Bidding frenzy over Galway apartments
Published 22/05/2015 | 02:30
A portfolio of six apartments in Galway brought in an astonishing 169 bids in less than three hours yesterday, and sold for more than €200,000 above its reserve. The apartments at Doughiska were sold at an online auction run by real estate firm Allsop.
The properties, which were sold as one lot, were opened up for bidding at 8am. Bidding was brisk from early on, but not unusually so. But in a manner that will be familiar to anyone who has tried to buy something on the auction site Ebay, bidding kicked into a frenzy in the last few minutes. Two bidders fought it out, and helped push the final sale price up to €561,000. That was far above the reserve range of €300,000 to €350,000.
Allsop director Robert Hoban said the bidding activity was "unprecedented".
"With 10 registered bidders chasing the property, bidding for the building containing six two-bedroom apartments opened at €300,000 at 8.02am.
"The sale closed at 10.48am with a final bid of €561,000. Contracts are now signed and deposit collected," he said.
"The unique bidding extension system resulted in the timer being extended a whopping 97 times, allowing an additional €129,000 in bids. A Galway buyer bought the property, having competed against three other Galway bidders, and one bidder each in Dublin, Athlone, New York, Liverpool and Australia."
The property was listed as Lot 4 in Allsop's second online auction after its initial move into the online space earlier this year.
Unlike the huge physical auctions in venues such as the Shelbourne Hotel, for which Allsop has become renowned, the online auction is carried out virtually over the web.
Potential buyers can register online, and if they prove their bond fides, can view all the relevant documents relating to the property ahead of time.