Comparing two apartments for sale on the main street of Dun Laoghaire, one in turn-key condition, the other in need of upgrading.
It’s hard to believe that there was a time when some home hunters were very sniffy about Dun Laoghaire town.
As its main street continues to transform, and crowds throng its piers and People’s Park, it offers a wealth of amenities for those who want to live in the heart of an urban environment, not in suburbia.
The sea is the big draw here. The fresh air and big skies overhead are all part of the attraction.
Dun Laoghaire also has a lot of period accommodation on the floors above its shops and restaurants, places with personality, for those who don’t need parking on their doorstep.
Sherry FitzGerald is currently selling two two-bedroom apartments; one on Upper George’s Street, the other on Lower George’s Street.
The difference between them is the level of finish and the scale of the spaces.
Both require walking up at least one flight of stairs to access.
One, in a walk-in condition, has its own door access and is set across one floor, but has no outdoor space.
The other has a shared entrance and an unusual layout. Set across two floors and has a small walled courtyard, where, if you peer over the wall, you can see the sea.
Their sizes and conditions are different, and they're at opposite ends of the town, so which one presents better value?
Address: 21 George's Street Upper, Dun Laoghaire, Co. Dublin, A96E78Y
Asking price: €675,000
Agent: Sherry FitzGerald
Price per square metre: €6,136
Size of property: 110 square metres
Outdoor space: No
Ber rating: B2
This is a beautifully appointed apartment that makes the most of its period features.
Set on the corner of Northumberland Avenue and George’s Street Upper, it has a dual aspect, square-shaped, living, kitchen, dining room.
Ceiling heights are three metres, and the room has large, twin six-over-six sash windows and window boxes bringing in loads of light.
It has storage in the hall, both bedrooms are good-sized doubles, and each is ensuite, with the primary enjoying natural light.
The property first came to the market last February, but the sale fell through.
Pro: It’s in pristine condition and beautifully appointed
Con: It has no outside space, but the sea is a block away
Address: Apartment 1, 69 Georges Street Lower, Dun Laoghaire, Co. Dublin, A96 E0H2
Asking price: €425,000
Agent: Sherry FitzGerald
Price per square metre: €5,666
Size of property: 75 square metres
Outdoor space: Yes
Ber rating: G
This apartment is accessed via several flights of steep stairs.
The entrance is at bedroom level. These rooms are at the back of the property and have clerestory windows, set high on the walls.
The real draw here is the open-plan kitchen living room, which is accessed down another set of stairs. This room is set to the front, overlooking George’s Street.
It has a triptych of square-headed windows and a corner chimneybreast, where there is an open fire.
A glow-up is required.
Pro: Visually, it is an interesting space if you can afford to buy and pay for the renovation.
Con: Renovation costs are high, and the site is compromised in terms of getting skips in and out.
The Maths
If you multiply the price per square metre of number 21, the turn-key apartment, that is €6,136, by 75 square metres, the size of apartment 1, number 69 Lower George’s Street, you theoretically get what the turn-key price of the latter should be.
This sum is €460,200, which you should expect to pay for the G Ber-rated unit if there were no other factors at play.
That is €35,200 above its asking price and the sum you would have to spend on the renovation to bring this property up to the B-rating of 21 George’s Street Upper.
It is very unlikely anyone home hunting in the €425,000 price bracket could deliver the level of finish and the energy upgrades needed to bring the G Ber-rated unit up to a B2 Ber rating if you have to pay builders, subcontractors and insulation specialists to do the work and only have €35,200 to work with.
And if you do the work yourself, who will you get to sign off on the renovations, essential if you bring it to market at any stage?
This is where the difficulty lies in the current property market. While there are grants available for some upgrading measures, the cost of getting building works done in smaller properties by professionals and tradespeople is now prohibitive.
Buyers at the lower end of the market would like to be able to restore such existing housing stock, but the costs involved make it beyond the reality of many.
This is impeding the rehabilitation of such housing stock types. This is why many of these spaces are vacant.
If small builders and tradepeople received similar VAT concessions to those that big developers got in the budget, would it help make such homes a bit more affordable to upgrade?
