Tonight witnessed the inaugural auction of newly launched ibidcondo.com - an online real estate auction company. Star Riverside unit #104 sold tonight for $86,840 by online real estate auction. The list price was $690,000. There was NO reserve. Bidders had to pay a $100 seat fee to participate. The seat fee covers the sellers cost of the property. The bulk of the auction proceeds is donated to a charity of Buyer's choosing.
I bought a seat and bid in the auction. It lasted 25 minutes. The first 5 minutes took forever for the price to get higher because the bid increment was only $10. After 5 minutes, the bid increment increased to $100. And in the final 10 minutes, the bid increment was $1,000. I lost out by $2,000. The buyer has 48 hours to sign the sales contract and pay cash.
The company has posted its upcoming auctions for other units in the same complex - to be built early 2010. This is a tremendous opportunity/deal - even a "steal" I'd add.
Linda Mardi
AuctionFirst.com
Linda,
Do you think this was a successful or an unsuccessful auction as a result of the online bidding component? Based on the value achieved, it appears there was lots of factors that may have kept the high bid amount down.