Selling a 2 bed apt in Dublin

T

TheTick

Guest
We are selling a 2 bed apt in Dublin.

We went with an est agent who told us our 2 bed would get about 390K but to market it at just over 400K then drop the price to rein buyers in but things were slow. A few weeks later he dropped the price to 365K to generate some interest.

We were doubtful, as we thought it was too much of a drop and would
look dodgy esp as we had no intention of accepting anything less than
381K but we decided to trust he knew what he was doing.

However, we're doubtful buyers will go to >381k if they think the asking price is 365k. Our apt is a top floor apt and a ground floor in our complex sold for 381 a month ago. Now the est agent is telling us the market is slowing down and we should take 365K (current highest offer)....any advice?

Anyone else selling an apt in dublin and finding things are slow? We are thinking of taking it off the market altogether and possibly going with another est agent in sept or maybe waiting a while... or should we try to gt it sold before teh september rush... or will there be a september rush?
 
TheTick said:
We are selling a 2 bed apt in Dublin.

We went with an est agent who told us our 2 bed would get about 390K but to market it at just over 400K then drop the price to rein buyers in but things were slow. A few weeks later he dropped the price to 365K to generate some interest.

We were doubtful, as we thought it was too much of a drop and would
look dodgy esp as we had no intention of accepting anything less than
381K but we decided to trust he knew what he was doing.

However, we're doubtful buyers will go to >381k if they think the asking price is 365k. Our apt is a top floor apt and a ground floor in our complex sold for 381 a month ago. Now the est agent is telling us the market is slowing down and we should take 365K (current highest offer)....any advice?

Anyone else selling an apt in dublin and finding things are slow? We are thinking of taking it off the market altogether and possibly going with another est agent in sept or maybe waiting a while... or should we try to gt it sold before teh september rush... or will there be a september rush?
Click to expand...

My opinion: Sell it now. Ignore the relative price differences, take your profits and emigrate out of this country as soon as you can.
 
CelloPoint said:
My opinion: Sell it now. Ignore the relative price differences, take your profits and emigrate out of this country as soon as you can.
Click to expand...

A bit dramatic ! (but try oz. nice place)

Seriously if you think you have made a sufficient profit by taking 365 my advice would be to go for it. If are are too greedy you may pay a higher price.
 
tbh interest rates are only going to go up, taking a bit out of the market anyway. is it city centre based or further out? if it's the former you may get luckier with rising demand in september and get a couple of interested parties who try and outbid each other. but it's not without risk. i get the impressions it's been on a few weeks already and it's hard to drum up interest when thats the case i feel, as most ppl who are interested in similar properties have probably already viewed it, or ruled it out. good luck with it anyway!
(id probably take the offer)
 
Is it something like this [broken link removed]

The market you are targetting is FTB or investors neither which are anxious to commit at the moment.

If this story is true (it is the internet afterall), the guy who bought on the ground floor already (as of now) has made a possible loss of 16K with additional costs of stamp duty 22K and transactions costs 1K. 39k Total.
 
gravitygirl said:
tbh interest rates are only going to go up, taking a bit out of the market anyway. is it city centre based or further out? if it's the former you may get luckier with rising demand in september and get a couple of interested parties who try and outbid each other. but it's not without risk. i get the impressions it's been on a few weeks already and it's hard to drum up interest when thats the case i feel, as most ppl who are interested in similar properties have probably already viewed it, or ruled it out. good luck with it anyway!
(id probably take the offer)
Click to expand...

Yep, it's been on the market about a month now and we've only had 2 bids so far, slow going.

phoenix_n said:
Is it something like this [broken link removed]

The market you are targetting is FTB or investors neither which are anxious to commit at the moment.
Click to expand...

Yep, but it's on the south side, Dublin 12. Same target group, FTB.

Thanks for the advice guys, I guess it comes down to knowing when to cash in, I was never any good at gambling....
 
Summer is very slow anyway remember - but if you're happy with the profit at the moment - take it.
 
Unless you are under pressure to sell why not remove it from the market, add a few things that might give it a big more of a bite e.g. flat screen tvs are expected to be much cheaper in about 6-8 weeks apparently due to a significant reduction in costs and oversupply, add a new appliance to the kitchen, lamps, large mirrors (maybe even just a paint job). Stick it back on the market in 2-4 weeks and hold out for what you feel it is worth. I do think though that at 381K in D12 you would be getting quite expensive unless you are near very good transport links or it is the closest part of D12 to city centre. Maybe put two single beds in one room to entice a FTB so that they could see the return from Rent-a-room to two students sharing?? Hope that helps
 
Estate Agent had no right to drop price to 365k without consulting you especially if you weren't willing to accept anything below 381k. Remember estate agent works for you. As Glenbhoy said, the summer is slow and perhaps not the best time to sell. It appears from your post that you would not be happy taking 365k for property. I agree that estate agent has made it look as if there's something dodgy going on with an apartment whose price has dropped from 400k to 365k in a matter of weeks. I'd take it off the market if you're not in a rush to sell and I would definitely put it with another estate agent next time.
 
Sounds like the EA is looking to fund his Holliers.

Legally the EA works for your benefit but I have bought and sold a number of times and found that invariably they work for their own benefit.

A sale now at a slightly lower price is much more advantageous to them than a long wait in the slow season and no income.
tell him you are not happy and if he cant achieve your minimum requirement by a certain date you are taking it elsewhere ....and dont tell him where.

The
 
Dave Dub said:
Unless you are under pressure to sell why not remove it from the market, add a few things that might give it a big more of a bite e.g. flat screen tvs are expected to be much cheaper in about 6-8 weeks apparently due to a significant reduction in costs and oversupply, add a new appliance to the kitchen, lamps, large mirrors (maybe even just a paint job). Stick it back on the market in 2-4 weeks and hold out for what you feel it is worth. I do think though that at 381K in D12 you would be getting quite expensive unless you are near very good transport links or it is the closest part of D12 to city centre. Maybe put two single beds in one room to entice a FTB so that they could see the return from Rent-a-room to two students sharing?? Hope that helps
Click to expand...

Yep, we're leaning towards pulling it back off the market, maybe the wife will listen to me now about getting that LCD TV ;-)


liteweight said:
Estate Agent had no right to drop price to 365k without consulting you especially if you weren't willing to accept anything below 381k. Remember estate agent works for you. As Glenbhoy said, the summer is slow and perhaps not the best time to sell. It appears from your post that you would not be happy taking 365k for property. I agree that estate agent has made it look as if there's something dodgy going on with an apartment whose price has dropped from 400k to 365k in a matter of weeks. I'd take it off the market if you're not in a rush to sell and I would definitely put it with another estate agent next time.
Click to expand...

Well to be fair he did consult us, but we went with his advice, looking back, he probably just wanted a quick sale...

Thanks for the advice.
 
Just to point out that the selling season will kick off in Sept. You will have more competition then also, plus interest rates are expected to be increased this Thurs by at least 0.25%. If it was me, and I'm not being smart, I would have sold in Feb.
 
Just my tuppence ha'penny, but I'm in the process of selling a small 2 bed apartment in Dublin 8.

I had no difficulty getting offers in up to 381k, there were 4 interested parties who chased it up from 355. It sat at there for 2 weeks before we decided to take the offer at 381, nobody was willing to break the stamp duty ceiling.

The contracts have gone out and I'm nervously awaiting their return, they're due early next week.

I would concur that the estate agents are looking for quick sales, particularly at this time of year. Remember that an extra 10,000 on the sale price is only worth about 100 to them. It's not worth their while putting in any extra effort once they've got the price within striking distance of something which they think you'd accept.
 
The problem may not be the apt. It may because D12 is considered less than glamorous by most people looking to buy property.
 
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