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distressed property

Distressed properties net over €15m at auction

Ireland’s second auction of distressed property has taken place in Dublin – with many properties achieving above the rock-bottom asking prices.

Updated 21.00

THE SECOND AUCTION of distressed Irish properties took place in Dublin city centre today. Seventy-six properties out of 87 went under the hammer at the Allsop/Space auction – and many have achieved over the brochure’s reserve price.

While some prices were only a few thousand over the asking, many were tens of thousands over it – and a large six-bedroom house in Dublin’s ‘embassy belt’ went for €2.325m. The reserve on 35 Ailesbury Road was €1.45m.

Speaking to last month, Stephen McCarthy of Space Property said that he had been “quietly confident” that most of the premises on offer today would be sold.

Overall, the 76 sold properties scooped €15,760,500.

This is what the beginning of the day’s sales looked like:

1. Two-bed apartment, Upper Mayor Street, Dublin 1 Reserve €142,000 SOLD for €148,000

2. Two-bed apartment, Blackrock, Co Dublin Reserve €202,000 SOLD for €270,000

3. Unit 6, Bawnogue Shopping Centre, D22 Reserve €120,000 SOLD for €139,000

4. Two-bedroom semi-detached house, Stepaside, Co Dublin Reserve €102,500 SOLD for €146,000

5. Two-bed duplex apartment, Smithfield, D7 Reserve €175,000 SOLD for €177,000

6. Three-bed detached house, Castlebar, Co Mayo Reserve €42,000 SOLD for €87,000

7. Cottage, Hibernian Avenue, D3  Reserve €62,000 SOLD for €67,000

8. Two-bed apartment, Upper Mayor Street, D1 Reserve €142,000 SOLD for €145,000

9. Shop and self-contained apartment, Bray, Co Wicklow Reserve €150,000 SOLD for €220,000

10. Five-bed semi-detached house, Stillorgan, Co Dublin Reserve €275,000 SOLD for €280,000

11. Four-bed semi-detached, Tyrrelstown, D15 Reserve €97,500 SOLD for €129,000

12. Site (0.026 hectares), St Fintans Villas, Blackrock, Co Dublin Reserve €30,000 SOLD for €129,000

13. Two-bed semi-detached house, Thomastown, Co Kilkenny Reserve €60,000 SOLD for €66,000

14. Four-bed house on 2 acres and outbuildings, Kilkenny city Reserve €410,000 SOLD for €440,000

15. Three-bed apartment, Blackrock, Co Dublin Reserve €222,000 SOLD for €285,000

16. Two-bed maisonette, Glasnevin, D9 Reserve €55,000 SOLD for €55,000

17. Commercial unit with four bedsits, Drogheda, Co Louth Reserve €290,000 SOLD for €290,000

18. Two-bed apartment with parking space, Arklow, Co Wicklow Reserve €62,000 SOLD for €71,000

19. One-bed with parking, Upper Mayor Street, D1 Reserve €105,000 SOLD for €132,000

20. Six-bed semi-detached house, Ailesbury Road, D4 Reserve €1,450,000 SOLD for €2,325,000

21. Retail unit, Crumlin, D12 Reserve €42,000 SOLD for €54,000

The full and updating list can be viewed here>

Distressed property auction ‘likely to be success’>

Average house price now under €200

Bargain prices at Ireland’s first distressed property sale>

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