Buyers snap up properties for a song

ALMOST €16 million worth of property was sold at yesterday’s distressed properties auction at the Shelbourne Hotel in Dublin.

The sales accounted for 94% of the 87 lots placed in the Allsop Space catalogue. More than 700 people attended the event.

Yet while the rapid rate of sales showed that Irish people are still addicted to property, the volume was certainly turned down.

Most bidders, particularly those who were successful, demurred when asked for their views on the auction. The winning bidders for Lot 75 — a three-bedroom pile in Claremorris, Co Mayo, which went for €91,000 — summed it up: “We’d rather keep it quiet, if you don’t mind.”

This was the same sentiment displayed by the winning bidder for Connolly’s Pub in Portumna, Co Galway — but quiet he most certainly was not.

The man began the bidding from the back of the hall in the Shelbourne, but it seemed the auctioneer couldn’t keep up with him.

“How many times do I have to say it?” he exclaimed at one point when there was uncertainty over whether he had bid or not.

As he kept going, the bidder walked purposefully down the aisle until he stood before auctioneer Gary Murphy, who said: “€270,000 from the man standing inches from me.”

It was enough to secure the pub and a round of applause.

When asked if he had a few words on his successful bid, he said he did not, adding: “You can stick your Examiner where you like.”

While Irish buyers kept their counsel, some bidders and onlookers from overseas were more open.

One of the early successful bidders was Claudio Silveira from Salvador in Brazil, who spends half his time here. He secured a duplex apartment in Smithfield in Dublin City centre for €177,000, admitting afterwards: “I didn’t view the property.”

Many of the lots were sold to proxy bidders, with 40% of interest believed to be from overseas.

The lowest priced property, the last of the auction, was a mid-terrace in Kells for €47,000, while a house at 35 Ailesbury Road in Dublin secured the highest price at €2,325,000.

One of the properties which provoked a bidding frenzy was Lot 52, the Mill House and Mill Mews in Schull, which recently featured in the Irish Examiner’s Property section.

The picturesque property eventually sold for €560,000, but only after a bout of bidding tennis.

Another west Cork property, Gurth Na Carraige in Barley Cove, sold for €135,000, a steal for a four-bedroom house with views of Mizen Head.

Mr Murphy, the auctioneer and Allsop partner, was the star of the show.

Afterwards he said there could be as many as seven of these distressed auctions every year for the next two to five years.

“This is the market,” he said. “This is the sharp coal face of the market.”

The next auction is scheduled for September 23.

The prices

- €50,000: Detached house in Buncrana, Co Donegal (Lot 64).

- €70,000: Detached house at Lombardstown, Co Cork (Lot 37).

- €90,000: End-of-terrace, room for three apartments in Charleville, Co Cork (Lot 65).

- €135,000: House in Barley Cove, Goleen, Co Cork (Lot 84).

- €440,000: Detached house and outbuildings at New Orchard, Kilkenny (Lot 14).

- €560,000: Mill House and Mill Mews, Schull, Co Cork (Lot 52).

- €2.325m: 35 Ailesbury Road, Dublin 4 (Lot 20).

Picture: Gerard Moloney, left, and Mathieu Leguet, both of whom live in Dublin, show off their dream home in Glasnevin, which they bought for €55,000 at yesterday’s distressed property auction at the Shelbourne Hotel, Dublin. Picture: Robbie Reynolds