Kilkenny auction a bid to get the market going

irishtimes.com/newspaper/pro … 50997.html

Hmmm, I can’t sell my house for X even though it’s been advertised for 18 months. I know, I’ll auction it off so that buyers can see that my house is different. I’m put the reserve at the price I couldn’t flog it at.

Scary thing is, all it takes is one trigger happy partner surrounded by VIs and the scheme may work. Sure if Johnny from the other end of town is willing to pay 320K for it it must be worth it so we’ll go 320K on the next one.

The house in the picture in the article is 21 Glendine Court, the same one cited here.

myhome.ie/residential/brochu … nny/106767
According to irishpropertywatch, at the height of the Market it was going for €900,000, not €700,000 as he would want the world to believe.
irishpropertywatch.com/sales … .+Kilkenny
We’re nearly down two thirds at the high end of the market in Kilkenny!

I think I’ll pop along Saturday morning for a peep…

I heard that only two houses were sold.

All others withdrawn having failed to attract a bid or to reach the reserve.

Can anyone confirm this?

Was anyone there? Catbear?

Yes, that is true, there was a news report in the Irish Mail on Sunday about it today. The other newspapers probably didn’t cover it because it would be damaging to the property market.

The sale of one of the house is a really good story. A teacher who had a bid of €350,000 accepted for a house a year previously - had to abandon the purchase because a title issue was unresolved. She picked up exactly the same property at the auction for €212,000.

Now that is poetic

But I thought property only went up? :angry:

and I got the impression teachers were low paid - 350k 10 times the average salary, so is the strike bcos of low pay or stupid decision in the past - sorry off topic, but could not resist

I suspect we will be soon enough :cry:

Nah, I didn’t bother in the end. I reckon we’re firmly out of denial in Kilkenny, only two sales!!

I know a good few of these properties, I’ll keep an eye and see if they sell on the quiet.

Does the failure of this auction (despite “knock-down” prices) represent a turning point in the market in Kilkenny?

There was lots of talk in 2008 about how Kilkenny was different.

Surely this will kill any lingering pockets of denial and usher in fear?

I certainly hope so! I’d like to buy in Kk, but not at these prices. It will be interesting to see how the eas attempt to spin it.

I reckon you’re right puck, Kilkenny is a small place and news travels fast. There’s no where to hide.

Nearly all the EAs are back to being family run. I got talking to a young lad from one of them, he told with relief that after a horrible 2009, at least some stuff was moving but at greatly reduced prices. He cited one customer recently accepting 120k for what was advertised for €200!

We’re out of denial but in Kilkenny but it just won’t be talked about. All I’ve been asked about this weekend was if I thought Kilkenny will beat Tipp.

Check out the Kilkenny People online on wednesday jcsmith if you want the reaction.

Apparently the auction was over in record time too, with the EA offering to talk to some low bidders who didn’t meet the reserve afterwards. Good turnout though.

And catbear, the match didn’t go so well either!

The reserve price would not have necessarily been the same as the previous asking price - very likely to be lower, as I assume that the EA would have selected very ‘motivated’ sellers.

An auction that fails to reach reserve and does not sell is not necessarily a ‘faliure’ - If EA puts your house up for auction and there is a couple of people there to bid on it, you now have identified your potential buyers and roughly what they are willing to pay, in a very short period of time (roughly 1 month- advertising campaign for an auction).

Many ‘auction’ properties get sold immediately after auction , or a few days later. (Here in Oz more than 50% get sold ‘post auction’) But the ‘days on the market’ are significantly reduced, a positive result for seller & certainly lucrative for the EA!. Therefore a ‘success’ , but people only see a ‘failed’ auction.

Also, if the bidding does not reach reserve, the seller can reduce the reserve ‘mid-auction’ to meet the highest bid. Also, should the bidding stop shy of the reserve, the auctioneer can pause the auction to enter ‘mid-auction’ negotiations with the highest bidder, though very few auctioneers do this in Ireland , as I beleive that few are actually experienced enough at the skill of auctioneering due to the lack / frequency of auctions called.

The EA has the right idea to do this in KK, as by gathering sellers to go to auction, he can guage which of his sellers are really serious about selling (actually paying him) and ,say for example, if one seller wants 350EUR , the EA has been telling them that it is only worth 320EUR for weeks, and the bidding gets to 315EUR, the EA is much more likely to be able to ‘educate’ the seller much quicker and get the deal done under the hammer (or shortly after) as it is now ‘the market’ setting the price in a public forum, not the EA ‘whinging’ about the price !.., nothing more ‘dollar productive’ than ‘conditioning’ the mindset of a seller.

If the seller wont sell at ‘market price’ - how much of the EA’s time do they deserve? Very little is the answer…, EA moves on to the next one who will meet the market and pay a fee.

Anyway, my 2c worth from an auctioneer!
…& I miss creamy pints in KK (Langtons) on a Sunday afternoon !!

Murrayo

(the blunt tone of my contribution to this thread is just to get to the point rather than seem like a heartless , harsh b*st%rd!!)

Incidentally, I still don’t think the €350k house by the golf club represents value - but it certainly sets a baseline for much of the rest of Kilkenny.

I hope this makes the 6 One News as it might educate the great unwashed as to just how bad things are and encourage some sellers and EAs closer to reality and away from f***ing ignorance.

I wonder where he got this scoop

Certainly not from the official press blurb, give us a wave Thomas.

kilkennypeople.ie/news/Ten-h … 6135122.jp
The force is strong in this one…