[These are the results of the May 2012 Allsop Space auction. Click here for the results of the 6th July 2012 auction]
UPDATED – Lot 4 which sold was later changed to available when the original report was published below, but has now reverted to “sold” ]
The sixth auction held by the Allsop Space joint venture has just concluded in the Shelbourne Hotel in central Dublin. Of the 106 lots that were originally up for grabs, 9 were withdrawn before the auction. Of the remaining 97, 10 went unsold during the auction though several were fractionally off their maximum reserves and may well sell later. In total the 87 lots that were sold had maximum reserves of €10.3m and they sold for a total of €12.9m, or an average of 26.0% over the maximum reserves. Only one lot sold below its maximum reserve and the overall success rate – lots sold as a proportion of lots available for sale – was 89.7%, which comfortably keeps Allsop Space’s place at the top of Irish property auctioning. Here are the flash results from today – click to ENLARGE.
The catalogue is available here (it’s 21mb so might take a few moments to load)
There will be comment and analysis here shortly.
UPDATE: 3rd May, 2012. Again the venue at the Shelbourne Hotel was packed today. The final tally from Allsop Space shows that €12,974,000 was raised from the sale of 88 properties of the 97 available (a 91% success rate). The presence of Asian/Chinese buyers bidding and buying was observed. Alongside Gary Murphy, a new auctioneer made her debut Daphne Mahon. A Northern Irish developer bought Lot 74, the unfinished estate in Cavan for €122,500 which had a reserve of €40,000. This was a particularly important sale and has implications for the many incomplete estates throughout the country, some of which have already been bulldozed. The 43-bedroom Darby Gills hotel in Killarney was bought by a Cavan bidder for €735,000 well above its reserve of €515,000. Robert Hoban, Director of Auctions at Allsop Space was pleased with the results which he said remained one of the few transparent means by which price discovery is enabled in the current market. Over 50 properties were auctioned by private sellers and it was noteworthy that one property, 24 Obelisk Rise in Carysfort in Blackrock sold for above the offer price previously available by private tender.
NAMA Wine Lake 
Here ya go , what were the highest bids on 87 88 and 92 please.
Here ya go , what were the highest bids on 87 88 and 92 please.
https://docs.google.com/spreadsheet/ccc?key=0AgtUtXLdGJb5dGxYcS1qMWZiX1FjTjRGM29Ub2ZCY0E#gid=0
Lot 56 reportedly purchased @ €1.7M at top of the market, sold today @ €480k, down 72%
Irishpropertywatch.net analysis of the auction results.
https://docs.google.com/spreadsheet/ccc?key=0AutgOtkznKxIdGVEUXhiNmNuRWFoMkRyWWRwZlVNTkE#gid=0
@Dreaded, great work, thanks! If I can borrow your statement from thepropertypin
“looks like outside Dublin falls were far higher at just under 71% vs. Dublin falls of 64%.”
So in what many might call a buyer’s market, the CSO says that non-Dublin property is down by 45.5%
https://namawinelake.wordpress.com/2012/04/26/dublin-residential-property-prices-increase-cso-publishes-irish-price-indices-for-march-2012/
Does that really mean that mortgage purchasers are paying 88% more than cash buyers (per CSO peak was 100, current non-Dublin is 55, per Allsop Space is 29, 55 is 88% more than 29) Of course auctions tend to be rock bottom and not for the faint-hearted but still, it represents a massive premium and you could almost say mortgage buyers were paying double that of cash buyers.
I took a look at the Darby Gills Hotel (see below) just to see what a 17,000 euro a room hotel looks like. From a rough ballpark guess, I would say this is at least 80% below original cost. I expected to see something more like the link below to the Detroit hotel.
What this price and property condition tell me is that there is little hope of any economic recovery for years if not decades to come for this region. Hotels are generally very good economic weathervanes. And, even more incredible, it sold for 30% above reserve.
http://www.darbyogills-killarney.com/
http://www.time.com/time/photogallery/0,29307,1882089_1850982,00.html
@Jake, according to Carol Tallon who was at the auction today and who represents buyers
“Darby O’Gills Hotel just outside Killarney on the scenic ring of Kerry exceeded its reserve price of €515,000 to make €735,000. This might seem a disappointing figure for a 43 bedroom working hotel in an area that 5 years ago would only have bought a family home. When researching this property earlier for a prospective buyer there was ill feeling locally towards the sale, hopefully this is not the case and we wish the new owners the best of luck.”
http://buyersbroker.ie/blog/
@NWL Sounds like the new owners are going to need a lot more than luck.
Interesting Article in todays times with Donegal Developer Pat Doherty,Others could learn a thing or two from him.
I did some graphs here:
http://www.japlandic.com/2012/05/allsopspace-auction-results-apr-2011.html
I continue to contend that all the action is sub €300K whilst the media seems to see the €500K+ deals as newsworthy.
Allsops themselves sent out an email on the 15th of March 2012 stating:
It may be 30% of the monetary volume (with the €1M+ outlier sales completely skewing the data) but it is definitely not 30% of the volume.
Sub €300K average 89% of sales volumes for all 6 auctions to date – with April 2011 being the lowest with 82% and both September and November 2011 both consisting of 95% of sales sub €300K.
92% of yesterday’s sales were sub €300K.
@NWL. What was the highest bid on Lots 87 88 an 92 pls?
@2Pack, I don’t have that information to hand but will try to get it and post here later.
92 went to €93,000
Still trying to get 87 and 88.
FT Report on the sale of the “Paddy Reilly” estate:
http://www.ft.com/intl/cms/s/0/a26569a4-9530-11e1-8faf-00144feab49a.html#axzz1tudbIzaj
@wstt…thanks, now I have that tune in my head all day…it’s not pretty
Interactive visual analysis of sales results.
https://silverspotfire.tibco.com/ViewAnalysis.aspx?file=/users/gercon/Public/AllsopMayAuctionResults
@gercon, many thanks, interesting analysis and very helpful.
An quick analysis of the rental yields of investment properties gives an average rental yield of 9.17% which is a small decrease from 9.48% in March. This is based on 29 fully let properties and annual rental according to the brochures.
The analysis for the last two auctions is available at
https://docs.google.com/spreadsheet/ccc?key=0AlrL3LpK4PTndFRGUXp5eExBZlF5TVhlZ3FRMHMzRnc