Daft Property - Irish Property News

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

New property fire sale next month... Two period houses in Rathgar and a six-bedroom house on one of the leafiest roads on Dublin’s northside are likely to be among the most sought after properties going under the hammer at the Allsop/Space auction next month. The auction of distressed properties, the third to take place in Dublin since April, will be held in the Shelbourne Hotel on Friday September 23rd. There will be 74 residential and commercial properties across the country on offer. The two Rathgar houses are currently split into flats. 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. At the height of the boom, houses on the road were routinely priced at over €1.5 million. A six-bedroom, three-storey house on Alphonsus Road in Drumcondra has a reserve which will not to exceed €295,000. It is located not far from an Iona Road property which proved to be the most sought after lot in th

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

Selling off state assets on the cheap is just madness... This Government will not contemplate selling property just in case it would bankrupt the banks. The State's argument is that the market is depressed so if we were to sell the land, we would not get a fair price for it. So we will postpone the problem: we get NAMA -- a financial skip into which the banks throw their worthless mistakes -- and you pay. The logic of NAMA and this Government's central strategy is to wait for the value of land to improve before selling. Whether you agree with it or not, this is their logic. It can be summed up by: "Don't sell land in a depressed market." Yet at the same time, the Government has just announced that it will sell real assets via privatisation in a similarly depressed market. So why can it sell ESB -- a real company with real assets -- and not a field in Athlone which is worthless and should command the price a farmer would pay you to put a donkey grazing on it? Why i

NAMA is now the biggest danger to property prices... If one is to take NAMA planners at their word , a wave of commercial property and development land is set to be unleashed into the Irish market, presumably driving up supply and hammering prices downward . The original idea of NAMA, that it could hoard properties in ways not open to the banks, seems to be subtly changing. Now the agency is talking about developers rapidly reducing their debts via sales of assets and in less than three years. The obvious question arises, who is going to buy all the land banks that are going to be unleashed and what will the unleashing do to prices? One view is -- who cares if prices plunge downward, the market needs to find a price floor at some point. That is all very well, but it is the biggest developers who'll be selling first, the smaller ones will come to the fire sale party late and most likely pay the price, literally. There is also the concern about overspill into the residential market,

Despite movement in the property market in the first six months of this year, little has changed really. Prices are still falling, the banks are continuing to enforce tougher lending criteria and discussion about the dreaded property tax has loomed its ugly head again instilling fear among most homeowners. Bank sales of apartment blocks that have gone bust have gained interest from buyers as the banks try to recoup some of their loans. But what’s going to happen for the rest of the year? Houses have started selling again, but are the volumes worth talking about and are bank sales going to become a common feature of the property market? Some commentators consider successful sales of receivership properties a sign of a recovery starting, others view them as a negative influence on an already struggling market. There has been considerable debate about a levelling-out of property prices or ‘‘a bottoming’’ of the market since the start of the year. Instead we’ve seen prices continue to fall

New rules may force 'firesale' of 70,000 houses... BUILDERS could be forced to dramatically slash the prices of more than 70,000 new houses that are now lying empty across the country, a leading construction advisor has warned. In a damning new analysis -- obtained by the Irish Independent -- it is claimed that developers will have to offload the massive volume of vacant homes in a 'firesale' before the Government's new energy guidelines come into effect on July 1. The new study found the number of new homes lying empty in 'ghost' estates is far larger than was previously estimated. The findings reveal there are at least 100,000 'surplus' homes -- far higher than the 30,000 estimated by construction industry chiefs and estate agents. According to the analysis, carried out by Tony O'Brien, head of business consulting for accountancy firm Grant Thornton, market conditions suggest some 30,000 of these will be sold in the current economic climate. Bu