GMAC.ie - Discounted Property Auction 24th June

[bookworm]

Not sure has this been noted elsewhere, another Grand Auction of discounted properties.
gmacproperty.ie/

Featuring:

• the classic damp 1970’s bungalow not really near anywhere in particular;
• 3 Acre site, zoned ‘Town Centre’ with full planning permission to construct 86 Bedroom Hotel and 17,000 Sq Ft Commercial Units on the outskirts of Mountrath, Co. Laois - anybody like to start us off?

Reserves still far too high from the few I’ve seen on there.

[slasher]

I love their logo
https://www.gmacproperty.ie/images/horse.jpg

[BuffaloSoldier]

I think we might just make history with the first distressed property bubble. Well, we’ll make a good stab at it anyway.

[lalababa]

Just heard of a distressed auction on in the Radisson Little Island THIS FRIDAY !! of 50+ mainly houses in Cork and Munster. Looked it up on Daft and it seems they have only been up for the last week!! To advertise just 9 or 10 days before an auction seems a bit daft (ha ha), what’s going on? The auctioneer is Gmac and he reckons he will get 10.5 million worth sold! Adding up all the AMVs is around the 10 million. Is he positive or what?

[Cheeky_Offer]

Can’t see this taking off. Lots of holiday homes but AMVs tend to be what they are asking now. Not as professional as the Allsop auctions. A couple of properties there I am interested in - just not at those AMVs.

[BrendanG]

@lalababa

Just heard of a distressed auction on in the Radisson Little Island THIS FRIDAY !! of 50+ mainly houses in Cork and Munster. Looked it up on Daft and it seems they have only been up for the last week!! To advertise just 9 or 10 days before an auction seems a bit daft (ha ha), what’s going on? The auctioneer is Gmac and he reckons he will get 10.5 million worth sold! Adding up all the AMVs is around the 10 million. Is he positive or what?

You need to read the Pin more

Posted here a month ago.

[Threads merged]

[mambo]

Coverage in today’s I.T.
irishtimes.com/newspaper/pro … 48257.html

[doubleglaze]

Unless they price them right, they won’t sell.

Much of the stuff I’ve looked at is way overpriced.

[Cheeky_Offer]

@doubleglaze

Unless they price them right, they won’t sell.

Much of the stuff I’ve looked at is way overpriced.

Agree. Most priced at previous private treaty rates. They really have not got the handle on what a distressed auction is…

[greentree]

@mambo

Coverage in today’s I.T.
irishtimes.com/newspaper/pro … 48257.html

A nine-bedroom former Convent of Mercy on 2.31 acres of zoned land in Borris-in-Ossory, Co Laois, is guiding at €200,000 and has become a prime location thanks to planning approval for a €460 million Las Vegas-style leisure facility in Two-Mile-Borris.

Is this just bad reporting or is this the new marketing ploy for any property within 20 miles of Thurles?

[Subway1]

The 65 properties going under the hammer at the Radisson Little Island at noon have attracted** 40,000 hits **to the auction website (macestateagents.ie) over the past three weeks

imagine, if those hits bid on just one property each during the auction…

[Schrodinger]

Live tweets…

twitter.com/#!/clonmelproperty

Gmac auction not going well. No bids on first 2 lots. Raised reserve on 3rd. 4th withdrawn. Bad start. Totally uninspiring.

Easy to report from here so far…disaster!

Also
twitter.com/#!/BuyersBrokerLtd

[doubleglaze]

It’s sad to see such a flop. It’s probably a good idea to gradually develop the auction business before getting into mega-auctions.

One REALLY needs to know EXACTLY where the market is at before hosting a mega-auction. The properties were over-priced.

[discostu]

Quote of the day

BuyersBrokerLtd Carol Tallon @
@SeanOGorman I think we know why there is more cash in munster- they don’t over pay for poor qualify! #irishauction

[mr_anderson]

@bookworm

Reserves still far too high from the few I’ve seen on there.

… and thats all that needs to be said.

[Cheeky_Offer]

Watching the twitter feed. That is a disaster. As I said above, AMV were are pre sale levels. I hope these are not bank properties as I would be seriously peeved at the auctioneers.

Disaster. Out and out disaster.

[Cheeky_Offer]

First sale - site at Dun Chaoin - £1k over reserve.

[mr_anderson]

@Cheeky Offer

First sale - site at Dun Chaoin - £1k over reserve.

Given that this was LOT 30, am I to assume there have been 29 previous withdrawals ?

[shocked]

I wonder if reporting of this auction will be as widely covered in the media as the more successful one?

[bookworm]

Sean O’Rourke announced there at the end of News At One that the Dun Chaoin Site was the only sale of the day…