May 21, 2009...1:20 am

The Lure of Property Auctions

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In the not so distant past, hard to sell properties ended on the rental market. Now they’re more likely to endat auction. Just last month, two New York City real estate executives launched Bid on the City to auction residential and commercial properties.

The founders, Albert Feinstein and Vlad Sapozhnikov, have high hopes for the site. “It’s going to be huge,” Feinstein said. The auction process “speeds the process, makes it more convenient and accomplishes the objective of selling the property.”

Bid on the City held its first auction this week. The results: four of the five NYC condos sold. How did the sellers do? They got less than they originally asked—but doesn’t almost everyone these days?

Bid on the City Auction Results

Address

Original Price Bidding Start Price % drop Sale Price

 Change from  Initial Bid 

555 West 23rd St.: 1 br condo

$819,000

$499,000

39.07%

$509,000

2.00%

150 West 51st St.: 1 br condo

$585,000

$399,000

31.79%

No sale

325 Fifth Ave: 1 br condo

$1.5 million

$1.12 million

25.33%

$1.305 million

16.52%

555 West 23rd St.: studio

$620,000

$299,000

51.77%

$468,000

56.52%

212 East 47th St: 1 br condo

$725,000

$499,000

31.17%

$564,000

13.03%

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