Jump to content
House Price Crash Forum

Auction property information


Recommended Posts

Must be sold auction partially completed houses in Carrickmore 6K each

http://www.propertynews.com/Property/Omagh/PNC576338/Site-A-15-Rockstown-Road/181849509/Page1

These were sold at auction in Dec 2010, reaching £26k and £36k each. They were then auctioned off again in May 2011, reaching £11k each. It doesn't look like there has been any work carried out on them since they were first auctioned off (apart from maybe the boards being taken down over the windows).

My money is on the buyers being outsiders, and subsequently being chased out by local 'thugs' who have affiliations to certain groups.

Edited by nigooner
Link to post
Share on other sites
  • 2 weeks later...
  • Replies 1k
  • Created
  • Last Reply

Top Posters In This Topic

Property auction buyers 'pay cash' ROI

http://www.belfasttelegraph.co.uk/news/local-national/republic-of-ireland/property-auction-buyers-pay-cash-16095844.html

Almost three quarters of buyers in a series of special property auctions this year paid in cash, estate agents have said.

Of the 52 million euro worth of houses, apartments and commercial buildings sold, 72% were bought by people without needing finance.

Estate agents Allsop Space are planning another five auctions next year, the first on March 1, and are aiming for 100 properties per sale.

Robert Hoban, Allsop Space director of auctions, said he has seen a pattern of buying from people who sold homes at the height of the boom and stayed out of the market.

Almost half of the properties sold in the auctions were income producing and sold with tenants. Other research into the sales found three quarters of properties handled by Allsop Space were in the hands of a receiver or liquidator.

Link to post
Share on other sites
  • 2 weeks later...
  • 2 weeks later...

http://www.brggibsonauctions.com/properties.asp?Auction=B&offset=0

Long time no post - but always lurking!! Not sure if this has been posted? Any views - some of these prices seem really quite good to me....although I stand to be corrected...and I probably will be

Thanks for posting - very interesting. Even though they are guide prices, just goes to show the difference currently between must sell and would like to sell if I got the right price (the one I make up !)

Most of them look good to me, for what they are.

Link to post
Share on other sites

Their last auction was a farce, 2 of their lots sold on the night when they were offered. Nearly all of their sales that did happen were agreed after the auction.I felt like giving the auctioneer money jus to stop,it was pretty embarrassing to watch lot after lot go unsold.

Every lot had a reserve that was shockingly higher than the guide I remember there was one lot where bidding reached atleast 30% over the guide, and still didnt reach the reserve.

The house in altarichard road has been through numerous auctions with a reserve Of around £125-130k, but yet is listed here at a guide of £105k or something.id wager the reserve is still around £130k. There are probably problems with the legal docs for it to remain unsold, and I know it suffers from a few problems internally. Very Nice house though.

I don't know how much I can say about the Gibson that runs it without getting sued or my post removed, but he worked with Wilsons auctions before he was 'asked to leave'.

Link to post
Share on other sites

Thanks for posting - very interesting. Even though they are guide prices, just goes to show the difference currently between must sell and would like to sell if I got the right price (the one I make up !)

Most of them look good to me, for what they are.

Totally agree. Has anyone been to an auction recently and have a sense of these guide prices realistic, pitched low to grab interest or conversely even achievable? I'd be tempted to go to this Stormont Auction just out of nosiness!

Link to post
Share on other sites

From experience, the only auctions in NI that have realistic pricing is Osborne King, and they publish their maximum reserve price which is incredibly useful.the BTW auction hasn't happened yet,but it looks to be of the same ilk.

People from both companies were at the Gibson auction, and after speaking to them post-auction, it reinforced their beliefs that guides and reserves need to be as low as possible...and as close as possible. I know both Ok and BTw won't take property on if the y feel the vendor is asking too much for their property.

Link to post
Share on other sites

First I wan to say hello everybody,just discovered this web, a very interesting one.

I've been reading a few threads and it seems there are a lot guys with good knowledge about the market and auctions...

My partner always wanted to have a house by ( or close to) the sea , so we've been looking around and we found a couple of very interesting options (and seemly cheap options, our budget it's not very big either) ...

They are being sold in the BTW auction, I'm a bit surprised how low their guide price is , do you guys think their guide price is that low cause there is something wrong with the property ?

I'll appreciate your opinions about them

3 bedroom, MAXIMUM RESERVE - £25,000 - PortStewart

http://www.propertypal.com/lot-11-3-enfield-street-portstewart/176706

3 bedroom, MAXIMUM RESERVE - £35,000 - PortStewart

http://www.propertypal.com/lot-12-5-enfield-street-portstewart/176713

Link to post
Share on other sites
  • 3 weeks later...

Osborne King Thursday 8 March 11 am Holiday inn Ormeau Avenue.

full page ad in yesterday's irish news

http://www.osborneking.com/auction.asp

Closing date for entries today

Could make for some nice headlines during the lull between the next UUJ (week or two) and the budget - which I fully expect to be a Ballache, coated with a little lib dem low end tax allowance sugar coating.

Link to post
Share on other sites

100% of lots sold at this mornings BTW auction with results announced live on Twitter.

20 out of 22 selling for well above the maximum reserve.

The extensive marketing and long lead in period from publishing the catalogue clearly worked.

Any link to the twitter ? Had a look haven't seen it

Link to post
Share on other sites

100% of lots sold at this mornings BTW auction with results announced live on Twitter.

20 out of 22 selling for well above the maximum reserve.

The extensive marketing and long lead in period from publishing the catalogue clearly worked.

Any examples? I had a quick look at the PDF brochure and a lot of the max reserves were quite low.

Link to post
Share on other sites

100% of lots sold at this mornings BTW auction with results announced live on Twitter.

20 out of 22 selling for well above the maximum reserve.

The extensive marketing and long lead in period from publishing the catalogue clearly worked.

I think the most important factor was that the reserves were so low. BRG Gibsons/Wilsons auctions prove that no matter how much marketing you do,and how much time you give people to view, it's pointless if the reserve prices are not competitive. Credit to the likes of BTW and OK for sticking to their principles and not taking on a property of the vendor won't be realistic on the price.

Link to post
Share on other sites

So that's 56K per flat which would give a decent yield for an investor

Maybe... but you'd expect an auction to be a bit more of a bargin especially if your buying 4 of them....

There's 2 appartments for sale in the same development for 55 & 57k respectively...

You'd think you could get a little more off them

Looks like someone just overpaid.

Link to post
Share on other sites

Maybe... but you'd expect an auction to be a bit more of a bargin especially if your buying 4 of them....

There's 2 appartments for sale in the same development for 55 & 57k respectively...

You'd think you could get a little more off them

Looks like someone just overpaid.

Maybe. Each persons circumstances are different though.maybe the auction suited the buyer more,guaranteed completion within 28days,no arguments!sure beats the hassle of estate agents/vendors and all the other guff that comes with buying on the open market.

Don't know what they are rented at, but would make a nice little pension pot for someone with £200k in their fund. Stick a managemt company in and sit back.

Link to post
Share on other sites

Maybe. Each persons circumstances are different though.maybe the auction suited the buyer more,guaranteed completion within 28days,no arguments!sure beats the hassle of estate agents/vendors and all the other guff that comes with buying on the open market.

Don't know what they are rented at, but would make a nice little pension pot for someone with £200k in their fund. Stick a managemt company in and sit back.

From the catalogue the annual rent for all 4 is £20,700 so a return of 10% before fees maintenance etc

Link to post
Share on other sites

Just worked out some quick figures :

22 lots with a total minimum reserve of £1.635m

Sold for £2.154m

32% over the reserve

Most impressive (for the auctioneers) was lot 12, a 3b terrace in Portstewart in need of refurbishment. Min reserve £25k. Sold for £70k = 180% over the reserve.

Link to post
Share on other sites

Just worked out some quick figures :

22 lots with a total minimum reserve of £1.635m

Sold for £2.154m

32% over the reserve

Most impressive (for the auctioneers) was lot 12, a 3b terrace in Portstewart in need of refurbishment. Min reserve £25k. Sold for £70k = 180% over the reserve.

This it's starting to sound like an advert for BTW. Remember they set reserved and can take bids off the wall up to the reserve. There's no transparency in the process. I'd be more interested in the peak prices of the lots, the price they were last available as an open sale and then compare them to the auction sold prices. Comparing the sold price to arbitrary reserves tell us nothing useful.

Link to post
Share on other sites

24 homes sold for £3m at Belfast auction

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/24-homes-sold-for-3m-at-belfast-auction-16113933.html

A residential property auction held in Belfast sold all its available lots for a total close to £3m in a matter of minutes.

The auction on Friday attracted more than 500 prospective purchasers interested in the 24 properties.

The lots on offer included apartments in Belfast, semi-detached homes in Newtownards and bungalows in Portstewart.

Trevor Dougan of estate agent BTW Cairns said the firm was pleased with the level of interest.

He said: “Each property sold for at least the reserve price.

“Buyers recognise value and we are seeing more and more purchasers re-entering the property market to take advantage of the deals on offer — clearly people now recognise that property prices are at a level that represents significant value.

“Auctions provide an efficient buying process for the correct type of property, with the contract being signed within minutes of the hammer dropping and completion taking place only weeks after.

“We feel that the comprehensive marketing and carefully considered reserve price were key factors contributing to the success of the auction.”

A property website has already quoted the auction as the most successful in the country to date.

Bargain homes bagged at auction

http://www.newsletter.co.uk/news/local/bargain_homes_bagged_at_auction_1_3491903

The organisers of the auction, which was first reported in the News Letter on Saturday, confirmed last night that the auction had generated almost £3 million.

It comes amid a fresh batch of house price surveys which show the scale of the fall in house prices. The Nationwide quarterly seasonally adjusted index found average home prices in the Province to be £113,614 in the final quarter of last year, down 50.2 per cent from a peak of £227,970 in the third quarter of 2007.

This newspaper revealed last year that another major housing survey, the Halifax, had become the first to find Ulster house prices down more than 50 per cent from peak.

The sharp falls in property prices has caused misery to homeowners trapped in negative equity but has given fresh hope to first-time buyers, many of whom were shut out of the market during the boom years.

Halifax are reporting even sharper house price falls than Nationwide. The overall drop in the province is 53 per cent from peak according to Halifax, who recorded average home prices of £107,418 in the final three months of 2011, down from a highest point of £227,462 in the second quarter of 2007.

Edited by Shotoflight
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 441 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.