Sign of the times as 800 view auction of apartments online

Some 800 people gathered to watch a Waterford property investment auction on Tuesday — but they did it virtually, online, where six bidders participated. The successful sale done via the Offr online platform by Sherry FitzGerald John Rohan concluded at 3pm, an hour before the Government announced tighter restrictions on social mobility, and further economic support during the Covid-19 crisis.
Sign of the times as 800 view auction of apartments online

Ozier Park View Apartments, Poleberry, Waterford, where six top floor units were sold by Offr online auction for €580,000 this week.

Ozier Park View Apartments, Poleberry, Waterford, where six top floor units were sold by Offr online auction for €580,000 this week.

Some 800 people gathered to watch a Waterford property investment auction on Tuesday — but they did it virtually, online, where six bidders participated. The successful sale done via the Offr online platform by Sherry FitzGerald John Rohan concluded at 3pm, an hour before the Government announced tighter restrictions on social mobility, and further economic support during the Covid-19 crisis.

Unperturbed by current events, and clearly looking further down the line, the private investor buyer got a 10% return on the €580,000 purchase of six good quality apartments, at Poleberry’s Ozier Park View Apartments.

The six top-floor apartments comprised four three-beds and two two-beds and were fully let, producing €57,300 pa. They were sold by an international fund.

The Offr process (where all pre-sale activity is done digitally, and deposits made via Stripe) saw six private investors engage, most bidding for pension plan purposes. The guide was €360,000: the €580,000 sale figure was under €100,000 per quality unit, with car parking. Online bidding lasted for almost three hours, with a very substantial online viewership of 800.

Having previously used BID X1, and now Offr, Mr Rohan said: “Online auctions are the future. Many people don’t have the time to attend traditional auctions.”

And, now, even if they have the time, they can’t gather in a real auction room.

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