It was another highly successful auction for Don Colleran last week with a number of record prices achieved and several sales exceeded their guide price, with one property achieving €110,000 over its advised minimum value.
This was certainly a case of quality over quantity with more than 100 people packing into the auction room in pursuit of just five properties, all in and around Galway city centre. First to sell in excess of its AMV of €195,000 was a quality spacious first floor two bedroom apartment in Gort na Coiribe on the Headford Road. The bidding opened at €190,000 from a woman at the front of the room who appeared to be taking her instructions over the phone. Over the next few minutes bids came fast and furious with four other bidders declaring their interest. Eventually, 17 bids later and to spontaneous applause, the opening bidder secured the property for €246,000, an incredible €51,000 over the AMV.
The second property to be sold in excess of its AMV of €240,000 was a quality three bedroom detached house at No 15 Glenburren Park. While there were only two people bidding on this property, it proved even more intense and exciting than the previous sale with bidding ebbing and flowing between the two interested parties. While the previous property was bought for investment, Glenburren would appear to be bought as a home as the two bidders were both buying for the first time, and this was handled with great sensitivity by the auctioneer as he knew one of them was going to be extremely disappointed with the outcome. A total of 29 bids later No 15 Glenburren Park was secured by a man at the front of the auction room for €281,000, an incredibly €41,000 in excess of its AMV.
Next to sell was No 6 Abbey Court, Mary Street, a two bedroom duplex apartment over a commercial unit in the city centre. Described by Don Colleran as the bargain of the day, this property was purchased at its AMV of €190,000.
With multiple bidders on each of the previous properties and just when it was thought things could not get more exciting, No 2 Canal Road Lower went to auction. Before bidding commenced Don Colleran informed the still packed auction room that it was more than 35 years since he sold his first property in Ardilaun Road in Newcastle, and in that time seldom has he had a property that generated such interest and excitement as No 2 Canal Road Lower, with in excess of 120 people viewing it prior to auction. Such was the interest in the property that the AMV was increased by €50,000 prior to auction. Despite all this initial interest it appeared to some that there were only two bidders as the bidding opened at €350,000, but when Colleran reached the reserve and put it to the house for the first time four new bidders immediately and simultaneously declared their interest, which brought a moment of light relief to what was becoming a very tense sequence of bidding. At €430,000 a man at the front of the house appeared to have secured this rare gem on the canal, but the auctioneer delayed dropping his gavel having already called it three times as his experience told him it wasn't all over yet, and he was proved right as he secured a further €25,000 for his delighted client.
After the auction Don Colleran reported that all his clients were obviously delighted with the results but he now had a number of cash and loan approved bidders looking for similar properties close to Galway city centre. While other auction houses around the country hold very large auctions, Collerans specialises in Galway city centre and focuses on quality over quantity. This obviously works very well for those selling, allowing Colleran more time to attend all the open viewings in order to gauge interest and meet all the bidders before the auction begins, enabling him to maximise the results for his clients.
Colleran's is now registering properties for the next auction on May 30 and is offering a free sales valuation to anyone thinking of selling.
Contact Don Colleran direct and in confidence at Colleran auctioneers, 21 Eyre Square, Galway, 091 562293 or see www.collerans.com