GMAC auction

AshAdele

the GMAC auction is currently going on in cork, does anyone know of a live link to the auction.

personally i think the properties are overpriced so id love to see if anything is acutally selling

djmcr

http://twitter.com/#!/BuyersBrokerLtd

someone tweeting on auction, not going too well by looks of it

AshAdele

thanks for the link.

one one sold so far and they are up to lot 29 i think



BuyersBrokerLtdCarol Tallon



First sale of the day, site in Dun Chaoin, Dingle sells for 126k. Reserve was 125k #irishauction

JoeyJJ

2 Sales from first 60. Wonder how the next space auction will go.

AshAdele

i think the space auctions could still go well. there prices are much more reasonable. GMAC seem to have there heads in the clouds with there pricing and will be licking there wounds for a long while to come.

its a pity as i think auctions are the way to go with the amount of unsold houses and ghost estates there are. but they will only work if people are willing to except that there property is no longer worth the 2006 prices. the reality is that amount of mortgage being granted are now back to 1970s levles!! and a realistic mortgage figure should be about 3.5-4 times your salary.

http://www.independent.ie/business/personal-finance/property-mortgages/mortgage-lending-drops-to-lowest-level-since-1971-2802386.html

AshAdele

auction nearly empty!!

royaler83

AshAdele wrote: »

auction nearly empty!!

Typical auctioneer from GMAC on the RTE news blaming the banks not giving out credit for the poor sales at the auction :rolleyes:

Raskolnikov

royaler83 wrote: »

Typical auctioneer from GMAC on the RTE news blaming the banks not giving out credit for the poor sales at the auction :rolleyes:

I heard that, it's disgraceful! Instead of just owning up and admitting that the properties are just too expensive, he was given free reign to spout some rubbish about liquidity. On our national broadcaster, no less!

These GMAC sh!tehawks aren't even fit to tie their own shoelaces.

Ratzo Rizzo

According to the GMAC lackey it was the banks fault for not providing sufficient 'liquidity' to buy the houses/sites on offer! Looks like no matter how hard they try they just can't talk up the market.
GMAC have learnt a hard economic lesson today, people won't pay €250k+ for a property in an area with no jobs and little prospect of providing the necessary income to pay for an overpriced home.

Raskolnikov

Ratzo Rizzo wrote: »

According to the GMAC lackey it was the banks fault for not providing sufficient 'liquidity' to buy the houses/sites on offer!

Ah, the old Anglo-Irish Bank defence; there is no solvency problem, it's just a liquidity issue

wyndham

I see they were guiding €185k for a 2 bed apartment in Cashel.
Missed opportunity there then!
Ar$eholes, the game is up, haven't you heard?
I wonder how much yesterdays nonsense cost them? There was a fair bit of advertising outlay.

Treehouse72

GMAC's utter humiliation is so delicious because it is entirely self-inflicted and their obvious aim - to extract a Paddy piss-take premium - has been reversed 180 degrees and they have done the exact opposite by revealing just how far things still have to fall.

GMAC, we salute your incompetence. You have done the housing market some service.

ShadowHearth

so the property prices were prety much same as on boom? :rolleyes:

deluded someone?

Dymo

Difference between this auction and the last is that this auction had private sellers setting the reserve and most people are in cloud cuckoo land.

The_Conductor

Why did they embarrass themselves allowing private sellers set prices (or indeed, allowing private sellers into the auction, period)?

To be honest- selling 2 properties- is nothing short of an outright fiasco.

A far more meaningful barometer of sentiment in the housing market will be the July Space auction- however even that auction does not have the goodies that their first auction had link here the tasty offerings all seem to be commercial, not residential........

Consensus is also for an ECB rate rise at the July moot- which should add a further dampener to proceedings.......

Dymo

smccarrick wrote: »

Why did they embarrass themselves allowing private sellers set prices (or indeed, allowing private sellers into the auction, period)?

Not too sure if that is a question or a statement but I'll try to answer it anyway. GMAC wanted to drum up some business and thought by having an auction it would, looking at the space auction I'm sure they thought they were on to a sure thing. Only problem is they didn't have a list of properties from one supplier like Space did so they had to drum up business another way and that was to get properties on their books. They probably wanted lower reserves but people wouldn't give them the property unless they agreed to the reserve price that they thought the property was worth. GMAC probably thought if they sold 30% they would still make bundle. How wrong they were.

GMAC know as well as most people the real value of the properties but thought people would run away with themselves at the auction

dory

Wow - I knew it would be small but not that small! Can't say I'm surprised. As someone who hopes to buy in the next 10 years every ounce of reality these people get helps the cause.

sotoole1

Another auction tomorrow in Cork. More of the same over priced property. There are about 3 realistic buys if only we were in better times.
I see no more than 5 sales.
macestateagents.ie