O’Donnellan & Joyce will hold its first property auction of the year on Friday March 15 in the new venue of the Harbour Hotel on the docks, commencing at 3pm.
Following the success of last year’s auctions, where O’Donnellan & Joyce sold in excess of 80 houses by public auction, the company has decided to move its auctions to the larger venue of the Harbour Hotel. The list for this auction is currently being compiled, and anybody interested in registering a property for the auction should contact the O’Donnellan & Joyce auction team at 091 564212.
O’Donnellan & Joyce has created a niche market in the disposal of properties by public auction. According to auctioneer Colm O’Donnellan the advantage from a seller’s point of view is that all buyers must be organised and will either be cash buyers or have loans confirmed prior to the auction. Once the auction hammer falls the sale is concluded and the contracts are duly signed and are unconditional. Auction sales are not subject to loan approval, an engineer’s report, or the sale of alternative properties, and buyers must be organised prior to attending the auction.
A substantial number of the purchasers are cash buyers but in the recent auctions finance has been provided by a number of the major banking institutions and Ulster Bank, AIB, and Bank of Ireland have set up stands outside the auction room to provide advice on finance for suitable prospective buyers. In addition, recent auctions have seen a number of foreign buyers entering the market.
The auction audience is normally made up of owner occupiers seeking to purchase but in recent auctions a number of investors are starting to enter to acquire residential investments in what is perceived to be exceptional value.
O’Donnellan & Joyce has built a substantial team around its auctions in recent years and each property is marketed intensely prior to the auction. Open viewings take place twice a week along with private viewings at any time of the day to accommodate interested parties. In addition there is a legal pack with each property that proposed purchasers can view prior to the auction. All the details of each property will be placed online on property websites and O’Donnellan & Joyce’s website www.odonn joyce.com
The advised minimum value, which is usually the reserve price, is normally the minimum price sellers are prepared to accept. Each property is carefully analysed by O’Donnellan & Joyce prior to the auction in order to make the prices extremely attractive to buyers. The auction process is straightforward, and it is becoming the standard method for sellers to move properties quickly and for buyers to acquire properties at value.
The auction process is very transparent for buyers and there is great excitement on the day, with purchasers trying to obtain properties for a little as possible, especially if there is limited interest. Many a buyer leaves the auction room with a smile having snatched a bargain. Auctions are typically attended by 300 to 400 potential buyers. The auction process has delivered a huge boost of confidence to the market as potential bidders can now see other buyers’ willingness to purchase.
O’Donnellan & Joyce has proven that the auction is effective in openly establishing the best price for a wide variety of residential, commercial, and mixed use properties in all locations in Galway and the surrounding counties.
O’Donnellan & Joyce now offers phone bidding and proxy bidding services, allowing potential purchasers to bid while not in attendance at the auction. O’Donnellan & Joyce auctions are among the best in the country, the organisation is first class, and the manner in which the auction itself is conducted is impressive. Large screens displaying all the properties are located throughout the venue and the bidding comes up on these screens, so no matter where you are in the venue on the day you are kept informed of the current bids. Food and refreshments are served as people arrive. The auctions are conducted at a fast and furious pace and can be hilarious and theatrical, but are always held in a businesslike fashion.
Anyone who wishes to place properties up for auction on March 15 should contact the O’Donnellan & Joyce auction team at 091 564212 or 568403.
