irish Times reported on its latest price reduction from €3.5 million to €2.5 million. The house was first offered to the market at a guide price of €4.75 million in September 2021.
