Allsop Auction

washman3 · 26-09-2011 6:38pm

Monty Burnz wrote: »

I think that the general public has a notion that prices will halve, and then magically stop falling - as if the bubble price was exactly twice what it should have been. There's absolutely no reason in the world why prices will suddenly stop falling, and the eventual total collapse could just as easily be in the region of 60 (which we will surely hit next year), 70 or 80 per cent.

just as McWilliams,Morgan Kelly,Constantin G and even Eddie the Knob predicted. And all were lampooned for doing so, mainly by the government (past and present) and the vested interests.

Spiritofthekop · 26-09-2011 6:51pm

washman3 wrote: »

just as McWilliams,Morgan Kelly,Constantin G and even Eddie the Knob predicted. And all were lampooned for doing so, mainly by the government (past and present) and the vested interests.

To make you feel even more angry about our "goverment"

http://www.youtube.com/watch?v=76VOnzXQMsU&feature=player_embedded#!

noxqs · 26-09-2011 7:08pm

Ireland giving away it's natural resources is just pathetic.

The fact that no one is doing anything about it now - just compounds the fact. It's as the Norwegians say in the video 'thats just lazy?!'.

So much for a country with 'smart economy' - 'punching above its weight'. I have an image of Shell/Statoil treating Ireland a bit like a chihuahua rather. Small and easy to kick around.

fontanalis · 26-09-2011 7:15pm

Spiritofthekop wrote: »

To make you feel even more angry about our "goverment"

http://www.youtube.com/watch?v=76VOnzXQMsU&feature=player_embedded#!

So how much oil and gas has been extracted?

ZYX · 26-09-2011 9:50pm

Spiritofthekop wrote: »

To make you feel even more angry about our "goverment"

http://www.youtube.com/watch?v=76VOnzXQMsU&feature=player_embedded#!

Oh God no. Not more about our hundred Squillion worth of oil, gas, uranium, gold, and whatever else you are having yourself

Monty Burnz · 26-09-2011 10:47pm

ZYX wrote: »

Oh God no. Not more about our hundred Squillion worth of oil, gas, uranium, gold, and whatever else you are having yourself

Yeah, it seems to have entered 'conventional wisdom' that we have many billions of hydrocarbon resources that have just been given away. While the terms of some of the deals done in the Ray Burke era are suspiciously unfavourable to the state, the rest of it is such a bunch of balls.

the_syco · 27-09-2011 12:00am

http://www.irishtimes.com/newspaper/ireland/2011/0924/1224304677616.html

“My heart started to beat a bit faster when the bidding started, definitely,” the former truck driver told The Irish Times. Going into the room he said he would spend no more than €450,000, but then spent €9,000 more than that.

He said he was unconcerned about investing in property in the current climate. “The worst that can happen is that it will fall in value by 5 per cent, but over the long term it is a sound investment. Give it 10 years and it will be worth €5 million.”

I know it's not nice to laugh at others misfortune, but he spent €459,000 on a house that is dropping in price like a kamikaze bomber!

I'm thinking it's the same one that went for €1.55 million in 2008; http://www.thepost.ie/archives/2008/0511/rathgar-three-bed-with-many-original-period-features-32702.html

bath handle · 27-09-2011 1:16am

the_syco wrote: »

http://www.irishtimes.com/newspaper/ireland/2011/0924/1224304677616.html

“My heart started to beat a bit faster when the bidding started, definitely,” the former truck driver told The Irish Times. Going into the room he said he would spend no more than €450,000, but then spent €9,000 more than that.

He said he was unconcerned about investing in property in the current climate. “The worst that can happen is that it will fall in value by 5 per cent, but over the long term it is a sound investment. Give it 10 years and it will be worth €5 million.”

I know it's not nice to laugh at others misfortune, but he spent €459,000 on a house that is dropping in price like a kamikaze bomber!

I'm thinking it's the same one that went for €1.55 million in 2008; http://www.thepost.ie/archives/2008/0511/rathgar-three-bed-with-many-original-period-features-32702.html

It is definitely not the same house. Different house numberand the o.e sold last week was in units.

antiskeptic · 27-09-2011 10:44am

Monty Burnz wrote: »

I think that the general public has a notion that prices will halve, and then magically stop falling - as if the bubble price was exactly twice what it should have been. There's absolutely no reason in the world why prices will suddenly stop falling, and the eventual total collapse could just as easily be in the region of 60 (which we will surely hit next year), 70 or 80 per cent.

I thought prices had already more than halved - according to the only visible means whereby we can assess these things at least: the Allsop Auction.

derealbadger · 27-09-2011 12:50pm

have Allsop scheduled another auction yet

zac8 · 27-09-2011 12:53pm

derealbadger wrote: »

have Allsop scheduled another auction yet

30th November according to this - http://www.auction.co.uk/irish/

derealbadger · 27-09-2011 1:01pm

zac8 wrote: »

30th November according to this - http://www.auction.co.uk/irish/

I think soon these will be so common that they wont have the big numbers or all the TV cameras at them

JohnCleary · 27-09-2011 7:43pm

Looking at a purchase I made at the first Allsop Auction, similar properties in the same city sold at the 2nd & 3rd auction aren't making the yield's that I (currently) am - Wonder is this a case of good value at the first auction, or just luck?

the_syco · 28-09-2011 1:22am

JohnCleary wrote: »

Looking at a purchase I made at the first Allsop Auction, similar properties in the same city sold at the 2nd & 3rd auction aren't making the yield's that I (currently) am - Wonder is this a case of good value at the first auction, or just luck?

If you know what you're looking for, you'll probably get a good bargain. Seems some people didn't want to leave empty handed; these people will never get bargains.

The_Conductor · 28-09-2011 7:47am

TheApophis wrote: »

The Rte bulletin failed to stress the fact that 10 properties failed to sell at all – out of 74. In the 1st auction only 1/84 failed to sell and in the 2nd auction 4/87 didn’t sell. This says a lot about the direction the auctions will be going. My guess is the reserves will have to be lowered and made more realistic or else they could end up not selling 15+ properties in the next auction and that won’t look good from the Auctioneers point of view.

The reason why 10 properties failed to sell in this auction- is that this auction was a new direction for Allsop. The previous auctions were predominantly repossessions/bank sales of BTL properties (with a smathering of commercial and other property types thrown in the mix). This was the first auction where private sellers were courted and offered the opportunity to dispose of their properties via the Allsop auction- doubtless on the strength that Allsop were almost singlehandedly the sole functioning auctioneer in the country- look at the cack results from Galway and Cork?

So- they accepted properties from these private individuals- alongside the expectations that these private individuals had.

Obviously the reserves and amb's were set at far too high a level to elicit interest in the property- and for this Allsop only have themselves to blame. Running an auction in Ireland *is not* the same as running one in the UK- and there is a significant measure of research and due dilligence needed on the part of the auctioneer, if they intend to shift the lots on the day.

Personally I would suggest that the fact that 10 lots failed to sell, is a failure, and should be cause for a re-evaluation of the process for Allsop- either they invest the time and resources in convincing private sellers that their property has fallen by 60-70% (which in a lot of cases is true), and while they might get a better result on the day, not to expect it. Alternatively- they abondon private sellers, and stick with the disposals of repossessed and distressed properties- which is the area they are singularly good at.

It really is the case that the Irish pre-occupation with property is a factor they never properly enumerated- when they started taking significant numbers of private sales. They are doing themselves no favours, and indeed tarnishing their image- if they continue down the road they've started, without significant revisions to their business plan......

I'd love to know what excuse the owners of the 10 properties that failed to sell are telling themselves- I'm guessing its a blame game, and the banks are the villains of the day in their minds again- ordinary people being unable to get hold of finance to assist in a bidding frenzy.........

Unfortunately we, as a people, really don't seem to learn........

JohnCleary · 29-09-2011 4:59am

http://www.auction.co.uk/irish/LotDetails.asp?A=749&MP=84&ID=749000020&S=L&O=A

^^ That bad boy in particular gives me a bit of a larf. Giving a yield of pretty much HALF of another Galway lot(s) at the first Allsop Auction.

Are people losing the run of themselves, or are things looking up?! Let the speculators (lolz) decide....

royaler83 · 29-09-2011 10:57am

smccarrick wrote: »

The reason why 10 properties failed to sell in this auction- is that this auction was a new direction for Allsop. The previous auctions were predominantly repossessions/bank sales of BTL properties (with a smathering of commercial and other property types thrown in the mix). This was the first auction where private sellers were courted and offered the opportunity to dispose of their properties via the Allsop auction- doubtless on the strength that Allsop were almost singlehandedly the sole functioning auctioneer in the country- look at the cack results from Galway and Cork?

So- they accepted properties from these private individuals- alongside the expectations that these private individuals had.

Obviously the reserves and amb's were set at far too high a level to elicit interest in the property- and for this Allsop only have themselves to blame. Running an auction in Ireland *is not* the same as running one in the UK- and there is a significant measure of research and due dilligence needed on the part of the auctioneer, if they intend to shift the lots on the day.

Personally I would suggest that the fact that 10 lots failed to sell, is a failure, and should be cause for a re-evaluation of the process for Allsop- either they invest the time and resources in convincing private sellers that their property has fallen by 60-70% (which in a lot of cases is true), and while they might get a better result on the day, not to expect it. Alternatively- they abondon private sellers, and stick with the disposals of repossessed and distressed properties- which is the area they are singularly good at.

It really is the case that the Irish pre-occupation with property is a factor they never properly enumerated- when they started taking significant numbers of private sales. They are doing themselves no favours, and indeed tarnishing their image- if they continue down the road they've started, without significant revisions to their business plan......

I'd love to know what excuse the owners of the 10 properties that failed to sell are telling themselves- I'm guessing its a blame game, and the banks are the villains of the day in their minds again- ordinary people being unable to get hold of finance to assist in a bidding frenzy.........

Unfortunately we, as a people, really don't seem to learn........

Not saying you are wrong here but I rang Allsop shortly after the July auction enquiring about putting a house in an upcoming auction. The lady on the phone said that they were only dealing with distressed properties. etc. She said they were going to see how the Sept and Nov auction went before they'd decide to include private sellers.

Maybe something changed in the mean time?!

washman3 · 29-09-2011 8:17pm

Did Savills hold a firesale auction today or is it tomorrow.
Heard a few weeks ago they were holding one at the end of September.

indiewindy · 29-09-2011 9:04pm

washman3 wrote: »

Did Savills hold a firesale auction today or is it tomorrow.
Heard a few weeks ago they were holding one at the end of September.

.

zac8 · 29-09-2011 9:05pm

washman3 wrote: »

Did Savills hold a firesale auction today or is it tomorrow.
Heard a few weeks ago they were holding one at the end of September.

They cancelled it.

ronan45 · 10-11-2011 5:19pm

Next Allsop Auction is 30th November 2011 at the Shelbourne

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

Spiritofthekop · 10-11-2011 6:21pm

ronan45 wrote: »

Next Allsop Auction is 30th November 2011 at the Shelbourne

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

WOW...Have you ever seen such a collection of DROSS in all your life!

Horrible list of properties!

and what up with the address below...4 apartments up for grabs in the same tower block..is this the place that was full of problems that was in the papers..

Dublin 1
Apartment 433
Block J
Castleforbes Square
Upper Mayor Street

el diablo · 10-11-2011 7:54pm

Spiritofthekop wrote: »

WOW...Have you ever seen such a collection of DROSS in all your life!

Horrible list of properties!

and what up with the address below...4 apartments up for grabs in the same tower block..is this the place that was full of problems that was in the papers..

Dublin 1
Apartment 433
Block J
Castleforbes Square
Upper Mayor Street

Priory Hall?

No.

Marcusm · 10-11-2011 10:35pm

Spiritofthekop wrote: »

WOW...Have you ever seen such a collection of DROSS in all your life!

Horrible list of properties!

and what up with the address below...4 apartments up for grabs in the same tower block..is this the place that was full of problems that was in the papers..

Dublin 1
Apartment 433
Block J
Castleforbes Square
Upper Mayor Street

'tis a Liam Carroll development and there were properties from it in each of the prior auctions; I assumed it was one of the non-Nama banks gently selling them off. I think the reserves have been falling but I haven't checked back.

indiewindy · 10-11-2011 11:02pm

Marcusm wrote: »

'tis a Liam Carroll development and there were properties from it in each of the prior auctions; I assumed it was one of the non-Nama banks gently selling them off. I think the reserves have been falling but I haven't checked back.

Courtesy of our pals over on www.thepropertypin.com
KOR101 wrote:
I think the catalogue is very interesting.

I'd say a few investors who put their money in Castleforbes apartments in previous auctions are feeling a bit quesy right now, especially those who bought the one beds.

April
1 Bed (reserve 100k, sale 99k)
1 Bed (reserve 100k, sale 116k)
1 Bed (reserve 100k, sale 129k) rent 10.8 (yield on reserve 10.8%, sale price 8.4%)
2 Bed (reserve 140k, sale 140k) rent 13.8 (yield on reserve 9.9%, sale price 9.9%)
2 Bed (reserve 140k, sale 165k) rent 13.2 (yield on reserve 9.4%, sale price 8%)
2 Bed (reserve 140k, sale 161k)
2 Bed (reserve 140k, sale 163k)

July
1 Bed (reserve 105k, sale 132k)
1 bed (reserve 105k, sale 134k) rent 11.7 (yield on reserve 11.1%, sale price 8.7%)
2 bed (reserve 142k, sale 148k)
2 bed (reserve 142k, sale 145k) rent 13.2 (yield on reserve 9.3%, sale price 9.1%)

November
1 Bed (reserve 92.5k, sale ?) rent 10.2k (yield 11% on reserve)
1 Bed (reserve 92.5k, sale ?) rent 10.8k (yield 11.7% on reserve)
1 Bed (reserve 92.5k, sale ?) rent 10.8k (yield 11.7% on reserve)
1 Bed (reserve 92.5k, sale ?) rent 11.1k (yield 12% on reserve)
2 Bed (reserve 135k, sale ?) rent 12k (yield 8.9% on reserve)
2 Bed (reserve 135k, sale ?) rent 12.6k (yield 9.3% on reserve)

ronan45 · 11-11-2011 8:46am

royaler83 wrote: »

Not saying you are wrong here but I rang Allsop shortly after the July auction enquiring about putting a house in an upcoming auction. The lady on the phone said that they were only dealing with distressed properties. etc. She said they were going to see how the Sept and Nov auction went before they'd decide to include private sellers.

Maybe something changed in the mean time?!

So the auction on the 30th, are these repossesed homes? Nama Homes? Gingle Mail properties?

zac8 · 11-11-2011 10:19am

The last three auctions have been mostly bank of scotland repossessions. Not sure if that's the case for this auction.

ronan45 · 30-11-2011 10:21am

ronan45 wrote: »

Next Allsop Auction is 30th November 2011 at the Shelbourne

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

this auction is on today. Can we tune in on the net? any links?
Might be interesting!

zac8 · 30-11-2011 10:23am

ronan45 wrote: »

this auction is on today. Can we tune in on the net? any links?
Might be interesting!

Their website formatting seems to be screwed up.

This should be the link to the live feed - http://www.auction.co.uk/irish/video.asp

You can also just follow the results here: http://www.auction.co.uk/irish/resultslive.asp

ronan45 · 30-11-2011 10:27am

zac8 wrote: »

Their website formatting seems to be screwed up.

This should be the link to the live feed - http://www.auction.co.uk/irish/video.asp

You can also just follow the results here: http://www.auction.co.uk/irish/resultslive.asp

Merci Zac

Start Times

Single Session
Auctioneer’s Announcements 10.45 a.m.
Lot 1 not before 11.00 a.m.
Has anyone seen one of these online auctions before? Do i need speakers or is it typed up on the screen?
http://www.irishtimes.com/newspaper/breaking/2011/1121/breaking24.html

Allsop Auction

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