Price is slashed but £1m house fails to sell
IT is a large house, on one of Belfast's grandest streets – the sort of property that many pundits thought might survive the credit crunch.
But Kate Bittles' six-bedroom property in leafy Malone has failed to find a buyer in almost two-and-a-half years, despite a massive price reduction of more than 300,000.
In a stark illustration of how dramatically Ulster's property bubble has burst, the Adelaide Park house has remained unsold despite numerous price cuts that have brought it tumbling down by a third from 975,000 to 650,000.
Adelaide Park – with its wide street, large trees and period houses – rivals Malone Park as Northern Ireland's most prestigious address.
Unlike many neighbouring roads, the character of the conservation street has been maintained, and almost none of the architecturally-admired old properties have been replaced by apartment blocks.
The owner, Kate Bittles, put the house up for sale in August 2007, at the height of the property boom in the Province.
At that time, the biggest properties in Adelaide Park might have sold for more than 2m, but Ms Bittles' house – which is on with BTW Cairns – was priced less than this because it needed modernisation.
And while the house has a granny flat and a large front garden, it has only a limited outside space to the rear.
"It was the height of the house price boom but it was also the beginning of the credit crunch," Ms Bittles points out. "But we were told that big houses were still selling."
Ms Bittles wanted to downsize now that her children are grown up.
"I would prefer a smaller house nearby, in somewhere such as Stranmillis."
After an initial flurry of interest, including an open evening in which around two dozen people showed up, prospective buyers became increasingly rare.
"It dwindled out, and months went by with no-one coming," she recalls. "A month ago was the last viewer."
In the meantime, several houses that she viewed, liked and hoped to buy were sold.
But Ms Bittles remains optimistic that she will gain some advantage from the property downturn, because whatever house she finally buys will also have fallen in price.
"I have dropped my price and I know others have dropped their prices, so I hope that the house I will buy will cost less."
Chris Pooler, one of Belfast's leading estate agents, said that there were similar stories to tell from the east of the city, where he is based.
Mr Pooler, who also sells properties in the countryside, said: "My view is that the top end of the market will move if it is priced properly.
"But not all sellers are as flexible as Ms Bittles appears to be, and many are more reluctant to cut.
"If they don't cut, they won't sell but by next year this will change – sellers will realise that there is no option but to cut the price."
See also;- OPINION: Latest housing market analysis
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