5 Galway City apartments to go on auction tomorrow...

JohnCleary

Is this a sign of things to come?

5 city centre apartments which used to belong to Jimmy Clancy who went into receivership are to go on auction tomorrow in Dublin.

Anyone heading up?

Unrealistic

JohnCleary wrote: »

Is this a sign of things to come?

5 city centre apartments which used to belong to Jimmy Clancy who went into receivership are to go on auction tomorrow in Dublin.

Anyone heading up?

It's actually six apartments (No.s 16-21) in Clan House according to the current listing.
http://www.daft.ie/allsopspace/

There is another apartment on Sandy Road.
http://www.daft.ie/searchsale.daft?id=580999

And two (actually three but two are going as one lot) houses in Renmore.
http://www.daft.ie/searchsale.daft?id=580860
http://www.daft.ie/searchsale.daft?id=580859
Interestingly this last one, which is listed as 'Reserve not to exceed €265k', was still listed on Daft through a local estate agent at €420k when this listing went up. It will be interesting to see what it goes for.

Fuinseog

who wants a apartment like that. Feck all storage space.

Madame Razz

Given the result of a much awaited recent auction here in the city, I'm sure there are a lot of people keen to see what these properties will make. The results of this one plus other recent auctions will give a really good indication of how the market really is here, and hell, we might even start to see some realistic valuations as a result; there still seems to be an amount of people living in cloud cuckoo land as regards house prices in the city, they have to wake up sooner or later:p

Unrealistic

Madame Razz wrote: »

Given the result of a much awaited recent auction here in the city,

Results here........
http://www.thepropertypin.com/viewtopic.php?f=10&t=30005&p=495207#p495207

€176k for Devon Park is probably the most spectacular fall from boom prices among this lot I guess?

jimbobaloobob

What would have been the valuation on it in the boom time?

emptybladder

Watch today's auction live here:

http://www.auction.co.uk/irish/video.asp

Starting in about 30 mins. Use IE if Firefox doesn't work.

Sponge Bob

Running commentary link below. It seems bids are going in up to what delivers a yield of around 9% which makes investment sense.

http://www.thepropertypin.com/viewtopic.php?f=4&t=35965&start=345

dilallio

From emptybladder's link

16 Clan House sold for 74K Euro.

Edit: 17 Clan House sold for 70K.

Sponge Bob

4 out of 5 sold, 1 @ €74k, 3 @ €70k and one did not sell at all....not even for €70k.€70k is what they would have cost around 1995/6

http://www.property.ie/property-for-sale/18-Clan-House-Dominick-Street-Galway-City-Centre-Co-Galway/580912/

They all came with this sort of warning lest anybody ask.

The property was not internally inspected by the Auctioneers. We
understand the accommodation comprises: Reception Room/Kitchen, Two
Bedrooms, Bathroom, Balcony.

Here is what John Quinn reckons they are normally worth, €140k

http://www.globrix.ie/property-details/15885856-10_clan_house-dominick_street_upper-galway-2_bed-apartment

kraggy

They're awful apartments. Those ones in particular. I've been in them.

Can't believe the price on that one in Renmore ("51 Lakeshore Drive") even though the houses only go up to 46. That house is at the end of Renmore Road. Address listed is incorrect.

But it's a huge house. Actually looks like 2 or 3 apartments. 265k? Would say it went for more than that. Only a few years old too and finished quite nicely. Not my taste, the quality I mean.

Also, don't think those prices are true indications of the markety today. Prices aren't really that low. Remember, the buyers of most properties today didn't get a look into them. Even the real estate agent had to give a warning that they didn't see into them either. Plus there's the tarnish of them being the first distressed properties to go on sale in the history of the State. I think real prices are a bit more than those that occurred today.

Madame Razz

The Renmore property made 332.5K in the end I think.

snubbleste

A third of a million for a house in some suburb of a provincial town?
The price is too damn high!

Did you see that flat on Sandy Road that went for €95k? It was on the market here for circa €280k. It's still too damn high at 95k

It'll be a while yet beofre galway property prices approach value for money.

Madame Razz

Yea, that seems a pretty mad price for that kind of house in the current climate alright; obviously the person who bought it really wanted it.

kraggy

snubbleste wrote: »

A third of a million for a house in some suburb of a provincial town?
The price is too damn high!

Did you see that flat on Sandy Road that went for €95k? It was on the market here for circa €280k. It's still too damn high at 95k

It'll be a while yet beofre galway property prices approach value for money.

It's not just a standard house. It's huge and initially it was 2 apartments on the bottom and a house overhead or something like that.

Still might be. The descriptions in the ads aren't very accurate, including addresses.

Unrealistic

kraggy wrote: »

Can't believe the price on that one in Renmore ("51 Lakeshore Drive") even though the houses only go up to 46. That house is at the end of Renmore Road. Address listed is incorrect.

But it's a huge house. Actually looks like 2 or 3 apartments. 265k? Would say it went for more than that. Only a few years old too and finished quite nicely. Not my taste, the quality I mean.

I think real prices are a bit more than those that occurred today.

The prices achieved today (€265k was the published reserve for the Renmore house, it actually sold for €332.5k) are as real as you get. Market price by definition is the point at which a willing buyer and willing seller meet. But they are still not real enough. The real prices are going to be quite a bit lower than those achieved today come the second or third round of these auctions. Still most of the properties sold at sensible prices today based on current rental yields (where those could be judged).

Madame Razz wrote: »

Yea, that seems a pretty mad price for that kind of house in the current climate alright; obviously the person who bought it really wanted it.

There were some aberrations and that house in Renmore was one of them where apparently two bidders were set on it, one in the room and one on the phone, and bid it up to that level.

JohnCleary

Unrealistic wrote: »

There were some aberrations and that house in Renmore was one of them where apparently two bidders were set on it, one in the room and one on the phone, and bid it up to that level.

Correct.
Was bought by some oul-fella who was quite happy with his purchase

pseudonym1

I used to live in 16 Clann house back in the day they were nice apartments (or so I thought) paid 370 POUNDS!! back then and the other room went for about the same.. Not sure what they are going for now but a worthy rental investment for someont in that game. No?

Smelly entrance though!!

JohnCleary

Having viewed the apartments, they are in need of a little TLC. However, for the sake of spending a couple of grand they could be turned into lovely apartments at an amazing location.

I noticed that last week only 1 apartment in Clan House was available for rent. Today there are 0 apartments for rent in Clan House.... that's a pretty obvious sign that there's demand for them. When I was viewing the apartments I took the opportunity to be nosy and looked in the windows of all other apartments... yup, all occupied. There was only 1 apartment in the whole complex that looked empty, and that was the one which was on Daft (the one I mentioned above) which is now taken down.

I do have a massive gripe with the building entrance though, it's in need of a serious clean

-Vega-

I rented one off them for a long time, ours was in much better nick than the others. Need a bit of refurbishment and they are fine, shame that alley entrace is so seedy.

Mrs OBumble

JohnCleary wrote: »

I do have a massive gripe with the building entrance though, it's in need of a serious clean

If a certain city councillor gets her way, the gates will be taken down the and the alleyway (aka Burkes Lane) opened up to all and sundry again. Can't see that doing any good for the attractiveness of the apartments in the complex on either side.

snubbleste

It is public property. It was never supposed to be gated off by some individual.

snubbleste

snubbleste wrote: »

A third of a million for a house in some suburb of a provincial town?
The price is too damn high!

Did you see that flat on Sandy Road that went for €95k? It was on the market here for circa €280k. It's still too damn high at 95k

It'll be a while yet beofre galway property prices approach value for money.

95k for a 2 bed city center apartment looks like value to me. If you were buying it for cash and renting it out you would get a better return than having your money in the bank and with much less risk than investing heavily in the markets etc.

People are kidding themselves if they think houses and appartments in city's are going to fall to nothing, its not going to happen there will always be a demand for these properties and that will keep the prices up.

JohnCleary

snubbleste wrote: »

It is public property. It was never supposed to be gated off by some individual.

While I agree it shouldn't have been gated off, I remember when it was publicly accessible and it was in a much worse state than it is in now. Litter, broken bottles, cans all over the place along with people using it as a drinking spot and plenty of anti-social behaviour.

It's better off the way it is. If the gate is removed the City Council better get off their ass and make sure it's kept in a tidy condition

doubleglaze

Daphne Nutty Verdict wrote: »

95k for a 2 bed city center apartment looks like value to me. If you were buying it for cash and renting it out you would get a better return than having your money in the bank and with much less risk than investing heavily in the markets etc.

It wouldn't be the worst if you could get a rental income of 800 per month MINIMUM and longterm. I would imagine that many landlords would have to pay the higher rate of tax on rental income.

JohnCleary

Daphne Nutty Verdict wrote: »

95k for a 2 bed city center apartment looks like value to me. If you were buying it for cash and renting it out you would get a better return than having your money in the bank and with much less risk than investing heavily in the markets etc.

People are kidding themselves if they think houses and appartments in city's are going to fall to nothing, its not going to happen there will always be a demand for these properties and that will keep the prices up.

Is Sandy Road city centre though? Personally I thought the price was a bit rich for auction, but it's just my opinion.

I'm trusting that the winning bidder inspected the apartment and it was in very good condition

Mrs OBumble

JohnCleary wrote: »

While I agree it shouldn't have been gated off, I remember when it was publicly accessible and it was in a much worse state than it is in now. Litter, broken bottles, cans all over the place along with people using it as a drinking spot and plenty of anti-social behaviour.

It's better off the way it is. If the gate is removed the City Council better get off their ass and make sure it's kept in a tidy condition

I haven't been here for long enough to remember it, but it's got all the hallmarks of a very dangerous spot. Opening it would probably be the worst thing that anyone could do for public safety in the area.

JohnCleary

JustMary wrote: »

I haven't been here for long enough to remember it, but it's got all the hallmarks of a very dangerous spot. Opening it would probably be the worst thing that anyone could do for public safety in the area.

I agree 100%, turning this back into a publicly accessible laneway would be nothing short of dangerous. It will turn back into a litter infested drinking spot (As mentioned above, I can remember when it was just that)

It will serve the public no good as it leads to nowhere anyway