It was winners all right at Colleran's auction last week when two of the properties exceeded their expected prices.
No 14 Cooke's Terrace, Bohermore, a three bedroom terraced city centre property, was very popular during the open viewings, with a broad range of viewers from first time buyers to investors. While bidding was very slow to open in the packed auction room, Don Colleran was persistent and with a guide price of €135,000 he had to drop to €125,000 before getting his first bid of the day. The price very quickly rose with an investor bidding against a first time buyer before the property eventually sold for an attractive €145,000.
Most of those in attendance were there for the 12,000sq ft industrial unit at Ballybane, which Colleran's was selling with joint agent Mullery auctioneers. Again, like Cooke's Terrace, bidding was very slow to open and while the uninitiated might have thought the property was not going to sell, Don Colleran's auction experience told him otherwise, as he persisted in looking for an opening offer. With an attractive AMV of €380,000 Colleran had to drop even lower to €350,000 to get an opening offer from a man at the front of the house. While initially it looked like there were only two buyers, the price continued to rise in bids of €5,000 before reaching €400,000. Two new bidders then joined in, bringing the bidding to €500,000, and just when everyone thought the property was sold and Don Colleran put it to the house for the third and last time, another new bidder joined in, making for a very exciting and tense finish, before the property eventually sold for €550,000.
After the auction, Don Colleran reported that his clients were very happy with the results. It was the price achieved for Ballybane that had everyone talking, and as while the recovery in the residential market has been very strong for the last 18 months, this was one of the first signs that the price of industrial warehouse units is also recovering.
Colleran's is now taking properties for its next auction and is offering a free property appraisal for those thinking of selling. For more information contact Colleran auctioneers at 091 562293.
