O’Donnellan and Joyce brought the year 2015 to a successful conclusion when it completed what the company referred to as the Wild Atlantic Way auction when properties from Donegal to Kerry and throughout Galway city went under the auction hammer.
In an extremely well attended auction there were a number of potential purchasers who flew in especially to bid, with overseas interested parties on the phone aligned with a record number of viewers online.
Lot 1, No 23 St Helen’s Street, Galway, was a three bedroom semidetached residence in need of refurbishment. Bidding opened at €200,000 and during a frantic period of 10 minutes, five different individuals interchanged bids of €5,000 and, when the auctioneer's gavel was about to drop, a new bidder entered the fray and increased the bids in increments of €2,000 until the hammer finally fell at €270,000, €50,000 above the reserve price, to tumultuous applause from the large crowd.
Lot 2 was a two bedroom apartment at No 5 Century Apartments, Salthill. The apartments were built in the 1960s but No 5 had been refurbished in recent years to a very modern standard. The property attracted four different bidders. Bidding commenced at €140,000 and increased rapidly to a price of €162,000, where the auctioneer's hammer fell to a delighted overseas purchaser who was bidding over the phone. The price achieved was €2,000 above the reserve price.
Lot 3 was No 6 The Cloisters, a studio apartment located in Nuns Island, close to Galway city centre. The apartment was tastefully redecorated internally. Bidding started at €80,000 and increased in increments of €2,000 until it was sold at €90,000, which was the reserve price.
Lot 4 was a partially completed home at Luggawannia, Headford. This four bedroom property was in a rural location and required extensive work. Bidding commenced at €90,000 and five different individuals chased the property with bids increasing by €2,000 until it was eventually sold at €120,000 to a delighted first time buyer. The selling price was €20,000 above the reserve.
Lot 5 was Abbeyview, Killanley, Quay Road, Ballina, Co Mayo, a three bedroom property in need of refurbishment and modernisation, which attracted a number of people from Mayo and phone bidders. The bidding started at €65,000 and bids came from all over the room in a frantic period until it was sold at €105,000, €25,000 over the reserve price.
Lot 6 was a No 6 Árd Esker, Athenry, an attractive four bed semi just on the edge of Athenry town. Bidding commenced at €158,000 and the house was sold at €162,000, which was also the reserve price.
Lot 7 was No 5 Rockland Avenue, Ballybane. The property, which was in need of extensive work and refurbishment, attracted two very keen prospective buyers who opened the bidding at €55,000 and exchanged bids frantically, neither wanting to give up the opportunity of acquiring the property. Several times it looked like the gavel was about to fall, then another bid was made, until the auctioneer’s hammer eventually fell after 31 bids at €114,000, which was €59,000 above the reserve price, to tumultuous applause from the auction room.
Lot 8 was a 17 acre site at Sylane in Tuam. Bidding commenced at €80,000 and the lot sold at €85,000, which was on the reserve price.
Lot 9 was a 10 bedroom former guesthouse of 6,000sq ft on a 1.5 acre site on the Rossnowlagh Road, Ballyshannon, Co Donegal. Bidding commenced at €200,000 and increased in increments of €5,000 between a local buyer and an interested party who flew in especially for the auction from Scotland. The parties exchanged bids in increments of €5,000 and it was eventually sold at €326,000 to the Scottish client, €76,000 above the reserve price.
Lot 10 was a commercial investment property at Doughiska comprising four retails units, three of which are currently let at an annual income of €71,000. Bidding commenced at €600,000 and three individuals looked to acquire the property as bidding was exchanged from €600,000 upwards in increments of €10,000 until the gavel eventually fell at €650,000, €10,000 above the reserve.
Lot 11 was a commercial unit of 750sq ft with four apartments overhead in Shop Street, Tuam. Bidding commenced at €90,000 and went up in increments of €2,000 as two bidders chased the property until it sold at €123,000, which was €23,000 above the reserve.
Properties at No 9 The Elms, College Road, No 62 Woodlands, Lackagh, and No 1 Arasain na Mara, Salthill, failed to reach their reserve prices and are under active negotiation.
Colm O’Donnellan of O’Donnellan and Joyce said the auction team were absolutely delighted to bring the year to a successful conclusion, as 2015 had seen the largest number of properties put under the auction hammer, with close to 300 properties in total having been placed up for sale by O’Donnellan & Joyce, making it the largest and most successful auction house in the west of Ireland. Throughout the year there has been enormous local interest from first time buyers and investors using self administered pensions, which is tax efficient. 2015 also saw significant interest from overseas buyers who have recognised the incredible value that is still on offer, particularly in rural areas.
O’Donnellan & Joyce will commence its next auction season on March 4 2016. If you are interested in placing a property in this auction contact the auction team on 091 564212.
For all auction results see www.odonnjoyce.com
Commercial units, Doughiska.
No 23 St Helen's Street.
No 6 The Cloisters, Nuns Island.