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Archive for August 22nd, 2011

Even though the Allsop Irish auction website was this morning displaying a message saying “our next Irish auction will be held on the 30th November 2011” a representative of Space, Allsop’s local partner, says that the catalogue for the 23rd September 2011 auction will be available later today or tomorrow as details are just now being finalized, and the auction will be going ahead exactly as planned. The publication of the catalogue is two days after the date which had previously been publicized.

Savills, however, is reported to have cancelled its September 2011 auction which was previously billed as the biggest inIreland with some 100 properties set to have been placed on the block. The auction was to have focused on open-market property – rather than repossessed or receiver sales – and given Savills position in the market, likely to have offered property at the higher end of the market. No reason was reported for Savills decision, though Michelle Devane at the Sunday Business Post cites Savills saying that dealing with banks was an issue. Interestingly Savills say that large-scale auctions were likely to be a feature inIreland for the “best part of a decade”

New kids on the property block, car auctioneering giant, the Merlin Group is yet to provide a catalogue or date for its first large-scale auction, though apparently it will be held at the Burlington Hotel in Dublin in “the autumn”. Its website is still touting for properties to be included in the auction.

GMAC, the outfit in Cork, which had a dismal auction two months ago which saw two lots out of 65 sell, says on its website that a date is yet to be set for its next Munster auction.

Gunne, the Dublin agents, didn’t do much better when they apparently shifted just one property out of 11 previously advertised at their auction in July, 2011 and there wouldn’t appear to be any new date announced for its next auction.

Over in Galway, O’Donnelan and Joyce seems to be doing a tidy if small-scale business judging by recent auction results. Their next auction is on 30th September 2011 though there doesn’t appear to be a catalogue available yet.

And in the north, Donegal agent Easy Let hasn’t announced a new date for its next auction after the debacle last month which saw just one property out of 40 sold in the auction.

RTA Ireland, the broker usually associated with the sale of businesses is understood to be holding an auction in September 2011 of 20 properties though its website isn’t providing any information at present. There was no comment from RTA at the time of writing.

Knight Frank was reported yesterday to be holding an auction of “about 30-40 properties in October”. There was no comment from Knight Frank at the time of writing.

And finally, Osborne King will be holding a distressed property auction of 27 lots at the Holiday Inn on Ormeau Road in Belfast on 29th September, 2011. By “distressed” I mean the properties in the auction all appear to be offered on the instruction of receivers, administrators and mortgage companies in possession.

We may be just five weeks from NAMA’s launch of its mortgage product and a reported 5,000 residential properties – NAMA hasn’t confirmed either details of the mortgage product or the number of properties that will be brought to market – the 5,000 comes from a newspaper which had apparently divided the €1bn suggested for the NAMA scheme by an average mortgage of €200,000. There are 33,000 vacant properties in ghost estates, most of which are non-NAMA. And of course there is an overhang of vacant property which is still estimated to be in the order of 100,000 units so the above auctions are still likely to represent just a drop in the ocean. As Savills says, large-scale auctions are likely to be with us for the “best part of a decade”.

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