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BRG seem to be the main culprits of this. They must just survive on the entry fees alone, because they don't seem to get much income from selling many lots

Judging by their last auction I think they are probably happy with the results. Depending on the source of the property, either asset manager, trustee or private owner, the fee is likely to be around 2% + entry fee. Their business model is quite effective in my opinion - do a limited number of open viewings, so no need to go back and forth across the country at all hours of the night to please people, and take most if not all the details including photos from the agent who previously tried to sell the property. They simply have to copy and paste the details into their own listing without doing any legwork in the beginning. Easy money apart from some issues associated with auction properties being in dodgy areas etc.

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Judging by their last auction I think they are probably happy with the results. Depending on the source of the property, either asset manager, trustee or private owner, the fee is likely to be around 2% + entry fee. Their business model is quite effective in my opinion - do a limited number of open viewings, so no need to go back and forth across the country at all hours of the night to please people, and take most if not all the details including photos from the agent who previously tried to sell the property. They simply have to copy and paste the details into their own listing without doing any legwork in the beginning. Easy money apart from some issues associated with auction properties being in dodgy areas etc.

Surely a lot of that is common sense? They only need to do open viewings,like every other auction company.

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Surely a lot of that is common sense? They only need to do open viewings,like every other auction company.

Just look through their website- seems that 18 out of 42 lots sold on the night. This excludes the ones that have sold prior to auction, as i suspect the previous agent completed these deals before the auction.

18/42= 42.8% success rate

Of all the property auctions that took place across Britain yesterday alone, they averaged a success rate of 78%.

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6 NI residential lots in Allsops 31st May London auction (guide prices)

http://www.auction.co.uk/residential/onlineCatalogue.asp

267 34 Bellsrow Ct,Lurgan, BT67 9NA. 3b end terr. £40,000

268 73 Kingsway Dr, Portadown, BT62 3DX. 3b semi. £60,000

269 20 Margretta Park, Lurgan, BT66 8LB. 3b semi. £40,000

284 7 Caledon St, Belfast, BT13 3AX. 2b mid terr. £20,000

351 11 Cooks Cove, Kircubbin, BT22 2ST. 3b det bung. £63,000

359 8 Abbey Close, Millisle, BT22 2DG. 2b flat, £30,000

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6 NI residential lots in Allsops 31st May London auction (guide prices)

http://www.auction.co.uk/residential/onlineCatalogue.asp

267 34 Bellsrow Ct,Lurgan, BT67 9NA. 3b end terr. £40,000

268 73 Kingsway Dr, Portadown, BT62 3DX. 3b semi. £60,000

269 20 Margretta Park, Lurgan, BT66 8LB. 3b semi. £40,000

284 7 Caledon St, Belfast, BT13 3AX. 2b mid terr. £20,000

351 11 Cooks Cove, Kircubbin, BT22 2ST. 3b det bung. £63,000

359 8 Abbey Close, Millisle, BT22 2DG. 2b flat, £30,000

Do these properties really have a better chance of selling in London (to investors or, perhaps, returners) - where potential buyers may be unaware of the "local dynamics" of a given property.

I suppose someone from here could bid on the phone or net if they were even advertised locally. I would be suspicious that it is a form of price concealment ie doesn't affect the immediate local market as they are(maybe) offloaded in London and most won't know what for. And with London prices being what they are, these prices may look "value". A bit like dealers importing English reg motors.

Or is that just a wacky conspiracy theory?

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Do these properties really have a better chance of selling in London (to investors or, perhaps, returners) - where potential buyers may be unaware of the "local dynamics" of a given property.

I suppose someone from here could bid on the phone or net if they were even advertised locally. I would be suspicious that it is a form of price concealment ie doesn't affect the immediate local market as they are(maybe) offloaded in London and most won't know what for. And with London prices being what they are, these prices may look "value". A bit like dealers importing English reg motors.

Or is that just a wacky conspiracy theory?

From what I can gather, the odd house in ni is sold in London because the vendor (usually mortgage lender) has repod a load of English house and stuck them into auction, and has generally stuck the few NI repos in with them. It's nothing tactical,just makes it easier for them to handle if their whole group of repos are in the one auction

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  • 2 weeks later...

Catalogue published for the next Osborne King auction on the 14th June. Only 17 lots this time and the next auction won't be until November. Total minimum reserve of £1.3m.

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

5 straightforward residential lots (although 2 require "internal finishing")

3) 23-25 Tavanagh St, Belfast, BT12 6JL. 3b terrace : £35,000

5) 1 Chapel Street. Killough, BT30 7QJOld. 3b terrace : £27,500

6) 1 Bannvale Mews, Armagh, BT60 1DQ. New 4b detached, requires internal finishing and fitting out : £70,000

9) 6 Bannvale Mews, Armagh, BT60 1DQ. New 3b mid terrace : £65,000

13) 4 Bannvale Mews, Armagh, BT60 1DQ. New 3b mid terrace, requires internal finishing : £35,000

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Catalogue published for the next Osborne King auction on the 14th June. Only 17 lots this time and the next auction won't be until November. Total minimum reserve of £1.3m.

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

5 straightforward residential lots (although 2 require "internal finishing")

3) 23-25 Tavanagh St, Belfast, BT12 6JL. 3b terrace : £35,000

5) 1 Chapel Street. Killough, BT30 7QJOld. 3b terrace : £27,500

6) 1 Bannvale Mews, Armagh, BT60 1DQ. New 4b detached, requires internal finishing and fitting out : £70,000

9) 6 Bannvale Mews, Armagh, BT60 1DQ. New 3b mid terrace : £65,000

13) 4 Bannvale Mews, Armagh, BT60 1DQ. New 3b mid terrace, requires internal finishing : £35,000

Tavanagh St will be interesting as that area between Tates and Broadway was a BTL investor hot spot and a desperation location for FTBs.

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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'.

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http://www.btwcairns.com/auctions.aspx

Auctions

We are pleased to announce our second property auction of 2012.

It will take place in the Europa Hotel at 7:00pm on Tuesday 26th June 2012.

Please click on the links below to download an auction catalogue and viewing times schedule.

If you have any queries please contact a member of the auction team.

Auction Brochure

Viewing Times

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Hi All

Just looking over nigooner's review of BRG Gibson auction

Has anyone any details of more recent results? or been present at the sale?

Been looking at their latest offerings for june and researching a few which seem to have previously been through several auctions in london, Harman Healy / eigroup.co.uk

Is it purely location of sale put buyers off and now they're trying a local sale?

I notice at least one at a legal note about "access" issues when listed for London sales but no mention of anything on BRG listing although the guide price seems quite low in comparison to others.

I started a thread on rural repossesions and looking at older posts have noted the carrickmore shells that went for 11k.

I've had a look at osborne kings June offering, only about 20 lots, but nothing of interest to me there.

Cheers all

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6 NI residential lots in Allsops 31st May London auction (guide prices)

http://www.auction.co.uk/residential/onlineCatalogue.asp

267 34 Bellsrow Ct,Lurgan, BT67 9NA. 3b end terr. £40,000

268 73 Kingsway Dr, Portadown, BT62 3DX. 3b semi. £60,000

269 20 Margretta Park, Lurgan, BT66 8LB. 3b semi. £40,000

284 7 Caledon St, Belfast, BT13 3AX. 2b mid terr. £20,000

351 11 Cooks Cove, Kircubbin, BT22 2ST. 3b det bung. £63,000

359 8 Abbey Close, Millisle, BT22 2DG. 2b flat, £30,000

5 out of the 6 NI properties were sold :

267 £43,000

268 unsold

269 £40,000

284 £24,500

351 £70,000

359 £42,000

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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.

Been doing some research on tyrone properties and came across these two currently showing as sold on mustbesold.com.

End time was 1pm 27/1/2012 for 9k and 71/2K

Just thought I would update the info. They do seem to have been a difficult case for whoever the seller was

Cheers

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  • 3 weeks later...

Catalogue published for the next Osborne King auction on the 14th June. Only 17 lots this time and the next auction won't be until November. Total minimum reserve of £1.3m.

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

5 straightforward residential lots (although 2 require "internal finishing")

3) 23-25 Tavanagh St, Belfast, BT12 6JL. 3b terrace : £35,000

5) 1 Chapel Street. Killough, BT30 7QJOld. 3b terrace : £27,500

6) 1 Bannvale Mews, Armagh, BT60 1DQ. New 4b detached, requires internal finishing and fitting out : £70,000

9) 6 Bannvale Mews, Armagh, BT60 1DQ. New 3b mid terrace : £65,000

13) 4 Bannvale Mews, Armagh, BT60 1DQ. New 3b mid terrace, requires internal finishing : £35,000

Results published : http://www.osborneking.com/siteFiles/resources/auction%20pdf/auction%20results%2014th%20june%202012.pdf

3) sold £46,000

5) sold £28,100

6) sold £70,000

9) sold £70,000

13) sold £45,000

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Take it nobody was at the BTW auction?100% success rate, even with the auctioneer continually messing up. He was absolutely brutal, had to restart bidding on a few lots because he got confused, very cringeworthy. He even refused to to up in £1k increments, prefering to try and get increments of £5k (pretty tough, considering guide prices started as low as about 12k!).

Good stock, good reserve prices, awful auctioneer.

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Take it nobody was at the BTW auction?100% success rate, even with the auctioneer continually messing up. He was absolutely brutal, had to restart bidding on a few lots because he got confused, very cringeworthy. He even refused to to up in £1k increments, prefering to try and get increments of £5k (pretty tough, considering guide prices started as low as about 12k!).

Good stock, good reserve prices, awful auctioneer.

Have the results been published anywhere yet? No sign of them on the BTW site.

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Have the results been published anywhere yet? No sign of them on the BTW site.

probably dont want to advertise what constitutes todays market price as it would show up 90% of their stock of properties on their books as being overpriced?

or if everything sold maybe they cant be arsed puting it up as they have no unsold lots to try and shift afterwards

Edited by getdoon_weebobby
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probably dont want to advertise what constitutes todays market price as it would show up 90% of their stock of properties on their books as being overpriced?

or if everything sold maybe they cant be arsed puting it up as they have no unsold lots to try and shift afterwards

Both valid reasons (from BTW's point of view) for them not to publish the results.

Just seems strange though. The results of the first auction were published almost immediately.

In my view, more transparency of prices would encourage both sellers and buyers to participate in future auctions. They'd have a better idea of what they would expect to achieve / pay

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Both valid reasons (from BTW's point of view) for them not to publish the results.

Just seems strange though. The results of the first auction were published almost immediately.

In my view, more transparency of prices would encourage both sellers and buyers to participate in future auctions. They'd have a better idea of what they would expect to achieve / pay

I dont think it's been kept quiet to hide the real value of stuff-some o the properties that sold were level with,of not more than, comparables already on the market! It was bonkers. House in Holylands sold at £55k, needed refurbed.not exactly bargain on the year.

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Anyone know where to look for the results of auctions?

Basically, I'm in a private rented apartment, and 2 of them in my development went to auction this week with a reserve of £100k for both!

I'd be very interested to see what happened. I think it was handled by BTW.

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You would have to pay management fees though and rates which would put your costs up.

Already factored that in. Not saying I'm planning to buy yet, and when I do I'd rather it be a house as an apartment, just pointing out how the value of these apartments has tanked.

When I moved in, there were still a few unsold units on at ~ £130k.

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