The results of the Allsop auctions are in and 55 of the 74 properties were sold. Two of the properties were subsequently sold but as the details of these sales will remain private I have ignored them from the analysis.
Sales of €9,534,000 were completed with the reserve prices on these properties of €6,991,500. A premium of 36% from the reserve prices.
However, I think the premium over the reserve price doesn't really tell the true story. If a property had a reserve was €1,000 but it sold for €10,000 that would be a 1,000% above the reserve! However if asking price back in the heights of 2007 was €100,000 the real story is that property prices are down 90% from peak.
With that in mind and updating from the previous post on the auction I have gone through the IPW database to search for similar properties that were for sale in 2007 to 2010.
Of the 55 properties that sold in the auction we have found a match for 40 of the properties.
The 'peak' asking price for these properties was €16,011,950 in comparison to a sale price today of €5,240,500. A fall from peak of a little over 67%.
The full analysis can be found in this google doc
Some of the large drops were
Lot 52, 40 Mc, Curtain Street, Gorey, Co. Wicklow a 3 bed house that sold for €55,000 and had an asking price of €298,000 in March 2008. A fall of 81% from peak.
Lot 2, 53 Shelbourne Park, Ringsend, Dublin a 2 bed appartment that sold for €130,000 and had an asking price of €480,000 in August 2007. A fall of 73% from peak.
Lot 32, 83 Riverdale, Oranmore, Co. Galway, a 2 bed house that sold for €80,000 and had an asking price of €290,000 in April 2007. A fall of 72% from peak
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