Auction Aftermath…

Wow, what a day for the Irish property market yesterday. I have worked with property buyers for nearly six years now and I have never seen anything like this. In fact, I don’t believe that Ireland has ever seen anything like this.

I was expecting a better performance than we had seen in earlier attempts by REA and local authority CPO auctions, but I was not expecting two thousand people to descend upon the Shelbourne Hotel on 15th April 2011 with cheque books in hand. It was a phenomenal showing. All buyers (and I have yet to be contradicted on this, please let me know if this is not the case) were cash buyers i.e. no mortgages. Contrary to some conflicting media reports, all properties bar one sold at auction or in post auction negotiations on the day (the final one has probably sold by now!) and the finally tally was close to €15 million – not bad for a days work…

The bidding was hectic, with most lots attracting multiple bidders. Surprises on the day were the high prices achieved for commercial units that were vacant for with tenuous leases in place, the exception to the was lot number 20, 103 & 103B Rathgar Road which made just €350,000 (reserve was 300,000) and this property had apparently strong lease covenants than others. The new owner can expect a yield of 9.5% after expenses – not bad at all for such a strategic retail location. I believe that the best buy of the day went to the bidder of lot number 34, a 2,400 sq. Ft. house on Raglan Lane, Ballsbridge, Dublin 4, which sold for €550,000 (€50,000 below the reserve price). I will not upset the new owners of properties by highlighting the bad buys, but there were definitely a few. Some buyers failed to grasp the principle that a cheap property can be bought cheaply in any market – the savvy buyers did pay more for infinitely superior properties.

General observations on the day were principally that market values for several areas (Castleknock, Rathfarnham and Dublin 1 and 8 ) were established. This alone will be of huge benefit to buyers. Also, it was evident that some bidders did not carry out due diligence on their chosen properties and depended on leases that are in existence but not enforced, it remains to be seen how this will be dealt with.

The staff from Allsops and Space were efficient and helpful, they coped with this unprecedented demand with cool composure and in a thoroughly pleasant manner. It was a long and intensive day but a rewarding one for the entire property market in Ireland. The whole team at Buyers Broker Ltd put up a great battle to advise and represent our buyers on the day and Geoff Whelan of our Dublin office kept the twitter feed going for the entire auction, despite technology conspiring against us. Our latest recruit John Burke, also from the Dublin office made sure the media were well aware of our efforts and he documented the whole day in photographs, from the first frenzied bidder to the sale achieved on the steps of The Shelbourne Hotel. The gallery of photos will up available shortly. A very special word of thanks must go to Paula ter Brake of Weston & Wellington Ltd., providers of property and financial solutions who helped us out when technology failed us! Paula is also the founder of The Property Panel, which future bidders might find beneficial.

I am very much looking forward to the next auction day, provisionally scheduled for 5th July and I would urge buyers to be a little more organised this time! Investigate the property and leases if relevant, have the legal title checked out and have a bidding strategy in place in advance of the day.

In the meantime, the Irish Property Buyers Handbook 2011 will be on shelves in two weeks time and to celebrate the launch, Buyers Broker Ltd will be hosting a special auction seminar for buyers. This will take place in Dublin in the first week of May. Places will be limited so interested buyers are asked to contact info@buyersbroker.ie to register.

~Carol Tallon,
MD Buyers Broker Ltd.

RESULTS

Lot. Location Result
1 1 Lensmen House, Essex Street, Dublin 2, Temple Bar €126,000
2 428 Castleforbes Square, Upper Mayor Street, Dublin 1 €129,000
3 41 The Tannery, Cork Street, Dublin 8 €102,000
4 3 Chancery Court, Bride Street, Dublin 8 €159,000
5 1 Wilford Court, Co. Wicklow, Bray €154,000
6 3 Seaview, Co. Galway, Clifden €141,000
7 4 Bridle Walk, Kilminchy, Co. Laois, Portlaoise €61,000
8 28 Bridle Walk, Kilminchy, Co. Laois, Portlaoise €62,000
9 Retail Unit, Castle Street, Co. Tipperary, Roscrea €336,000
10 7 Meadows Villas, Dublin 14, Co. Dublin, Dundrum €410,000
11 Apartment 31, 25 Wolfe Tone Street,, Dublin 1 €120,000
12 415 Castleforbes Square, Upper Mayor Street, Dublin 1 €116,000
13 432 Castleforbes Square, Upper Mayor Street, Dublin 1 €190,000
14 9 Hybla Court, Blackhorse Avenue, Dublin 7 €107,000
15 51 Lakeshore Drive,Galway City, Renmore €332,500
16 59 and 60 Murrough Drive, Merlin Park, Galway City, Co. Galway, Renmore €205,000
17 28 Chancery Court, Bride Street, Dublin 8 €159,000
18 16 Clan House, Dominick Street, Co. Galway, Galway City Centre €74,000
19 44 Chancery Court, Bride Street, Dublin 8 €345,000
20 103, 103A and 103B Rathgar Road, Dublin 6 €350,000
21 37 The Tannery, Cork Street,, Dublin 8 €93,000
22 2 Auburn Park, Dublin 15, Castleknock €207,000
23 5 Auburn Park, Dublin 15, Castleknock €200,000
24 6 Rookwood View, Stocking Lane, Dublin 16, Rathfarnham Available
25 108 Churchtown Road Lower, Dublin 14, Churchtown €495,000
26 106 Churchtown Road Lower, Dublin 14, Churchtown €505,000
27 17 Clan House, Dominick Street, Co. Galway, Galway City Centre €70,000
28 33 Bridle Walk, Kilminchy, Co. Laois, Portlaoise €64,000
29 11 Lord Edward Street, Co. Limerick, Kilmallock €285,000
30 380 Castleforbes Square, Upper Mayor Street, Dublin 1 €179,000
31 Apartments 1-6 and Units 1-3, Tuskar House, Johns Gate, Co. Wexford, Wexford €560,000
32 11 Auburn Park, Dublin 15, Castleknock €159,000
33 12 Auburn Park, Dublin 15, Castleknock €160,000
34 42 Raglan Lane, Ballsbridge, Dublin 4 €550,000
35 Apartment 21, Gleann Na Tra, Sandy Road, Galway City €95,000
36 18 Clan House, Dominick Street, Galway City Centre Available
37 418 Castleforbes Square, Upper Mayor Street, Dublin 1 €161,000
38 Ground Floor and Basement , 137 Capel Street, Dublin 1 €190,000
39 63 The Tannery, Cork Street, Dublin 8 €120,000
40 1 Hybla Court, Blackhorse Avenue, Dublin 7 €100,000
41 37 Braemor Park, Churchtown, Dublin 14 €470,000
42 13 Rookwood View, Stocking Lane, Dublin 16, Rathfarnham €145,000
43 21 Auburn Park, Dublin 15, Castleknock €160,000
44 Crohamhurst, Sandyford Road, Sandyford, Dublin 18 €530,000
45 Units 1 and 2, The Anchorage, Co. Meath, Bettystown Withdrawn
46 357 Castleforbes Square, Upper Mayor Street, Dublin 1 Available
47 The Glen House, Kyle, Baltinglass, Co. Wicklow, Wicklow €420,000
48 Unit 3, Mahon Shopping Centre, Co. Cork, Mahon Village €130,000
49 152 Cois Na hAbhainn, Co. Galway, Tuam €70,000
50 19 Clan House, Dominick Street, Co. Galway, Galway City Centre €70,000
51 39 The Tannery, Cork Street, Dublin 8 €103,000
52 Apartment 17, Patrick Square, Anne Street, Co. Kildare, Newbridge Available
53 7 Rookwood View, Stocking Lane, Dublin 16, Rathfarnham €139,000
54 22 Auburn Park, Dublin 15, Castleknock €168,000
55 Unit 2, Windmill Lodge, Windmill Road, Dublin 12, Crumlin €220,000
56 Site at Estuary Road, Co.Dublin, Malahide €230,000
57 371 Castleforbes Square, Upper Mayor Street, Dublin 1 €140,000
58 34 Bridle Walk, Kilminchy, Co. Laois, Portlaoise €64,000
59 19 Chancery Court, Bride Street, Dublin 8 €160,000
60 Commercial Unit, Chancery Court, Bride Street, Dublin 8 €57,000
61 20 Clan House, Dominick Street, Co. Galway, Galway City Centre €70,000
62 424 Castleforbes Square, Upper Mayor Street, Dublin 1 €163,000
63 The Medical Hall/Cross Pharmacy, Main Street, Co. Cork, Castletownbere €365,000
64 9 The Tannery, Cork Street, Dublin 8 €121,000
65 25 Gort Na Carraige, Co. Galway, Corrandulla Available
66 14 Rookwood View, Stocking Lane, Dublin 16, Rathfarnham €140,000
67 31 Main Street, Co. Wicklow, Arklow €400,000
68 21 Clan House, Dominick Street, Co. Galway, Galway City Centre €78,000
69 33 Auburn Park, Dublin 15, Castleknock €172,000
70 34 Auburn Park, Dublin 15, Castleknock €180,000
71 62 The Tannery, Cork Street, Dublin 8 €119,000
72 431 Castleforbes Square, Upper Mayor Street, Dublin 1 €165,000
73 464 Castleforbes Square, Upper Mayor Street, Dublin 1 €185,000
74 15 Weston Crescent, Weston Park, Co. Dublin, Lucan €250,000
75 21 Dun Na Ri, Co. Carlow, Tinryland Available
76 25 Alverno Drive, Co. Westmeath, Athlone €49,000
77 3 Liffey Walk, Liffey Valley Park, Co. Dublin, Lucan €161,000
78 33 Heather Hill Wood, Sleaty Road, Co. Carlow, Carlow €129,000
79 36 Grange Heights, Co. Westmeath, Mullingar €30,000
80 Withdrawn Prior, Withdrawn Withdrawn
81 7 Hermitage Road, Co. Dublin, Lucan €181,000
82 Larraghmore, Ballyglunin, Co. Galway, Tuam €74,000
83 Site, Strand St Upper, Co. Wicklow, Wicklow Town €52,000
84 The Covet, Bostoncommon, Co. Kildare, Rathangan €140,000

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