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Archive for July 11th, 2011

With three entries on here last week dealing with the second Allsop/Space property auction in the Shelbourne Hotel last Thursday, a preview and two analyses of the results (here and here), the subject has been done to death. So this is just a brief entry with two new pieces of information.

Using information from the Irishpropertywatch.com website (“Ireland’s longest running property price archive”), the commenter Dreaded_Estate at Thepropertypin.com has produced a spreadsheet available here showing the “earliest asking price” for property that was eventually sold on Thursday last and compares it with the price achieved on the day at the auction. The histories of some 45 of the 77 properties were located. Irishpropertywatch holds histories from late 2007 which was later than the peak in some parts of the country. The CSO which now produces what is probably the most representative property price series each month shows the peaks as

National – all

Sep-07

National – houses

Sep-07

National – apartments

Feb-07

Dublin- all

Feb-07

Dublin- house

Apr-07

Dublin- apartments

Feb-07

Non-Dublin  – all

Sep-07

Non-Dublin  – houses

Sep-07

In summary the comparison shows an average drop of 68.1% for the 45 properties (total earliest asking price versus total achieved at auction price). The highest are over 80%, with a property at Ballymacarry inCountyDonegaldown a staggering 83.87% from €310,000 to €50,000. Whilst there might be peripheral issues about comparing asking with settled prices and equating “late 2007” with the peak, the analysis is truly sobering.

And secondly Richard Cantwell at autoaddress.ie has produced a helpful map showing the location of each of the properties sold last week, together with useful notes on the maximum reserves and settled prices. The map, available here, is a helpful addition and shows what seems like a deliberate tactic by Bank of Scotland (Ireland) to attain price discovery throughout the country. The bank, through the Certus asset management company, is presently working out some €30bn of loans.

So until the next Allsop/Space auction which is scheduled for 23rd September 2011, again in the Shelbourne Hotel in Dublin, with the catalogue available here from 21st August, 2011, that will be the end for now on here on a focus on the Allsop/Space auction, which is significant in an Irish context because it brought additional price discovery in a market where there is little reliable, open information.

(Graphic above produced by Japlandic.com, with other examples of artwork available here)

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