O’Donnellan & Joyce completed the year with another successful property auction last Friday. The company has sold a record number of houses by public auction with more than 100 houses being sold by auction during the year.
The final auction of the year was held in the Victoria Hotel where there were 11 properties and it was extremely well attended by first time buyers and investors looking to secure value.
The first property to be auctioned was No 106 Dun Aengus, a three bedroom apartment with private car parking overlooking Galway Harbour. This property attracted exceptional interest. Bidding commenced at €130,000, and there was a frenzy of bidding among a number of different individuals until it reached €170,000. Just when it looked like the hammer was about to fall, a fresh bidder entered the fray and the auctioneer’s hammer finally fell at €175,000.
The next property to be auctioned was a three/four bedroom bungalow on a half acre mature site, on the outskirts of Ballinasloe. It attracted three interested buyers. Bidding opened at €38,000 and increased in increments of €2,000. It was placed on the market at a reserve price of €50,000 and the auctioneer’s hammer came down at €61,000.
The third property to be auctioned was No 11 Cuirt na Tra, Salthill, a two bedroom first floor apartment with car parking space, located close to the Promenade. Bidding commenced at €70,000 and two parties exchanged bids until it eventually came to €83,000. Auctioneer Colm O’Donnellan consulted with the sellers as it had failed to reach the reserve price, the sellers agreed to sell to the highest bidder at €83,000.
The next property to be auctioned was No 3 Clybaun Court, Clybaun Road, a delightful four bedroom semidetached residence. Bidding commenced at €182,000 and increased in increments of €1,000, with five individuals chasing the property, until it reached a figure of €214,000 where it was withdrawn and the auctioneers entered into direct negotiations with the client and it was sold at €221,500.
The fifth property was No 34 Moyola Park, Newcastle, a three bedroom semidetached home within walking distance of NUIG. Three bidders chased the property and bidding commenced at €170,000; with a rapid exchange of bids it eventually reached €190,000. As the auctioneer’s hammer was about to drop a new interested party entered the bidding and the price was pushed up to €201,000 to the delight of the vendor.
The sixth property to be auctioned was No 74 Clareview Park, Ballybane, a three bedroom end of terraced residence located within easy access of GMIT. Bidding commenced at €40,000 and two people chased the property as it increased in increments of €2,000, up to the final price of €62,000.
The seventh property to be auctioned was No 215 Rosan Glas, a four bedroom residence on the Old Rahoon Road, in good decorative order and described by the agents as the perfect family home or gilt edged investment. The property reached €152,000 and was withdrawn, and is currently under active negotiation.
The next property to be auctioned was No 41 Caiseal Cam, a four bedroom detached residence in excellent condition with an extremely bright and spacious layout. Bidding commenced at €180,000 and increased in increments of €2,000. As two individuals exchanged bids and reached a price of €200,000, it was withdrawn by auctioneer Colm O’Donnellan and following direct negotiations with the highest bidder it was sold for €207,000.
The next property to be auctioned was No 22 Tudor Lawns, Newcastle, a striking semidetached home overlooking a large green area. The property was withdrawn at €188,000 and is under active negotiations having failed to reach the reserve price.
No 60 Dun Aras, Bishop O’Donnell Road, an investment apartment located within easy access of NUIG, was described by the auctioneers as a gilt edged residential investment, better than money in the bank. Bidding commenced at €70,000 and two individuals exchanged bids until eventually the hammer came down at €80,000.
A three bedroom semidetached home in pristine decorative order and repair at No 83 Tara Grove, Wellpark, was sold prior to the auction at a price of €189,700.
According to Colm O’Donnellan of O’Donnellan & Joyce the company was absolutely delighted with the results on the day and has also recorded the highest number of auction sales in the west of Ireland. He said that, in the current environment, there is no doubt that auctions are the best way to dispose of properties in order to maximise the price and to maximise the result.
O’Donnellan & Joyce will hold its next auction at the end of February 2013. Further particulars can be had by contacting the O’Donnellan & Joyce auction team at (091 ) 564212.