Friday, April 15, 2011 at 4:43PM
Todays distressed property auction gained wide media attention with coverage on sky news and large interest from the dublin community.
The auction itself was packed out with the Irish Times saying “So many people turned up for an auction of distressed properties in the Shelbourne Hotel today in Dublin that it had to be suspended amid Garda concerns for safety.”
Pubs in the area were happy to capitalize on the overspill putting on live feeds so those not bidding could watch the action.
The auction has been widely tipped to set a ne, more realistic, floor for Irish property Market.
Lot 1, a first floor studio apartment overlooking Essex Street in Dublin's Temple Bar sold for €126,000, well above its reserve price of €80,000.
Lot 9, a pharmacy in Roscrea, Co Tipperary, sold for €336,000, some €131,000 above the reserve.
Lot 14, a two-bedroom apartment in the Castleforbes development, near the IFSC in Dublin's docklands, sold for €190,000, some €50,000 over its reserve.
Lot 34, a four-bedroom mews house on Raglan Lane in Ballsbridge sold for €550,000.
The majority of lots are priced between €35,000 and €150,000 and include period homes with large gardens in the Dublin suburbs.
This was the first auction of its kind in Ireland and is expected to be followed by more of the same.