92percent of lots sold at Irish distressed property auction - cheapest sells for $43,000
Crowds turn out for latest auction in Dublin
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
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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