Two rentals added to Hamptons auction

TRD New York /
Mar.March 16, 2010 05:58 PM

Two new summer rental properties have been added to Bid on the City’s inaugural Hampton’s property auction, set for March 26. The Southampton properties, a 2,585-square-foot house with a pool and fireplace at 88 Peconic Hill Drive, and a 5,800-square-foot house with a pool and hot tub at 7 Hannahs Court, have starting bids of $60,000 and $135,000 per summer, respectively. The auction, which was originally set for March 20, will include nine other properties (click here to see slide show of the properties). 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. A second Hamptons auction event, featuring 10 properties, is slated for April 9. TRD

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