Firesale yields no flame and very little smoke: REA Auction in the Shelbourne

The room was packed and there was plenty of property for sale today at the Real Estate Alliance national property auction, however,  it seems the crowd was more curious than courageous [likely a good position to take!], and the over-riding theme was definitely that played by the word ‘withdrawn’. Of the 71 lots on offer about twenty were taken out of the auction in advance, and the majority of those that remained were attracting little interest and not getting anywhere near the reserve prices quoted.

In the time spent there we only saw a single property reach the AMV (advised minimum value) and subsequently sell. This is the bit that annoys me is this: on the brochure the AMV might be €350,000 so they start the bidding at €230k, one or two bids go in and now it’s at €250k but nobody goes above that so it is withdrawn!

If you are not going to let anything clear for less than the AMV why …

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