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Archive for November 30th, 2011

(The new properties added in October 2011, click to enlarge)

NAMA has today published its now regular monthly list of properties subjected to foreclosure action. The full list is here, the list of new properties added is here, and you will find previous editions of the monthly list which was first launched in July 2011, here.

You should read the full list of NAMA’s terms for accessing the lists here. But in summary, this is what you’re looking at:

(1) Real estate property subject to loans in NAMA to which receivers have been appointed. The receiver’s website is shown against each property.

(2) This is all the real estate foreclosed sorted by country, and then region.

(3) Not all of the property may be for sale.

(4) Contact the receiver with enquiries or expressions of interest in the first instance. Only pester NAMA if you’re not getting any response from the receiver and make allowances that receivers will be busy with queries, particularly after a new release of foreclosed property.

(5) If you think there are mistakes on the list, contact NAMA.

What’s new? The properties to which receivers were appointed during October includes residential, development, retail, office, agricultural and industrial assets, in addition to a number of public houses in Dublin and Belfast. The list contains a substantial number of properties in Northern Ireland and Britain, including an office building in the Gasworks in Belfast and the Vantage Business Park site near London. The list includes 105 properties which have just been added. These include 57 to which receivers were appointed during October. In another 48 cases, receivers had already been appointed prior to acquisition of the loans by NAMA in October. The total number of properties now listed is 1,040 (some of which are multiple properties such as apartment blocks)

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The fourth Allsop Space auction is being held in the Shelbourne Hotel in Dublin today. A total of 109 properties will be available on the day, three having been withdrawn beforehand from the original 112-lot catalogue (available here). The auction is understood to be the biggest property auction ever in Ireland by reference to the number of lots coming up for sale. The maximum reserves for the 109 properties total €9.98m which is lower than previous Allsop Space auctions reflecting the nature of the lots, and possibly more aggressive valuations following the surprise at the number of unsold properties at the last Allsop Space auction in September 2011 (results and analysis here).

This is an interim blogpost at 1pm after 37 lots were offered. There will be a final blogpost once the auction has ended later today – I’d guess the auction will finish at around 5pm.

The auction room at the Shelbourne Hotel on St Stephen’s Green was packed again with punters and gawkers overflowing onto the stairs and ante-rooms. The mood was business-like, the novelty and mania that accompanied the first Allsop Space auction in April 2011 (results and analysis here) have long disappeared and it as if we have been used to the spectacle of Allsop Space auctions for years. The pre-marketing, transparency and conduct of proceedings on the day with live video streaming, results and online bidding have certainly shaken up the Irish property auctioning business.

So in overall terms at this interim stage, 37 lots were offered for sale, with two lots that appeared in the original catalogue withdrawn. Four lots out of the 37 were unsold with the maximum bid not reaching the reserve, in some cases by just €1,000. Of the 33 lots that did sell, the maximum reserves totalled €3,085,500 and the sale prices totalled €3,943,000 which was 27.8% above the maximum reserves. Here’s the interim detail

(Click to Enlarge)

The concluding results and analysis will appear here later.

UPDATE: 30th November 2011. The auction concluded just before 5pm. All in all, the Allsop Space team delivered another well-run auction. Of the 112 properties in the original catalogue, four were withdrawn and weren’t offered for sale. 12 went unsold after bidding had finished, but two lots – numbers 44 and 88 – subsequently sold. Based on the 12 lots that went unsold after bidding had finished, Allsop Space achieved an 89% success rate, which is very impressive indeed considering the number of lots involved in what is understood to be Ireland’s biggest ever property auction. The 96 lots that sold achieved prices which in were in total 28.3% higher than the advertised maximum reserves. The success rate is better than the September 2011 auction. The prices achieved overall – there were exceptions – seemed to me to point to a further weakening in what were fire sale prices and pointed to declines from peak asking prices of around 65-70%.. There will be more analysis tomorrow.

(Click to enlarge)

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