Bank Auctioning properties


#637

Was there myself and overall well worth the visit…
To start off you needed to be there early if you were a serious bidder… Earlier than 1130 to get a seat…
Allsop very well organised and delivered a A1 first class professional performance… Different areas setup for all those who were interested and those who weren’t…
The likes of which I never seen before in ireland… Our cowboys should take note…
The auctioneer was excellent and very skilled in his profession…
One thing I will note which will stand to them was the comment at the start if you are in doubt about any property then don’t buy… Was said a number of times at start…
It was obvious from the start that the seller was going to be the real winner in this… The crowdfor me was too much and dud not favour the buyer… Lesson learned …
Also when it was said there was bids from the street this increased the sellers advantage… It also should be noted that in the vast majority of bids emotional bids were evident which increased the frenzy… I.e… Number of times there was no pause between bids when there was only 2 bidders… Again this favoured the seller…
The auctioneer promoted this behaviour and so therefore gets an A1 for performance…
Another note impossible to tell the diff between phantom and real bidders at the start of the auction… However was a bit easier at the end but still had…
Tbh I thought the corrandulla house didn’t meet reserve of 125 and so therefore didn’t sell at 124k…
For me the professional approach, setup and transparency is welcomed… My personal honest opinion is that most buyers got caught up in the frenzy…some I honestly believe threw their planout the window when they got involved in the auction… The bids in vast majority of cases were just too quick for my liking… Amateurism IMHO…The auctioneer made any bidder who deliberately slowed down the bidding feel stupid in a nice way…
It’s a welcome start and I think Bosi were very smart to get out of the Irish mkt asap while there is still money around looking for a home…
Time will tell if their decision was right… I think it is…


#638

On phone try and tidy up ltr…


#639

Was thinking this earlier, how dumb would you have to be to turn up to an auction like this with dirty cash. If Revenue are sending people round estates in Cork I’m pretty sure they’ll be having a good look at the succesful purchasers at this auction.


#640

Interesting.

Kudos all around for the auctioneer; Mick Clifford was singing his praises on the wireless


#641

Some interesting comments here:

breakingnews.ie/ireland/barg … 01497.html


#642


#643

So 80 properties totaling 15M gives an average price of €187,500, its as good a data as any of the house price indexes we’re stuck with, at least these are actual selling prices. :slight_smile:


#644

Yeah he had a great english supercillious air to him and treated paddy- cute hoor - mattress money types with the disdain they deserve.


#645

just had a look on youtube there but nothing, would have liked to see that auctioneer at work and making those folks pony up more cash than they perhaps intended to.


#646

I think what that refers to is fear for the state of the banks/inflation/default/expropriation/wealth tax/whatever. I believe that some of the cash has moved off the sidelines at 3.5% - DIRT and into 9% less costs less income tax. I don’t believe there was much in the way of mortgages there at all (I don’t see that many (any?) banks will give mortgages for auction properties at an auction like this (without their valuers getting a look at it).

So I reckon this is the wall of money that has been sitting on the sidelines that is too fearful to sit in other asset classes (or indeed cash). After all, the tribunals have been paying well, no banker has been left behind, and our TV stars got another year out of their contracts.

What surprises me is that more wasn’t paid. If this is the wall of money, it was barely above the footings.


#647

guardian.co.uk/world/2011/ap … oerty-sale


#648

Do a google image search for Michaela

I think this her! :slight_smile: savvy much?!

https://t1.gstatic.com/images?q=tbn:ANd9GcQ9uYocacwo_QHflRFjnaUvS1VoCBZ7oRbBlWTHv0x_eOSvZBGwyA


#649

https://en.wikivisual.com/images/d/da/Marge_vs._the_Monorail_Lyles_notebook.png


#650

Daughter of CEO of Hiscox seemingly. hiscox.com/


#651

Well that’s ok then, cause daddy’s money isn’t real money :wink:


#652

Deleted


#653

Stick with the yield analysis Larry because that’s all you’re seeing here.

ANYTHING moves at a 9+% Gross yield in this market - at current rents. That is your market floor. At least for now.

You may speculate that rents will continue to fall - I’m not so sure. I suspect there will be another step-down or ‘Gap-Down’ in market rents of the order of 15+% - but that is speculation / instinct. And ye know what they say about those that bet on instinct & emotion ? ‘They get to lose their money real regular like …’

Regarding a decent Dundrum 3 Bed Semi for €350k think of it this way: A Nurse and a Guard with 10 years service will have a combined Gross Income of €90k with great pensions and good perks. For them it’s easily affordable at €400k.

As for what ‘should be …’ - it seldom is.


#654

I say, was he not a chappie by the name of Murphy?

But, yes, he should have practised saying the word “euros” a bit more… :confused: : :imp:


#655

The spinning by the Property Market Vested Intersts brigade is in full flow;

The Irish Time is in full “gush”

[

](https://www.irishtimes.com/newspaper/frontpage/2011/0416/1224294804348.html)

While auctioneers began to tweet

broadsheet.ie/2011/04/15/get-back-satan/

As I’ve mentioned, IMHO, the only thing we can infer from the auction is that rughly 100 people believe property in Ireland is a good bet and have the where-with-all to put their money where their mouth is. Other than that, one suspects that the majority of those who turned up were just “rubber necking”, otherwise, there would have been significantly more bidding.

Blue Horsesoe


#656

The buyer of one of the Clancy apartments in Galway is on Marian Finnucane now talking about flipping it in a few days to make a few pounds. Says he went to the auction as a spectator mostly but decided to buy half way through.