Short Allsop Window Again - catalogue put back

KOR101 · **Joined:** Jun 7, 2011 **Posts:** 216

ps200306 wrote:

Turns out the guy who was going to abandon his mortgage because they'd be "worth 145K,for a long long long time" ... was being too optimistic! :shock:

Hilarious........but, we shouldn't laugh.

The AH Guy · **Joined:** Apr 7, 2008 **Posts:** 359 **Location:** Dublin

Wow 112 lots. Kind of puts to bed any whisperings from the last auction that they were struggling to get properties to sell. Wasn't even aware there was another Allsop auction before the end of the year.

2Pack · **Joined:** May 3, 2007 **Posts:** 10512

Magpie wrote:

I lived on a Harramak house for a while and you are being far to generous, seriously,

I was heading off any comments along the lines of 'bottoms' being spotted because 'houses' in Galway were reserve priced at €50k nowadays especially as it was built two greedy cowboys as in Anglo Joe McNamara and Stephen Harris.

Is Joe 'working' with NAMA on his Ghost Estate around the back nowadays.

bilbot79 · **Joined:** Apr 9, 2009 **Posts:** 1550

Woeful list of properties, from a Dublin perspective that is.

cockney rebel · **Joined:** Aug 19, 2008 **Posts:** 132

is it just me or do some/all of the reserves look ultra low

as an example http://www.auction.co.uk/irish/LotDetails.asp?A=750&MP=24&ID=750000047&S=L&O=A

125k ? i haven't seen the exact house but knowing the location and going by other comparables in the area (daft advanced search using hilltown as the address) they will be looking for over double that..

Magpie · **Posted:** Wed Nov 09, 2011 7:49 am

2Pack wrote:

Is Joe 'working' with NAMA on his Ghost Estate around the back nowadays.

Turn 180 degrees on that map, a mate lived in one of those apts.
Nice places if you don't mind knowing all about the bowel movements of your flat mates and neighbors

Another mates lives around the corner, the site had rock-breakers going for a long time, drove the residents in the buildings insane, then one day it all stopped, little or no activity since. People in SUVs show up every now and then, walk around and point a bit and then off they go.

Currently used as 'a playground' for the local kids, most expensive jungle gym ever!!!

groom1 · **Joined:** Mar 5, 2008 **Posts:** 603

This looks like it has potential if it has no issues. Could be rented out at a nice yield
4 bed apartment in Northwood, Santry €60k
http://www.auction.co.uk/irish/LotDetai ... 17&S=L&O=A

2Pack · **Joined:** May 3, 2007 **Posts:** 10512

groom1 wrote:

This looks like it has potential if it has no issues. Could be rented out at a nice yield
4 bed apartment in Northwood, Santry €60k
http://www.auction.co.uk/irish/LotDetai ... 17&S=L&O=A

63 Hazelwood appear to have yield 'issues' seeing as 60 Hazelwood next door is now on the rental market at a paltry €395 a month and they will explicitly take students.

http://www.daft.ie/searchrental.daft?id=1109593

Subway_ · **Joined:** Sep 5, 2008 **Posts:** 480

1 bed vs 4 bed might account for a lot of that?

Subway_ · **Joined:** Sep 5, 2008 **Posts:** 480

appears to be 3 sets of bedsits up for sale too (non receiver)
will be interesting to see how they do, and i wonder how the guy that bought the previous one is doing.

FirstBass · **Joined:** Aug 31, 2010 **Posts:** 2369

blackdog wrote:

http://www.auction.co.uk/irish/LotDetails.asp?A=750&MP=24&ID=750000004&S=L&O=A

this is asking 2/3 of what a 3 bed terrace was asking in that estate a few years ago.

What gives with this one? A huge building on 1.6 acres with a €400k reserve? It must come with a requirement to spend big on it, to get it back to a usable state.

mr_anderson · **Posted:** Wed Nov 09, 2011 12:04 pm

LOT 8
18 Meadow Court
Stillorgan Park
Co. Dublin
RESERVE €135,000

Was this in the previous Allsop auction with a reserve of €185,000 ?

http://notasurveyor.com/2011/08/24/18-meadow-court-stillorgan-park-co-dublin-lot-3-allsop-auction/

jxbr · **Joined:** Aug 2, 2009 **Posts:** 1513

KOR101 wrote:

I think the catalogue is very interesting.

I'd say a few investors who put their money in Castleforbes apartments in previous auctions are feeling a bit quesy right now, especially those who bought the one beds.

April
1 Bed (reserve 100k, sale 99k)
1 Bed (reserve 100k, sale 116k)
1 Bed (reserve 100k, sale 129k) rent 10.8 (yield on reserve 10.8%, sale price 8.4%)
2 Bed (reserve 140k, sale 140k) rent 13.8 (yield on reserve 9.9%, sale price 9.9%)
2 Bed (reserve 140k, sale 165k) rent 13.2 (yield on reserve 9.4%, sale price 8%)
2 Bed (reserve 140k, sale 161k)
2 Bed (reserve 140k, sale 163k)

July
1 Bed (reserve 105k, sale 132k)
1 bed (reserve 105k, sale 134k) rent 11.7 (yield on reserve 11.1%, sale price 8.7%)
2 bed (reserve 142k, sale 148k)
2 bed (reserve 142k, sale 145k) rent 13.2 (yield on reserve 9.3%, sale price 9.1%)

November
1 Bed (reserve 92.5k, sale ?) rent 10.2k (yield 11% on reserve)
1 Bed (reserve 92.5k, sale ?) rent 10.8k (yield 11.7% on reserve)
1 Bed (reserve 92.5k, sale ?) rent 10.8k (yield 11.7% on reserve)
1 Bed (reserve 92.5k, sale ?) rent 11.1k (yield 12% on reserve)
2 Bed (reserve 135k, sale ?) rent 12k (yield 8.9% on reserve)
2 Bed (reserve 135k, sale ?) rent 12.6k (yield 9.3% on reserve)

And there was me thinking that the previous Allsop auctions had set the floor for apartment prices. I guess a sinking floor.

Good analysis.

There are hundreds of unsold apartments in the Castleforbes complex. Apartments from here have appeared in all the Allsop's auctions. Liquidators appear to be letting them trickle onto the market slowly. Personally, I do not feel that the floor to apartment prices in Dublin has been reached. There are just too many apartments that were bought by amateur buy-to-let landlords fueled by low interest only mortgages. Landlords are now being penalised and the removal of rent allowance will cause more problems. Either they sell and crystallise their losses or hold on and cover the widening gap between rent received and mortgage/fees/maintenance paid. It is a true zugzwang - fucked if you do and fucked if you don't.

Olympia · **Joined:** Nov 2, 2009 **Posts:** 393

KOR101 wrote:

I think the catalogue is very interesting.

I'd say a few investors who put their money in Castleforbes apartments in previous auctions are feeling a bit quesy right now, especially those who bought the one beds.

What kind of an idiot invests in apartments in Ireland?

johnnyone234 · **Posted:** Wed Nov 09, 2011 6:44 pm

Olympia wrote:

KOR101 wrote:

I think the catalogue is very interesting.

I'd say a few investors who put their money in Castleforbes apartments in previous auctions are feeling a bit quesy right now, especially those who bought the one beds.

What kind of an idiot invests in apartments in Ireland?

Those looking for a high return on their investment. You can play it safe or go for higher risk and potential return.

Short Allsop Window Again - catalogue put back

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