Real Estate Alliance
Real Estate Alliance defer National Property Auction
PRESS RELEASE
30th September 2010
Real Estate Alliance defer National Property Auction
Real Estate Alliance, the national property group, who held the first National Property Auction in April 2010, has announced that they are deferring their next National Property Auction until Spring 2011.
In a statement, the group point out that "the current economic climate is not conducive for such an auction".
The Real Estate Alliance group have extensive knowledge of the market and have concluded that "the time is not right due to a myriad of reasons from the upcoming budget to availability of suitability properties.
According to Phil Farrell, Auction Manager of REA, he believes one of the main reasons would be the position of the Banks. “Due to the NAMA scenario, the Banks have not reached the stage where they are in a position to commence disposal of property assets. The banks are shifting towards this method of disposal in recent months and we are quite optimistic about REA running an National Auction in early Spring 2011”.
He continues, “due to the prevailing market conditions, access to finance for potential purchasers cannot be guaranteed as banks continue to strive to build their reserves. It would appear that this will continue to be the case until at least Spring 2011”.
Real Estate Alliance is well aware that property values in Ireland have decreased between 40-50% since 2007. Philip noted that “purchasers still have significant concerns as to the direction the market will take over the coming months however there is a perception that we are approaching the bottom of the cycle”.
The network is having ongoing discussions with both the banks and private vendors. Ms. Eimer O’Keeffe, CEO of Real Estate Alliance said: "While we are extremely happy with the number of properties that were requested to be submitted to the Auction, we were not satisfied with the suitability of a number of the lots for this method of disposal. We could not therefore proceed with an auction with a limited number of suitable lots."
The Auction Manager, Philip Farrell concluded, “it was decided by the board of REA to be prudent to let the Budget pass and allow the market to absorb all the uncertainty so that when the auction is held in Spring, the market will be more clear.
The Chairman of REA, Michael Boyd stated that “regarding the outlook for 2011 Real Estate Alliance are cautiously optimistic in their expectations. The hope would be that the market continues to stabilise, that access to finance becomes easier thus allowing the wheel to begin turning again”.
ENDS
Further Information:
Philip Farrell, Auction Manager 086 2503515
Eimer O’Keeffe, CEO of REA eimer@realestatealliance.ie
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