Limerick house falls in price from €2m to €800k

Anne Sheridan

Reporter:

Anne Sheridan

Limerick house falls in price from €2m to €800k
A THIRTEEN bedroom Georgian house in Pallasgreen has had a second price slash to lure a buyer.

A THIRTEEN bedroom Georgian house in Pallasgreen has had a second price slash to lure a buyer.

Sunville House, which has reduced in price from €2m to €1.35m last year, has taken a further cut, and is down listed for sale for €800,000 - at just 40% of its earlier guide price.

Described as a “luxury family home”, there is also planning permission to build further accommodation at the former guesthouse, which was refurbished in 2000.

A separate five-bedroom coach house and Victorian gate lodge are also on the seven acre grounds, which is available through O’Connor Murphy in the city and is listed also on the property website Daft.ie. It is the latest property in Limerick to suffer from severe fluctuations in price, in a topsy-turvy market.

Somerton House in Crecora was on the market for €2.3m in 2010, but listings in the online Property Price Register reveal that it sold for just 19.5% of its original price-tag, at a mere €450,000 this July 24.

However, it must be stressed that that figure does not include the value of the land sold separately with the property. Up to 14 acres were available to buy, but those details are not disclosed in the register or any forum publicly.

Meanwhile in the city, some properties are bucking the downward trend.

Newburn, on the North Circular Road, one of the city’s most exclusive addresses, was listed for sale through Sherry Fitzgerald this May for €575,000. But the three-bed property has sold for €710,000 this month, according to figures lodged with the Property Price Register, some €135,000 above its asking price two months previously.

Des O’Malley, of Sherry Fitzgerald, said the higher sale price is not unusual at present, given the lack of supply of good quality homes on the North Circular Road and Ennis Road coming to the market. “About 20 to 30% of our properties are now selling over their asking prices. There are quite a number of buyers and not enough good quality properties for sale,” he said. Mr O’Malley said the market has definitely picked up in “more mature areas”, but added that “there are three markets in Limerick – one that’s falling, static and rising, so it depends on what market you’re in.”

A total of 78 properties sold in Limerick in July, amassing more than €10m in transactions, 31 have sold to date this month, while 450 properties have sold to date in Limerick this year.