Friday 23 February 2018

West is the best when it comes to auction action

West is the best when it comes to auction action

When it comes to auction action, the West appears to be wide awake. A recent auction of 10 Galway houses saw seven sold when more than 300 people turned up for the O'Donnellan Joyce auction in the Victoria Hotel.

On the other hand, Real Estate Alliance (REA) has decided to hold off on plans for a second bumper auction this year and wait until next spring.

Eimer O'Keeffe, REA's CEO, says: "While we are extremely happy with the number of properties being submitted to the auction, we were not satisfied with the suitability of a number of the lots for this means of disposal."

Meanwhile, Dublin's first auction of the autumn season saw a Donnybrook house sell for well above its AMV last week. The four-bedroom period red brick, 127 Morehampton Road, Dublin 4, sold under the hammer for €490,000, which was €40,000 over the guide price quoted by Douglas Newman Good. The AMV, which is quite low for the area, reflected the need for extensive repair.

In Wexford, a young couple outbid two other competitors to buy Barryville, a five-bedroom end-of-terrace house in Rosslare Harbour for €120,000. This was the price that Kehoe & Associates guided prior to the auction. There were three bidders and bidding opened at €80,000.

The same agents auctioned a three-bedroom house in Wexford town three weeks ago for less than the AMV. An old-style townhouse in The Faythe had guided €85,000 and it sold for €70,000. Kehoe auctioned six houses this year and all sold under the hammer.

In Kildare, a 26-acre equestrian property, Borehard Stud, was withdrawn after a bid of €650,000. The agents JP&M Doyle are now quoting €900,000 for the property at Baylands, Naas, which comes with a house, staff accommodation and 25 stables.

In Meath, Brady Property Partners sold a two-bedroom semi-detached cottage on half an acre at Blackwater Bridge Enfield for €84,000 or €4,000 over its AMV. However, near Navan, a 100-acre equestrian property, Caddagh House, Wilkinstown, did not receive a bid during the auction. Afterwards one of three interested parties made an offer of €1.5m but the joint agents Raymond Potterton and Charles Smyth are still guiding €1.9m to €2m.

In Galway, O'Donnellan Joyce sold two houses above their AMV. One of these, 29 St Nicholas Road, Claddagh, had the lowest AMV at €140,000. While needing refurbishment, its large garden attracted strong bidding and it sold for €185,000.

The other house to exceed its AMV was also in the Claddagh. No 1 South Park Terrace has three large bedrooms and stands on a large double site with views overlooking Galway Bay and Salthill Promenade. Colm O'Donnellan quoted an AMV of €250,000 and saw two young couples competing in bids up to €259,000

The highest price on the day was achieved by 44 Grattan Park, Salthill, a detached four-bedroom house in a cul-de-sac just off Salthill Promenade. While its AMV was €400,000 it sold for €350,000.

A Woodquay property with both commercial and residential potential achieved another of the stronger prices. Located on a high-profile corner, 8 Walsh's Terrace, Woodquay, is a six-bedroom house in need of modernisation that came with a €320,000 AMV. Bidding started at €240,000 and two bidders chased it to €290,000 at which it was withdrawn and sold after for a higher figure.

The cheapest house to sell was another refurbishment prospect -- Ard Aoibhinn, St Bridget's Place, at Prospect Hill, a four-bedroom detached house with a self-contained flat to the side. It had an AMV of €180,000 and sold for €170,000.

In contrast, a three-bedroom house that had been refurbished in recent years, 29 Fairhill Road, Claddagh, almost made its €250,000 AMV when it sold for €244,000.

Another house with potential was the seventh property to sell. Located on a high-profile site near Galway's university, 36 Upper Newcastle Road had a €350,000 AMV. Bidding began at €280,000 and the hammer came down after it reached €305,000.

Three other properties were withdrawn and are under negotiations. The one with the highest AMV, €450,000, is Dunsinane, Corcullen, a five-bedroom home on an attractive site, four miles from Galway city. Also under negotiation is 17 Lower Newcastle Road, a three-bedroom terraced house near the university with an AMV of €350,000. A modern-style three-bedroom townhouse at 2 Canal Court has a €380,000 AMV.

Irish Independent

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