A terraced cottage in need of complete refurbishment in north Dublin has had more than 100 interested parties through its door and generated more than 400 calls to its estate agent since it went on the market for €85,000. With bidding having risen to more than €100,000, the sale is expected to conclude this weekend.
The cheapest property currently listed in the city, 24 Rutland Cottages, an executor's sale, has attracted huge interest since it went online at the start of October. It has had 32,500 views on property websites, and news of its listing became the most-read article on irishtimes.com for more than 24 hours after it was published yesterday.
“I’ve never seen anything like it,” says the selling agent, Ronan Crinion of MoveHome. “I’ve had calls from Israel, China, Australia and the US, all from Irish expats.”
Crinion says he has shown the 31sq m (334sq ft) single-storey cottage on a cul-de-sac off Rutland Street, in central Dublin, just three times, with about 110 parties passing through its door. “Many just walked in and walked out.”
The home is likely to go to a cash buyer, he says, as its poor state means any surveyor’s report will affect a purchaser’s ability to get a mortgage. “Anyone buying this has to have the additional funds to do the refurbishment. With the condition of the property, a bank or other lending institution will want to know where these extra monies are coming from. Having a cash buyer expedites the sale process.”
The property qualifies for the Living City Initiative, which offers tax relief against refurbishment costs, but with the incentive due to finish by May 4th, 2020, prospective buyers will need to start work on it as soon as possible.
Crinion says about 75 per cent of the viewings have been for young couples looking to get on the property ladder; those who couldn’t come themselves asked a parent. “A lot of mammies have been looking at it, many for children living overseas. They just want their kids home.”
The other 25 per cent comprise some of the new Irish, including people with Asian and eastern European backgrounds, as well as Irish builders. “One small developer I’ve done business with before was looking at it with a view to getting his staff to do it up over the next few months when things are quiet,” Crinion says.
A bidder who asked not to be named says he would renovate it and put it back on the market, as he has done with other small properties. He says he expects to see other seasoned investors at the cottage’s final open viewing tomorrow.
