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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This is relevant to Cushman & Wakefield of Texas (Houston office) online exchange platform. We are conducting our second online auction of distressed apartment properties in June through absauction.com. The first online auction in May exceeded our goals as far as registered bidders and bidding activity and we look forward to more.