Nine Hamptons rentals hit the auction block

February 23, 2010 02:39PM

After announcing last month its Hamptons-based summer rental auction event, Bid on the City unveiled the nine homes that will go on the block March 20 (see slide show of the properties above). Each listing is a summer rental, from Memorial Day through Labor Day. The auction includes four Southampton rentals, two Hampton Bays homes, and one home in Sag Harbor, East Hampton and Water Mill, respectively. The rental auction 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,” according to Bid on the City. The priciest listing, a three-bedroom, two-bathroom waterfront home at 10 Murphy Place in Hampton Bays has a starting bid of $159,000 for the summer. The least pricey starting bid is for the other Hampton Bays listing, a five-bedroom, four-bathroom home at 70 Squiretown Road. See slide show of nine Hamptons listings above. TRD