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.”
Offered last week were 14 residential properties and six commercial lots, with a number exceeding guides. Making €112k, above its €95,000 guide was 10 Glenview, South Douglas Road sold in partnership with Property. Partners Matt Fallon who also sold 35/36 Upper John Street, Cork for €116,000 and 11 St. Philomena’s Road, Gurranabraher at €70,000. One of the strongest prices was a five-bed house at Kilbrittain, in partnership with James Murphy Auctioneers, Kinsale for €307,000.
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