O’Donnellan & Joyce conducted a remarkable auction last Friday when the company placed 29 properties under the auction hammer and sold 2, with the remaining two are under an advanced stage of negotiations.
The auction, which was held in the Harbour Hotel, attracted enormous interest locally, nationally, and internationally with large interest from Irish people overseas who viewed the auction live online on www.advertiser.ie through local multimedia production company Solid Media.
The auction room was packed to capacity with people who piled in to get a glimpse or partake in what the auctioneers described as a must-sell property auction. According to Colm O’Donnellan it was the most successful property auction that O’Donnellan & Joyce ever held in its 30 years of selling properties. “All the prices exceeded our expectations and our clients’ expectations, some by as much as 100 per cent,” he said.
The tone for the afternoon was set when the first property was placed up for sale at St Jude’s, No 13 Carbry Road, Newcastle, which had an AMV of €160,000. The opening bid came in at that price and 10 individuals chased the property. With bids coming from all over the room within a period of five minutes it increased in increments of €5,000 until it was left to three individuals who bid intensely for the property until eventually the auction hammer fell at €320,000, which was twice the anticipated guide price.
The second property to be auctioned was No 41 Abbey Street, a commercial unit with residential accommodation overhead in need of modernisation and refurbishment, which had an AMV of €25,000. Located on a secondary street in Loughrea, the property attracted four individuals who exchanged bids until the property was sold for €59,000.
The next property to be auctioned was a three bedroom semi at No 200 Castlelawn Heights, Headford Road, which had an AMV of €130,000. Four interested parties bid for the property until it was sold for €154,000. The fourth property to be auctioned was another three bedroom semidetached house, at No 150 Castlelawn Heights, in need of modernisation. Bids on No 150 increased in increments of €1,000 until it sold for €150,000.
The fifth property to be auctioned was No 51 Whitestrand Park, Salthill, a detached residence currently laid out in four flats. Bidding commenced at €180,000 and five people chased the property with bids going up in increments of €5,000 until it was sold for €230,000.
The next property was No 12 Cul an Ait, a four bedroom mid-terrace residence located in the heart of Barna village, described by the auctioneer as the perfect starter home in the perfect location. There was tremendous interest from a number of first time buyers and with bidding starting at €200,000, it eventually sold for €238,000.
The seventh property was No 65 Lissadyra, Ballygaddy Road, Tuam. There was enormous interest in this property as it had a very attractive AMV of €50,000. Five individuals bid intensely for the property and it was sold at €92,000.
The eighth property was No 4 White Oaks, Clybaun Road, Galway, a four bedroom semidetached house in need of modernisation and refurbishment. Bidding commenced at €110,000 and six individuals chased the property, bidding in increments of €2,000, until it sold at €146,000.
The ninth property to be auctioned was No 1 Corrib Terrace, Woodquay, Galway, a two bedroom end of terrace home in need of total refurbishment and modernisation. Bidding commenced at €80,000 and increased in increments of €2,000 and, within a period of six minutes, it was sold at €142,000.
The 10th property was No 26 An Logan, Western Distributor Road, Knocknacarra. The property, which failed to sell at a previous auction, was placed on the market at €85,000. Within minutes it reached the reserve price of €100,000 and was on the market to be sold. With first time buyers chasing the property it was sold at €127,000.
The 11th property was 12 acres located at Athlone Road, Ballymahon, Co Longford. This land, which is situated just on the edge of Ballymahon, attracted two interested parties and bidding commenced at €50,000 and increased in increment of €1,000 until it was sold for €68,000.
The next property was a detached residence at No 2 Lisnagree, Caltra, Ballinasloe. The property attracted two interested parties and was sold for €65,000.
The 13th property was No 13 Rahylin Glebe, Ballybane, Galway. This property attracted a large number of investors as it was located close to GMIT. Bidding commenced at €60,000 and rapidly went to €80,000, when the auctioneer Colm O’Donnellan consulted with his clients and decided to place it on the market. Just when it looked like the bidding had come to an end, two fresh bidders entered the fray and it rapidly rose to €100,000 where it was eventually sold.
No 20 Dalysfort Road, Salthill, was the 14th property, located in one of the city’s most prestigious areas. No 20 is located just off Salthill Promenade and overlooks the park. Bidding on this exceptional family home commenced at €130,000 with two individuals chasing the property, and it was sold for €370,000.
The 15th property to be auctioned was No 1 Clifton Crescent, Newcastle, Galway, a three bedroom bungalow located on an attractive site. Bidding commenced at €180,000 and two individuals bid intensely for the property until it was sold for €230,000.
The next property was 12 acres in Dolanstown, Ballydangan, Athlone. This attracted exceptional interest from several different interested parties. Bidding commenced at €50,000 and it was placed on the market at the reserve price of €60,000. Two individuals interchanged bids until the land was sold at €172,000.
Property number 17 was No 28 Carraig Geal, Loughrea. This property had a number of interested parties and bidding commenced at €80,000 and it was sold for €106,000.
The 19th property was No 78 Gleann Dara, Bishop O’Donnell Road, Galway. This property was described as a gilt edged residential investment as it was located close to the university and it attracted several interested parties. Bidding commenced at €80,000 and it was sold for €121,000.
The next lot was three unfinished houses and two acres at Garrafrauns, Dunmore. This property was the value of the day with a reserve price of €50,000 and it sold for just in excess of that at €52,000.
No 6 Devon Park, Salthill, was lot number 21, a derelict house on a corner site. Three individuals chased the property and it was sold at €110,000.
Lenaboy House, Salthill, was lot number 22, a semi-derelict property at Devon Park which sold for €125,000.
The next property was No 10 Eyre Street, Galway, a three bedroom mid-terrace residence which required minor refurbishment. The property attracted five different individuals who had a keen interest in it; bidding commenced at €100,000 and it was sold for €133,000.
Lot no 24 was a self-contained unit at No 4 Terryland Business Park, Galway. The property, which has a tenant in situ, sold at €150,000.
Crooklodge, Furbo, was number 25. This residence, which required substantial refurbishment, located on an elevated site, attracted two interested parties and was sold at €145,000.
Lot number 26, known as Keans, Furbo, was withdrawn at €100,000 as it did not meet the reserve price and it is currently under active negotiation.
No 27 Danesfort Court, Loughrea, was withdrawn at €55,000 and is also currently under active negotiation.
No 26 Newcastle Court, Athlone Road, Ballymahon, Co Longford, was lot no 28, a three bedroom semidetached residence with a reserve price of €50,000. This lot attracted two interested parties who interchanged bids and it was sold at €54,000.
The 29th property was a holiday village at Kon Tiki, Rooskey, Co Roscommon, comprising seven townhouses that required completion. Bidding commenced at €50,000 and two individuals interchanged bids for a period of eight minutes increasing in increments of €2,000 until it was sold for €102,000.
A detached house in Loughglynn, Castlerea, Co Roscommon, was sold prior to auction for €65,000.
According to Colm O’Donnellan of O’Donnellan & Joyce the company was “absolutely thrilled with the day’s results and particularly with the huge work that was put in prior to the auction by all the staff of O’Donnellan & Joyce”. O’Donnellan & Joyce will hold its next auction on Friday July 12.
People interested in selling their property should contact the O’Donnellan & Joyce auction team at (091 ) 564212.