Distressed Property: Time finally right to buy property?

Distressed Property: Time finally right to buy property?

Distressed PropertyThe second Irish Allsop Space auction gets underway today at 11am in the Shelbourne Hotel in Dublin which will see 87 lots up for grabs with a mixture of property on offer from a €30,000 reserve 3,000 sq. ft site in Blackrock to a €1.45m semi-detached red-brick at 35 Ailesbury Road. As before, there is a reserve price that may be less on the day but will not be more.

Almost €14.5 million of repossessed properties were sold over five hours at their April 15th auction where an estimated crowd of 1,000 comprised of onlookers, the curious, first time buyers and small time investors packed into the ballroom of the Shelbourne. Out of the 84 lots on offer that day, 81 were sold, 2 were withdrawn and only 1 left unsold. The majority of the properties went for more than 20%+ above their reserve price, but were still about 50/55% below what similar properties sold for at the peak of the market.

Unsurprisingly the success of that Allsop Space auction in April caught the attention of many Agents and Auctioneers around the country with a number of them already signalling plans to hold their own Auctions; these include RTA Business Sales, Merlin Group, Osborne King in Northern Ireland, Savills, Real Estate Alliance, GMAC as well as smaller monthly auctions planned by Gunne Residential in Dublin and O’Donnellan Joyce in Galway.

Distressed Property Auctions:

  • Will they help boost activity in the property market?
  • Do they offer real value for money?
  • Is it finally the right time to buy?

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