iBidCondo: Entertainment shopping enters the real estate world.
Created by president of Constellation Property Group Eugene Marchese, iBidCondo is a new way to buy real estate and give back to the community.
Could this be a good way to move condos in a real estate market ridden with REO (Foreclosure) and distressed properties?
If you do decide to bid on a condo at iBidCondo you must first be pre-approved and make sure you look into how much HOA dues and annual property taxes  before you bid.
How does it work?
IBidcondo Overview from iBidcondo on Vimeo.
iBidCondo is a Seat Auction, in order to be eligible to win and purchase a condo on iBidCondo you have to purchase a seat. Seats are limited and they cost $100. You may purchase as many seats as you’d like.
Three Hammers:
- Opening Phase- Max 5 minutes/ bids raise price by $10
- 1st Hammer Phase– Max 5 minutes/bids raise price by $100
- 2nd Hammer Phase- Max 10 minutes/bids raise price by $1,000
- 3rd Hammer Drops- Property is sold.
Bids are unlimited and you only bid up to the price that you have been pre-qualified to afford, if you are the last bidder on iBidCondo when the 3rd hammer drops, you win and must pay the final amount of the property into the seller’s title company within 30 days of auction close.
There are no reserves or minimums on iBidCondo and 50-80% of the purchase price is donated to charity. iBidCondo makes a profit on the purchase of seats.
You can take a look at the properties before the auction starts, but once you are the last bidder there is no right of rescission so you better be serious!
iBidCondo has so far auctioned off one property. The owners were able to purchase a 2 Story 3 Bedroom 2.5 Bath 2,000 sqft Star Riverside luxury condo for $86,840. We found iBidCondo back in June and they moved their second auction from July to October because not enough seats were purchased. Seats are refundable if an auction is canceled.
iBidCondo’s next auction located in The Beat, Dallas. Unit #406, features a 2 bedroom 1 bath, den and office unit designed by Corgan Associates and built in 2008.
The Beat Dallas (75 Units Total) offers spectacular views of the Dallas skyline and is complete with a saltwater swimming pool, spa, BBQ, and garage. If you’re interested be sure to check out the legal link which includes the HOA (homeowners association) information.
The auction is scheduled for October 7th, 2009, a slightly smaller 1 bedroom/2bath, 1,160 sq ft. unit is currently on the market for $278,000.
TechCrunch’s Jason Kincaid is a critic, from Caveat Emptor: iBidcondo Auctions Off Real Estate At Massive Discounts, But There’s A Catch:
“It’s definitely going to confuse some people, and it isn’t hard to forecast some problems. The auction is time-limited (sometimes as short as 7 minutes), and price increments are limited by which stage you’re in: first you can only increase your bid by $10, then $100, then $1000. In effect, the only time period that actually matters is the last minute or so, when every bid coming in is going to be $1000 and anyone seriously interested in buying the property is going to be clicking furiously. There’s no limit to how many times you can bid, so if you wind up in a horse race with a few dozen people the price can easily increase very quickly, perhaps far beyond those magical low price points the site is currently advertising. An iBidcondo spokesman says that the company can typically guess how high these bids will go and sets the time limits accordingly, but I’m wondering how effective that will be. After all, it would only take a 30-person horserace with each one bidding 30 times in the last minute to add $900,000 to the final auction price.”
What do you think of entertainment shopping meeting real estate? Discuss!
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