Post by Kev on Feb 20, 2004 12:39:57 GMT -5
A BIDDING frenzy broke out at a property auction yesterday with almost 1,000 people fighting to buy into Liverpool.
Terraced houses in Kirkdale with a guide price of just £15,000 were being snapped up for more than £50,000 and in Wavertree a two-bed mid-terrace was put in the catalogue at £35,000 and fetched almost £70,000.
But the auction almost never got under way, with the turnout far exceeding the capacity of the auction room at the Adelphi Hotel. Staff had to stall proceedings on health and safety grounds, ushering many potential buyers into an adjoining hall where the bidding had to be relayed to them.
Organising estate agents Sutton Kersh were taken completely by surprise by the turnout, and were delighted by the prices being paid.
More than half the 131-lot catalogue was owned by one company which was selling off a chunk of its portfolio.
Investors took advantage of the unique process of the auction, which states that when the hammer comes down, there is no way to pull out and all paperwork, including surveys, is prepared in advance.
Even auction properties which are sold before the day of sale come under exactly the same system, so a speedy and secure sale is guaranteed.
Six houses on Livingstone Avenue, Aigburth, totalling 31 flats, were bought by one anonymous bidder before the auction for an undisclosed sum, believed to be well in excess of £1m.
Terraced houses in Kirkdale with a guide price of just £15,000 were being snapped up for more than £50,000 and in Wavertree a two-bed mid-terrace was put in the catalogue at £35,000 and fetched almost £70,000.
But the auction almost never got under way, with the turnout far exceeding the capacity of the auction room at the Adelphi Hotel. Staff had to stall proceedings on health and safety grounds, ushering many potential buyers into an adjoining hall where the bidding had to be relayed to them.
Organising estate agents Sutton Kersh were taken completely by surprise by the turnout, and were delighted by the prices being paid.
More than half the 131-lot catalogue was owned by one company which was selling off a chunk of its portfolio.
Investors took advantage of the unique process of the auction, which states that when the hammer comes down, there is no way to pull out and all paperwork, including surveys, is prepared in advance.
Even auction properties which are sold before the day of sale come under exactly the same system, so a speedy and secure sale is guaranteed.
Six houses on Livingstone Avenue, Aigburth, totalling 31 flats, were bought by one anonymous bidder before the auction for an undisclosed sum, believed to be well in excess of £1m.
