Kilkenny property sold off-market for 'incredible' sum of €1.85 million

A premium property in the heart of Kilkenny City was recently sold off-market for the 'incredible' sum of €1.85 million.

The property (Maryknoll, Castle Gardens, Kilkenny City) was sold as a four-bedroom detached home on a very generous site in a development adjacent to Kilkenny Castle.

Handling the sale was Ciarán Dunphy (DNG Ella Dunphy), who explained to Kilkenny Live that the sale ‘is a reminder that transactions at this level sometimes still take place away from the open market, particularly for clients seeking the utmost discretion’.

When quizzed about current trends around off-market property sales, he stated that it remains “very much a property-by-property decision, based on the vendor’s priorities and whether we can identify suitable buyers without a public campaign.”

Dunphy further emphasised that local knowledge and an established buyer network are critical to ensuring sales of this type.

“Local knowledge means understanding the value of a particular setting, the scarcity of comparable homes and what buyers will pay a premium for,” he explained.

“An established network goes beyond having a list of names. It means knowing who is actively looking, what they want, their budget and whether they are in a position to proceed.

“With a potential buyer’s consent, we can retain their information to ensure they are properly matches against suitable homes in the future.”

So just how does an agent ensure an off-market sale delivers the best possible outcome for the vendor?

“The starting point is the same as with any sale: a carefully researched assessment of value and a clear strategy agreed with the vendor,” Dunphy continued.

“Privacy should never mean accepting a weaker price. We identify suitable buyers, establish their financial position and, where possible, introduce competitive interest through a controlled process. We assess the complete offer, including price, conditions, timing and the buyer’s ability to complete.

“The approach also needs to remain under review. If private discussions are not producing an outcome that reflects the property’s value, we should be prepared to recommend public marketing. Our responsibility is to secure the strongest achievable result for the vendor, and the method of sale must serve that objective.”

The sale of such a prominent local property in this manner also raises further curiosity about the general demand for premium homes in the current market and if results like this mean that we could see a trend towards more off-market sales for properties of this or similar specification.

“The premium market is selective,” Dunphy noted. “Buyers are discerning, and realistic pricing and the condition of the property remain important. Off-market transactions could become a more visible feature of this segment as buyers and vendors recognise the value of a discreet introduction.

“I would expect them to remain a more tailored option alongside public marketing, with the choice guided by the individual property and the vendor’s circumstances.”

Another factor at play could be the attitude and throughts of prospective sellers when appraising the current property market.

“The current under-supplied market is also suffering from a seller’s "fear of listing" in case they cannot locate a home to purchase,” Dunphy said.

“Selling off-market can actually assist in that process as the purchaser will be communicated from the very beginning that the sale is conditional to the sellers forward purchase.

“If they understand this from the beginning, it can allow an easier delayed transition where all parties feel comfortable moving forward.”