Allsop Space Auction 7th July 2011

Well done Allsop Space – another amazing day of discounted property auctioneering at the Shelbourne Hotel. Almost €16 million worth of property sold in approximatley 6 hours. Of the 87 offered 5 were withdrawn prior to auction and 5 reserve prices were not met. All in all a very successful day – download the full breakdown of the reserves and prices achieved here Allsop Space Auction Results 7th July 2011

The most successful aspect of the day was that the prices achieved were, for the most part, consistent with those achieved by the same agency in April this year. Market value for one and two bed apartments in the city center have now been established, as have market values for three bed semi detached homes in the capital and surrounds.

The auctioneers had taken a risk by including a number of quality family homes and these were not as well received by bidders in the room but most found an owner, reserves for family homes were not exceeded greatly with the exception of Lot 79, 48 Iona Road – which broke a few hearts! This property exceeded its reserve price of €360,000 and achieved an amazing €710,000 thanks to the zealous bidding by no less than 7 bidders – this lot attracted the most attention of any on the day. In my professional opinion, the price achieved bore little relation to the true value. Similar properties in the area are struggling to achieve in excess of €600,000 – but this result is sure to impact on the local market.

It was clear that cash investors were dominant in the auction room. Most homebuyers, from what we could see, young ladies, brought fathers to do their bidding but few could compete with the prices investors were willing to pay.

Best buys of the day to my mind include Lot 37, the 2,250 sq ft home on 3/4 acres in Lombardstown, Co. Cork which achieved €70,000 (Max reserve was €102,000 – some of the most shrewd bidding exhibitions of the day!) and Lot 10 – 249 Upper Kilmacud Road in Stillorgan which struggled to achieve €280,000 (Max reserve was €275,000).

Less impressive buys of the day must surely be purchases in Tyrrelstown, Dublin 15 where 3 bed semi’s achieved €124,000 – €129,000. In an area of gross over supply and seemingly low demand this price is greater than can be achieved currently through private treaty.

The high profile lots of the day included two adjoining houses on Killiney Hill that achieved €325,000 (despite the controversy and objections from the floor that were largely ignored by eager buyers); 61 Haddington Road that achieved €635,000 and significantly No. 35 Ailsbury Road that achieved €2,325,000 (€875,000 above the reserve). This Ailsbury Road property contrasts sharply with No. 22 on the same road, which is currently selling through Christies international with a guide price of €12.5 million.

Another superstar on the day was The Mill House and Mill Mews – two seperate houses in Schull, Co. Cork which attracted no less than 5 phone bids prior to kickoff. With a modest reserve of €270,000 this property represented excellent value for money however, intense bidding ensured that the reserve was greatly exceeded and the property ultimatley sold for €560,000 – about right for this multi-purpose, one of a kind property in such a stunning location.

The most fiesty bidder of the day was the gentleman determined to secure Lot No. 69, Connolly’s Public House in Portumna, Co. Galway. When the traditional Irish ‘nod and a wink’ failed to impress Gary Murphy – the Auctioneer, our rogue of the day challenged Mr. Murphy like it was just the two in the room fighting over cattle! Not to be intimidated, the bidder marched up the center of the room and stood within inches of the Auctioneers nose and proceeded to make his bids known by raising his fist in the air defiantly. In response to this fist shaking, Gary Murphy, ever the professional, cooly stated “Sir, don’t bid until he [the other bidder] bids – you’re spending too much money”. Our bidder ultimately secured the property for €270,000 but given the reserve of €50,000 – this may have been a pride purchase. This was the only lot that drew a cheer and applause from the entire room – maybe Allsop Space should consider holding their next auction at Connolly’s of Portumna!

Finally, I would console any unsuccessful bidders by letting them know that for every lot offered by the non-Nama banks so far this year there are a further 8 to 9 similar properties on the banks books.

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