O’Donnellan & Joyce placed 19 properties under the auction hammer on Friday October 4 and sold 16 of these, with a large number of the properties achieving well in excess of what was anticipated. According to Colm O’Donnellan of O’Donnellan & Joyce the properties attracted a phenomenal amount of interest and the company is starting to see prices moving up, particularly around the city area where there was a large number of interested parties bidding on each property.
The first property to be auctioned was No 192 Laurel Park, Newcastle, Galway, a two/three bedroom home situated in a residential estate and described by the auctioneers as better than money in the bank. Bidding opened at €80,000 and seven different interested parties rapidly interchanged bids in increments of €2,000, until eventually the auctioneer’s hammer came down at €132,000 to applause from the capacity crowd. The price was €37,000 in excess of the seller’s expectation, which was €95,000.
The next property to be auctioned was No 2 Ballyloughane Road, Renmore, a four bedroom bungalow described by the auctioneer as being situated in one of Galway’s most popular residential developments on the eastern side of the city. Bidding commenced at €180,000 and increased in increments of €5,000. Three parties interchanged bids until it was sold to a delighted purchaser for €245,000, €55,000 in excess of the AMV.
The next property to be auctioned was a three bedroom residence at No 56 Castlelawn Heights, Headford Road, located in an established development within one mile of the city centre. The property attracted five interested parties, bidding commenced at €120,000 and was placed on the market when it reached the reserve price of €135,000. The bids increased in increments of €2,000 until the property sold for a final bid of €168,000, €33,000 in excess of the AMV.
The fourth property to be auctioned was Brat Mhuire, Ard na Mara, Salthill. This was an executor sale and attracted enormous interest and viewings prior to the auction. This home was described by the agents as a true home for life in an outstanding location. The property attracted exceptional bidding, opening at €280,000 and increasing in increments of €5,000 until it was eventually sold to a tumultuous applause for €345,000. This was €50,000 in excess of the AMV.
The fifth property was a four bedroom semidetached house at No 50 Glenard Crescent, Salthill. The property, which was in need of some modernisation, has one of the finest gardens in this attractive and desirable residential area. Bidding opened at €360,000 and two individuals exchanged bids, chasing the property until it was eventually sold at the AMV of €380,000.
The next property to be auctioned was a four bedroom detached residence at No 12 Rusheen Woods, Knocknacarra. Bidding commenced at €200,000 and slowly reached €210,000. When the auctioneer Colm O’Donnellan consulted with his clients it was placed on the market below the anticipated reserve price. Fresh bidders then entered the fray and the house was eventually sold at €247,000 to a delighted vendor. This sold for €27,000 in excess of the AMV.
The next property was No 30 Tara Grove, Wellpark, a four bedroom detached residence situated in a popular residential development less than one mile from the city centre. A number of interested parties interchanged bids and the property sold for €240,000, €20,000 above the AMV.
Property number nine was No 12 Lurgan Park, Renmore, a spacious detached residence located across the road from GMIT, with a self-contained flat area to the side. Three bidders chased the property intensely after it opened at €180,000, and the property sold at a price of €220,000. This was €20,000 in excess of the AMV.
The next property was No 50 Woodlands, Lackagh, a detached residence in mint condition situated in a development in the centre of Lackagh village. Two interested buyers chased the property until it was sold for €190,000, which was the AMV for this home.
The next property was No 7 Fairgreen Heights, Tuam, a four bedroom detached residence in need of some modernisation. No 7 attracted two interested parties and sold for its AMV of €100,000.
The 12th property to be auctioned was a property at Bride Street, Loughrea. This property, described as a development opportunity, sold for €56,000, which was €6,000 above the AMV.
The next property was a property at Moore Street, Loughrea. Bidding commenced at €40,000 and four bidders chased the property, interchanging bids of €1,000, until it was sold for €61,000, which was €16,000 above the AMV.
The next property was No 33 Ballybrit Court, a detached residence currently divided into two flats. Bidding commenced at €80,000, and bids were interchanged between two parties in increments of €1,000 until eventually it sold at €117,000, €17,000 above the listed AMV.
The next property to be auctioned was Glendawn, Salthill, which was previously a guest house. The property has been totally gutted internally and comes with planning permission for use as a medical centre. Bidding commenced at €200,000 and the property was withdrawn at €212,000. Negotiations were entered into and it was subsequently sold at a substantially higher price.
The 15th property to be auctioned was a hotel in Carraroe known as Ostan Cheathru Rua. This 26 bedroom hotel has seen better days and was in need of major refurbishment. However it did offer enormous potential, being the only hotel in the area in the heart of the Connemara Gaeltacht. Without a doubt it was the highlight of the afternoon and took a period of time to sell. Bidding opened at €135,000 and increased in increments of €5,000 until it went to €180,000. Just when it looked like the property was about to be sold at that price, a fresh bidder entered the fray and the bids increased in increments of €2,000. Encouraged by auctioneer Colm O’Donnellan bids were slowly increased over a period of 15 minutes until eventually it was sold after 65 bids for €296,000. This was €111,000 above the AMV.
The 16th property to be sold was No 9 Kirwan Court, Cross Street. This property was sold just prior to the auction. It had an AMV of €110,000 and sold for in excess of this.
A 2.175 acres parcel of land at Glinsk, Connemara, was withdrawn at €5,500 as it failed to reach the reserve of €10,000, and is currently under negotiation.
A detached residence at Mountain Road, Moycullen, was also withdrawn at €300,000 and is also under negotiation.
A site at Shrule, Headford, was withdrawn at €50,000 having failed to reach the reserve price of €85,000, and is also under negotiation.
According to Colm O’Donnellan of O’Donnellan & Joyce the company was thrilled with the enormous interest in all the properties, particularly around the city. There is evidence that investors are starting to return to the market in force as they are seeing prices starting to rise as well as the fact that those purchasing property and holding it for a period of seven years will not be liable for capital gains tax, which makes it extremely attractive.
O’Donnellan & Joyce will hold its next auction on November 15. For further details contact the agents on (091 ) 564212.
