The Imperial Hotel in Eyre Square was a flurry of activity on Thursday November 25 for the winter auction held by Property Partners Maxwell, Heaslip, & Leonard. The first floor lounge, recently refurbished and overlooking the festivities of the Eyre Square Christmas market, provided a warm and welcoming venue for the event.
Auctioneer James Heaslip MIPAV lowered the gavel on three of the five properties on the day. However it was the third property, No 23 Frenchville, The Claddagh, which stole the show, producing an overwhelming 213 bids before selling at €335,000.
This three bedroom semi-detached property, in need of modernisation, attracted much interest prior to the auction and it was no surprise that the level of bidding was intense. Bidding commenced at a modest €200,000 with several parties expressing interest, and continued at a ferocious rate, creating an intense and exciting atmosphere, until the final bid was reached.
“We expected interest in this property to be high and were very hopeful of a successful outcome, but we certainly didn’t expect a 40-minute auction of intense bidding and 213 bids,” said James Heaslip. “It is an indication that location is still hugely important and that a well-placed property coupled with a realistic AMV will attract buyers. There are at least four very disappointed underbidders who are still anxious to secure a home in this area, and bears out the oldest maxim that the key is most definitely all about location.” Solicitor William Sandys was on hand together with his client to congratulate the newest residents of Frenchville, and wished them long life and happiness at their new home.
A three bedroom property located at Liam Mellows Terrace was the first of the three properties to be sold on Thursday. In need of renovation, this property guided a modest and realistic AMV of €75,000. The property had been looked at by more than 100 parties, all of whom recognised the potential of this home. It has been a very long time, according to Fergal Leonard, since a property so close to the city centre had been offered at such an affordable price. With solicitor Peter Crowley on hand it did not take long to see bidders enter the fray, and as soon as the property was put on the market it was snapped up by a very astute buyer who reportedly intends restoring the home to its former glory.
After the bidding marathon of the Claddagh, a short break was taken before the final offering of the day. Situated in the village of Kilcolgan, this substantial mixed use property was always going to attract interest despite market conditions.
Alan Maxwell commented that this was one of the best value properties seen for a long time. He said that while confidence in commercial property has been adversely affected, “there are always buyers who recognise value”. A substantial property, representing exceptional value, this property was also the focus of intense bidding. The initial bid of €150,000 was followed swiftly by 81 other bids until the gavel was dropped at €257,000. Solicitor for the vendors Dermot Kilfeather was rewarded for his patience in waiting for the signing of the third successful contract of the day.
Two other properties placed up for auction on the day are under active negotiation, with sales expected to be concluded in the coming days.
“We are delighted with the response to today’s auction,” auctioneer James Heaslip said after the event. “The entire team put a lot of effort into making the day successful and it proves that, despite the difficulties facing people, there are still opportunities and still people willing to buy property. It’s great to have a successful outcome for a vendor following the build up to auction day.”
Despite all the doom and gloom of impending decisions to be taken on a national level, there is still strong demand for quality homes in quality locations.
For information regarding listing a property in the spring 2011 auction, contact Property Partners Maxwell Heaslip, & Leonard on (091 ) 565261.