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92percent of lots sold at Irish distressed property auction - cheapest sells for $43,000

Crowds turn out for latest auction in Dublin

CATHY HAYES,

IrishCentral Staff Writer

Published Friday, December 2, 2011, 8:10 AM

Updated Friday, December 2, 2011, 8:10 AM

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A two-bed apartment at The Cubes in Beacon South Quarter (above), Sandyford, D18, with parking, sold for $204,000

Photo by Irish Times

Some 1,600 people packed into Dublin’s Shelbourne Hotel on Wednesday for the latest Allsop Space auction of distressed property.

Out of the 108 properties for sale, a total of 97 were sold during the auction, while a further two were snapped up afterwards. The total sale of all properties amounted to $15.4 million (€11.4 million).

Around 50 percent of all buyers bought with cash. An estimated one third of the properties were apartments, with one four-bed apartment in Santry being sold for a mere $102,000 ( €76,000).

The most expensive residential property sold was in the up market suburb of Rathgar in South Dublin for $585,000 (€435,000). The double-fronted period house at 13 Garville Road, Rathgar, Dublin 6 sold above its reserve.
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The cheapest home that went under the hammer was a five-bedroom house in Donegal which sold for $43,000 (€32,000), in Beechwood Park in Convoy, Co. Donegal.

A two-bed apartment at The Cubes in Beacon South Quarter, Sandyford, D18, with parking, sold for $204,000 (€152,000). One father present at the auction told the Irish Times that his daughter had bought a similar property in Beacon South Quarter four years ago for $566,000 (€420,000).

A former nursing home in Rathfarnham on 1.64 acres with planning permission for 32 townhouses sold for $781,000 (€580,000).

A commercial property on 174 Pembroke Road, Dublin 4, separated into two restaurants, sold for $848,000 (€630,000), which was the most expensive lot in the auction.

In Donegal, five four-bed houses in Beechwood Park in Convoy, sold for between $43,000
and $71,000.

A log-cabin lakeside house with a private marina in Lough Sillan in Shercock, Co Cavan sold for $176,00 (€131,000) over four times its reserve.

“The bidding was very business-like, there was no waiting around,” Robert Hoban, director of auctions at Space Allsop told the Irish Times. “A lot were there to bid, there weren’t as many onlookers as before.” For those who failed to sell, “it was simply because they were priced too high”.

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pilib04 | Dec 04, 2011, 02:10 PM EST

a bit of a Rush To Judgement here. Condemning those who bought these properties. How many were actually owned and inhabited and how many were ghost towns? I can tell you for sure that the above mentioned Beechwood Park outside of Convoy Donegal is a ghost town. They were built, but no one moved in to them. Why should they sell for more than their actual value? I have to assume those commenting are not aware that there are somewhere in the neighborhood of 500,000 empty homes in Ireland! They were built because of foolish bank loans over the past ten years and now sit empty or half finished!

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Pittsburghkid | Dec 03, 2011, 12:42 PM EST

Banks do just give mortgages on property without first getting an underwriters approval. In America the person taking out the mortgage pays for the underwriting. Since the property was valued by the underwrited at more then the property was worth, then it is the underwriters problem not the homeowners. If the underwriters would have correctly valued the property, then the bank would not have issued the mortgage. People purchasing mortgage relay on,pay for banks to correct assess the value of the property. Now the consumer has to pay for the mistakes of the Banks. It is all the price for belonging to the EU. I do not think Ireland will have to withdraw from the EU. The EU will collapse.

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Tattytattat | Dec 03, 2011, 05:26 AM EST

Those who buy these properties should be ashamed of themselves, for they leave in their wake families made homeless, and devestated by suicide which has risen by 28 percent because people are unable to feed their families and meet their mortgage repayments due to unemployment and negative equity they have found themselves in because of the unscrupulous greedy behaviour of the uber wealthy bondholders and bankers

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billie061 | Dec 02, 2011, 11:27 PM EST

My home 4 years ago was worth over 400 thousand today I would be lucky to get 200, but thank God its paid off, but I know people in my locality that have lost there homes, one woman had a breakdown when she lost her home, the goverment have a lot to answer for all this, but the fat cats are all fleeing across the pond to your country where they prob have hidden their money, the budget next week will only hit joe soap and the elderly and children, this worse than the last ressecion in the 80,s I live in a small village and every week another young person is emigrating, soon there won;t be any of them left.

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IrishHomeowners | Dec 02, 2011, 08:01 PM EST

There is an abundance of vacant available property in Ireland. We're asking everyone who is considering purchasing property not to bid on homes that have been "voluntarily" or "involuntarily" taken off individuals and families. If the banks knew that no one in this country was likely to bid on a repossesed property, it would then be to their advantage to start getting real and give people options that are rooted in reality. The monopoly game is over! People in Ireland just want to be given the opportunity to pay a reasonable price for very ordinary houses. Just like the people who attend auctions....ordinary homeowners want to pay a fair and reasonable price for our homes; we want to be allowed to remain in our homes, not bullied and terrified until we "voluntarily surrender". What's happening in this country is morally wrong - ordinary people have been left with the burden of covering the cost of the bank guarantee. We are levied and taxed to such an extent that those of us working would be better off with the deductions rather than what's left of our salary. The rest of us are unemployed - huge numbers of us are left with houses that are now worth less than half what was paid for them less than four years ago. We're not looking for bail outs or anything for nothing but we are seeing justice and we will not give up until we find it!

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Portia777 | Dec 02, 2011, 03:19 PM EST

Shame on anyone who bought these properties, while others are homeless as a result.

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LoyalCitizen | Dec 02, 2011, 03:11 PM EST

And yet there is still room to go down even further.

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Murph46 | Dec 02, 2011, 10:53 AM EST

And you are having Clinton speak on Economics-See my blurb about that. The aftermath of too liberal policies and now the chickens come home to roost!

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paddygrant | Dec 02, 2011, 10:02 AM EST

It is disgraceful that people are still being evicted in Ireland and their family home being auctioned off by this British auction giant. It is reminiscent of the 19th century Land League days, This crowd are no better than Captain Boycott himself. Shame on the auctioneers and the speculators that buy these homes that were once occupied by families, I suppose the auctioneer doesn't give a thought for the children that were made homeless to satisfy his sales spreadsheet.

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