This is the full-time flash report of the Allsop/Space auction held in the Shelbourne Hotel in Dublin today. The half-time report is shown below at the bottom of this entry. Out of 87 lots advertised in the auction catalogue, five were withdrawn and of the remainder, 77 were sold and five did not reach their reserves in the auction but are likely to have been sold on the day because the final bids were so close to the maximum reserves shown.
The auction will be considered another triumph by Allsop/Space. The auction started at 11am and finished just after 4.30pm with a 15-minute break at 2pm. In just over five hours, some €15,814,500 of property was sold, all on a day when the ECB again raised its main interest rate by 0.25% to 1.5%, and as Ireland’s notional borrowing costs soared to record highs on fears of a looming downgrade of our credit-rating to junk status. The maximum reserves on the properties sold today totalled €11,616,500 meaning the average price achieved was 36.1% above the maximum reserve. There were four properties which stood out
48, Iona Road in Glasnevin which sold for €710,000 against a maximum reserve of €360,000.
61, Haddington Road in Ballsbrige which sold for €635,000 against a maximum reserve of €395,000
The Mill House in Schull in Cork which sold for €560,000 against a maximum reserve of €270,000
And the star of the day’s auction 35, Ailesbury Road which sold for €2,325,000 against a maximum reserve of €1,450,000.
Below are the final results. There will be an analysis piece tomorrow of what today’s sales mean for property prices generally, but the headline appears to be that prices are down some 50-70% from peak generally, there is still pent-up demand and property will sell at a realistic price.
(Click to enlarge, the catalogue is here which you can see full property descriptions, corresponding to the lot numbers above)
This is the half-time report of the Allsop/Space auction being held in the Shelbourne Hotel inDublintoday. So far we are up to lot number 51 out of 87. There will be a full-time report later today and an analysis piece tomorrow.
Of the 51 lots, four were withdrawn, two didn’t sell because they didn’t reach their reserves, five sold below their maximum reserves and of the 45 that did sell, the maximum reserves totalled €6,202,000 and the sale prices achieved totalled €8,141,000 an average of 31% above the maximum reserves. These figures are skewed by the most expensive lot,35 Ailesbury Roadwhich had a maximum reserve of €1.45m and sold for 60% more or €2.325m. Excluding that one lot, the other lots sold for 22% more than the average maximum reserve. The two properties that did not sell were withdrawn very close to the maximum reserves – a shop in Drogheda with a maximum reserve of €290,000 and withdrawn at €282,500 and a pub on the quays in Dublin with a maximum reserve of €485,000 withdrawn at €475,000. The betting is that both of these will be sold later today because the final bids are so close to the maximum reserves.
Overall, there is less of the frenzy present today that characterised the first auction in April 2011. All punters and gawkers have been accommodated in the venue, and bidding is brisk and businesslike. The auction should finish up around 4-4.30pm. For details of the auction including live streaming see here. The lot details below correspond to the lots in the catalogue here.