Property Auctions – Have Your Say

Property Auctions – Have Your Say

A scene from yesterday's auction

Yesterday’s auction in the Shelbourne Hotel proved yet another major success for Allsop Space.

Just under €12.5 million was raised from the 87 properties that went under the hammer, with just six unsold and seven withdrawn.

The final tally of €12,416,500 was just over €2 million above the total price of the reserves.

In fact, of the 87 properties sold on the day, only four were for below the reserve price, with 10 selling at the reserve and 73 above it.

Undoubtedly one of the biggest successes of the day was Lot 91, an apartment in Upper Ormond Quay, which sold for €1,020,000 – €410,000 above its reserve.

That was just 35% above reserve though, whereas the likes of Lot 83 – a four bed end of terrace house in Monaghan – sold for 265% above its reserve, going for €182,500 in the end after bidding started with a reserve of €50,000. Lot 3 – a terraced house in Eyre Square in Galway – was even more successful, selling at 273.3% above the reserve.

Of course, it’s not just the sales figures that make the auctions successful. The money raised on Thursday was more than the €11.4 million taken in in the last auction in November when there was more lots listed on the catalogue.

The crowd in the Shelbourne Hotel was significantly up as well. Early into the auction, auctioneer Gary Murphy had to ask some observers to leave the room to make space for potential bidders. Later a member of the hotel’s staff estimated that over 2,500 people had made their way through the doors between the first property going under the hammer and lunchtime. The fact it ran until almost 4.30pm tells you that many more would have made their way through the doors in the afternoon.

Prospective buyers look through the catalogue at the Allsop Space auction

Media interest was also at an all time high too, with the most cameras and reporters present since the first of Allsop Space’s auctions last April. They would have been amongst the most disappointed to see Lot 55 – a home in Leitrim with a reserve of €7,500 – withdrawn.

Many people left the Shelbourne Hotel on Thursday believing they had got themselves a bargain.

Amongst the happiest was Patrick Diver, the current manager of The Sandhouse Hotel in Rossnowlagh, Co Donegal, who bought the 55 bedroom hotel and its surrounding lands for the reserve price of €650,000 – the same amount a decent sized house would have fetched in the boom.

His yelps were evident upon securing the property and many more were heard throughout the day.

Of course, behind a lot of these properties is some form of sorrow. At some stage or another, someone had taken a punt on them that hadn’t paid off.

That’s the reason why protestors are a common sight outside Allsop’s auctions and could perhaps explain why a number of people had to be removed from the Shelbourne early on.

One man roared “shame on you” as the auction got underway while another described the practice as “vulgar”.

Auctioneer Gary Murphy of Allsop Space, who overseen the sale of 87 lots yesterday

The tide is turning though, with Allsop reporting that a third of the properties put forward for yesterday’s catalogue coming from private individuals wishing to cash in on the success of the auctions, which yet again had a 94% success rate yesterday.

Today we ask you what your thoughts are but regardless what they might be, it appears the Allsop Space auctions are here to stay.

After raising €52 million from four auctions last year, they are well on course to beat that figure in 2012 with four more auctions to come, the next of which is pencilled in for May 2nd.

The auctions undoubtedly divide opinion but there’s little doubt from the numbers that packed into the Shelbourne Hotel yesterday and from the many more that watched online, that they are becoming a form of entertainment for a wide range of people.

Each of the properties that features in the Allsop catalogues might be there as a result of repossession and/or a lost dream but the auction process is giving a new batch of people hope for the future with the number of online Australian bidders suggesting that some who may have been forced to leave these shores, might just be able to find their way back here as a result of the process.

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There are 19 comments for this article
  1. Pingback: Vast majority in favour of Allsop Space auctions – MyHome.ie Blog
  2. Maire Roche at 8:21 pm

    Hi,

    Im not sure what these auctions are.
    Are they repossed properties. If then
    I would prefer not to cash in on proples misery.
    If they are just people selling their properties then I might be interested.

    Kind regards

    Maire
    mairerochde90@gmail.com

  3. Mrs C Quinn at 10:25 am

    I intended to bid but I was put off by heart rendering pleas from those who have lost their homes

  4. Paddy the prophet at 5:07 pm

    Most of the lots are badly located problem properties, few real bargains to be had, but the Allsop auctions are the best way to sell a property in Ireland today.

  5. chris smyth at 11:53 am

    why will any one pay more than ,say max 5% of what the seller is willing to acceept ??? time for a bidders union !!!

  6. Patrick at 10:03 am

    Unfortunately, In the absence of Bank lending, this would appear to be the only avenue available to anyone with distressed property sale. Until this Country together with our Euro partners get the act together,and devise a method of sustained growth for the Euro Zone,as opposed to more Austerity.We will not be in a position to ask our now revitalized lending institutions to commit to equitable lending,as I believe we have not got there yet.To force lending at this time, is to say the least premature, and could lead to yet more negative equity.

  7. Brian Kearney at 7:00 am

    Why CAN’T IRISH AUCTIONEERS CONDUCT THESE AUCTIONS?

  8. Paddy Conway at 7:58 pm

    I would like to see it conducted on a permanent basis, the public would decide the price and not the auctioneers or the vendor. If you watch
    Homes Under the Hammer BBC 1 10.00 am monday to
    friday.
    A minimum price can be set to protect the seller by the seller.

  9. Judith Ziegler at 7:47 pm

    We have these all the time in the US. The properties are almost always in foreclosure, are bank-owned, and haven’t sold for years after being empty. This is a world-wide problem. Yes, it is a deal for those who have the money to purchase. The downside is that the homes purchased often become rentals and MAY not be “kept up” appropriately. I do not wish to be pejorative in that statement, as owners can leave a home just as messy when foreclosed upon as anyone else.

  10. Mary at 5:06 pm

    Irish investors must first believe in Ireland to convince the international crowd. We can do this by buying our own properties not ones abroad. Buy Irish in every way!!!

  11. brian cotter at 4:45 pm

    if it helps to get the country moving a little == like the hotel in donegal – it could generate jobs

  12. nicky Beades at 4:36 pm

    I bought my first property in 1972 at auction. That was the way most property sold then.We seem to be coming full circle back to the auctions again. It is a pity that an Irish auction house is not operating the business. One good thing about an auction,it is transparent an it keeps out the smart ass auctioneers from playing games with peoples lives.

  13. sean at 2:29 pm

    all they are doing is getting the mugs to put in higher bids as they get caught up in the auction
    i bet a lot will be asking what have we done.
    sean.

  14. Alan Clark at 1:49 pm

    For a lot of people it is the end of the road losing the family home. However on a positive note, it should also be a God send that their debts to the lenders are now possibly cleared. Back to the beginning again and hopefully a lot wiser to begin again rebuilding their lives.

    On repossessions, I don’t know if I have the balls to profit on someone’s misfortunes, “what comes around goes around”!

  15. gemma at 1:05 pm

    many of these properties are family homes repossessed by the banks, who have been paid for them already. This is an amoral practice and I would not be seen dead at one, would rather live in a tent at Occupy Dame Street.

  16. Richard at 1:02 pm

    This is a transparent and competitive manner of selling in any market place. Currently the impression is that these are mostly distressed properties but in future, I expect many more willing sellers for this type of auction.
    There may still be some concerns about buyer’s protection and ability to do proper due diligence which is inhibiting even greater interest.

  17. fenion at 9:59 am

    Let the market take care of its self. Good for those who are able to take advantage of these sales

  18. Barbara Seligman at 9:46 am

    At least when Allspot advertise properties for sale, they are for sale, unlike the properties on “MyHome.ie”.

  19. Neville mc carthy at 9:37 am

    I think this auction is an absolute disgrace.all it’s doing is feeding off other people’s misfortunes like vultures.!!!I would rather put a light to me house than it end up in the hands of these greedy bastards!!!

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