ALLSOP SPACE has, up until now, pretty much dominated the mass property auction market. There have been a few pretenders to the throne but none have achieved the same levels of success.
A few, such as Galway-based agency O’Donnellan Joyce, have made a good attempt at breaking into the market – it sold 73 of the 79 houses it put up for public auction in 2011. Others, such as Merlin, better known for its car auctions, have had less success.
Real Estate Alliance hasn’t exactly had stellar success with the mass property auction format up to now but, undeterred, it is going into the ring again with a series of auctions. It says the lots are being sourced from both private and institutional clients and will include bank and receiver stock. The first auction will take place in Dublins Davenport Hotel on October 17th with a second one covering the Munster region scheduled to take place in Limerick in November.
The problem for some auction houses has been that they didn’t have the quantities of bank and receiver stock that Allsop Space has and private buyers weren’t willing to set rock-bottom reserves.
However, Real Estate Alliance says it has captured some of the distressed market and we can expect low reserves at its forthcoming auctions. Watch this space.
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