Meet the brother and sister agents who’ve sold this year’s most expensive Irish home and inhabit the very hush-hush world of the super prime buyer, where much of the housing stock never makes it onto the pages of property portals Daft or MyHome.
David Johnson and Barbara Carty of INHOUS, a high-end buyers agency run by the brother and sister who operate their business between Dublin and London, recently made headlines when the Irish Times reported that they had sold Ireland’s most valuable property so far this year for €15.5 million.
Inniscorrig, a Gothic Revival-style Dalkey mansion with private harbour and guest house, was the childhood home of actor Victoria Smurfit, and hosted not one but two English regents, King Edward VII and King George V.
It last changed hands for €7.8m in 2018, according to the property price register.
Eighty per cent of their business is off book, the estate agency speak phrase used for the hush-hush sales that are done quietly.
These properties never come to the open market. Nor will they appear on the pages of the portals.
They’re shown in private, and the sales are private. The agents’ licence to sell is very much linked to their ability to keep schtum.
While most estate agents act on behalf of the seller, these siblings are in the buyer’s corner.
They will deal with clients with €1.5 million or more to spend, but most of their clients have a purchasing power of €5 million or more.
They say the number of super prime property buyers in the Irish market right now ranges from 12 to 50.
By superprime property, they mean those purchasing in the €10 to €20 million price bracket.
Most want completely turnkey properties in certain locations, often with coastal access.
They want “a finish that is off the charts.
By that, they could mean a period house from the 1840s that has underfloor heating throughout, whose windows have all been double-glazed, with a designer kitchen, and it’s all very tastefully done,” Carty explains.
They’ll pay extra for this. This one was only done four years ago. You’ll get another 15 years out of it, so maybe it was worth it.
We have motivated buyers, Johnson adds.
“A lot value discretion. They’re used to being autonomous.”
Many are Irish and have done well elsewhere, in the US, Europe, the Middle East and Australia.
On their website, they state that they “work with individuals who value discretion, integrity, and sound judgement, and who prefer a measured, relationship-led approach over volume or promotion.
"This includes advising principals from the sports and entertainment world, where privacy, timing, and reputational sensitivity are particularly critical.”
Of the current buyers on their books, four to five want coastal while two want trophy homes that have five to six bedrooms, a house that is about 6,500 square feet, detached and on its own grounds, maybe even a guest lodge.
Some have a pull for a certain location. Maybe they grew up there. The international buyers will look everywhere.
Refurbishments are not doing well at this level of the market. They want the hard yard’s work done, the plumbing, electrics, the heating, Carty explains. They can change the kitchen.
The reason is that the cost of doing work is outrageous. Some of their clients are putting €5 million into a property.
There’s a return to simplicity, she notes. "Homes that sold well have had good craftsmanship, but simple, no fancy lighting."
Extras such as cinema rooms or the highest levels of tech are losing their lustre.
Even with such telephone number purchasing power, many of these buyers still haven’t found what they’re looking for.
Some buyers have been looking for three years, with pretty specific asks, Johnson explains.
“There are compromises even at this end of the market. Is it the right location, is it refurbished, and is it near the specific schools? After that, everything else is a bonus.”
Enquiries come from the UAE, UK, Australia and America. Trump is helping, they say.
Some Americans just want to get out of the US. A lot are leaving London. It’s just not that attractive.
Their approach is to try to buy off-market and negotiate with the seller, which will cover their fee. They say agency fees are very low in Ireland.
It’s usually one to 1.5 per cent of the property’s purchase price. In Europe, it’s five or six per cent. In the UK, it’s 2.5 and three per cent.
The problem, David says, is that vendors' expectations are bonkers.
“They all think their house is the best in the city. They all want to push it to the nth degree. Premiums are being had and (we’re) getting strong prices.”
But he cautions that these buyers are savvy.
“When you start pushing too far … once these buyers are gone, they’re gone.”
To have a conversation about buying or selling, contact David Johnson and Barbara Carty of Inhous here.
