On Friday June 4 at 12 noon, auctioneer Colm O’Donnellan welcomed buyers into his digital auction room which was broadcast remotely on the O’Donnellan & Joyce company website and social media platforms. Communicating through smartphones, tablets, and computers in homes and offices across the country and indeed abroad, Colm O'Donnellan outlined how the live stream auction works and went on to show how his digital auction room had transformed the way that property sales are conducted.
The June auction which took place on Friday was highly successful with over 80 per cent of properties sold on the drop of the hammer during the auction and after some post auction negotiations. While physical property viewings have now returned with the most recent easing of the restrictions, for those living and working abroad, the virtual viewing and live stream auction provide a platform like no other which enables these people to purchase their future home without even leaving their current home.
The O’Donnellan & Joyce live stream property auctions have become the top property auctions of 2021 as Colm O’Donnellan and his 15-strong team offer cutting edge performances to their national and indeed international audiences.
With an 85 per cent average success rate for 2021 to date, the company is soaring in terms of stock sold, sale prices achieved, and revenue generated for vendors. This was the third of seven live stream auctions of 2021 and the next one takes place on Friday July 23, a date to put in your diary.
There were 350 pre-registered bidders for the 40 properties under offer and some of the highlights were as follows.
Lot 1 - No 106 Seacrest, Knocknacarra, Galway
Guiding at €250,000, a fair valuation given the extent of renovation and upgrade works required, the company was staggered at the level of interest. Siobhra Hennessy, 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 €250,000 but quickly rose to over €350,000. After intense bidding from a number of internet and telephone bidders, the sale prices of €364,000 was reached and the deal was done.
Lot 2 – No 192 Bohermore, Galway
A two bedroom terraced house which attracted great attention from the market with many inquiries and bidders pre-registering to purchase the lot. This terraced home needed complete restoration and modernisation works but obviously appealed to a great audience. The property guided at €120,000 but sold for €179,000, despite the great amount of work required. Again, this is a great example of a near derelict building that offers great potential and is highly sought after.
Lot 3 - Connolly's Bar, Portumna, Co Galway
Offering enormous potential, this former licensed premises attracted a number of local bidders as well as foreign investors who have a keen eye for potential gems outside of main city areas. Bidding commenced at €80,000 – the guide price – but quickly rose to €150,000 before the bidding slowed to increments of just €1,000. Over the final eight minutes of the lot, another €20,000 was offered to the auctioneer and the sale concluded at €170,000.
Lot 4 – Camp Street, Oughterard, Co Galway
A ground floor commercial unit situated at Unit 2, Camp Street, in the centre of Oughterard. Previously used as a barber shop, this property was guiding €40,000 and after some extensive bidding, sold to a phone bidder for nearly three times its AMV price at €110,000
Lots 5 to 8 – Lands in Barna and Moycullen, Co Galway
These lots comprised a number of land lots in Barna and Moycullen, some of poor agricultural value and others with good development potential. All five lots were sold with great interest being shown in them.
Lot 10 – The Box, Errisbeg, Roundstone, Co Galway
Certainly the star of the O’Donnellan & Joyce June live stream property auction, this 1960s holiday home known as ‘The Box’ at Errisbeg, Roundstone, was guiding at €350,000 and boasted unobstructed views over Dog’s Bay and attracted enormous attention. Featuring in all mainstream news outlets around Ireland, the virtual tour of this property reached homes far and near and even tickled the interest of a large number of international buyers. With more than 10 bidders on a property that was destined for a high sales figure, the phone and internet bidders battled it out for over 20 minutes. The bidding commenced at the reserve of €350,000 and eventually concluded at €600,000. With unique styling and untapped potential, this property is sure to become the home of the buyer's dreams.
Lot 11 – Site at Miller's Lane, Ros Geal, Rahoon, Galway
This development site at Miller's Lane had previous planning permission for two three-bed semidetached homes. It has an AMV of €80,000 and sold to an online bidder for €134,000.
Lots 12 to 17 – House and lands at Caherlistrane, Co Galway
There was tremendous local interest in these lands with several phone bidders and online bidders and it sold for well in excess of the anticipated prices.
There were many other sales on the day that exceeded the expectations of both the vendors and the auction team. Two identical apartments in Ard Bre, Co Donegal, sold well in excess of the reserve prices at €67,000 and €60,000 respectively.
There were a number of interested parties also bidding for two separate apartments in New Ross, Co Wexford. The first, at The Waterside, sold for €84,000 which was €34,000 above the reserve price. The second unit which was located at The Moorings also sold in excess of the reserve at €80,000. A two bedroom apartment at An Clarin, Athenry, sold for the AMV of €130,000.
Lots 24 to 26 – House and lands at Knockroe, Craughwell, Co Galway
This four bed bungalow, farm buildings, and c33 acres were offered as two separate lots or a combination of both and sold after auction.
Lot 41 - No 7 Lios Caisil, Ballybrit, Galway
The final lot of the day, a derelict semidetached house at No 7 Lios Caisil, Ballybrit, broke all records in terms of the number of bidders on any one lot at an O’Donnellan & Joyce auction. Nearly 30 individuals registered in advance of the auction and bids arrived fast and furious into the digital auction room via telephone, internet, and proxy bidding. After an intense duel, the final sale price of €252,000 was reached. From a guide price and starting bid of €140,000, this property is a prime example of the level of interest and final sale price that can be achieved by selling by public auction and the incredible competitive market that currently exists.
Achieving an 82 per cent overall success rate in the third auction of the season, Siobhra Hennessy, auction co-ordinator, commented: “We are looking forward to a busy year of property sales and excellent results. Thanks to our live stream auctions and the help of virtual viewing, 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 July 23. If you are considering selling a property, 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]. Further details and the full auction results can be found on www.odonnjoyce.com