Bid on the City, an auction house is trying to create an opportunity out of the glut of luxury real estate.The last two years has seen a steady flow of high end real estate properties on the market creating a downward pressure on the prices. Bid on the City has property listings in Manhattan, Westchester, and the Hamptons that are for sale and for rent by auction. Many of the listings open at just $1.00.
Vlad Sapozhnikon, one of the founders of the company, said while talking to the New York Times that they are the new eBay for the real estate. And like everything new there is a lot of speculation about this move also. Some pundits from the industry are of the opinion that platforms like these put a downward pressure on the prices. For the buyers though it is good news which must be welcomed.
Bid on the City have different specific bidding events for which the details are posted on their website well in advance. The bidding can be done live, online or through phone. The new outfit is already in the expansion mode as they plan to offer listings of Miami based luxury properties this summer. They have incorporated a lucky contest along with the auctions with prize money of $100,000.