Bid on the City, the online Manhattan real estate auction site, has announced the launch of a Hamptons bidding program for rental, rather than sales, properties. The move marks Bid on the City’s first foray into rentals, and the company plans to unveil this new branch of its site with a Hamptons bidding event “on a Saturday in late February or early March,” according to a release sent yesterday. The rental auctions will be structured differently from the site’s Manhattan events, opting for a so-called “Dutch auction” rather than the more traditional approach. “Unlike traditional bidding in which the price goes up and bidders have an opportunity to increase their bids, the Dutch auction… has incremental decreases [from a higher starting price] until the first bid comes in,” a statement from the auction company explained. Once someone puts in a bid, the auction is over. Although it is not yet clear what villages in the Hamptons the site will focus on, the company said it will make information on the rental listings available 30 days prior to the auction event. Last year during this same month, brokers told The Real Deal that they were less optimistic about the coming rental season, with rental activity way down. TRD
Manhattan real estate auction site launches Hamptons rental program
New York /
Jan.January 26, 2010
12:01 PM
Related Articles
arrow_forward_ios

Going once, Going twice! Rent-stabilized portfolio hits auction block

Bluestone buys Queens building for $85M at foreclosure auction

This massive Long Island land auction could bring in $34M

Queens property purchased for $125M by Chinese firm headed to foreclosure

Concierge Auctions facing accusations of fraudulent bids

Going once, going twice… When auctions can be the best way to sell homes

Auction giant Ten-X to sell to private equity firm for more than $1B

Aby Rosen’s UES home isn’t being auctioned off — for now
arrow_forward_ios