Now that no one in New York City is batting an eye at real estate auctions any longer, it's time for a new gimmick. Bidders, look over here! "Ebay for real estate" Bid on the City let us know that at its February 1 auction, at least 13 apartments will hit the block with a minimum bid of $1. The apartments would normally list for $225,000 to $5 million and are, a press release hastens to add, in "top-notch buildings" that are not distressed. (Click here and look for listings with the "$1 Event" stamp to see what's up for grabs). There is, of course, fine print.
The apartments will have reserve prices, which we presume are a good deal higher than $1. And each seller will have 24 hours to approve the highest bid (or not). We don't really expect these properties -- like the 4,800-square-foot townhouse at 155 Lexington Avenue originally listed for $4.69 million, and the condos in the gallery above -- to go for bargain-basement prices, but it's a fun stunt that might bring a few extra bidders in to wave those paddles, er, hit the "bid" button. At least for the first few minutes, when competition will be thick to land those "I bid $1 for a Manhattan apartment!" bragging rights.
· Bid on the City [bidonthecity.com
· Bid on the City coverage [Curbed]