Identical neighbouring houses- 50 grand plus difference

C Montgomery Gurns II

Hi there.

Just a quick question here. I was looking at a few properties (can't link unfortunately, I'm a newly re reg) in West Dublin, and am baffled as to how what is essentially the same house has vastly different prices for four different, essentially identical properties (all semi 3 beds in the same turn of the 21st century development.)

Two properties are 215K, in fact one is a whopping 45 euro more expensive on the asking price than the other.

The next is 9 grand more.

Above this is 260K.

The last identical three bed on our list is 275K. The only advantage of this property that I can figure out is it is on a street corner with more than enough room for a garage/ granny flat. To me gambling 60 extra grand to acquire some extra space the council might not necessarily grant you permission to build on seems a bit foolish.

So my question is, how or why would someone believe that anyone would buy a house for 224K plus when there are identical homes in the same area in perfect nick for at least 9 grand less? Who in their right mind would buy these homes? The cheapest house has been on offer since January so there isn't exactly a bidding war on. As regards the area, it is sandwiched between two corpo areas with a bit of a name but like so much of this rough area lark is a bit overblown, and some landlords in the private build are on housing list schemes, which makes it pretty much like every other private build estate in working class Dublin (for comparison the cheapest 3 bed in the nearby corpo estates start at 160K, nearby private build 70's/ 80's housing starts at 190K)



- additional question (was going to start a new thread but feck it I'll ask here). What sort of timeframe turnaround is there for being granted a social house, buying it, and being permitted to sell it? Reason I ask, I know of a social house on the market for 200K (ugly as sin, one of those awful modern art block looking things that doesn't even look like a house, it was rebuilt as a replacement for residents of a few flat blocks that were torn down nearly 20 years ago). I found it a bit nuts that in our current social housing crisis councils are still selling off relatively new build housing and former tenants are already in line to make a few quid off it.

ThisRegard

Did you view them? The answer might be inside.

Samuel T. Cogley

Look at three identical cars. They may well be different prices and it may be nothing more than the prevailing sales strategy. I expect there is more at play than you think though.

Now it's not worth 60K but don't underestimate what someone will pay for a bigger garden.

C Montgomery Gurns II

Did you view them?

The photos showed them appearing to be in good standard. In fairness the majority of ads appear to be upfront about whether or not work is needed.

bee06

Asking price it just that ... you can ask for anything but it doesn't mean you'll get it. Maybe the higher priced ones are chancing their arm. Maybe the lower priced ones are aiming to get more viewings in the hopes of multiple bidders who will drive the price up.

C Montgomery Gurns II

Asking price it just that ... you can ask for anything but it doesn't mean you'll get it. Maybe the higher priced ones are chancing their arm. Maybe the lower priced ones are aiming to get more viewings in the hopes of multiple bidders who will drive the price up.

Which of course made me question it even further. If the guy selling for 215K since January can't get shot he might end up as low as 200K. How the lads up the road think they can compete with this baffles me.

CIARAN_BOYLE

C Montgomery Gurns II wrote: »

Which of course made me question it even further. If the guy selling for 215K since January can't get shot he might end up as low as 200K. How the lads up the road think they can compete with this baffles me.

Assuming the inside is comparable.

The guy selling at 215 is hoping for bidders to drive the price upto 265k. The guy at 279 is hoping someone will offer 265 and feel like they got a bargain for paying less than asking.

It's strategy.

James 007

I would be more concerned why 4 houses are for sale in this area. Have they all the same garden orientation too.

the_syco

C Montgomery Gurns II wrote: »

The last identical three bed on our list is 275K. The only advantage of this property that I can figure out is it is on a street corner with more than enough room for a garage/ granny flat. To me gambling 60 extra grand to acquire some extra space the council might not necessarily grant you permission to build on seems a bit foolish.

Enough land for a garage means enough land for at least two extra bedrooms. And maybe a larger kitchen/sitting room. If you can squeeze a granny flat into their, that may take a chunk off your mortgage in time to come.

Also, look at the attics. Some may have been converted to a "storage area" with a window (ie; an extra bedroom).

the_syco

C Montgomery Gurns II wrote: »

So my question is, how or why would someone believe that anyone would buy a house for 224K plus when there are identical homes in the same area in perfect nick for at least 9 grand less? Who in their right mind would buy these homes?

Perhaps because that's how much they owe the bank?

Selik

Could it be something to do with the new rental rules?

76544567

Different sales teams at work.
They know what people will bid, they just have different ways of getting them there.
Once one of them is sold, then the strategies for the rest will change again. Most likely to achieve a higher price than the first one sold.

Dr_Kolossus

99.9% sure you are talking about an area west Dublin. I'll not mention area, as you have not.

The houses are not same. 2 are one style and slightly smaller. If all in same condition and location (even though in same area, there is a difference). There should be about 15k between them. Taking 215 as the base, the others could be worth 230. The two more expensive houses are both the bigger houses, one is being completely refurbished, other has potential for expansion, granny flat etc.. This one 275k other is 265k. So 35k extra for refurb, or 45k for extension proposal, is not too far off.

The 215k may be underpriced, that's my take. BTW I used to live there, still rent the house. I know from experience how much a reasonable refurb could cost. As the non refurbished houses are probably at an age where you could live with them for a while but really need everything replaced.

After saying all that, would I pay 260k plus to live there, nope, and that's from someone who paid 360k in 2007.

Dr_Kolossus

If I'm right about the area, and you have any questions feel free to pm me

JimmyMW

Dr_Kolossus wrote: »

99.9% sure you are talking about an area west Dublin. I'll not mention area, as you have not.

The houses are not same. 2 are one style and slightly smaller. If all in same condition and location (even though in same area, there is a difference). There should be about 15k between them. Taking 215 as the base, the others could be worth 230. The two more expensive houses are both the bigger houses, one is being completely refurbished, other has potential for expansion, granny flat etc.. This one 275k other is 265k. So 35k extra for refurb, or 45k for extension proposal, is not too far off.

The 215k may be underpriced, that's my take. BTW I used to live there, still rent the house. I know from experience how much a reasonable refurb could cost. As the non refurbished houses are probably at an age where you could live with them for a while but really need everything replaced.

After saying all that, would I pay 260k plus to live there, nope, and that's from someone who paid 360k in 2007.

A question on the above, I have recently obtained full planning permission to extend a 3 Bed 2.5 Bath, with converted attached garage (now home office) to a 4 Bed 3.5 Bath with new large kitchen dining area with play area/sung, while keeping the home office. This was done with the intension of selling the property, the current value without any planning permission is approx €245-250k. What value, if any, would people think the full planning permission will add to the property?