Auction property information

[paul65]

sorry should have posted that Chatsworth apartment in here - it appears from the floorplan from the development its a bedsit!

http://www.wilsonsauctions.com/property_de...ew.asp?id=56498

this had a provisional sale at £225k and is relisted

80k for that Chatsworth Bedsit is a joke. Priced to sell - aye right!

Will be interesting to see what that property with the provisional sale at 225k achieves next time around. I can only see things going one way at present and I'll give you a hint - they're not up.

[getdoon]

it appears property is getting added just now to that mallusk auction

http://www.wilsonsauctions.com/property_de...ew.asp?id=74846

Castlederg train station anyone?!

http://www.wilsonsauctions.com/property_de...ew.asp?id=74151

detached house in Belfast too

Edited April 28, 2008 by getdoon

[JoeDavola]

It will be interesting to see what those two detached houses sell for.

Interesting that we are seeing houses like this appear at auction - maybe because no one is buying nowadays, sellers are being forced to go the auction route.

Edited April 28, 2008 by JoeDavola

[getdoon]

It will be interesting to see what those two detached houses sell for.

Interesting that we are seeing houses like this appear at auction - maybe because no one is buying nowadays, sellers are being forced to go the auction route.

agreed on the 2 houses - especially also if as many are reporting estate agents are trying to limit how low you drop your asking price (why are you doing this???!!!! IDIOTS)

I currently live/workin London and this was the one place that i thought might stagnate while rest of UK fell (as manhattan is doing in USA as the rest of US collapses) but I am seeing more and more evidence that London is in trouble ) so god knows whats in store for NI

[JoeDavola]

I currently live/workin London and this was the one place that i thought might stagnate while rest of UK fell (as manhattan is doing in USA as the rest of US collapses) but I am seeing more and more evidence that London is in trouble ) so god knows whats in store for NI

Considering the fact that there are cases where some properties have virtually tripled in price in 5 years, NI is due some massive, massive falls.

At least 50% drops. Even at 50% drops, houses would be far from cheap considering what people actually earn in NI.

[Belfast Boy]

Considering the fact that there are cases where some properties have virtually tripled in price in 5 years, NI is due some massive, massive falls.

At least 50% drops. Even at 50% drops, houses would be far from cheap considering what people actually earn in NI.

So approximately there are 1.5 million people in Northern Ireland. There are 10 times as many people living in the london area = 15 million people.

Average person living in Nothern Ireland earns £21,000.

To find that information - click here.

Average income in London is £36,000.

To find that information - click here.

So, why are our house prices almost as high as London?

It don't add up to me.

[subby]

It don't add up to me.

it soon wont....well to teh EA's anyway

I see EricCairns partnership have opened a new office on the antrim road, got a leaflet through yesterday about it and I live in Carnmoney, 4 miles away

[Sogy]

So, why are our house prices almost as high as London?

It don't add up to me.

Because the quility of life is so much greater here, because we have Victoria Square, because Dublin is so close, and, finally, because we have the Peace Dividend!

[getdoon]

So approximately there are 1.5 million people in Northern Ireland. There are 10 times as many people living in the london area = 15 million people.

Average person living in Nothern Ireland earns £21,000.

To find that information - click here.

Average income in London is £36,000.

To find that information - click here.

So, why are our house prices almost as high as London?

It don't add up to me.

I live in London just now for work reasons and it makes no sense to me what-so-ever.

I can buy a 2 bed apartment in trendy Islington for the same price as one in BT9.

The 2 bed apartment in Islington I rent costs £1400 a month and I was lucky to get it as I was the first to view it as I saw the gumtree advert first. My point is these apartments dont suffer from rental voids and achieve 'high' rental income.

compare this with a BTL strategy on a flat in Belfast apartment?

http://propertynews.com/brochure.php?r=1&a...mp;p=GOCGOC1996

http://www.rightmove.co.uk/viewdetails-205...=3&tr_t=buy

also in London there is demand for apartments as houses are in such short supply - expensive to buy/rent

Edited April 29, 2008 by getdoon

[subby]

Dear Sir/Madam

CPS-Property are proud to announce a confirmed date for the next property auction. The auction is to be held on the 3rd July 2008.

The auction will be concentrating on housing stock in the Greater Belfast area and the auction brochure will be sent to you via email in due course. In the meantime CPS-Property would like to invite all vendors who may be interested in selling a property at auction to contact myself at our Belfast office. The cut off for accepting properties is Friday 30th May and the brochure will be available shortly after this date.

Yours sincerely

....just got this in my email

[JoeDavola]

Is anyone going to the auction this Thursday?

Some interesting houses in it.

2 Bed Semi, Belfast: £210,000 (overpriced even in todays market IMHO)

http://www.wilsonsauctions.com/property_de...ew.asp?id=75541

3 bed detached, Belfast: £170,000

http://www.wilsonsauctions.com/property_de...ew.asp?id=73873

4 bed terrace, Larne: £90,000

http://www.wilsonsauctions.com/property_de...ew.asp?id=74985

3 Bedroom Flat, Glasgow: £70,000

http://www.wilsonsauctions.com/property_de...ew.asp?id=49548

Studio Apartment in Falkirk, Scotland: £16,000

http://www.wilsonsauctions.com/property_de...new.asp?id=1248

Studio Apartment in Belfast: £80,000 (do people in Belfast earn over 4 times what people in Falkirk earn? )

http://www.wilsonsauctions.com/property_de...ew.asp?id=73734

Big Detached House in Germany: £12,000

http://www.wilsonsauctions.com/property_de...ew.asp?id=72344 (maybe I should just quit the rat-race and move to rural Germany?)

There are several houses in Germany for sale for next to nothing, but I'm guessing there must be a reason for them being so cheap!

[paul65]

Is anyone going to the auction this Thursday?

Some interesting houses in it.

Yes Joe - I'll be there and will be posting the outcomes of the auction up on http://nipropertyauctions.googlepages.com/ as soon as the auction is over.

[edwardbear]

Its cos the houses need a lot of work and the prices are even more out of whack with the average earnings for the area than in NI.

If you're under retirement age you'd probably be the youngest person in the village too.

[paul65]

Dear Sir/Madam

CPS-Property are proud to announce a confirmed date for the next property auction. The auction is to be held on the 3rd July 2008.

The auction will be concentrating on housing stock in the Greater Belfast area and the auction brochure will be sent to you via email in due course. In the meantime CPS-Property would like to invite all vendors who may be interested in selling a property at auction to contact myself at our Belfast office. The cut off for accepting properties is Friday 30th May and the brochure will be available shortly after this date.

Yours sincerely

....just got this in my email

Hmm interesting. Earlier posts suggested that the April CPS Auction was not that successful and it appears to be confirmed by this post (No. 4) from the Treesdontgrowtothesky blogroll:

http://www.treesdontgrowtothesky.com/Blog/...60408/#comments

4

Author: Realist | Date: April 28, 2008 | Time: 1:38 pm

Attended CPS Property Auction in the Ramada Belfast couple weeks ago. 7 out of about 85 sold. 1 in three had no bids. Think we are heading back to fundamentals ie rental income has to cover costs of ownership. If that is the case there is a long way to go yet.

With falling real incomes, credit crunch and recession a real possibility things are not looking good.

Have been too many buyers around who have never experienced the bad times - when you couldnt give property away because nobody had any money or wanted it.

Cant all keep getting rich selling houses to each other!

[JoeDavola]

Yes Joe - I'll be there and will be posting the outcomes of the auction up on http://nipropertyauctions.googlepages.com/ as soon as the auction is over.

That's brilliant Paul. I'm sure I speak for everyone when I say how much I appreciate the effort you go to in order to make this auction data available to us all - it's probably the most accurate way to see the real sentiment in the market today.

[paul65]

That's brilliant Paul. I'm sure I speak for everyone when I say how much I appreciate the effort you go to in order to make this auction data available to us all - it's probably the most accurate way to see the real sentiment in the market today.

No problem Joe (and everyone else). It is good to know that the data is useful. I am only too happy to do this - although I now need to recruit some new "eyes and ears" from this forum to attend the Wilsons Auctions in Portadown to record that data as I'm moving jobs and location at the start of June 2008. If anyone can help me by attending future Portadown auctions then please personal message me (PM). I will still be attending the Mallusk auctions.

The reports (IMO) are the best yardstick we currently have for judging real sentiment and the impact of the credit squeeze in an open and transparent way. The fact that I publish this information freely on the internet erodes what economists refer to as information asymmetry - where it is common for one party in a transaction to have better information (usually an expert) than another party (usually a consumer). Information asymmetries everywhere have been gravely wounded by the internet whether that be through the use of property data contained within this forum, treesdontgrowtothesky, nipropertyauctions or property-bee.

Information / data is the currency of the internet and as a medium it is brilliantly efficient at shifting information from the hands of those who have it into the hands of those who do not - in a Robin Hood'esque way!

I'm just glad to get feedback that says running http://nipropertyauctions.googlepages.com/ is a useful exercise. If in some small way I have helped shrink the gap (information asymmetry) between the experts and the public then the goal of the site will have been achieved. Long may that continue.

Edited May 5, 2008 by paul65

[spring]

"Useful excercise" - Bl00dy amazing, that's what I'd call it.

If I were u, I'd put a counter on your web page to monitor the amt of traffic on it....I'd say u get a lot of hits.

[paul65]

"Useful excercise" - Bl00dy amazing, that's what I'd call it.

If I were u, I'd put a counter on your web page to monitor the amt of traffic on it....I'd say u get a lot of hits.

All in hand Spring. The site uses Google Analytics to monitor traffic and other key metrics. It has done so since the site was launched.

Edited May 5, 2008 by paul65

[getdoon]

All in hand Spring. The site uses Google Analytics to monitor traffic and other key metrics. It has done so since the site was launched.

http://www.wilsonsauctions.com/property_mallusk.asp

tonight folks doesnt seem to be much up for sale? thoughts folks?

[getdoon]

http://www.wilsonsauctions.com/property_mallusk.asp

tonight folks doesnt seem to be much up for sale? thoughts folks?

http://propertynews.com/brochure.php?r=1&a...mp;p=GOCPRO3141

http://www.wilsonsauctions.com/property_de...ew.asp?id=76236

[paul65]

http://www.wilsonsauctions.com/property_mallusk.asp

tonight folks doesnt seem to be much up for sale? thoughts folks?

I'll be there tonight getdoon and will have a word with the Auctioneer after it is over and see why there are so few lots up tonight.

Initial thoughts and hypotheses are:

* Wilson's are only taking enthusiastic sellers through to auction now. Tyre kickers no longer considered. NI folk can be quite stubborn over dropping prices, and Wilson's are good to their word.

* Do sellers consider May to be the turning point for the Spring bounce and hence no need to put your house up at auction anymore? Let's face it the house will sell on the open market for much much more.

* Will there be a large number of late entries "on the night"?

* That Wilson's are going to start to run more frequent auctions with fewer Lots in them to increase transaction/completed sales conversions? It would also keep more people in the room right up to the end.

* The weather is far too nice and they don't think too many will show up tonight.

In any event I'll find out tonight the answers and all details will be posted back here tomorrow.

Likewise all new auction data will be updated in the latest report appearing tomorrow morning on http://nipropertyauctions.googlepages.com/

Edited May 8, 2008 by paul65

[getdoon]

good man paul

[paul65]

I'll be there tonight getdoon and will have a word with the Auctioneer after it is over and see why there are so few lots up tonight.

Initial thoughts and hypotheses are:

* Wilson's are only taking enthusiastic sellers through to auction now. Tyre kickers no longer considered. NI folk can be quite stubborn over dropping prices, and Wilson's are good to their word.

* Do sellers consider May to be the turning point for the Spring bounce and hence no need to put your house up at auction anymore? Let's face it the house will sell on the open market for much much more.

* Will there be a large number of late entries "on the night"?

* That Wilson's are going to start to run more frequent auctions with fewer Lots in them to increase transaction/completed sales conversions? It would also keep more people in the room right up to the end.

* The weather is far too nice and they don't think too many will show up tonight.

In any event I'll find out tonight the answers and all details will be posted back here tomorrow.

Likewise all new auction data will be updated in the latest report appearing tomorrow morning on http://nipropertyauctions.googlepages.com/

Ok the outcomes from last nights auction in Mallusk are now available online on http://nipropertyauctions.googlepages.com/.

Analysis and comment surrounding the auction will follow in the morning - I'm cream crackered folks.

Edited May 8, 2008 by paul65

[Traktion]

Great work Paul!

Looks like anything that sold went for way below guide price. It looks like those guide prices are getting rather low too!

[paul65]

http://www.wilsonsauctions.com/property_mallusk.asp

tonight folks doesnt seem to be much up for sale? thoughts folks?

Ok - here's the analysis from last nights Wilson's Auction in Mallusk

Reason for the small number of lots: This was an "extra" auction slipped into the schedule in order to accommodate Lot 15 - the former railway station in Castlederg as this was being auctioned on behalf of the Local Authority. It sold for £76k, £6k above the opening bid price of £70k

Lot 7 - Trustee sale 87 Etna Drive, Belfast sold for £76k, £6k above the opening bid price of £70k and a full £63.95k below the price of similar properties on the same street on PN.com. Do bear in mind that this was a trustee property however.

In Lot 5 you could have picked up a 4 bed, 2 Reception Mid Terrace in Larne for £78k, £12k below guide price.

For those property investors and speculators out there that read this forum (yes I know you are there silently reading away!) you could have picked up a 2 bed semi detached bungalow in Donegal for £58k, a full £17k below guide.

Lots 13 1000 sq ft commercial unit in Coleraine and Lot 17 3 Bed Apartment, Costa Blanca, Spain were far too rich for those in attendance and bids never even got off the opening level of £70k and £100k respectively.

Lot 18 the 1 Bed studio apartment / bedsit in Belfast started at £50k and got to £62k when the only bidding investor backed out (there did not appear to be any other bids in the room). The guide was £80k and it didn't sell. However the fact that the investor felt it not worth over £62k says it all. Mark my words - the market has turned - even for investors.

As we went through the lots more and more of the properties towards the end were going to provisional sale only - expect them to crop up again in future auctions. There will be more and more people desperate to shift their properties in future auctions.

You might be interested to know that I've been told that the next Mallusk auction will feature quite a bit of repossession stock (and not ARA/SOCA this time around). Looks like people have been burned already and the Repo Man has been doing his rounds. And here's a report from the BBC just filed Repossession orders climb by 17%. Not NI specific but anecdotal evidence from England and Wales that the number of orders made by the courts in England and Wales at an early stage of the repossession process rose 17% in the first quarter of 2008.

If you want to download the latest auction report in Excel or using OpenOffice simply Click here

And finally ...... I'm looking for help collecting this important data from future Portadown auctions. Next one is Wednesday 4th June 2008 at 7.30pm. Reason being I'm moving jobs and location up to the North Coast. It will simply be impossible for me to attend the Portadown auctions in future.

If the rich data set that I've started is to continue uninterrupted I'll need some decent soul or souls possibly from this forum to put their hand up and help collect the data for the common good of all and for the the wider masses to benefit from. Personal Message (PM) me if you can help out in any way.

Thanks

Edited May 9, 2008 by paul65