Flipping Hell

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Sold for 375,000 in April 2018.

Renting for 4,000 a month in February, 2019

Gordon’s ALIVE!

Property Watch writes:

Thought you might be interested in this for your ongoing tracking of crazy Dublin property rents/prices.

This place (top) was bought last August for €375k (Property Price Register) and credit to them they’ve done a lovely job with the refurb, but the asking rent is simply bananas!

I live in a similar property nearby, and there’s barely room to swing a cat in these houses. Mercifully it doesn’t seem to have let yet at that price and it has been up for nearly a month (extremely rare in this area), but surely no idiot(s) are going to rent this.

At that rental value you could buy the place and do it up for the same cost as 9 years rent. I keep a close enough watch on Dublin property prices and rents, but this was beyond anything I’ve seen to date. The mind boggles!

Sale Agreed: 77 Gordon Street, Ringsend (MyHome.ie)

Gordon Street, Ringsend, Dublin 4, South Dublin City (Daft)

32 thoughts on “Flipping Hell

  1. Clampers Outside

    It is damned lovely and all that …but two poxy pokey showers… no bath? Style over function, imo.

    No need for ensuites in a 2-bed, in fairness. A proper bathroom would have been better by miles, methinks.

      1. Clampers Outside!

        I skipped past that, the poster of the story made that point perfectly clear. I had nothing to add, it’s a lunatic rent.

      2. Trev

        Better value than the McKinley walkers new development in the docklands
        Prices start for small flat 4grand small flat 20grand penthouse a month
        Happy days

    1. Cian

      It depends. I haven’t had a bath in years – possibly decades.

      I need to do up my bathroom and I’m seriously considering replacing the bath with a shower.

      1. Clampers Outside!

        I’d go with a wet room then Cian… something spacious.
        Just not some pokey yoke like the two ensuites in the rental here. That’s my feeling on it.
        I grew up in a B&B with pokey showers in the ensuites and think I developed my dislike of them then :)

  2. postmanpat

    Gordon Street? Ah, yes, Gordon Street. I once knew a girl who lived on Gordon Street…a Long time ago, when I was a young man. Not a day passes I don’t think her and the promise that I made which I will always keep. That one perfect day on Gordon Street………that will be ten thousand euros to cover the deposit and for the first and last months rent, here’s 12 month lease form you just sign here , ..bank details here …aaaaaand finally sign here… here’s your keys….Adios!!

  3. Mike

    I think they’re clearly aiming to get 2 wealthy, single googlers in there, so squeezing in a second ensuite makes sense for that.

    I wouldn’t be surprised if they get it either, rents around there are off the scale. I think a lot of it is down to the new arrivals working there not knowing what other areas of Dublin are like, so they’re willing to pay such a premium to be beside their offices.

    1. Clampers Outside!

      Maybe, but for such a lovely finish, I think a large bathroom would have been better.
      But as i, first left out and later added… it’s a lunatic rent!

      1. postmanpat

        It has to be aimed at some corporate , tax expense / write off / big business money/ take a loss to make a profit financial chicanery accountant magic game that only rich people play? Like some kind of Brewster’s Millions scenario where you have to spend money and show no assets at the end of a business quarter?!? I don’t think the rental advert is meant for the general public. Its probably just some legal hoop that entity ” X ” has to jump through . Like when companies advertise jobs and arrange phony interviews to unwitting hopefuls but already have the job lined up for a particular person already. Id say the people who rent this will be renting it out to themselves through one shell company to another. Some corporate execs will share the property to bang hookers and do coke for a few years. Which is fine except it is artificially driving up the property and rental prices. Then this property will be sold to some mortgaged to the hilt sap high up on a wave right before the next property crash in 2021. Then the faux brickwork will start peeling off the walls and the cracks will start to appear.

    1. Chris

      How so? If you want to stay in the house you own (which I would assume as you mention generations), these crazy rents around you wont affect that.

    2. Joe Small

      I lived near by from 2006 onwards. Those small houses were going for €600,000. A lot of locals were very happy to sell up and move to a big house much farther out. It works both ways…sometimes.

  4. Qwerty123

    4k is punchy, but your maths are wrong on the 9 years. House sold for 375, completed renovated, new bathrooms, kitchen, floors, carpets, windows and painted and assuming plumbing and electricity replaced. I would say min 60k went into it, and I am being optimistic at 60.

    Then you have fees and stamp duty on top, so say another 10k, so we are upto 445, at the very minimum.

    4k is 48k PA x 9 years is 432. You wouldn’t be able to live there while these renovations are being done, and assuming you had a mortgage of 360k, you are looking at interest alone of around 11k a year.

    And you don’t have the stress of getting something like this done, recently have done it and it takes a lot out of you.

    So I agree 4k is steep, but it could also be cheap depending on where you work, how you value the location and how you value your time.

    1. Cian

      +1 #hedidthemath

      In fairness, you can fudge the figures somewhat and the point still stands; even if you jump to €475,000 @4% interest, will be paid off in 12½ years.

      1. Qwerty123

        Fair enough, I would imagine it was brought by a builder anyway. Still a good renovation but rent similar to midtown Manhattan, the ad does state all the high earning employers ion the area so that is their target.

        @ Cian, we replaced bath with large walk in shower, love it. And we have a little man to wash, we use baby baths, if that is a concern

    2. Mike

      I’d say that cost a lot more than 60k too, I’d say 150k+. Looking at the photos there’s two sections of structural steel added in to open it up, a new extension, no sign of heaters downstairs which suggests underfloor heating, new doors, new windows throughout, new stairs (probably), new plumbing throughout, probably new electrics throughout, you can see they don’t have flat ceilings upstairs anymore which probably means they replaced the joists and re-roofed the whole thing. They’ve furnished it, done up the yard and presumably got an architect/engineer involved.

  5. Junkface

    Facebook or Google executives only!! They might as well start putting that at the top of these ads. Crazy, crazy rent. You could get a 6 bed mansion in a lovely European city for that money, maybe with a pool.

    1. Qwerty123

      They did, first line – Rea McGee are delighted to present this meticulously refurbished and interior designed gem situated on this ever popular Gordon street in Dublin 4 located within walking distance of a large number of prestigious employers such as Google International headquarters, AirBnB, Mason Hayes Curran, William Fry, Facebook and many more.

  6. Paulus

    There’s at least six photos just featuring food and drink:

    This has become a thing with EAs; photos of aspiration-triggering set-decoration which suggests that you too could achieve the level of sophistication necessary to appreciate Gunpowder gin etc – provided you can cough up €4k a month.

    1. Mike

      Indeed. It’s up there with estate agents describing themselves as “extraordinarily honoured to bring to market” for pretentious wankery.

  7. Nialler

    What would you need to be earning to be able to spend €48k per year on rent alone and then everything else on top of that.

  8. Eoin

    €48k rent at a 5% yield (average for Dublin today) equals value of the house of ……. €960,000! And for those of you with money on deposit or in a managed Irish fund, a 5% annual return is bloody good.

    At €300 psf to construct and fit out the 500 sq ft house, the land is valued at nearly €1,700 psf, or over €70 million an acre.

    We’re back baby! (Well, you can fupp off back to where you came from on the donkey you rode in on)

    1. Cian

      wait – how are you going from square footage (of a 2-story house) to acres (which is flat and would include gardens/etc)?

  9. Whatever

    I mulled over buying one of those Gordon Street houses in 1998, and decided at 22 I didn’t need a 30k debt having over my head…..

  10. Otis Blue

    Who in their right mind would rent at that price?

    It looks like it was fitted out from Woodies.

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