The eight Allsop Space distressed property auction takes place at the Shelbourne Hotel, Dublin on 3rd October 2012.
With 127 lots, this will be the biggest auction so far, largely due to increased demand from banks and receivers. This is great for investors but maybe not so for home buyers. First time buyers with vision, who are not looking for a typical family home i.e. a three or four bed semi in suburbia, will have some interesting options to choose from.
Lot number 1, a three bed end of terrace in Ranelagh with a reserve price of just €190,000 is sure to draw attention from home buyers and investors. Also, lot number 3, the two bed duplex in Grand Canal Dock is fair value at €225,000, we would not like to see that price exceeded on the day by too much. Typically, reserve prices as these auctions are exceeded by 30% and this higher figure establishes market value; however, it is worth noting that the higher price would rarely be achieved outside the auction room.
Lot number 40, 34 Fitzwilliam Place and 34 Leeson Close comprises of a stunning Georgian office building together with a mews building to the rear and represents a bargain at €850,000 and many investors will take a second look at this one.
At a glance, we know there are a few familiar properties. This are properties that either failed to sell or ones that sold and failed to complete at previous auctions. A particular word of caution on these properties as they are likely to have structural, title or other issues that may be costly to rectify – this is a good place to remind buyers about the difference between a cheap property and a cheap price!
The catalogue has just issued and we will bring a user-friendly searchable spreadsheet of properties, together with descriptions and/or comments to the blog within next few hours…