O’Donnellan & Joyce recorded the highest level of residential sales in what was described as the hottest auction in Europe.
Taking refuge from the hottest day of the year, people arrived into an auction room packed to capacity with intense bidding which further added to the heat of the day.
Twenty-two properties were offered for sale on the day. The majority of the properties were those of private individuals disposing of their assets for a variety of reasons, from investors to retirees, anxious to maximise the price and turn property into cash quickly.
Out of the 22 properties sold, there were more than a few exciting and tense moments of competitive bidding. At the beginning of the auction, several big ticket properties were sold well in excess of the reserve prices after runaway bidding wars between eager bidders. Some of the highest selling properties included a creatively designed three bedroom detached residence at Cnocan Glas in Spiddal, sold for €186,000; a detached residence in need of modernisation situated in Ballard in Barna was sold for €320,000; a four bedroom old style residence in Lenaboy Gardens, Salthill, sold for €290,000; a beautiful two bedroom cottage on seven acres of land with views of Sellerna Bay and Inishbofin sold for €174,000; while 8 Glenard Avenue in Salthill, a four bedroom semi-detached house with substantial garden space, was sold for €425,000.
There were also many bargains to be found at the auction, with some bidders anxious to smell the good deals. The ‘ultimate penthouse’ at 22 Fisherman’s Wharf overlooking the River Corrib was sold for €195,000; a four bedroom residence at 14 Rivendell situated in the premier residential area of Taylor’s Hill was sold for €406,000; and a three bedroom residence on Rockland Avenue, Ballybane, sold for the bargain price of €50,000.
One of the most exciting properties for auction on the day was The Bal; the iconic licensed premises located on the Golden Mile of Salthill was withdrawn from bidding at €320,000 to go into an advanced stage of private negotiations.
There were also many investment opportunities on offer, with many properties rent-ready, large pieces of land at very reasonable prices, and others available that were in need of refurbishment, appealing to DIY enthusiasts. A two bedroom apartment located in the student complex Gort na Coiribe close to the city centre and within walking distance of NUI Galway was said to have a high rate of occupancy and sold at the affordable price of €110,000. Another property in Moyola Park, Newcastle, with excellent proximity to NUI Galway, was withdrawn at €275,000 and is still available for further negotiation.
For the DIY enthusiasts, a property on Merchants Road which was in need of substantial refurbishment was sold for €85,000, while a disused house in need of a loving and loyal owner sold for €142,000 after three very interested parties hotly competed against one another for the hammer to come down.
Over 7.1 acres of agricultural land at Drum East, Oranswell, with close proximity to the city centre, sold for €77,000, and 9.5 acres of land at Mountbellew with main road frontage on the Galway/Roscommon Road went for €86,000.
Some properties failed to reach the reserve price and are still available for negotiation such as an attractive ground floor apartment at 98 Ocean Wave, Salthill just off the Salthill Promenade withdrawn at €144,000 and four bedroom house with large gardens in the centre of Athenry which failed to reach the €100,000 reserve price.
Colm O’Donnellan of O’Donnellan & Joyce briefly outlined that they were, “absolutely delighted with the tremendous interest that there was, particularly in family homes, and delighted for their clients who were mainly private individuals and the tremendous prices achieved on the day”.
O’Donnellan & Joyce will hold its next auction on Thursday July 25 at 3pm in the Harbour Hotel, The Docks, Galway. Full details available by contacting the agents on (091 ) 564 212.
