New Condo Site Offer Unique Auction Idea

by Deidre Woollard (RSS feed)
Apr 27th 2009 at 8:01AM

Online condo buying takes a new turn with iBidcondo, an online property auction where properties are sold without reserve prices and where the bulk of the auction proceeds are donated to a registered charity of your choice. It works very differently than a traditional auction. Instead of using a starting or reserve price, it offers a limited number of "virtual auction seats" which are sold until a minimum price is reached. The average auction seat price is $100 and the number of seats sold will be determined by the property's list price For example, a $400,000 dollar priced property will have 4,000 seats sold at $100 per seat. A specific auction only happens once all seats have been sold. Once the seats are sold then an auction tales place with the sale price determined purely by the bidders. Because the sale of the seats covers the price of the property, iBidcondo is able to donate net proceeds of the winning bid to the winning bidder's nominated charity.

The first featured auctions on iBidcondo will be 64 condos at Star Riverside, in Austin, Texas which are selling for $690,000 requiring 6900 $100 seats to be purchased.

Tags: auction, condo, online