Allsop Auction 15/04/11

Treehouse72

It sounds like a clusterfook of ignorant savages to me.

Mr. Loverman

Treehouse72 wrote: »

It sounds like a clusterfook of ignorant savages to me.

I agree.

It is unfortunate that thick people greatly outnumber intelligent people.

mari2222

77 3 Liffey Walk, Liffey Valley Park, Co. Dublin, Lucan€161,000
78 33 Heather Hill Wood, Sleaty Road, Co. Carlow, Carlow€129,000
79 36 Grange Heights, Co. Westmeath, Mullingar€30,000
80Withdrawn Prior, WithdrawnWithdrawn
81 7 Hermitage Road, Co. Dublin, Lucan€181,000
82 Larraghmore, Ballyglunin, Co. Galway, Tuam€74,000
83 Site, Strand St Upper, Co. Wicklow, Wicklow Town€52,000
84 The Covet, Bostoncommon, Co. Kildare, Rathangan€140,000

mrgaa1

some great bargains there - 126k for a city centre apartment - absolute bargain.
Bit surprised at some going over the reserve but from listening to the radio there was over 2,000 in the room but only 50-60 people bidding. Lots of interest but I think now its location, location, location.

But to be fair another similar auction is required for similar properties to see what happens then.

planetX

anyone know the result of lot 65 - what does 'available' mean?

Treehouse72

mrgaa1 wrote: »

some great bargains there - 126k for a city centre apartment - absolute bargain.

It was a studio, aka a bedsit. An absolutely shocking deal for the buyer, who must have totally lost the head.

Unrealistic

petroltimer wrote: »

DEAD CAT BOUNCE???????????

Dymo wrote: »

Believe it or not this could be the bottom

Neither, I think. These prices are lower than current asking prices so they are just another staging post on the way down.

mrgaa1 wrote: »

some great bargains there - 126k for a city centre apartment - absolute bargain.
Bit surprised at some going over the reserve but from listening to the radio there was over 2,000 in the room but only 50-60 people bidding. Lots of interest but I think now its location, location, location.

But to be fair another similar auction is required for similar properties to see what happens then.

Reserves were set very low. For the ones in Galway I was keeping an eye on the reserves were 40-60% below current asking prices. Apartments sold at 50% below current asking and the main house at 21% below asking (one of the anomalies I think).

Chipboard

Breakdown of results

Unsold 3 (4%)

Sold at less than max reserve 19 (23%)

Sold at up to 10% over max reserve 18 (21%)

Sold at between 10% and 50% over max reserve 21 (25%)

Sold at more than 50% over max reserve 23 (27%)


I agree with most posters that it seems that some people lost the run of themselves. WTF were the 23 buyers who paid more than 50% over the max reserve thinking?

One thing is for sure is that this is not the bottom. The only way that could happen is if the Banks started lending again and it doesn't look like that is going to happen anytime soon. I think that people are more worried about the Banks now than ever and all this is, is a relatively small number of people, switching from cash to bricks and mortar in case the financial system completly implodes.

Unrealistic

petroltimer wrote: »

but won't be the bottom if vacant properties are all put on the market, how about putting the cupple of hundred maybe thousand i'm not sure apartments that are all empty down in south dublin on the market, it'll be false till then..

6,000 apparently is the number of completed apartments NAMA controls within the M50. But they're not planning to drop them all on the market.
http://namawinelake.wordpress.com/2010/09/24/%E2%80%9Cthere-is-quite-an-interesting-sustainable-one-bed-flat-market-and-we%E2%80%99ve-got-the-majority-of-it%E2%80%9D-nama-signals-a-strategy-of-renting-6000-flats-in-the-dublin-area/

chicken fingers

great pr game by alsop, get all the fools out there paying more than market rate because of good PR and marketing.

And of course, other commendable mentions go out to the homeboys in NAMA for doing a great job by not releasing a huge supply of empty housing, thereby interfering in the free market and keeping a silly floor on prices.
Likewise rent allowance is holding a floor on rents which massively affects house prices.

Some new faces in Lesinter House, same old shiite.
But at least I got a laugh from the prices paid for total crap by idiots!

liger

mrgaa1 wrote: »

But to be fair another similar auction is required for similar properties to see what happens then.

They hope to have two more this year. Next one July if all goes accordin to plan.

tanyabond

chicken fingers wrote: »

great pr game by alsop, get all the fools out there paying more than market rate because of good PR and marketing.

And of course, other commendable mentions go out to the homeboys in NAMA for doing a great job by not releasing a huge supply of empty housing, thereby interfering in the free market and keeping a silly floor on prices.
Likewise rent allowance is holding a floor on rents which massively affects house prices.

Some new faces in Lesinter House, same old shiite.
But at least I got a laugh from the prices paid for total crap by idiots!

Your prayers have been heard:)
http://www.independent.ie/national-news/bargain-time-as-thousands-of-houses-to-be-sold-2621352.html

antiskeptic

tanyabond wrote: »

Your prayers have been heard:)
http://www.independent.ie/national-news/bargain-time-as-thousands-of-houses-to-be-sold-2621352.html

Good grief .. what news to wake up to if you're an Allsop purchaser (who didn't get an absolute bargain)

Balmed Out

tanyabond wrote: »

Your prayers have been heard:)
http://www.independent.ie/national-news/bargain-time-as-thousands-of-houses-to-be-sold-2621352.html

interesting, thanks for putting it up

tanyabond

antiskeptic wrote: »

Good grief .. what news to wake up to if you're an Allsop purchaser (who didn't get an absolute bargain)

Or if you are trying to sell...

hmmm

tanyabond wrote: »

Your prayers have been heard:)
http://www.independent.ie/national-news/bargain-time-as-thousands-of-houses-to-be-sold-2621352.html

How much property is NAMA holding? I'm convinced that the Allsop auction was an attempt to flush out the last few deluded "get rich quick in property" fools, I wouldn't be surprised if NAMA also joined in. 3 billion of property is not much but is enough to generate media headlines.

tanyabond

hmmm wrote: »

How much property is NAMA holding? I'm convinced that the Allsop auction was an attempt to flush out the last few deluded "get rich quick in property" fools, I wouldn't be surprised if NAMA also joined in. 3 billion of property is not much but is enough to generate media headlines.

I'm not an insider Just saw the article and linked to it:rolleyes:

Idbatterim

Id say the further away you get from dublin, the potentially better savings, if you look at houses on churchtown road, they need work done, youd question by the time the work even done, especially if PP is required, how much will the other houses on the road that dont need work be fetching?! bear in mind interest rates will probably have risen twice in the mean time..

How much property is NAMA holding? I'm convinced that the Allsop auction was an attempt to flush out the last few deluded "get rich quick in property" fools,

you are probably right, but you cant blame them for trying, turns out they weren't disappointed, they expected sales to amount to 10 million, the came to 14 millions!

some great bargains there - 126k for a city centre apartment - absolute bargain.

you mean a city centre STUDIO! if it were an apartment, it would indeed be a bargain!

Unrealistic

Idbatterim wrote: »

Id say the further away you get from dublin, the potentially better savings, if you look at houses on churchtown road, they need work done, youd question by the time the work even done, especially if PP is required, how much will the other houses on the road that dont need work be fetching?! bear in mind interest rates will probably have risen twice in the mean time..

hmmm wrote: »

How much property is NAMA holding? I'm convinced that the Allsop auction was an attempt to flush out the last few deluded "get rich quick in property" fools,

you are probably right, but you cant blame them for trying,

I wouldn't give credence to any conspiracy theories about NAMA being involved in this auction. Why would they be? How would it serve their interests? The motivations behind this auction were very clear from the start. It was well known that BOSI were behind almost all of the properties sold and that they just want to be done and dusted with Ireland as soon as possible almost irrespective of the cost.

Idbatterim wrote: »

turns out they weren't disappointed, they expected sales to amount to 10 million, the came to 14 millions!

The did not expect sales to amount to 10 million. As I've written elsewhere the reserves were a meaningless marketing gimmick set at levels up to 80% below the real pre-auction asking price. The final sales amounts for almost all the properties came in way below those asking prices. I'd say the results were marginally into their optimistic projection zone in terms of prices achieved but in terms of the hype and publicity achieved they exceed all expectations and this is more important to them as it will generate repeat gigs.

jimaneejeebus

According to this....

http://www.independent.ie/national-news/so-is-it-finally-a-good-time-to-buy-2621321.html

....it's only cash buyers/investors who are buying. First time buyers are at the mercy of the banks.

As usual it's the same old sh1t as the boom years.....people who actually need a house cannot get one

not even wrong

jimaneejeebus wrote: »

As usual it's the same old sh1t as the boom years.....people who actually need a house cannot get one

Nobody "needs" to own a house.

tara73

http://www.irishtimes.com/newspaper/frontpage/2011/0416/1224294804348.html

another useless over the top enthusiastic article about the auction.

this property journalists seem to can't say goodbye to their ennoying spectacular report style from their bubble days.

djmcr

tara73 wrote: »

http://www.irishtimes.com/newspaper/frontpage/2011/0416/1224294804348.html

another useless over the top enthusiastic article about the auction.

this property journalists

Vested interest, for their newspapers, in trying to get the property supplement going again so they can increase their advertising revenue

Raskolnikov

not even wrong wrote: »

Nobody "needs" to own a house.

In Ireland, I can understand why someone "needs" to own a house. I have been renting in Ireland for nearly 10 years now, I have had 9 landlords in that period of time. Half the time, I left because the landlord was unwilling to negotiate rent or because my circumstances changed. The other half I was forced into leaving because the landlord was selling, couldn't be arsed fixing sh!t or tried to raise rents above the market level. There is no fixity of tenure in Ireland when it comes to renting - if a landlord wants you out, you pretty much have 28 days and that's it. Moving isn't a problem when you're a student, but if you're married, or God forbid, you have children - it's a complete pain in the hole.

quozl

Raskolnikov wrote: »

In Ireland, I can understand why someone "needs" to own a house... if a landlord wants you out, you pretty much have 28 days and that's it.

That's not remotely true. I have a family and rent. My land lord cannot remove me before the end of my fixed lease for any reason except my breaking the lease by failing to pay. Even in that case it would take them months and months to do so.


If they want to sell they have to sell it with me in situ.
If they want to move in themselves it's tough luck for them.

Even on a part4 lease I would have better rights than you describe but I would not rent except on a fixed term basis because of the extra security it gives me.

Diarmuid

Raskolnikov wrote: »

If a landlord wants you out, you pretty much have 28 days and that's it.

Have you ever look at the Residential Tenancies Act 2004 or even a summary of it? You really should have a read of this.

Unrealistic

Analysis of the auction results from economist Ronan Lyons.
http://www.ronanlyons.com/2011/04/17/what-the-friday-firesale-tells-us-about-irelands-property-market/
To hell with how high the prices were over the makey uppy reserve prices. The important piece of info is that selling prices were 33% below asking prices of similar houses.

JoeyJJ

I hope the Estate agents can sell this news to their vendors in an attempt to lower demands on asking prices and see if things get moving.

I have been looking at houses in SCD and one house only on the market 2 weeks is more or less sale agreed however the ad hasn't been updated. There was a Bid on it at 96% of asking when I was asked to **** or get off the pot and I got off the pot however I expect it to sell quickly. This all happened because the price was very realistic and there was lots of interest I believe and a hell of a lot of viewings. I was initially thinking of offering around 87% myself.

theofficepest2

quozl wrote: »

That's not remotely true. I have a family and rent. My land lord cannot remove me before the end of my fixed lease for any reason except my breaking the lease by failing to pay. Even in that case it would take them months and months to do so.


If they want to sell they have to sell it with me in situ.
If they want to move in themselves it's tough luck for them.

Even on a part4 lease I would have better rights than you describe but I would not rent except on a fixed term basis because of the extra security it gives me.

Where do you rent (county city)? How long have you been renting, do you have many kids? Roughly how much is it costing you (roughly)? Are you going to rent long term? Are you just renting because of the property bubble instability?

I don't know of any irish people with kids, that plan to rent long term and who are paying the rent out of their own pockets.

So if you are one of these, give us your views on why you are renting and how it's working out for you please. Have you fixed over the year, or do you have a longer lease etc. This kind of insight would be of value to others possibly wishing to go down the same route.

Lastly, not everyone can rent, so it is true some people 'need' to buy a house.

:pac: Ourp

quozl

theofficepest2 wrote: »

1 million questions...

Renting for 2 years in ranelagh, paying our own rent, have 2 children, intend to keep renting for the foreseeable, fixed term leases of 12 months, could have gotten longer but I feel that rents are slowly falling and there are a number of things that could further that( just my opinion). Will most likely renew lease.

May well buy a house in the medium or longer term. Certainly do not 'need' to buy a house. Honestly not sure - in renting you give up one security - of knowing the exact house you will be living in (assuming you don't lose your job, have it repossessed or are forced to sell it) and you gain a different (to my mind greater in these current times) security of no worries about property price falls, no house maintenance costs, ability to move to follow job, ability to emigrate if you wish. When things eventually settle down I think that I'll always put a much higher value on the flexibility and economic security of renting than I would have before the last 4 years. Whether it'll be a great enough value to stop me buying a house I don't know - it'll depend on how much of a burden the house purchase would be and my opinion of long term prospects for the area.

In my wife's mother and baby group almost everybody is renting (although some own properties that are no longer suitable and they now rent out), and everybody obviously has children considering it's a mother and baby group

It's working out great for us. I am very aware of my legal rights as it comes to renting and would not be pushed around but have had no issues anyway.

I do wonder if part of the reason that we've had such a good time of it is that we're more than a few hundred above the rent allowance ceiling. I think the market is very much bunched up to that point with a lot of poor properties asking the RA ceiling.

Lastly, not everyone can rent, so it is true some people 'need' to buy a house.

Please explain this? I think it's incorrect and you need to give some justification for a statement like that.