Pundits may insist property prices are rocketing but in the Shelbourne Hotel yesterday afternoon they climbed at a rather stately pace.
Temple Bar Properties yesterday obtained a total of £4,650,000 when the 13 apartments in the Wooden Building were sold at public auction.
The occasion had been much anticipated because this is the first time homes in a new development undertaken by Temple Bar Properties have been offered at auction and over the past fortnight TBP recorded higher viewing figures than for any of its previous residential schemes.
The atmosphere hovered between a wake and a wedding, upbeat, but reverential as befitted a gathering at which a great deal of money was going to be spent.
The most expensive was the penthouse which was bought for £865,000 by Mr Alan Gray, managing director of Indecon Economic Consultants.
Reserve prices started at £180,000 for a one-bedroom apartment and climbed to £625,000 for the penthouse which has a roof garden with panoramic views.
The first single-bedroom lot found its owner - for £225,000 - only after a lot of pushing from the auctioneer, Mr David Cantwell of Hooke & MacDonald who, in an effort to fill in the time between hesitant bids, regularly reminded his audience that "this property is on the market, you know."
Thereafter, offers were a little less grudging, although nobody exactly rushed forward waving cash. Instead, there were lots of intensely muttered consultations before a further £5,000 would be added to the price.
One-bedroom apartments fetched £225,000 to £270,000; two-bedroom units made from £340,000 to £515,000.
It took over an hour to dispose of all the apartments. Ms Una Carmody of Temple Bar Properties said she "couldn't be happier" with the eventual total of £4,650,000 - £1 million more than the total reserve prices.