Auctions are continuing to perform well, as the latest results confirm.
The exceptional, 185-acre, high-quality farm in Carrigeen Hall, Conna, Co Cork, which went under the hammer just before Christmas, sold for “in the region of €3.5m”, according to an official statement from joint selling agents, Martin & Rea.
This is about half a million euro more than when the same property was sold 10 years ago, with 15 acres less and a smaller, older residence. The purchasers were the Kenneally family, from East Cork, who had sold development land during the property boom.
It’s a reminder that while a number of banks are weighing in behind farming, there is also plenty of money from the boom era sitting in wait for the right opportunity.
Last week, Tom Spillane & Co, in Killarney, had a successful conclusion to a 54-acre farm in Cloonlara, sold at auction on March 3.
According to the selling agents, there was “great interest in the property and a large attendance at the auction.”
Opening at €500,000, bidding came in €20,000 increments until the price reached €600,000.
But there was more to come, and the bids continued in €10,000 chunks until the land was sold for €730,000 (€13,500/acre) to Mr Maurice Coffey Solr, in trust for an unnamed client.
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