The reserve price of just $19,650 (€15,000 ) has been placed on a two-bedroom house in County Cavan. This is just one of the 106 “distressed” properties to be included in an upcoming auction in the Shelbourne Hotel, on 3rd May.
The most expensive residential property to be featured in the Allsop/Space auction a five-bedroom house in Deansgrange, Dublin, with a reserve price of $327,500 (€250,000).
In Killarney, County Kerry, the 43-bedroom hotel, Darby O’Gills, is up for auction. This premises has a pub, restaurant and 1.46 acres of land. Last year it had a guide price of $1,244,000 (€950,000). This May the guide price is just $589,550 (€450,000).
Although the lowest reserve price on a these properties the Cavan two-bed for $19.650 (€15,000) 30 of the properties listed have a price tag of less than $91,700 (€70,000).
These properties include a two-bedroom house on Henry Street, in Galway, with a price tag of $26,000 (€20,000).
In Ballyjamesduff, County Cavan, three almost completed houses (only missing kitchens and bathrooms), along with a four-acre site at Woodlands Park, has a guide price of $52,500 (€40,000).
Speaking to TheJournal.ie, Robert Hoban, Associate Director of Allsop Space, said over 400 properties have been sold at their previous auctions. He said that the average – “and this is very much an across the board average” – sale price of the properties was 29-30 per cent above the reserve.
He continued “About one in four sell under reserve and about three in four sell over the reserve.”
Hoban added that these are not repossessed houses. He said “It says on the catalogue if there is a receiver involved – the rest are from private individuals.
“Nobody has been evicted from any of the properties we have up for auction.
Hoban said the number of people approaching his company to sell their properties have increased steadily since their first auction in April 2011. He added that 50 percent of the properties in the upcoming auction are owned by private individuals.
So far over 100,000 people, from 130,000 countries have accessed the online catalog. Hoban said there are 45 overseas bidders registered for the upcoming auction.