Allsop auction outcome

araic88

I heard on the radio about how a lot of properties went for a good percentage more than reserve price but I can't find a list etc. as the property I was interested in wasn't mentioned on radio.
Would It be up anywhere yet?

relax carry on

araic88 wrote: »

I heard on the radio about how a lot of properties went for a good percentage more than reserve price but I can't find a list etc. as the property I was interested in wasn't mentioned on radio.
Would It be up anywhere yet?

http://www.allsopspace.ie/home/liveresults/20086

relax carry on

Was interested in one myself. Asking was 110,000 euro. It went for 145,000.
Had my surveyor and solicitor look at it. Both recommended to stay away from it.
Even if the structural and legal issues weren't there, the max I would have gone to was 145,000. With the problems, I can't understand why someone would pay 145,000 for it.

NIMAN

I have been looking at a few of them as the live sales are happening and plenty of properties seem to be going well above the reserve, well above.

araic88

relax carry on wrote: »

http://www.allsopspace.ie/home/liveresults/20086

Oops! Sorry when I looked at that earlier, my phone wouldn't scroll to the side so I thought it only showed the lot number and if it was sold/unsold.
Cheers! :-)

md23040

relax carry on wrote: »

Was interested in one myself. Asking was 110,000 euro. It went for 145,000.
Had my surveyor and solicitor look at it. Both recommended to stay away from it.
Even if the structural and legal issues weren't there, the max I would have gone to was 145,000. With the problems, I can't understand why someone would pay 145,000 for it.

Link one = http://www.allsopspace.ie/auction/lot/6882

Link two = http://www.donegalcdb.ie/eplan/internetenquiry/frmSelCritSearch.asp?page_num=0&DebugCode=

Link three = https://maps.google.ie/maps?q=57+Beinn+Aoibhinn&hl=en&ll=54.9603,-7.719449&spn=0.000025,0.021136&sll=53.3834,-8.21775&sspn=8.064164,21.643066&t=h&hnear=57+Beinn+Aoibhinn,+Letterkenny,+County+Donegal&z=16&layer=c&cbll=54.9603,-7.719449&panoid=OoX0gbcElQ5Rrc4zKescgw&cbp=12,185.83,,0,0


The lot that interested me was number 117 in Letterkenny see link one above, and a bid of €70k was given by me (€76k was my max but it shot up very fast).

Now, the house extension within the photo looks a bit strange, there's reason why, and after much deliberation from my solicitors in conjunction with the County Council it transpires that 57A does not have proper planning permission (or at all). The list of planning extensions on the Donegal planning site for this estate only has the following entries see link two above (remember to click "Apps decided on in the past" to see all five previous applications that does not include number 57) .

It is important to be aware though that Alsopp are fully entitled to sell this property even without proper planning. But note that the first entry from the planning site on Donegal CoCo, an application for an extension to include a second dwelling to the side of a property was refused (house 20) and this would have set a precedent. Also searches where done under all the previous owners with Donegal CoCo planning and nothing showed up, and something should, as these houses according to the legal pack were built in 1994. Also the Folio has no mention of split title in the legal pack on the Allsop site.

The only caveat for the perspective purchaser is the council cannot force the extension to be demolished as it has been built for more than seven years without objection, but on the other hand it can never be sold separately from the main property nor with a purchaser seeking a mortgage, and in terms of applying for retrospective planning the council would be sympathetic but would only allow it to be converted to something similar in the estate like this its next door neighbour - see link 3 above.

In terms of the BER it was okay with the main listed as a C and the second extension an E. In terms of all the bidding I was the only one to contact the original BER assessor (the morning of the auction) to find out about the house, and it is baffling that people would be bidding in excess of €100,000 of hard earned cash and not fully undertake due diligence, considering when purchasing at auction it is caveat emptor or you fully waiver your disputable rights and 10% must be immediately paid down on signing contracts before leaving the auction.

Now, €117k being the highest bid in my opinion is a bit rich for such a property, considering decent 4 beds have been on the market within the Gortlee area for offers of €69,000 in the last number of months. Even this property before Christmas was for sale through Daft and MyHome and multi listed with various local estate agents at asking price of around €100k.

To convert this into one main property and to refurbish the house would cost about €30,000 and the local authority planning charge would cost €6400 to make revisions. Even to keep as two separate properties and get to a decent habitable standard would cost €20,000 and overall that's too much in my opinion (solicitors fee/land registry charge is going to be circa €2500).

Also having attended many individual house auctions in the North West and being one of the very few to request the legal packs in advance (many just take copies at the auction) it is truly astounding peoples naivety and my solicitor has come across many who did not fully realise what they have committed to until it is too late, and this may be another case of that again.

And it amazes me too throughout Ireland the amount of house at auction being sold by receivers that have been split into three or four bedsits with separate meters, heating systems, water etc. that never had planning permission, and it is completely baffling how these will be dealt with for local property rates etc. It only takes a fire in one of these places with serious injuries for the crap to hit the fan and then the full force of the establishment to come down to bear on you. From my point of view it is not worth the hassle or worry.

gaius c

Some serious canny types buying yesterday.

'The Ulster Bank on Main Street Loughrea, Co Galway sold for €810,000 with a reserve of €650,00. The buyer, who did not wish to be named, said he was self-employed and wanted it for a pension. The biggest thing he’d bought before was a car on eBay, he said'

Link

"The Castle Park Hotel in Mitchelstown was sold for its reserve of €150,000 its buyer hugging those seated either side of him.
Speaking afterwards, the purchaser who did not want to be named, said he was buying the property for a group of locals. It had been vacant for 10 years, he said and was quite an important building in the town. It would not be used for a hotel “unfortunately”, he said, though they were not yet sure what they would use it for".

Spend a six figure sum but not know what you're going to do with it???

Bigcheeze

gaius c wrote: »

Some serious canny types buying yesterday.

Link


Spend a six figure sum but not know what you're going to do with it???

Owning a property with a bank as a tenant might sound like a solid investment but Ulster Bank are closing branches all over the place. Could be very hard to re-let.

jmayo

As highlighted by some of the posts here I think it is safe to assume there are still some people out there who think they can still make lots of money out of property and they are disregarding some of the problems with some properties and even not doing enough due deligence.

gaius c

Bigcheeze wrote: »

Owning a property with a bank as a tenant might sound like a solid investment but Ulster Bank are closing branches all over the place. Could be very hard to re-let.

Let to Ulster Bank Limited
Lease Expiry January 2018

You could be left with a vacant property that will only rent for a fraction of the former rent. That's why the yield is 22%.

shruikan2553

Oh thats good. The place we are renting was sold. Will be interesting to see what they do with the place.

Bigcheeze

Bigcheeze wrote: »

Owning a property with a bank as a tenant might sound like a solid investment but Ulster Bank are closing branches all over the place. Could be very hard to re-let.

It's an old thread but as I speculated at the time, Ulster bank have announced they're closing the Loughrea branch.

Eldarion

Just in case anyone wants to track the current auction today:

Watch
http://www.allsopspace.ie/home/liveauction/22693

Results
http://www.allsopspace.ie/home/liveresults/22693