Allsop distressed property auctions come to Greystones

loyatemu

this is in the next Allsop auction - should give a good indication as to realistic property prices for the area (the previous auctions have shown prices at 60-70% below peak, with prices equating to between 6% and 9% rental yields).

jobless

it's probably a fair enough price(reserve price) in todays market but i reckon it will be sold over the 300k mark....

loyatemu

possibly - its the first one in the area to appear at one of these auctions, may produce a few bidders. Ronan Lyons has done some good analysis of the previous auctions and what they say about the real state of the property market.

This is very similar and asking 348K. Prices in Greystones do seem to have dropped significantly in the last 6 months, quite a few 4-beds asking <400K now.

ronan45

Can anyone go to these auctions? I would be interested in going to the one in Shelbourne 30th November 2011 Auction
I am not actually interested in bidding just wondering about the state of the property market. Can people go just to see whats going on?

http://www.auction.co.uk/irish/pastAuctions.asp?T=R

jobless

might be worth ringing them to check.... there were long queues at the first couple of them so they only let real bidders in.... dunno how popular this one will be...
you can follow the bidding online also...

Blandpebbles

All of the previous auction lots have sold for wel over reserve. I expect this will too despite these houses being awful paper thin shoeboxes. And this is from someone who viewed many many of them.

loyatemu

Blandpebbles wrote: »

All of the previous auction lots have sold for wel over reserve.

well in theory nothing should sell for less than reserve, the reserves in these auctions are low compared to the rest of the market.

In the last auction 9 properties didn't sell (out of 67), 4 sold for below reserve and the average paid was 35% over reserve, which for this particular house would equate to 330k - you'd probably get the other house for less than that though. source

We nearly bought one of these when they were new, but baulked at the price and withdrew in the end - my impression of them is that they're a 3-bed house that they've crammed an extra room into; our 3-bed in Charlesland had a larger floor area.

artvandelay48

There still is a lot of unreasonable expectations of Greystones' resilience to the recession.

Exhibit A: http://www.myhome.ie/residential/brochure/brambles-cottage-delgany-co-wicklow/130352

Exhibit B: http://www.myhome.ie/residential/brochure/the-gables-windgates-lower-greystones/139867

Blandpebbles

artvandelay48 wrote: »

There still is a lot of unreasonable expectations of Greystones' resilience to the recession.

Exhibit A: http://www.myhome.ie/residential/brochure/brambles-cottage-delgany-co-wicklow/130352

Exhibit B: http://www.myhome.ie/residential/brochure/the-gables-windgates-lower-greystones/139867

Hardly comparable to the house being sold at auction.

artvandelay48

Blandpebbles wrote: »

Hardly comparable to the house being sold at auction.

Maybe not but still vastly overpriced

loyatemu

this went for 284K yesterday.

so 39K over the reserve but 64K (18%) below the current asking of the more or less identical house around the corner (4 Cherry Rise).

d31b0y

Yowza, that's a bit of a kick in the teeth for people who bought these houses when they were first built. From what I remember the price was up at the 400K mark. Open to correction though.

loyatemu

d31b0y wrote: »

Yowza, that's a bit of a kick in the teeth for people who bought these houses when they were first built. From what I remember the price was up at the 400K mark. Open to correction though.

we had a deposit on one of the later releases @ 465K, but we eventually went with Charlesland instead.