The Real Estate Alliance (REA) have announced a series of regional auctions are to take place throughout Ireland over the coming months. The first auction will feature residential, commercial and agricultural properties from across Ireland.
The auction will take place in Dublin’s Davenport Hotel with a second auction covering the Munster region scheduled to take place in Limerick. The Real Estate Alliance members have recently seen positive movement in the property market since the beginning of 2012. The lots are being sourced from both private individuals and institutional clients to include bank and receiver stock.
According to Philip Farrell, Business Development Director of REA, “The auction platform has been initiated following renewed interest from our local buyers. Our research shows that approximately 85 percent of purchasers for most types of properties come from the general area.
“As our agents are locally based, we are ideally placed to advise vendors of the true value of their respective property in today’s market. We are also keen for buyers to be aware that the properties being offered for sale have been carefully selected to ensure realistic, affordable prices.”
Farrell said that although some properties may not be suitable for sale by auction, many are and they can advise their clients of the most appropriate method of disposal. REA can offer a multi sales property service by taking on the sale of the property by private treaty or by auction. According to Mr. Farrell, “It is ultimately dependent on the vendor’s objective, where that is to maximize the value of the property or alternatively to dispose of the property as efficiently as possible.”
Michael Boyd, the chairman of REA said, “A relatively new offering from REA is the concept of putting the property to the market by private treaty initially for a period of 8-10 weeks. If a successful sale is not achieved within an agreed timeframe, the vendor would have an option of placing the property in our regional auctions at a reduced achievable price - based on the level of interest to date.”
REA’s first regional property auction will be held on Wednesday, 17th October at the Davenport Hotel, Dublin with the next auction taking place in Limerick on the 22nd of November. Those bidding will need to have their finance in place with a 10% deposit being payable on the day. Further information about the auction can be obtained by logging onto www.realestatealliance.ie.