Those folk at Allsop, the UK auctioneers, must be delighted with themselves having tapped into the Irish “fire sale” market. It has been said before on the blog, but get enough cash-rich Paddies still infected with the lethal property-buying bug of a few years back, and it’s “going, going, gone!!! (to the half-wit at the front). Congratulations, sir!”
Witness the scene at the July 7th auction, again held at Dublin’s Shelbourne Hotel. One bidder was so eager to bag a pub with a reserve price of €50,000 that he got a little bit carried away by it all. After some lively interest in the hall, with the price rising apace, he made a bid of €260,000. He then went one better and upped it by another €10,000.
It seems that this provoked some hilarity in the room, and the bidder got a bit thick with the auctioneer when he – in fairness – told the punter he was bidding against himself. “I want a bit of respect from you!” he is reported to have told the gobsmacked gavel-bearer. Sorry, respect is something you have to earn. It went for €270,000.
Where else would you get it, honestly? It seems that Allsop personnel have reported higher sale rates in its two Irish events – higher than at auctions held in England. They must think they’ve really landed on their feet coming over here.
Witness a property featured on Gombeen Nation’s last Allsop report. Although it had a reserve price of €360,000 it actually went for €710,000. At the time of the auction there was another house on the same road with a private treaty asking price of €445,000 on My Home (see below). Go figure.
You also have to wonder – given the high proportion of cash sales at these auctions – what kind of a rotten little country Ireland is?
Lowly paid workers are being hit with wage cuts after wealthy judges found their pay negotiating mechanisms to be “unconstitutional” (while using the Constitution to protect their own salaries) yet you have people with – evidently – about two brain cells in their heads bandying large wads of cash about at events such as this.
Maybe it is time for Revenue to finally get out of its PAYE comfort zone?
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