12 apartments sell for €470,000
HISTORY REPEATED itself at a distressed properties auction in Dublin last Friday, when two apartment blocks in Wexford town sold for well above the reserve price.
Twelve apartments in two blocks of six at the Tuskar House development had a maximum reserve price of €290,000 at the auction in the Shelbourne Hotel, but sold on the day for €470,000.
Last April, in similar auction, six apartments and three commercial units next door had a reserve of €210,000 and sold for €560,000. Robert Holden, Director of Auctions at Allsop Property Auctions said there was great interest in the Wexford town development. 'The purchaser has full control of the building in terms of management,' he said.
The auction also saw a three-bed semi-detached house in Gorey sold for the reserve price of €70,000. Robert Holden said that that's all it's worth. A similar house sold at the height of the boom for €260,000.
Local property agents said recently that they could sell the house at 39 Woodlands Manor for €120,000, but Mr. Holden said that the house sold for its open market value, as did all the properties that sold on the day. 'We've established what their value is,' he said. 'The properties had the widest possible exposure, and we're happy that the prices made are the open market value.' All five Co. Wexford properties on offer in the Shelbourne Hotel last Friday sold on the day. 'Broadly speaking, 14 per cent of purchasers were availing of borrowing or finance,' he added. 'Fifty-seven per cent of lots were sold to buy-to-let investors, while nearly 11 per cent were bought for further development.'
He said that over 100,000 people viewed the online catalogue, and around 1,100 people were in the auction room on the day. The bidders included overseas investors from countries such as Australia, the UK, Gibraltar and Luxembourg.