6th February 2008 at Portadown

http://www.wilsonsauctions.com/property_portadown.asp

Yep doccyboy, I'm all over it like a bad £15 Asda suit. I plan to attend and watch properties sell for proper prices and get a feel for what punters in the market are prepared to actually part with. It will do my soul the world of good to watch! Anyone else from this forum planning on attending? I'll be the mad one sitting in the corner with two pencils up my nose going "Wibble!" if anyone wants to introduce themself.

http://www.cps-property.com/news/viewNews.php?NewsID=22

OnlyMe is not going to be pleased with you stealing his avatar. He might be at the auction as well and that could cause some confusion with the bidding.

Interesting thread on the Scotland region thread - if you go to post 7 you see an email sent from Wilsons Auctions detailing reductions for the upcoming auction on 5th Feb in Scotland - wonder if there are any for the auction on 6th Feb for NI.

http://www.housepricecrash.co.uk/forum/ind...mp;#entry946501

Yep Doccyboy I subscribe to Wilsons auctions stuff and got that exact same email re. the Scottish Properties on 28/01/08. It just looks like the Scottish staff are a good bit more proactive at shifting their stuff. The only thing I got from Wilsons NI was an email flyer today (below) advertising next weeks auction in P'Down.

Click to view attachment

Are you still going Paul??

Yep - just leaving the house now.

Good lad can't wait to hear how you get on.

Any other STR's here, who see auctions as a good place to buy a property in a couple of years?

I'm certainly considering looking into how to buy a property at auction.

you back yet??

Yep back now but watching Repossession, Repossession, Repossession on ITV1 right now. Will submit my report to the forum tomorrow am. As a wee sneak preview only 3 or 4 lots (out of 55 or so) achieved their guide price. Everything else was below guide if it actually sold at all. A number of properties were withdrawn as they came nowhere near their reserve. Clearly there are now fewer greater fools out there any more! Even the investors have tightened the belt straps.

Will get my report in to you all tomorrow. Bet you can't wait!

*sites up all night in eager anticipation*

http://www.propertynews.com/brochure.php?r...1166HF731251810

http://www.wilsonsauctions.com/property_de...new.asp?id=1096

come on we are in suspense how much did she go for ???? and the rest of them ??? !!!!!!!!!!!!!!!!!!!!!!

ps

http://www.housepricecrash.co.uk/forum/ind...showtopic=67765

the auctions could get more full of property in the months to come.................................. ????????????????????

Sorry for the delay - was off doing my monthly platelet donation at the City Hospital for cancer and leukemia sufferers.

Ok was up to the wee hours last night compiling the report. Nowhere near as good as the TTDGTTS report but useful info all the same hopefully as at least you know what properties are ACTUALLY shifting for at auction.
First a bit of background on the auction (as it was my first auction)

• I got there early (7.10pm) Auction room was packed and I would say between 75 - 90 people in attendance. All kicked off at 7.30pm
• Telephone bids were few and far between
• There seems a real trend to shift cheap Scottish, German and Bulgarian stock at these auctions. Really makes a stark difference to the massively expensive NI stuff though
• Most bids wend up in 1k and 2k increments until the going got tight - then it went up in 500 pound increments till close of sale
• There seemed very little appetite amongst all in the room (investors/speculators included) to bid up the prices
• It appeared that the majority of the bids were coming from the same 6 or 7 individuals in the room

Ok so onto the report. Firstly I need to correct myself from my statement last night that That is incorrect on my part sorry. 15 lots achieved the Wilsons Guide price or over it. The rest were under the guide price. I was a little giddy last night forgive me. The more telling statistic however is that of all the lots only 1 achieved over its asking price as it currently stands on propertynews.com (Lot 57)

I've implemented a traffic light system for the report.

Green shading = sale completed ok
Amber/orange shading = only a provisional sale and further ongoing negotiations would have to take place between buyer and seller to achieve a sale outside and away from auction
Red/pink = Reserve price not met and no sale

Links to the lots are included in the data.

Enjoy the report. Unfortunately it is in Excel and I can't attach it to this message in the forums. However you can access it here on a website I have setup especially for these such reports. Click here to visit my Northern Ireland Property Auctions website

Feedback welcome!

It sold for 131k (9k below Wilsons Guide price and 29k below the PropertyNews.com price). Opening bids started at 120k so it only bumped up 11k from that figure before interest dissipated and the sale was achieved at 131k.

131k for a 2 bed apartment close to Belfast city centre - Wow. That would have been 200k plus in June/July 2007

It is lot38 on the excel download for 6th Feb 2008 on http://nipropertyauctions.googlepages.com/

I predict a rise in frequency of auctions across NI in the not too distant.

cracking effort Paul

the amount that didn't meet reserve bid....makes for interesting viewing.

Cheers Subby - hope the wait was worth it.

Interesting viewing indeed. Of the 50 lots that could be bought at auction (discounting all lots that were withdrawn before the auction started) last night only 27 sold (54%), 11 (22%) were withdrawn as they didn't achieve reserve price (reserve price is generally but not always lower than guide price) and 12 (24%) were only provisional sales and needed more negotiations.

It would be interesting to drill in more detail into the stats for NI properties only though as I'm sure you'd get an even clearer picture of the NI situation from this. I might get a look at this at some stage but for now I've got my day job to get on with.

Thanks for all your hard work paul - lots to look at and think about.

Well done Paul, I fear those buying now thinking they got a bargain might still caught in the bull trap
http://www.investopedia.com/terms/b/bulltrap.asp

p.s. like the new avatar

great work Paul
many thanks for all the effort you put in
just wondering did they give any clue as to who was actually selling ?
ie banks or private sellers


keep on rockin!

You are welcome doccyboy. Hope you find the info useful. The next auction is on in P'Down on Wed 19th March so hopefully I'll be at that one too. It is a good free evening out after all! I can highly recommend it.

I fear you might well be right Vespasian on the Bull Trap - hence up/out bidding seemed subdued - well at least to an auction newbie such as myself.

I kid you not though - the auctioneer last night must have said "Cheap as chips", David Dickinson style at least 5 times last night on 5 different lots. It just came across as clutching at straws to humour the audience in the face of subdued bidding. It was comical and if truth be told a little sad.

Hi Rock-n-Roll,

Glad the info is useful. Always helps to have a bit of knowledge about these things when dealing with EA's. Forewarned is forearmed as they say.

There was no indication as to who was actually selling ie. banks or private sellers. That info was not provided. Numerous people (couples mostly) departed the room after various lots were auctioned so:

(1). Either that was the property that they wanted to bid on last night and there was nothing else to interest them

or

(2). That was their own property being auctioned off

It was hard to tell really - but my intuition tells me and I have a hunch (nothing more) that it was probably the latter ie. (2). that we and they had just witnessed their own property actually being auctioned off.

Yep, very interesting reading - great job Paul65, thanks for taking time to do this...

Happy to help in whatever way I can LS!

Yeah thanks Paul65. Its great to see the light at the end of the tunnel so to speak.
As I posted on the N.Ireland thread a family member was speaking to a EA who says that its not just the small houses that are not selling its also the large houses now, funny that, one needs buyers at the bottom to have a property chain!
Also was on the way to footie with friends and one mentioned how his sisters house had been on the market for a whole month and not had a single inquiry about it! Its a lovely house in a very good area and normally would be snapped up.

Its amazing how quickly the mood has changed. Friends who were saying well the prices will stay were they had gone up to and not fall are now saying oh well they had to fall back a bit but they won't go any lower! I wonder what they will be saying in six months!

"Can you lend us 1200 quid to pay this month's mortgage?"

Next upcoming Wilson's Property Auction is Thurs 21st Feb 2008 at the Mallusk Complex. http://www.wilsonsauctions.com/property_mallusk.asp

Anyone thinking of going along to this one? I can't make it to this one but would welcome any information regarding actual sales from the night so that I can maintain the info on http://nipropertyauctions.googlepages.com/

Can anyone out there on this forum help me?

By the way this auction has a lovely 2 bed townhouse in Ohio, Guide price is £15k http://www.wilsonsauctions.com/property_de...ew.asp?id=28698
First line of the description text reads
I wonder how long it will be before some of our properties here start having this tag line added. It will be interesting to see what this shifts for.

I especially love the pictures of the doors....and more doors....and the door open into the hallway....dam that seems to be all that there is in that house...doors

sorry Paul, i can't help you out with the auction, but maybe I can find a cheaper pad for you in ohio

http://www.era.com/erabin/listing?Property=2440005

the NASA installation on top of the garage is included in the price

www.bargainamericanhomes.com

Is that the correct price? $9,900?

I have seen some in ohio for 1$!!!!

but, I am unsure as to what liabilities come with the house as well?

I can't work out how to do a global search on era at the mo

have you seen the estate agent picture.... she looks like someone's drawn her on with a crayon

nah that's the false tan

http://www.realtor.com/search/listingdetai...srcnt=10#Detail

any advances?

2 for 1?

http://www.realtor.com/search/listingdetai...srcnt=60#Detail

It has always been a dream of mine to live in Beaver County! That's a hell of a property for 3 grand! I could buy it and be mortgage free almost immediately. Now to find a job out there ....

Well it is America and I hear they are all big fans of The Doors over there

Seriously though getting back to what this thread on forthcoming auctions is supposed to be about this is the first ever property I have seen come to auction that says
Crikey!

Apologies for going off-topic....

Paul - here's a chart that I thought you might find interesting relating to the US sub-prime regional variance.

the zoom feature is pretty handy

http://www.alpharamblings.com/subprime.php

Property auction tonight.

http://u.tv/newsroom/indepth.asp?id=87667&pt=n

On UTV news at 10.30 it said 12 houses sold for about 900k - at least one was 240k so some must have been quite cheap.

I'm putting together the report from tonight's auction now. Will post again when complete. The highest valued property to achieve a fully completed sale went for 240k. Everything else was below that. A heavy dose of realism has now set in. Auctions are the way forwards if you want to shift your house at a realistic price. We were all told at the start that there could have easily been 400 lots in there tonight (instead of the 80 presented) they have that much stuff on their books.

you're our very own

Where was this auction held as the location wasn't mentioned in the article I linked to.

Cheers Subby - although I'd much rather be this forum's very own David Dickinson. Was wondering if anyone else from this forum was at the auction tonight? If so what did you think?

BBC said 3 million worth of confiscated houses to be sold (18houses in total) 12 sold for 900k. So, the other six are worth 2.1million????

Ok the "NEW" report is now available and published on http://nipropertyauctions.googlepages.com/

The "traffic light" system is still in operation ie.

Green shading = sale completed ok
Amber/orange shading = only a provisional sale and further ongoing negotiations would have to take place between buyer and seller to achieve a sale outside and away from auction
Red/pink = Reserve price not met and no sale

Hyperlinks to the lots are included in the data spreadsheet.

The BBC story http://news.bbc.co.uk/1/hi/northern_ireland/7258002.stm that the Assets Recovery Agency properties made £3 million is simply untrue and you'll see that if you scroll to the bottom of the report. Confirmed ARA sales totalled £1.782 million. I think I need to contact the BBC to correct them!

Anyway I'm knackered from all this data inputting and am off to Bedfordshire. Enjoy the report on http://nipropertyauctions.googlepages.com/

Well done Paul - you are a star.