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Results for 14 July 2009
POTENTIAL – THE COMMON DENOMINATOR
The phrase “Property with potential” has been associated with Mark Jenkinson and son’s monthly auctions for well over a decade and in some respects may be little too familiar to regular bidders. The word “potential” however sums up the very essence of an ideal auction lot whether it be in the form of land to develop, a house to refurbish or a property to let. Each bidder will see an auction lot from a different angle but the ultimate aim is usually the same – to make money!
Tuesday saw the sixth MJS auction of the year at Bramall with some thirty “Properties with potential” coming under the hammer in the busy Platinum Suite. The catalogue was certainly varied in content, with pubs, garage sites, a former bank, student investments, a fire damaged semi, various residential investments and a stone garage previously used to store a snow plough!
The beauty of a sale by auction is that it provides the environment to establish value for those properties that are difficult to assess. Take the cottage at Tofts Lane for example. Over eighty people looked at this quaint but small stone cottage over looking the Rivelin valley. The property was squeezed up against the boundary with a mature tree virtually growing out of its gable wall. Some wanted to keep it as is and others were looking to demolish with a view to rebuilding in the centre of the site. The guide of £120,000 appeared on paper to be realistic but the final sale price of £202,000 exceeded all expectations.
A fire damaged house on Bishops Court Road also sold well in excess of the reserve with the hammer falling at £90,000 and The Rock House at Pitsmoor achieved a very good £96,000 against a guide of £78,000.
It was clear as the afternoon developed that the demand for sensibly priced houses in good locations remains strong as a terraced house in flats on Broomspring Lane sold well in excess of expectations at £251,000 and a large bungalow with workshops and land at Wroot near Doncaster achieved £255,000 ,
The general feeling is that the market has “turned the corner” but price remains the key issue in determining the suitability of a property for auction. For every lot entered into one of the MJS sales there must be two or three where houses that are just “too good” to be sold under the hammer are referred to Estate Agents to conduct a traditional Private Treaty sale. It would be tempting to fill the catalogue each month with “nice houses” but without the element of potential there is a risk of a sale at under value.
Entries are now coming in for the firm’s seventh sale of the year scheduled for Tuesday the 15th September. The deadline of the 7th August is not too far away, so if you are considering selling a run down house, an investment property or anything with the ‘P’ factor contact Adrian Little or Mark Renshaw without delay!
The next
sale will be held at the Crucible Theatre on: 21/09/2010.
Catalogues are available either by personal call, or by annual subscription
at nominal cost.
Contact
Adrian Little at Mark Jenkinson and son without delay if you
want to know more about this exciting form of selling, which is
of course ideally suited to "property with potential"
 
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