Two lots hit reserve at property auction

CONOR POPE, Consumer Affairs Correspondent

MERLIN AUCTIONS wasn’t able to wield much by way of magic at its first property sale yesterday with only two of 10 properties on offer in Dublin’s Burlington Hotel reaching their reserve price and selling under the hammer.

A further two properties were sold after the auction while negotiations are ongoing for three others. Two were withdrawn.

There were just 60 chairs laid out in the hotel ballroom where the auction took place. Many of those chairs were vacant as proceedings got under way.

Noel Langrell was in the room to sell a three-bed “maisonette” in Dublin’s East Wall. It had a reserve of €65,000 – a similar property sold for €385,000 four years ago. Sitting alone in the front row, he was clearly nervous as the auction started.

“I’ve had it on the market for more than two years and I can’t shift it,” he told The Irish Times. “My grandfather bought it when he moved from Cork to work in CIÉ. My mother spent all 84 years of her life in the maisonette. I moved out just two years ago to be nearer to my job, but found it difficult to sell through an estate agent,” he said.

He said if he got “80 grand for it now I’d be happy”. He did not have long to wait as his property was the first lot up. Bidding was initially slow and an opening bid of €50,000 stood for more than five minutes as Merlin auctioneer Bruce Murphy tried to work some magic. Eventually he coaxed another bidder to make a move and the property eventually reached the reserve of €65,000.

Mr Langrell was a little crestfallen by the outcome. “I thought I would have got a little bit more but I am going to let it go anyway. If I hadn’t put it up for auction, I don’t think I would have been able to get rid of it and it was costing me money all the time,” he said.

A three-bedroom house in Clifden Glen, Co Galway, had a reserve price of €69,000 but bidding stopped at €11,000 less than that. Its value just two years ago was €205,000. Negotiations are continuing between the seller and highest bidder.

A two-bedroom apartment in Carleton Wharf, Youghal, which has a reserve of €69,000, attracted a bid of €65,000. It then sold post-auction for €66,500. Its peak value was said to be €250,000

A four-bedroom home in Emly, Co Tipperary, also failed to reach its reserve. It was being sold by Harry Power. He said he had taken a chance putting it up for auction. It had a reserve of €130,000 but had only reached €124,000. He was in negotiations with the highest bidder and was confident it would sell.

“We are talking money but right now I am going for something to eat and maybe a few stiff brandies,” he said. It finally went for €125,000 . Lisa Geoghegan, property director at Merlin, said she was “very happy with the way things have worked out”.