On Friday February 26 at 12 noon, renowned auctioneer Colm O’Donnellan welcomed the world into his digital auction room which was broadcast remotely through Brandt Studios in Co Galway. Speaking through smartphones, tablets, and computers in homes and offices across the country, Mr O’Donnellan outlined how the way he does business has changed dramatically since this time last year and how his digital auction room had transformed the way that property sales are conducted.
O’Donnellan & Joyce auctioneers has been in business for 38 years and has faced numerous recessions, boom times, and other local challenges and successes over the years. Adapting to the long lasting pandemic has required great investment and expertise but O’Donnellan & Joyce has once again demonstrated that it has the technology, the manpower, and the determination to survive the current day to day challenges and to deliver on its promise to buyers and sellers of property both locally and nationally.
The O’Donnellan & Joyce nationwide property auction quickly became the live stream property auction to watch throughout 2020 as Colm O’Donnellan and his team offered cutting edge performances to their national audience. With an 83 per cent average success rate throughout 2020 despite obvious challenges, the company began 2021 with an even greater achievement – a 90 per cent success rate last Friday at the first of seven live stream auctions of 2021.
The February auction campaign kicked off on January 22 with the launch of nine properties to the market. Although still in a level 5 lockdown, interest was good with the company reporting many inquiries across all lots.
O’Donnellan & Joyce had every property on its catalogue videoed with virtual property viewings available for all to watch across social media, the company website, and on Daft.ie and Myhome.ie The remote nature of the video tours meant that a much greater audience could get a feel for any property in which they had an interest.
Throughout early and mid-February, the company reported increased numbers of inquiries via email and telephone on the back of an international audience having viewed multiple properties from the comfort of their own homes. A large number of inquiries for the popular No 4 Walsh’s Terrace came from the USA and the UK, and with prospective purchasers content with completing a sale virtually. This instilled great confidence in the auction team that the process would be a success.
Having more than 100 pre-registered bidders committing a booking deposit of at least €4,500 towards their intended purchase, signalled to the team that there is still a great deal of money available in the marketplace and individuals are still willing to buy.
Commencing at 12 noon last Friday, Colm O’Donnellan kicked off with Lot 1 for No 4 Walsh's Terrace, Woodquay, Galway. Guiding at €290,000, a fair valuation given the extent of renovation and upgrade works required, the company was staggered at the level of interest. Siobhra Hennessey, senior auction co-ordinator, noted: “There is an increasing demand for city centre homes in need of repair. Couples want to put their own stamp on a property and often look for properties similar to this.”
The auction for this lot was high paced. Bidding commenced at €290,000 but quickly rose to €430,000 before the pace slowed and the number of bidders fell. A final sale price of €454,000 was reached and, when all bids were exhausted, the hammer fell and the deal was done.
After the auction, Colm O’Donnellan added: “The willingness of the market to pay such a price for a property in this state is a sign that there is money available and people are willing to buy. Our next auction is on April 16 and if you have a property that you are considering selling, give us a call and we promise to maximise your return.”
Lot 2 of the day was a four bedroom detached home in the much acclaimed estate of Sylvan Drive, Fairlands Park, Newcastle, Galway. The property at No 18 Sylvan Drive attracted great attention from the market with many inquiries and bidders pre-registering to purchase the lot. The house would be an excellent family home and overlooks a large green area to the front. A private rear garden and off street parking which were illustrated through the virtual tour are also ‘must haves’ for many prospective buyers. Bidding on this lot commenced at the AMV of €330,000 and quickly concluded at a sale price of €389,000 after fast and intense bidding from multiple interested bidders who tried to purchase via internet, telephone, and proxy bidding. All receiving a fair warning, the property was eventually purchased by an internet bidder from overseas.
Lot 3 was a six bedroom detached home in Moycullen village. The property at Ballyquirke featured a self-contained apartment and offered panoramic views from the rear over Lough Corrib. Guiding at €310,000, the property attracted good interest and bidder registrations were received from both locals and ex-pats hoping to return home to Ireland later this year. The hammer fell at a sale price of €355,000. According to Siobhra Hennessy: “Many underbidders are still seeking properties in the area. We have a number of bidders from this auction and previous auctions who have a preference for homes in the Moycullen and Oughterard area and they are actively looking to complete purchases. If you have a property that you are thinking of selling, O’Donnellan & Joyce are offering free thinking of selling valuations. Just call 091 564 212.”
Lots 4, 5, and 6 were Roscommon and Leitrim properties brought to the market by the O’Donnellan & Joyce auction team. Varying in price and style, the auction catalogue often includes properties that are suitable for every budget and requirement. From four bed semidetached homes in Roscommon town to characterful terraced homes in Manorhamilton, O’Donnellan & Joyce has sold them all in this auction and past catalogues.
Achieving a 90 per cent success rate in the first auction of the season, marketing executive Aaron O’Reilly commented: “We are looking forward to a busy year of property sales and excellent results. Of course we would like to get back to face-to-face viewings and live auctions, but with the introduction of virtual viewings and live stream auctions, we have been able to reach an even greater audience through the use of technology. We look forward to delivering on our promise to sellers of achieving the best possible sale price for them.”
O’Donnellan & Joyce’s next property auction is on Friday April 16. The company is offering a free ‘thinking of selling’ valuation to anybody who is considering selling a property. To avail of the offer, simply call or email the auction team and a member of staff will arrange to carry out a valuation of your property. The team can be contacted on 091 564 212 or by emailing [email protected].
While O’Donnellan & Joyce is still doing business, the office is closed to the public and staff are working from home. Virtual viewings are available across many of their available properties on www.odonnjoyce.com