Distressed property auctions are to become the norm in post Celtic Tiger Ireland according to the trend-setting British auction house responsible for the country’s first fire sale.
Bowled over by the success of last Friday’s auction in Dublin’s Shelbourne Hotel, the Allsop group now plans to stage up to five distressed property auctions a year.
All but one of the 82 properties listed at knockdown prices last Friday sold in the highly publicized auction which generated sales of €15 million.
The next auction is already scheduled for July 6th, when 200 lots will be auctioned, including apartments, tenanted shops, farms and houses.
Operating in tandem with its Irish subsidiary Space, Allsops now intends to maximize the potential of these auctions.
“Our company is being inundated with requests from receivers, banks and individuals who want to sell their property fast,” said Stephen McCarthy, a director of the Space organization.
Bargain properties will continue to be the big sellers at the distress sales according to McCarthy with many parents keen to buy for their children and overseas buyers also interested.
“It’s clear that the easiest properties to sell are those under €200,000,” added McCarthy.
“Agricultural land also went very well, and we hope to have more of that.
“The upper end of the market won’t feature however. You won’t see houses on Dublin’s Ailesbury Road in these auctions.”