Online auction specialist iamsold, which works in partnership with more than 300 auctioneers in Ireland, has noted the market really picking up in the past couple of weeks and expects strong demand for property to continue through February and March. Shane May, sales manager with iamsold, confirmed: “The first two weeks of the year was a bit quieter simply down to the number of people in isolation. However once this eased, we immediately saw the demand from buyers ramp back up to where it left off last year. We are also seeing the number of properties coming to market increase and this bodes well for a busy period ahead.
"We are seeing more partner auctioneers and sellers opt to go to market using our binding bids platform that allows bidders to review all legal documents prior to bidding," Mr May added. "This allows them to then bid confident they know what they are buying, and as they are already happy with the legal documents, they pay down a non-refundable deposit and sign contracts immediately. This means the process is cut from around seven to eight months down to three months. This can be a big positive for both buyers and sellers who want to move within shorter timeframes."
iamsold held its first auction of the year on February 3 and is now taking entries for its next online auction, taking place on March 10.
Some of the success sales last week of note are:
In partnership with Gerry Rowland auctioneer, Ballina, a huge investment opportunity was offered for sale at Hillside and Salmon Court, Abbey Street, Ballina. The portfolio offered five self-contained units in one block, and two semidetached townhouses along with two apartments in a second block. These properties attracted inquiries from both local investors and those from further afield, before selling for €470,000.
Also successfully sold in partnership with Gerry Rowland auctioneer was No 12 Chapel View, Crossmolina, Co Mayo, a three bed semidetached house situated close to the town. The property, which had been finished to a high standard, had significant pre-auction interest, and the vendor accepted an offer of €115,000 prior to the auction.
Elsewhere in the country, in partnership with Glen Estates, Letterkenny, were two apartments in Westside, Letterkenny. Both properties had high interest and inquiry levels due to the attractive pricing. No 10 was a two bed needing refurbishment, which was offered at bids over €32,000 and had more than 10 parties bidding on it. After 68 bids the hammer fell on the winning bid of €71,500. No 53 was a smaller one bed apartment and was offered at bids over €27,500. Again more than 10 parties registered to bid on the apartment and after receiving 44 bids, the property was sold to a delighted new owner at €60,500. Both apartments sold for twice their quoted reserve.
The online auction company has scheduled 10 online auction dates during 2022. There is no cost to enter a property into the auction. The next auctions take place on March 10 and April 14.
Contact iamsold on 091 882 121 to arrange for a free property valuation, or for more information visit www.iamsold.ie
