The third Irish Allsop Space auction gets underway tomorrow at 11am in the Shelbourne Hotel in Dublin which will see 74 lots up for grabs with a mixture of property on offer. As with previous auctions, there is a reserve price that may be less on the day but will not be more.
Almost €15.8 million of repossessed properties were sold over five hours at the latest auction on July 7th where an estimated crowd of 1,000 comprised of onlookers, the curious, first time buyers and small time investors packed into the ballroom of the Shelbourne. Out of the 87 lots on offer that day, 77 were sold, 5 were withdrawn and 5 were left unsold. As with the auction in April the majority of the properties went for more than their reserve price.
Unsurprisingly the success of that Allsop Space auction in July caught the attention of many Agents and Auctioneers around the country with a number of them already signalling plans to hold their own Auctions in the future.
Distressed Property Auctions:
- Will they help boost activity in the property market?
- Do they offer real value for money?
- Is it finally the right time to buy?
