The property market is in real decline. Great, great houses just can’t be shifted. Tsk.
Take this one for example. It’s a three-bedroom, one reception end terrace in an excellent location…
But wait, hang on! Isn’t that Ian Paisley Junior’s house?? Heck, nice pile Jnr!
According to R Benson Estate Agents:
This semi-detached house which is of recent construction is in excellent decorative order throughout and has panoramic sea views overlooking Rathlin Island and beyond.
Which is clearly why it commands a superior price of £250k.
Although, it should be noted that another 3-bed, 1 reception end terrace in Ballyallaght commands the inferior price of £170k. Maybe Lindsay Shanks Estate Agent is pricing down to get people to bid up, whereas R Benson is looking for the max.
Still, no matter the strategy, Jnr will find it difficult to shift his gaff if there’s one v similar within a few feet that’s £80k less. And there’s the added complication of a market in decline.
According to December’s University of Ulster housing survey:
For the Coleraine/Limavady/North Coast region the average price fell by 9.7% over the year to £166,523. Quite substantial falls in some sectors suggested the optimism noted in the previous survey had not been sustained, with the overall average falling by 8.9% compared with the second quarter.
Clearly, the value of this property is falling every month, but according to NALIL blog the house has been on the market @ £250k since at least April last year. That is a very long time to wait when you’re possibly facing financial ruin. But it’s also a very long time to maintain that price. This just might have been realisable 10 months ago, but surely not when the value of houses in the area is plummeting. Why hasn’t the price been changed? Why no recognition of market conditions?
Ol’ Bobballs is no expert, but IMHO Jnr – you have no chance of moving at this rate. Time for a price rethink perhaps?
PS. Given what IPJ has said about his finances, it would be great for him to get the £250k. The Paisley’s paid £114k for it originally so there a big profit margin there… if they can shift it!
PPS. As a sidebar to all this, it should be pointed out that a number of complaints were made about Ian Paisley Jnr in relation to property dealings. Stormont’s Standards and Privileges committee looked into these and did not uphold those complaints. The full report can be found here.