High prices paid at recent Castlerea auctions

From the first recognised auction in the Greek city of Babylon in 500 BC, to the modern auction houses of Sotheby’s & Christie’s, following on from the original auction house which was established in Austria in 1707, the process of acquiring a property portfolio has come along way.             An auction is defined as being the process of buying and selling things by offering them up for bid and then selling them to the highest bidder. Auctions are generally seen as being an effective method of selling property and property sold at Auction generally results in the sale being closed within a month of the auction date. The six months of April, May, June, July, August & September are generally perceived as being the most advantageous times for the holding of a public auction.             Séamus Cleary & Paul Lafferty of James Cleary & Sons, Main Street, Castlerea Co. Roscommon are testament to this theory, having recently conducted two very successful auctions, both of which yielded very satisfactory conclusions for all parties involved.   The first public auction of the season, held on the 20th April, took place in Tully’s Hotel, Castlerea. The auction of Dyers’ lands at Miltown, Castleplunkett and Rahardagh Castleplunkett were sold in three individual lots.             The first lot comprised of a two-bedroom cottage on approximately 0.783 acres at Miltown, Castleplunkett, (0.317 Ha.) with some stone outbuildings. After much bidding, this lot finally sold at €100,000. Similarly with Lot 2, which comprised of c. 18.90 acres at Miltown, Castleplunkett, the bidding process was brisk, and this lot was eventually sold for €220,000.             The final lot, which comprised c. 19.39 acres – being the remainder of the estate at Miltown, Castleplunkett and Rahardagh, Castleplunkett, generated the most interest with bidding reaching almost frenzied proportions. This lot which contained very little road frontage, eventually reached the considerable sum of approximately €345,000, which exceeded everyone’s expectations.             Buoyed on by these exceptional results, James Cleary & Sons held another auction, again in Tully’s Hotel, Castlerea on the 11th May 2007. This time, a top quality farm comprising of c. 49.71 acres was under the hammer and generated considerable interest from neighbouring landowners and those seeking a unique opportunity to add to their existing property portfolio. This prestigious holding, was auctioned in six individual lots. The first lot, which comprised c. 0.836 acres together with the site of an old dwelling house at Ardeevin, Castleplunkett, generated much interest and was sold for the tidy sum of €35,000.             The second lot in this folio contained an old house on c. 0.960 acres at Ballaghbawbeg, Castleplunkett. This lot sold at €30,000. Lot 3, which comprised of c. 1.137 Acres and had possible double site potential and Lot 5 at Ardeevin, Castleplunkett, which contained c. 5.219 and over 300 metres of road frontage were withdrawn prior to the auction, but following subsequent negotiations, these lots were in due course, sold in the region of €200,000.             Lot 4 at Ardeevin, Castleplunkett, containing c. 18.639 acres and benefiting from over 700 metres of road frontage was next up for grabs and as in similar fashion to the previous lots offered, bidding was brisk with this impressive parcel eventually being sold to the highest bidder at a figure in the region of €199,000.             As with all good things, the best was held until last and with regard to the final Lot, this was certainly true. The final lot (Lot 6) comprised of c. 22.928 Acres at Ballaghbawbeg, Castleplunkett and contained ample road frontage and suitability for all types of farming, was recognised by all those present as being something worth waiting for. Bidding on this noteworthy investment was fast and furious with the final lot eventually being sold at approximately €235,000.             In light of the impressive results from both of these recent auctions, Séamus and Paul are looking forward to a busy auction season where they hope to continue the trend set by the aforementioned public sales and are actively seeking residential and non-residential holdings to accommodate all disappointed under bidders.             James Cleary & Sons can be contacted by Phone on (094) 96 20011 or 96 20540, on Mobile: (086) 2599189 or via email at: clearyauctioneers@eircom.net where you can be assured of a fast, efficient and friendly service.