Great forum. First post of many I hope. I’d be interested to hear people’s opinions on the above apartment. It was for sale in last Allsop auction but a notice went up saying “Sold prior”, it’s back for sale at October auction so I guess the buyer’s finances didn’t pan out and the sale fell through. I like this apartment to live in but don’t have the finances to pack any punch at auction. Is it ok to approach auctioneer before auction and make an offer of 110k? What exactly does “Reserve not to exceed” mean in this context, could the reserve be 90k for example? Any advice would be welcome.
The reserve is the minimum the seller will accept.
allsopspace.blob.core.windows.ne … uction.pdf
No harm in approaching the auctioneer… you never know. Also, items occasionally go for their reserve exactly at auction so don’t shy away from it.
I would get someone to check the legals and also make sure you know what the service charge will be.
Realistically speaking, the apartment is currently producing a rent of €10,200 per year and thus there is very little hope of getting it for €110k in the current market as gross yields of nearly 10% are very hard to come by in Dublin. One bedroom apartments around Christchurch are mostly going for €150k+ these days. It may not go that high at auction as it is relatively small according to the ad at 400sqft, but I would be shocked if they accepted a price under asking for it prior to auction.
Thanks for the replies, really appreciate the input. I could stretch to the reserve price so I might go to the auction. It could be a long day for just getting a single bid in but if I didn’t go and it didn’t sell, I’d kick myself! SoCoDu - that was my thinking all right, it’s really quite small @ 38 sq.m. so 150k would be close to 4k per sq.m which seems high. Thanks again for the advice.