• Home
  • NAMA property for sale
  • About
  • The Developers
  • The Tranches

NAMA Wine Lake

Click the green link above for latest news and over 2,600 related articles. NAMA – National Asset Management Agency – part of Ireland's response to its banking crisis and property bubble

Feeds:
Posts
Comments
« NAMA Top 10 developer’s hotel placed in receivership
Stop press: NAMA publishes new foreclosure list of properties »

Largest property auction ever in progress in Ireland – results and analysis

November 30, 2011 by namawinelake

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 A total of 109 properties will be available on the day, three having been withdrawn beforehand from the original 112-lot catalogue (available here).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terms at this interim stage, 37 lots were offered for sale, with two lots that appeared in the original catalogue withdrawn.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)

Advertisement

Share this:

  • Twitter
  • Facebook
  • Reddit

Like this:

Like Loading...

Related

Posted in Irish Property | 6 Comments

6 Responses

  1. on December 1, 2011 at 12:11 pm What Goes Up...

    Update the previous graphs to include these results:

    http://www.japlandic.com/2011/12/allsopspace-auction-results-2011.html

    The percentages seem to indicate Allsop/Space working their way down the value chain:

    Looks like over half the buyers are now sub-€100K.


  2. on December 1, 2011 at 7:14 pm Dreaded (@Dreaded_Estate)

    @NWL

    Do you have the property details including the address in a spreadsheet? Want to do usual comparison to older asking prices.

    Thanks
    DE


    • on December 1, 2011 at 7:22 pm namawinelake

      @DE, I have put the primary spreadsheet I used to track results here; hope it’s helpful.

      https://docs.google.com/spreadsheet/ccc?key=0AlV6jFjykyK6dHVaMU85U3BYVTgwck9KWTBQNFJTcUE


  3. on December 8, 2011 at 4:07 pm Respectable result at Belfast property auction « NAMA Wine Lake

    […] Ireland, with nearly 100 lots sold at the last auction in November. It is interesting that in the Allsop Space auction, prices achieved were 28% above maximum reserves, considerably more than the 8% at the Osborne King […]


  4. on March 2, 2012 at 12:23 pm Sue Cullen

    Is it possible to find out how much the 4 bed detached house in Roscommon (reserve price €35,000) went for


  5. on March 2, 2012 at 12:49 pm John Gallaher

    @Sue Cullen if you have the lot number it helps,click on the link above,it’s a spreadsheet with final numbers.
    The closest one to your description sold for 49,000,but its not in Roscommon,these are not yesterday’s results,older auction.If you can provide the Lot Number and which auction it was in,someone or I will find the number for you.



Comments are closed.

  • Recent Posts

    • Test – 12 November 2018
    • Farewell from NWL
    • Happy 70th Birthday, Michael
    • Of the Week…
    • Noonan denies IBRC legal fees loan approval to Paddy McKillen was in breach of European Commission commitments
    • Gayle Killilea Dunne asks to be added as notice party in Sean Dunne’s bankruptcy
    • NAMA sues Maria Byrne and Graham Byrne in Dublin’s High Court
    • Johnny Ronan finally wins a court case
  • Recent Comments

    Wisemama on Eddie Hobbs’s US “partner” fir…
    Dorothy Jones on Of the Week…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    John Foody on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Frank Street on Of the Week…
    Wisemama on Eddie Hobbs’s US “partner” fir…
    John Gallaher on Of the Week…
    John Gallaher on Of the Week…
    who_shot_the_tiger on Eddie Hobbs’s US “partner” fir…
    Sean Bean on Eddie Hobbs’s US “partner” fir…
    otto on Of the Week…
    Brian Flanagan on Of the Week…
    Robert Browne on Gayle Killilea Dunne asks to b…
  • Twitter Updates

    • Funniest case in Irish legal history? 1. ex-Cllr Fred Forsey convicted of RECEIVING a corrupt payment 2. developer… twitter.com/i/web/status/1… 4 years ago
    • Really looking forward to this at 9pm tonight, esp the first Garda on the scene. Well worth reading this background… twitter.com/i/web/status/1… 4 years ago
    • Tea time on the day the president of the ECB tells us we [in Ireland] are paying more interest on our loans than th… twitter.com/i/web/status/1… 4 years ago
    • “I am grateful for you to refer to Mr Sugarman...on the specific question of Unicredit, responsibility at ECB lies… twitter.com/i/web/status/1… 4 years ago
    • @JMcGuinnessTD now confronts ECB about "the honest whistleblower" @WhistleIRL and his disclosures of liquidity issu… twitter.com/i/web/status/1… 4 years ago
    • Details, including court documents of class action in New York against Ryanair and CEO Michael O'Leary.… twitter.com/i/web/status/1… 4 years ago
    • Draghi tells @paulmurphy_TD the ECB doesn't remove govts, the people do, that's democracy. Bet the people will be m… twitter.com/i/web/status/1… 4 years ago
    • Wow! Draghi says there is no net interest cost for the Anglo bonds whilst they're held by the Irish central bank. T… twitter.com/i/web/status/1… 4 years ago
    Follow @namawinelake
  • Click on date for that day’s posts

    November 2011
    M T W T F S S
     123456
    78910111213
    14151617181920
    21222324252627
    282930  
    « Oct   Dec »
  • Blog Stats

    • 5,114,124 hits

Create a free website or blog at WordPress.com.

WPThemes.


Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy
  • Follow Following
    • NAMA Wine Lake
    • Join 1,326 other followers
    • Already have a WordPress.com account? Log in now.
    • NAMA Wine Lake
    • Customize
    • Follow Following
    • Sign up
    • Log in
    • Copy shortlink
    • Report this content
    • View post in Reader
    • Manage subscriptions
    • Collapse this bar
 

Loading Comments...
 

    %d bloggers like this: