Auction of 20 lots a success

A 95% auction success rate was recorded at last week’s IAM Sold/Munster Property Auction sell-off of 20 lots, with all but one finding new owners, evidence of the strength of cash buying and investor interest.

The sale saw a Dingle peninsula/Ballyferriter retail/residential building Tigh an Tobar exceed its €95,000 guide to sell for €99k to a phone bidder for local agents Fitzgeralds, while a Limerick city student apartment at Cratloe Wood sold for €31,000, for agents Rooneys.

Lot 1, 340 Blarney Street in Cork city was offered with Coldwell Banker Cork with no reserve: bidding opened to the floor at €10,000, with a number of interested parties bidding until it sold under the hammer for €83,000 “showing the strength within the Cork city investment market this year,” said Gerry Owens of IAM Sold’s second Munster Property Auction of 2014. “Since our last auction in May, interest has been noticeably mounting, enquiry levels and viewings are rising month on month.”