Property Grunt

Tuesday, January 26, 2010

Hell has frozen over

"Oh hells yeah!"

this really took the wind out of my sails when I got this from Kelly Kreth.


-- Hamptons Luxury Rental Bidding Events Will Be Broadcast Live On PlumTV as Part of their Joint Media Partnership--

--First Hamptons Event Will Debut “Dutch” Auction—

--BOTC Introduces Smart Phone Application, BidCity Mobile --

New York, January 25, 2010 – Bid on the City,, [BOTC] the pioneer of online bidding for luxury Manhattan real estate, announced they will begin using their live online bidding platform for renting luxury properties in the Hamptons . This will be the first rental bidding event that Bid on the City has done.

Bid on the City will debut a “Dutch” auction, in which the starting price has incremental decreases until the first bid comes in, after which, bidding is closed. Unlike traditional bidding in which the price goes up and bidders have an opportunity to increase their bids, the dynamics for a Dutch auction are very different. The first bid is the final bid.

This event will also introduce BidCity Mobile, an innovative new technology that will provide mobile bidding with live audio and streaming video.

As part of a newly formed joint media partnership with BOTC, Plum TV,, a 24-hour lifestyle network, will broadcast the event live on Plum TV with expert commentary provided by local hosts and streaming live on

Bid on the City anticipates holding its first Hamptons bidding event on a Saturday in late February or early March. (Exact dates and property listings, along with starting bids, will follow to press shortly.) Live bidding will take place in Bid on the City's Fifth Avenue showroom. Bidding can be done in person, online, or via smart phones; all video and audio is streamed in real time.

Luxury rental properties will be listed on for 30 days and will include virtual tours, photos, the leasing agreement, a schedule of open houses, and area information. Properties aren’t up on the site yet, but BOTC anticipates listing at least five Hamptons rentals properties in the next three weeks, including their starting bids. After 30 days, a live “Dutch” auction will be held.

“Today's economic climate has created a demand for a fast, efficient, and transparent way to rent property. Bid on the City in the Hamptons will introduce a Dutch auction, which provides an interesting dynamic for someone looking to rent. There is no second chance, so if a bidder wants a property, the bidder must be the first to bid. Each property will be open for bidding for five minutes, allowing many properties to be presented in a very short time,” says Vlad Sapozhnikov, general manager, Bid on the City.

I think Bid on the City's timing is brilliant considering what is going on in the Hamptons right now. And any bullet proof aura that the Hamptons once had is now gone.

Okay. If the fact that Bid on the City is now staking a claim in the Hamptons does not prove to you that A. The real estate market is still in free fall B. Brokers need to think about getting into the auction business, then you are still living in 2004.