Yesterday was, of course, the day that "Ebay for real estate" Bid on the City put a bunch of 10 Manhattan townhouses and apartments on the auction block for a minimum bid of $1. Broker-blogger Malcolm Carter took a field trip to the Bid on the City offices to witness the auction action. And how was it? "Lackluster at best," Carter reports. "There’s a countdown clock not unlike the one featured on the home page of its site for when bidding would be closed. However, BOC stops and resets the clock indiscriminately. Well, not indiscriminately; it does so every time the bidding goes nowhere?which it does frequently." Zing! Still, there were bids on all 10 properties. The sellers have 24 hours to accept?or not?so while their clocks are ticking, let's take a look at the final bids.
1) 9 West 126th Street: Last listed for $1.65 million, was bid up to $400,000.
2) A 1BR on 23rd Street between Ninth and Tenth Avenues: Bid up to $570,000.
3) 150 West 51st Street: Listed for $595,000, auctioned for $375,000.
4) 147 West 142nd Street: Listed at $445,000, auctioned for $50,000
5) 147 West 142nd Street (different unit): Listed for $425,000, bid up to $100,000
6) 516 West 77th Street: Listed for $954,000, auctioned for $525,000
7) 175 East 102nd Street: Listed at $225,000, auctioned for $110,000
8) 175 East 102nd Street (different unit): Listed for $225,000, auctioned for $70,000
9) 225 Fifth Avenue: Listed for $1.825 million and auctioned for $1.35 million
Will these bids pass muster? Please discuss amongst yourselves while we consult our real estate market groundhog.
UPDATE: The Bid on the City folks let us know that 225 Fifth Avenue did not sell because the winning bidder failed to meet the auction's reserve price. They also report that there was no property at 153 Lexington Avenue up for auction. Curbed regrets the error.
· Bid on the City [bidonthecity.com]
· Bid on the City auction too little too late? [malcolmcarter.wordpress.com]
· Now in Auction Stunts, Bid $1 for a Manhattan Apartment [Curbed]