The auction of 18 Elgin Road in Ballsbridge last week didn’t disappoint those who have closely followed the recent fortunes of this impeccably restored 558sq m (6,006sq ft) Victorian.
It sold at Lisney’s spanking new auction rooms on Earlsfort Terrace for €4.8million – 28 per cent above the €3.75 million guide and reminiscent of headier days when AMVs and prices realised bore very little resemblance to each other. The reserve set on the day was a slightly more realistic €4 million.
The buyer’s identity is a secret as they were represented by Gartlan Furey Solicitors, as were the two underbidders. It’s believed the buyer is Irish and plans to live in the house.
There’s a certain symmetry to the sale because this house sold through Sherry FitzGerald in the last days of the boom for €12.5 million, a record for the road.
Prior to that, in 2004, it was bought by property investor Fiona Healy for, wait for it, €4.8 million. Does this mean we’re back to 2004 prices?
The six-bed has had an enormous extension added, but the garden size was halved to accommodate a 278sq m (3,000sq ft) mews.
Elsewhere another strong price has popped up for Killowen, a 1980s build down a lane on Shrewsbury Road, which sold for €4.5 million. Again, the buyer through Sherry Fitz, was represented by a solicitor.
The modest enough house which is likely to be refurbed or replaced completely, came on for €4.9 million just six months previously. Not a bad return, but oh, the value of 20/20 hindsight. At the height of the boom it’s believed an offer of around €25 million was made for the property by neighbour Denis O’Brien.
