Estate agency sells over €3m worth of property at auction

A local estate agency sold around €3.3 million worth of property at auction, with one of the properties – a beautiful unfinished cottage in Cleggan – achieving more than twice its guide price.

However, while the landmark ‘Bal’ pub in Salthill was withdrawn from sale after failing to achieve its asking price, it has since gone ‘sale agreed’.

The cheapest selling price on the day was a three-bed semi in Rockland Avenue, Ballybane – in need of modernisation – which sold for €50,000.

Colm O’Donnellan of O’Donnellan and Joyce Auctioneers said there were between 300 and 400 people in the auction room in the Harbour Hotel.

“We’re absolutely delighted with the tremendous interest that there was, particularly in family homes, and delighted for the clients who were mainly private individuals, and prices achieved on the day,” said Mr O’Donnellan. He said many of the homes had up to five bidders interested.

Galway City:

The Bal pub – which was developed at a cost of €2.9m in 2005 – was on the market with a price tag of €350,000, but was withdrawn at €320,000. Negotiations continued after the auction and it is has since gone ‘sale agreed’ with an unknown buyer.

In Salthill, the big news of the day was No. 8 Glenard Avenue, a four bed semi-detached house, which had a reserve price of €350,000. It attracted five bidders to the point of its reserve price, and three people subsequently bid it up to €425,000. According to Mr O’Donnellan, this is the highest price achieved in the area in recent years.

Also in Salthill, No. 17 Lenaboy Gardens – a four-bed semi – sold for €290,000 – 45% over its guide price of €200,000.

On Taylor’s Hill, a four-bed detached home at Rivendell exceeded its reserve price of €360,000 and sold for €406,000. There were three interested parties.

A two-bed ground floor apartment at Ocean Wave in Salthill was withdrawn at €144,000, having failed to reach the reserve price and is still available for further negotiation.  

In the city centre, a 2/3 bedroomed apartment at Fisherman’s Wharf off Bowling Green, sold for €195,000 (the reserve was €160,000).

In Forster Court, off Forster Street, a three-bed semi attracted interest from two investors, who were keen to acquire it for rental purposes.

Bidding commenced at €160,000 and after consultation with the vendor, it was placed on the market at €172,000 and sold at that price, €3,000 below its asking price.

No. 13 Moyola Park in Newcastle, a four-bed detached house, attracted a number of interested parties and bidding commenced at €250,000. It was withdrawn at €275,000. A two-bed tax-designated apartment at the Gort na Coiribe complex on the Headford Road, saw bidding commence at €90,000 and increase in increments of €2,000, until it was sold at €110,000.

A three-bed unit (that sleeps four people) at the Glasán student village in Ballybane was sold just before the auction at its guide price of €80,000.

Also in Ballybane, a three-bed semi in need of modernisation on Rockland Avenue attracted two bidders and sold at its reserve price of €50,000.

In Ballard, Barna, a detached home in need of modernisation sold for €320,000 – 60% over its reserve price of €200,000.

A semi-derelict three-storey house on Merchants Road saw several bidders vie until the hammer came down at €85,000 – €20,000 over its reserve price.

For more, read this week’s Galway City Tribune….