The owner of Dublin’s popular Market Bar has accused real estate agency Sherry FitzGerald of undervaluing his property. The allegation surfaced following an unsuccessful attempt by the owner to sell the property through Sherry FitzGerald. The market bar has been a fixture of the Temple Bar neighborhood and a popular spot for tourists and locals alike. The dispute has been brewing for some time and has now come to a head with the owner insisting the property is worth more than the €2.5 million valuation provided by Sherry FitzGerald.
Dublin’s Market Bar owner has accused auctioneers Sherry FitzGerald of undervaluing his property in the city centre to meet loan-to-value requirements set by his lender. Businessman Mark Conan claims the valuation carried out by Sherry FitzGerald led him to suffer a loss of almost €841,000. Sherry FitzGerald has denied the owner’s claim, saying that the property was worth what they estimated it to be. Mr Justice Mark Heslin rejected an application to have the case dismissed, finding no evidence of damage to Sherry Fitzgerald’s reputation.
In conclusion, the allegations made by the owner of Dublin’s Market Bar against Sherry FitzGerald are certainly concerning. As a reputable name in the Irish property market, Sherry FitzGerald undoubtedly prides itself on its reliability and accuracy when it comes to valuations. However, this recent dispute begs the question of whether the system needs to be more transparent or whether there needs to be a more independent third-party to oversee valuations. As the case continues, it seems that only time will tell what the outcome will be.
