Allsop Space auction – 15th May 2013 – results and analysis

It says something about how atrocious Irish property companies are in that they have all singularly failed to replicate anything like the success of Allsop Space property auctions, and it really makes you wonder if they’re so dumb that they can’t operate a large scale auction, then how dumb are they in their provision of other services? How competitive are their valuations? How efficient are they at marketing? How good is their research?

Today saw the 11th Allsop Space auction in Ireland, and it was another stunning success with 88% of the Lots on offer sold at or after the auction. Although there were 126 Lots originally, 10 were withdrawn prior to today, two were sold prior to today which is a new development, and three were sold after the hammer came down with the reserve not reached. The success rate calculated on here is 88%. The total realized was €12,620,500 excluding the “Sold Afters” which was an average of 34% above the maximum reserves of €9,400,000.

Here are the results, you will find the links the Lot details here.

The auction was again packed and at 3pm this afternoon, there were a few seats available but not many, the view here is that about 2,000 attended. There was a protest outside the Shelbourne Hotel at the start of the auction and there appeared to be more security in evidence than previously.

Two Lots were sold prior to the auction which is a new development and a request for comment has been made to the Allsop Space director of auctions, Robert Hoban, as previously Allsop Space had stressed that it would not sell Lots before the auction.

The maximum reserves of the 126 Lots was €16.3m and given the Maximum Reserves of the Lots sold today was €9.4m, that confirms that some of the unsolds were big. The 60 apartment development in Cavan whose Maximum Reserve was reduced today from €1.5-1.7m to €1.3-1.5m still didn’t sell. Nor did the period house on 51 acres in Murroe in county Limerick which has a reserve range of €425-450,000 but only reached €405,000 today.

Our friend Carol Tallon at Buyers Broker Ltd wasn’t tweeting highest prices for unsold Lots today so the above results are a little less useful than usual.

Other than that, a polished performance from Allsop Space; Gary Murphy was the master of ceremonies as usual, and although there was a dispute on one Lot, there was no significant protest from the floor today. Further analysis later, but there were actual residential yields there today of well over 10%, which indicates that residential prices may still be in for a correction, that or rents are set to reduce in some areas.