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Kenmare movement
IT WAS a successful run of auctions for Kerry’s Tom Spillane last week — at readjusted, ‘new-market’ values.
The sales include a prime development site, plus four former S23 holiday homes, which had been viewed by over 200 value-minded prospective bidders, and all four houses sold after active bidding at prices from €64,000 to €78,000.
Mr Spillane sold a well-set town centre site of 0.4 of an acre which had once made up part of an ambitious site assembly for redevelopment. Now, it is likely to have been acquired for future town centre uses, when the market recovers.
Near Henry Street, the former timber yard site with 50’ street frontage was guided at €200,000, and sold May 30 to a local solicitor, acting in trust, for€150,000.
The next auction, Jun 1, was a far bigger affair of four fully furnished two-bed holiday homes at Forelands, well-located within a couple of minutes’ walk of the town centre. This auction was attended by up to 150 and carried a huge sense of anticipation, because of well advertised, very realistic reserves of about € 40,000 each.
The Section 23 holiday semi-detached holiday homes, done to Bord Fáilte four star levels in a scheme of 30 units, had sold at peak to investors at prices of about €299,000. The four two-beds have sold for a combined €274,000.
In the event, there was clear interest in Nos 3, 6 10 and 11, with the first selling for € 68,000, another on a larger corner site made €78,000, and the last two made €64,000 each.
According to Mr Spillane, there was very active bidding between the €50,000 and €60,000 level, with a bit more work to get the extra few thousands, and to establish a current ‘real’ market value.
"We’ve all had to readjust our minds to where the market is at now, and we’ve to do a lot more of this sort of clearing to sell the overhang and move on. What this shows is that, like the Allsops auctions, there are buyers there if the reserve is realistic," commented the Killarney-based estate agent. He said buyers were primarily local, Cork and Kerry, those looking for holiday homes and investors.
Mr Spillane sold a well-set town centre site of 0.4 of an acre which had once made up part of an ambitious site assembly for redevelopment. Now, it is likely to have been acquired for future town centre uses, when the market recovers.
Near Henry Street, the former timber yard site with 50’ street frontage was guided at €200,000, and sold May 30 to a local solicitor, acting in trust, for€150,000.
The next auction, Jun 1, was a far bigger affair of four fully furnished two-bed holiday homes at Forelands, well-located within a couple of minutes’ walk of the town centre. This auction was attended by up to 150 and carried a huge sense of anticipation, because of well advertised, very realistic reserves of about € 40,000 each.
The Section 23 holiday semi-detached holiday homes, done to Bord Fáilte four star levels in a scheme of 30 units, had sold at peak to investors at prices of about €299,000. The four two-beds have sold for a combined €274,000.
In the event, there was clear interest in Nos 3, 6 10 and 11, with the first selling for € 68,000, another on a larger corner site made €78,000, and the last two made €64,000 each.
According to Mr Spillane, there was very active bidding between the €50,000 and €60,000 level, with a bit more work to get the extra few thousands, and to establish a current ‘real’ market value.
"We’ve all had to readjust our minds to where the market is at now, and we’ve to do a lot more of this sort of clearing to sell the overhang and move on. What this shows is that, like the Allsops auctions, there are buyers there if the reserve is realistic," commented the Killarney-based estate agent. He said buyers were primarily local, Cork and Kerry, those looking for holiday homes and investors.
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