Daft Property - Irish Property News

The next Allsop Space Auction will take place on 1st March 2012... Venue: The Shelbourne Hotel Dublin 2 Online Catalogue: Lot     Type     Location     Reserve Price will not exceed this figure 1    Investment Flat    Dublin 1    €135,000 2    Investment Flat    Dublin 8    €120,000 3    Investment Leasehold House    Galway City    €75,000 4    Investment Flat    Dublin 8    €90,000 5    Vacant Freehold House    Drogheda    €100,000 6    Vacant Freehold House    Enniscrone    €55,000 7    Vacant Freehold House    Dingle    €50,000 8    Investment Flat    Dublin 1    €175,000 9    Investment Flat    Blackrock    €170,000 10    Investment Flat    Letterkenny    €19,000 11    Investment Flat    Castletroy    €65,000 12    Vacant Freehold Building    Glenamaddy    €30,000 13    Vacant Freehold Building    Arklow    €55,000 14    Vacant Freehold House    Abbeyleix    €100,000 15    Vacant Freehold Building    Wexford    €170,000 16    Investment Flat    Dublin 22    €70,000 17    Inv

92% of lots sold by Allsop... THE BIDDING was brisk at the Allsop Space auction of mostly distressed property in Dublin’s Shelbourne Hotel yesterday, as 1,600 people packed into the auction room and spilled out into the bar and lobby of the hotel. A total of 97 of the 108 properties sold under the hammer with a further two selling after auction, raising a total of €11.4 million. Around half were cash buyers – 30 per cent less than at previous auctions. A small group of protesters from a group calling themselves the Anti-Eviction Taskforce held a low-key protest outside the hotel. However proceedings came to a brief halt when one protester stood up in front of the auctioneer and warned about the “ill will” that could affect buyers of distressed property in communities. “Don’t bid then,” replied auctioneer Gary Murphy from UK-based Allsop, before thanking the protestor for his “kind words”. Around a third of the lots are apartments, and one of the bargains of the auction was a

Massive €1m slump in value of D6 houses should attract canny buyers There is strong anecdotal evidence that the decline is worse than official figures suggest... IN May 2008, blue-chip auctioneering firm Douglas Newman Good confidently sought offers in excess of €1.55m for a "well-proportioned, mid-terrace Victorian home" on Waverly Terrace at the end of Kenilworth Square North on Dublin's southside. Later this month two properties on the same leafy Rathgar street, both currently split into flats, will go under the hammer in a distressed properties sale. One of the houses will have a reserve which will not exceed €240,000, while a neighbouring house has had its maximum reserve set at €380,000. It's a price drop of €1m in a little more than three years on properties that boast a revenue stream which should, on the face of it, attract canny investors who have cash. Rathgar remains a sought-after locale for young professionals who want to rent not far from th

Here is the online Catalogue for the latest Allsop Space Auction which takes place on 23rd September 2011 at The Shelbourne Hotel in Dublin. There are 74 Lots sorted by Lot Number... Lot Number - Lot Type - Location - Reserve Price: 1 Investment Flat Dublin 1 €90,000 2 Leasehold Flat Co. Dublin €130,000 3 Vacant Flat Blackrock €185,000 4 Vacant Flat Howth €150,000 5 Vacant Flat Galway City €90,000 6 Leasehold Flat Dublin 1 €150,000 7 Leasehold Flat Dublin 8 €74,000 8 Vacant Freehold House Clara €30,000 9 Vacant Leasehold House Renvyle €90,000 10 Vacant Flat Blackrock €240,000 11 Investment Freehold House Loughrea €98,000 12 Vacant Freehold House Lackagh €122,500 13 Vacant Freehold Building Fermoy €300,000 14 Vacant Freehold House Ballyjamesduff €50,000 15 Leasehold Flat Dublin 1 €65,000 16 Investment Flat Dublin 8 €92,000 17 Vacant Freehold Building Gorey €50,000 18 Investment Freehold Building Rathgar €240,000 19 Investment Freehold Building Rathgar €380,000 2

COUNTRY buyers with cash in their pockets have been trawling Dublin for homes for their college-bound children in the past few weeks – and many will be closing on deals next week, when CAO offers come out. But with the property market in the state it’s in, there’s a lot on offer that could interest investors, ranging from a city centre two-bedroom apartment in the appropriately named College Gate development near Trinity for €190,000 to an eight-bedroom guest-house in Ranelagh for €735,000. Buying a house or apartment to house one or more third-level offspring is cheaper than paying rents – if you don’t have to borrow – especially as prices continue to fall in the city while rents have stabilised, according to the latest Daft report. However, Moneycoach.ie’s Frank Conway sounds a cautionary note about investing in property for your student children: if you don’t have the cash to pay for it “the chances of securing finance is very, very low” he says. “This will rule the majority

Taxpayer beware as Nama makes spectacular loss. Loss-making Nama has become a seemingly endless gravy train. Worse still, it has emerged as a bailout for some of the same developers who have brought this country to its knees... When it was announced by then Finance Minister Brian Lenihan during his emergency budget speech in April 2009, we were told it would get credit moving, we were promised it would not be a bailout for developers, we were told it wouldn't be a gravy train for advisers, consultants and public sector fat cats and we were told it would make a profit. Set up to save the country from the greed and recklessness of the banks and developers, including Liam Carroll, Bernard McNamara and Sean Dunne, Nama was an unprecedented development in Irish history. But, more than two years on from its inception, there is no question on all of these fronts: Nama has failed and failed spectacularly, and the taxpayer should be very concerned indeed. As last Thursday's an

Web jam as 10,000 download list of NAMA properties... NAMA'S list of property for sale was downloaded by 10,000 people in just a day and a half as bargain hunters scoured the list for cheap deals. A spokesman for toxic debt agency NAMA revealed last night that it was forced to make emergency changes to its website in order to cope with the unprecedented web traffic. It came after NAMA made a list of 850 properties it is selling through receivers available for the first time. The list features property in 25 of the 26 counties as well as Northern Ireland and the UK. The assets listed include everything from car park spaces and bedsits, through to family homes and significant commercial and industrial assets. NAMA is not directly selling any of the property but its 150 staff have been inundated with enquiries since the list went live, sources at the agency said. NAMA is now looking at ways to make the property list easier for the public to access. It also intends to u

TODAY’S Allsop/Space auction in Dublin’s Shelbourne hotel will be an interesting test of the longevity of the mass auction and whether it’s here to stay or a mere passing fad. Savills Ireland is getting in on the act in September with the promise of around 100 investment properties. with low reserves and prime locations in Dublin. Not wanting to be left out, auction specialist Merlin Group – better known for its car auctions – announced its move into residential property earlier this week. It is getting properties from banks and says it already has 40 for its first big auction in the Burlington Hotel in Dublin in early autumn. Allsop/Space might find it hard today to match the drama and impact of their – and the country’s – first – discounted auction back in April, which saw €14.8 million worth of deals struck in just six hours on vastly discounted properties in prime locations. This time around it has 87 distressed properties around the country with reserves as low as €40,000 on

Auction Date: 7th July 2011 Auction Venue: The Shelbourne Hotel, Dublin 2   Another Allsop Space Auction of distressed properties coming up next Thursday. Here's the list of whats on offer... Lots: 1-87 Lot Type Location Reserve Price will not exceed this figure 1 Vacant Flat Dublin 1 €142,000 2 Investment Flat Blackrock €202,000 3 Investment Freehold Building Clondalkin €120,000 4 Investment Freehold House Stepaside €102,500 5 Investment Flat Dublin 7 €175,000 6 Vacant Freehold House Castlebar €42,000 7 Vacant Leasehold House Dublin 3 €62,000 8 Investment Flat Dublin 1 €142,000 9 Investment Freehold Building Bray €150,000 10 Vacant Freehold House Stillorgan €275,000 11 Vacant Freehold House Tyrrelstown €97,500 12 Land/Site Blackrock €30,000 13 Vacant Freehold House Thomastown €60,000 14 Investment Freehold House Kilkenny City €410,000 15 Investment Flat Blackrock €222,000 16 Investment Fl

From €25,000 to €1.45m: another distressed auction... AUCTIONS: There’s interest from around the world in next’s week’s big sale DUBLIN’S Shelbourne Hotel is expected to be packed again next Thursday for the second auction of distressed properties to be offered to the highest bidders by auctioneers Allsop/Space. Most of the 87 residential and commercial properties are being sold by financial institutions and receivers. They include 59 houses and apartments, mainly in Dublin, Cork and Waterford, but also in counties ranging from Laois to Donegal. Apartments already rented have been of particular interest to many people who have checked out the online sales catalogue prepared by the Allsop/Space partnership. The site has already had more than 60,000 hits, a figure that is expected to grow to over 100,000 by next Thursday. Just over 14 per cent of the enquiries have come from Ireland but there has been almost an equal level of hits from interested parties in the UK, USA, France, A

Property auction disaster shows prices still falling... IRELAND'S first discounted property auction proved a disaster yesterday, with just two of the 63 properties on offer being sold. Only two separate plots of land sold for a total of €95,000 at the auction in a Cork hotel, despite the fact that over €10m worth of houses and properties were on offer. Those same properties were worth almost €30m just five years ago. But yesterday potential bidders felt the prices were still too high. Analysts grimly warned last night that it was proof the Irish market had still to reach rock bottom -- with potential buyers convinced that prices will fall back further. Yesterday's auction was the first to involve discounted Irish properties. These are cut-price holdings being sold by private owners or developers eager to dispose of assets. Ireland's first distressed-property auction took place in Dublin last April when €14.8m worth of deals were struck. Distressed property invol

Rock-bottom lots top the agenda in Cork... A Cork agent is hoping to repeat the success of the Allsop/Space auction, putting 65 properties to auction tomorrow in Cork A GLUT of houses selling at half their original price in Urlingford, a convent in Tipperary and a handful of island properties off the Cork and Kerry coast are hotly tipped to draw bidders to a auction of discounted property in Cork tomorrow. The 65 properties going under the hammer at the Radisson Little Island at noon have attracted 40,000 hits to the auction website (macestateagents.ie) over the past three weeks. The auction is being run by Noel Forde and Tom McCarthy of Mac Estates and GMAC Properties of Bandon and Castletownbere. Their initial aim had been to auction Cork properties, but since they announced plans for the auction they have attracted properties from Kildare, Kilkenny, Tipperary, Waterford, Kerry and Clare. Inundated with offers from owners eager to offload property, auctioneer Noel Forde cap

Ballsbridge home for under €400,000 in distressed auction... Developer and landlord David Grant will see his former home on Haddington Road in Ballsbridge, Dublin 4 go under the hammer for less than €400,000, a quarter of its original asking price, at the Allsop/Space auction of distressed properties next month. Number 61 Haddington Road failed to sell at auction in 2006 with an advised minimum value of €1.6 million, but now it’s likely to be sold for about a quarter of the price next month. The mid-terrace building is being auctioned ‘‘on the instructions of the mortgagee in possession’’ with a reserve not to exceed €395,000, according to the auction catalogue. Grant’s former home is situated on the south side of Haddington Road, just off Baggot Street. The accommodation is arranged over lower ground, raised ground and first floors beneath a pitched roof. Internally it’s arranged as two-self contained residential units. It is being sold with vacant possession. In October 200

Distressed property auction by Savills... AROUND 100 distressed investment properties, mainly in the greater Dublin area, are to be auctioned on a single day in September. The move by Savills Ireland to kick-start both the residential and commercial investment markets is expected to generate sales of over €20 million. Ronan O’Driscoll, of Savills Ireland, said most buyers at the September 29th auction were likely to be cash-rich investors happy to put their money into property now that values had fallen sharply. In the past, investors banked on capital appreciation but it was now all about rental return and in many cases buyers could expect yields of 9 to 10 per cent compared to 3.5 per cent on bank deposits. The announcement that Savills will be staging Ireland’s “biggest ever property auction” comes after last month’s successful auction of distressed properties in Dublin by British auctioneer Allsops and its Irish affiliate Space. They sold 80 of the 81 lots in a packed Shelb

Allsop plans five fire sales a year... THE UK auction house Allsop and its Irish affiliate Space plans to hold up to five distressed property auctions a year following the success of its first auction last Friday when 81 out of 82 lots were sold for a total of €15 million. The next auction is scheduled for July 7th, when 200 lots will be auctioned, including apartments, tenanted shops, farms and houses. According to Space director Stephen McCarthy, his company is being inundated with requests from receivers, banks and individuals who want to sell their property fast. Many of the properties in Friday’s auction were sold by Bank of Scotland Ireland and it’s believe there is plenty more of this stock to sell. These include apartments in the Castleforbes development in the Dublin docklands, as well as units in Dublin 8 and in Castleknock. However, the agency is also considering taking on more agricultural land. One lot, a 55 acre farm in Co Wickow sold particularly well, making €42

Hundreds of repossessed homes in Ireland to be sold by auction... UK property consultancy Allsop to hold auction in April at Dublin's Shelbourne hotel: Flats in Ireland that could have fetched €150,000 in the Celtic Tiger years are to be put on the market for as little as €25,000 (£21,000) in the country's first ever mass auction of repossessed homes. And, in a sign of how wide the property crash is, the latest item to turn up in liquidation sales in Dublin is a job lot of 15 cranes, including a pair towering over Anglo Irish Bank's half-built headquarters in the city's docklands. "Tower cranes were among the most sought-after heavy plant and machinery 10 years ago," Ricky Wilson of Wilsons Auctions says. "You couldn't buy them quick enough. Now they are left idle for two or three years on sites." He has 15 cranes worth €500,000 going on sale on 26 March, with German, Dutch and Polish buyers expressing interest. But it is the auction

Ireland faces a tough road to economic recovery... LIMERICK , Ireland – Hard times. You took out a second mortgage to fix up the house. Then in 2008, Ireland's housing bubble burst. A year later, Dell Inc. closed its Limerick laptop factory, putting you and 2,000 others out of work. You're 58 and unemployed, and your home is financially underwater. Gerry Hinchy is fighting with Dell and his bank for better terms. But he knows the manufacturing work and the property boom are gone. "It won't come back. They can turn the screw in China for 50 cents an hour," he said. "What's done is done. The question now is how to get out of it." To overcome a decade of debt-driven growth, Ireland is gutting its way through one of the world's toughest austerity efforts. Economists here say Americans eventually will face the same belt-tightening to reduce the debts of government, businesses and consumers. The Irish say they could not wait. As one of 16 countries usi

Just eight houses sold under the hammer in Dublin this year, as the number of houses offered at auction collapsed by 80 per cent. In total,19 properties were offered for sale in the capital’s auction room; in 2006, at the height of the boom, more than 1,000 properties were auctioned in the city. Estate agents Bennetts held most of this year’s auctions, putting five properties under the hammer. Lisney handled four auctions, as did Sherry FitzGerald, while Colliers Jackson-Stops auctioned three. Douglas Newman Good, Harper O’Grady and Property Team each held one auction. Simon Ensor, director of auctions at Sherry FitzGerald, described the number of auctions this year as unprecedented. ‘‘In the past, a quiet year for us would have been one where we [Sherry FitzGerald] held 25 auctions and where overall, there were around 100 across the entire market," he said. ‘‘I’ve been selling houses by auction since the mid-1980s, and I don’t ever remember a year where there were so few sales.&q

More price cuts as season starts... There will be a drop in the supply of houses new to the market in 2009, but sellers are still having to cut prices - again... THE DUBLIN property market has opened with price cuts at all levels of the market, as sellers digest news of the country's deteriorating finances and economists' gloomy forecasts. Estate agents are taking a fresh look at their stock and advising sellers to reconsider prices. The reassessment is going on at all levels of the market, according to Peter Kenny of Colliers, where notable price cuts include €130,000 off a three-bedroom penthouse in a development at Old Conna, Riverdale, on Dargle Road, Bray, Co Wicklow. The 130sq m (1,400 sq ft) apartment with river views has has been reduced from €560,000 to €430,000. Colliers has also dropped the price of a four-bedroom semi at Burnaby Mill in Greystones from €720,000 to €580,000 in an effort to attract buyers, while in Dún Laoghaire, Gunne has just dropped the price of an

A 50pc descent from peak to trough... IF there is one economic certainty for 2009 it is that Irish house prices will continue to fall just as the economy accelerates in reverse. Even the most bullish of commentators or indeed vested interests have pencilled in 2010 as the earliest date for a turnaround. According to the ESRI, which is now firmly in the bear's camp, prices are likely to end 2009 at the same level as the last half of 2003. This means anyone who bought from 2004 on is very likely to have a home worth less than they paid for it. With the economy set to decline by 5 per cent or more and employment to fall by as many as 140,000 jobs resulting in double digit unemployment figures, people will simply hold off on most purchases. According to Jim Power, chief economist at Friends First this deterioration in the labour market with massive job losses and increased job uncertainty as well as downward pressure on wages will keep sentiment pretty negative. The result, he says, wi