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Merlin Property Auction

  • 04-11-2011 11:02am
    #1
    zac8
    Registered Users, Registered Users 2 Posts: 532 ✭✭✭


    The first Merlin property auction is due later this month. They promised a mass auction with over 70 properties on the back of Allsops' three earlier successful auctions. But according to their website they only have 10 properties - http://www.merlinproperty.ie/property-search/. Maybe there's more coming but the catalogue was due yesterday so that may be it.

    Anyone know how those reserves look? I don't know any of the areas. Is this another Gmac farce?

    The next Allsop auction is at the end of this month too and their catalogue is out on Sunday.


Comments

  • #2
    washman3
    Registered Users, Registered Users 2 Posts: 3,646 ✭✭✭washman3


    Yip, today's auction turned out to be a complete farce as expected. just 3 properties sold. Reserves were far too high,ridiculous actually. were based on 2005/6 prices. what planet are these people on.??
    Glad to see they got the kick in the teeth they deserved. whatever chance they had was well and truely scuppered by yesterday's news that house prices are falling now at a faster pace than ever.
    The Merlin rep. on six-one news looked disgusted as she tried to put on a brave face.


  • #3
    royaler83
    Registered Users, Registered Users 2 Posts: 497 ✭✭royaler83


    zac8 wrote: »
    The first Merlin property auction is due later this month. They promised a mass auction with over 70 properties on the back of Allsops' three earlier successful auctions. But according to their website they only have 10 properties - http://www.merlinproperty.ie/property-search/. Maybe there's more coming but the catalogue was due yesterday so that may be it.

    Anyone know how those reserves look? I don't know any of the areas. Is this another Gmac farce?

    The next Allsop auction is at the end of this month too and their catalogue is out on Sunday.

    http://www.irishtimes.com/newspaper/breaking/2011/1122/breaking42.html


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    10 properties is far too few to be bringing to auction like this. It's no wonder only 2 sold.


  • #5
    robd
    Registered Users, Registered Users 2 Posts: 951 ✭✭✭robd


    The spin masters got to work on this article
    http://www.independent.ie/business/personal-finance/property-mortgages/property-collapse-from-euro380000-to-euro65000-ndash-dublin-house-sells-at-17pc-of-peak-price-2942518.html

    Says 4 rather than 2 sold. Sings praises of this house and what a bargain it was. Calls it 3 bed terrace yet auction brochure refers to it as a 56 sqm 3 bed maisonette. Not sure how 3 beds fits into 56 sqm but anyway. Not such a market IMO.
    IF you ever needed proof that the property market had collapsed, here it is.

    A Dublin father yesterday bought his ideal family home for €65,000 -- three years after walking away from the three-bed house when the asking price was €380,000.

    "We looked at that exact house three years ago and it was €380,000," the man -- who didn't want to be identified -- told the Irish Independent as he left the Merlin Property auction in Dublin.

    "It's unbelievable; I thought that when I went in I wouldn't get it. It is the best value I have ever seen.

    "I will go home to tell my wife now; she'll be over the moon. Now it's about trying to get in for Christmas."

    The attractive, three-bed terraced home in East Wall, Dublin, sold for €65,000.

    But the previous owner was happy enough to sell the house he had grown up in with his parents.

    Noel Langrell (55) said that while it had been on the market for a number of years, he was unable to sell it and decided to go to auction when Merlin advertised.

    "If you have a property sitting there and it's going nowhere, this is the way to go," he said afterwards.

    "What can I say? What's the point of holding on to it? It was a family home since the 1920s, my mam died and I was on my own by then."

    Just four of nine properties at the small auction were sold by last night, with three remaining under auction and two withdrawn.

    Their collective earnings were €305,500 compared to a peak market value of €1.03m.

    Merlin auctions usually involve car sales but yesterday's auction was its first move into property -- ahead of a larger one next March.

    "It's frightening; it's scary," observed a bidder who asked to be identified only as Dermot from Kildare. "And it reflects your own house; if you can pay your mortgage or if you don't have one that's okay but if you have to sell then that's when


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