Allsop Space have now issued the catalogue for their March 1st auction. With one hundred lots offered, volume is down 12 from their previous auction in November last year, and the quality definitely varies.
Regular locations like Castleforbes, Dublin 1 and Grallow Wood, Abbeyleix re-appear this time around and are assured to sell, although I am not expecting the reserves on these particular properties to be exceeded by as much as usual. In the past, maximum reserve prices have been exceeded by an average of 33%, however, the market has fallen in most areas since Allsop Space ran their first auction in Spring 2011 so it would seem reasonable that prices achieved from investment properties would remain constant or drop slightly.As always, we look at the potential family homes (typically three and four bed houses in established, residential areas) and this type of property is becoming increasingly scarce at these auctions. This is unsurprising when the lead-in time has shortened to just three weeks. This time frame is simply insufficient to allow a mortgaged buyer to get the bank on board and for the mortgage provider to comfortably research and authorise a budget range for would-be bidders. This is disappointing as 2012 was to be the year that mortgaged home-buyers got the opportunity to compete in the auction room. Mind you, it could happen yet. Unfortunately Merlins postponed their scheduled auction from March to May and newcomers to the Irish scene, LRC Promotions, postponed theirs from March to April (to be confirmed); however, both these firms have their sights set on mortgaged home-buyers and should prove more accommodating. Merlins, in particular, have set about involving the potential mortgage lenders already and this should make life easier for mortgaged bidders.
Back to this latest offering from Allsop space…
Sample maximum reserves include:
- A two-bed cottage in Leitrim on 0.3 acres from €7,500
- Studio apartment in Rathgar from €35,000 (bidding on that should be interesting!)
- Three-bed houses in Cabra from €100,000
- Apartments/retail mix in Harold’s Cross, Dublin from €595,000
- 55-bed hotel in Donegal from €650,000
- Stunning residential watermill in Rathvilly, Co. Carlow on 3 acres from €150,000
- Four-bed terraced period house at Seville Place, Dublin 1 from €35,000
- The former Church turned restaurant in Duleek from €60,000
- Two-bed apartment in Limerick City from €25,000 (although that might not turn out to be a bargain – The rental market in Limerick has its own problems at the moment, which I will cover in a later blog)
As already mentioned, the lead-in for this auction is less than three weeks so it is imperative that interested bidders start preparing immediately. Log onto our auction services for buyers to get started.