Monday, July 4, 2011

Property auctions raise €3m as agents try to clear 'slow sellers' -

By Donal Buckley

Friday July 01 2011

PROPERTY auctions generated nearly €3m in sales yesterday as houses, shops, sites and even a nightclub went under the hammer.

A range of 15 properties was offered at five different auctions in Dublin and around the country, and 12 of them sold.

Five sold for over their guide prices, but six went for below their reserves, including three Dublin apartments.

Estate agents Gunnes offered nine of the properties and sold six under the hammer and two afterwards. The most valuable was a Rathgar period house, 9 Kenilworth Square, Dublin 6, which had a reserve of €425,000 and sold for €460,000. While it needs refurbishment, its price is only a fraction of the €2m-plus prices achieved for similar houses in 2007.

Gunne director Marian McQuillan said these were not distressed sales, just properties that had been slow to sell. Ten more properties will be for sale on July 21. At nearby 13a Kenilworth Lane, a two-bedroom mews with a €220,000 reserve sold for €240,000 and next door, 13b Kenilworth Lane, with the same reserve, sold for €220,000.

A site at 25 Kenilworth Lane, with planning permission for two mews houses, was available for €120,000 and sold under the hammer for €135,000.

The lowest price was €52,000 paid for a one-bedroom flat, 11 Linnen Hall, Georges Hill, Balbriggan, Co Dublin. It had the advantage of €50,000 Section 23 tax relief, as well as rental income of €8,400 a year. Yet it sold for €8,000 below its reserve of €60,000.

In another auction, a former chemists next to Dundrum town centre at 1 Ballinteer Road sold for €192,000 just below its reserve of €195,000. Conor McCormick of McCormick Estates conducted the executor sale to a private investor.

Meanwhile, in Co Kerry, the Blue Note Nite Club and pub in Listowel was withdrawn at €255,000 and the agents Sherry FitzGerald Dillon Prendiville sold it after auction for a price understood to be below the reserve of €270,000.

In Co Meath, two of the three properties auctioned by Sherry FitzGerald Sherry sold over their guides. At Teelings Mill, Clowanstown, Drumree, Co Meath, a lot consisting of the mill, the miller's house and outbuildings on 10 acres guided at €250,000, sold for €280,000.

On Wednesday, a 171-acre Kildare stud farm failed to attract a bid at auction. Joint agents Goffs and Coonans quoted a €4.5m guide price for Loughtown Stud in Clane. The price has been reduced to €2.9m.

Posted via email from quirkeproperty's posterous

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