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 Out of 87 lots advertised in the auction catalogue, five were withdrawn and of the remainder, 77 were sold and five did not reach their reserves in the auction but are likely to have been sold on the day because the final bids were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Of the 51 lots, four were withdrawn, two didn’t sell because they didn’t reach their reserves, five sold below their maximum reserves and of the 45 that did sell, the maximum reserves totalled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.
NAMA Wine Lake 
I don’t know if any useful information can be drawn from this beyond the fact that X number of buildings have been sold.
It shows there is a market at the right price. These are the realistic price levels, it just goes to show that receiver and distressed auctions are much more successful than some we have seen lately. With interest rates on the rise I would think there are plenty more like this to come.
I’m sorry but I think all this shows is that there is a tiny amount of liquid cash sloshing about. And if the actual overhang was released onto the market prices would half from the reserve of today.
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I think the prices of some of the properties are extraordinary. The three mentioned at the top are examples of it. The Iona Road house brings prices back to a frothy excess and if the buyer of the Schull house had made an appropriate offer for this house which has been for sale for some time, s/he surely would have paid far less.
I went to look at the Iona Rd house and had assumed a price in the region of €450,000, however the final sale price of €500 a square foot is just auction madness.
If we assume 90+ days arrears of 60k homeowners (http://www.independent.ie/business/personal-finance/property-mortgages/more-than-60000-homeowners-fall-90-days-behind-on-repayments-2674994.html) to be the number of future distressed sales (ignores NAMA’s stock and executor sales); allsop is bearly scratching the surface. Only some 99.7% to go. That said, at least allsop have kicked the process off.
Now you might think I’m being harsh using 60k as the demoninator and because it’s Friday, let’s half it to 30k. So only another 99.5% to go.
@Ahura, that’s indeed one conclusion. Am presently composing an analysis piece which includes this extract
” Properties sold so far have appeared to be largely Bank of Scotland (Ireland) repossessions. But remember that Certus, the newly-formed company which is working out BoS(I) loans has some €30bn of loans to work out. IF these loans were all property AND they were all granted at the peak AND had now fallen 80% THEN those loans would be worth some €6bn today. Considering the first two Allsop auctions generated just over €30m, that means that 99.5% of the property may still come on the market. That can’t be emphasised enough – the amount of property overhang in Ireland is staggering with 33,000 complete or near-complete vacant properties on ghost estates, and another 60,000-plus of what is described as an overhang of vacant properties (total vacant properties including holiday homes were recently quantified by Census 2011 at 294,000). So bottom line is that is A LOT of property still to come to market.”
[…] the small gap between the highest bid and the reserve. As per usual, public servant extraordinaire NAMAWineLake has a wealth of information about the auction, including links to the brochure and a full table of the reserves and prices […]