IAM Sold Property Auction – a successful year

As the year is nearing its end, IAM Sold Property Auction wishes all its clients a happy Christmas and prosperous New Year as the team review the year of auctions for 2019.

The auction team are celebrating an impressive run of 40 auctions across Ireland and Northern Ireland. This included 15 successful public auctions across Connacht, Munster, and Leinster along with 25 online auctions. A wide range of properties were offered throughout the year ranging from family homes, investment properties, commercial buildings, and sites, along with several successful sales of agricultural holdings. Company directors Patrick Folan and Patrick Convey announced a 92 per cent sold rate overall for the year. After another stellar year, IAM Sold is now one of the biggest auction houses in Ireland and the UK, selling more than 3,000 properties during 2019.

During a busy year for the company, IAM Sold was also nominated for the Irish Property Excellence Awards which were held in Dublin in November. The company was shortlisted in the highly competitive PropTech category which showcases companies which are using technology to drive progress in the property sector.

Company director Patrick Folan said: “Our auction platform has been growing in popularity since we launched to the market in 2012. Our online auction makes bidding easy for buyers while also giving the transparency and speed currently lacking in sales by private treaty. Our online auctions are suitable for all types of buyer and properties. During 2019, for the first time we saw mortgage buyers overtake cash buyers in terms of volume of purchases at our auctions."

The company works with more than 250 partner auctioneers. Director Patrick Convey added: “The success of our auctions is down to the large marketing campaigns we undertake in Ireland and abroad while also working in close partnership with our local partner auctioneers. This combination of regional and national auction house in partnership with the local auctioneer offers both access to the local buying pool and the broader reach the auction ensures.”

The Connacht Property Auction held its public auctions in The Menlo Park Hotel, Galway, with an overall sale rate of 88 per cent. The auction team successfully sold properties in all counties across Connacht and continue to offer a broad variety of properties. A selection of these recent sales include a four bed detached property at Cleggan, Co Galway, which received significant interest and was sold for €275,000 in partnership with O'Malley Properties. In Galway city, a well maintained two bed apartment was offered for sale in partnership with Property Partners Emma Gill. No 27 An Larnach, Bohermore, received several bids at the public auction event was sold for €160,000. The auction team, in partnership with Gordon Hughes Estate Agents, sold a beautiful four bed family home in Gorvagh, Co Leitrim. The property had strong local interest before it sold for €160,000.

The Munster Property Auction took place in The Rochestown Park Hotel, Cork, and the region finished with an overall success rate of 94 per cent. The auction team sold properties from all counties in Munster, including a landmark public house and restaurant located 10km from Cork city centre. The Waterloo Inn was offered in partnership with Property Partners Matt Fallon and successfully sold for €370,000. Elsewhere, a fine four bed dormer style detached residence, located in Knocktoran, Elton, Co Limerick, was sold in partnership with Carroll auctioneers. The auction team noted strong auction interest in the property and the hammer fell at €240,000. At the final Munster auction of 2019, in partnership with William Hennigan auctioneer, the team offered for sale 10 two bed apartments in Firies Village, Killarney, sold as one lot. There was strong interest in the lead up to the public auction and this ideal investment opportunity was successfully sold for €350,000.

The Leinster Property Auction held five public auctions in The Clayton Hotel, Liffey Valley, Dublin, and recorded an overall sale rate of 91 per cent. The company successfully sold properties in all counties in Leinster and further afield. The region saw an increase in sales during 2019 and also saw an expansion of the partner network to more than 70 partner auctioneers. Sales included a six bed semidetached home in Rathmines, Dublin. The property at No 1A Leinster Road was offered to the market in partnership with Youngs Estate Agents, Ranelagh, at a reserve of €900,000. Bidding opened at €900,000, and after some brisk bidding it was sold for €1.01 million. In partnership with Kelly Bradshaw Dalton, the auction team sold a handsome mid-terrace red brick investment property in the heart of Phibsborough village. The property consisted of five self-contained flats was sold for €650,000 via the online auction. As part of the national holiday home auction, which was held in Dublin on July 18, the auction team offered No 12 Laurel Lodge, Standhill, Co Sligo, at bids over €135,000 and again there were several parties bidding, both in the room and on the phone. This ideally located property received more than 30 bids before the hammer fell on €172,000.

IAM Sold Property Auction is continuing to take entries for its online auctions which are ongoing and have a further five public auction events planned for 2020. With a more than 92 per cent success rate in 2019 and 2018, the auction provider will be aiming for similar results in 2020.

Contact IAM Sold Property Auctions on 091 882 121 to arrange for a free property valuation, or for more information visit www.iamsold.ie

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