Luxury Real Estate: And you thought five bucks for a 12-inch-long sandwich was something to sing about!
The glut of luxury real estate over the past couple of years has created a business opportunity being tapped by auction houses such as Bid on the City. The company has property listings in Manhattan, Westchester, and the Hamptons that are for sale and for rent by auction. Many of the listings open at $1.00.
Mr. Vlad Sapozhnikon, one of the company's founders, described his company as being the new eBay for real estate, in an interview with the NY Times. While the enterprise is viewed as a marketplace for well-healed investors, some pundits speculate whether such forums keep prices low. Let the snorting and growling begin.
The Bid on the City auctions have specific bidding events that are posted on its website. Bidding on real estate can be done live, online, via TV and mobile phone. There are apartments for rent and vacation rentals as well as residences sold by auction through Bid on the City. The outfit is expanding and will be offering listings of Miami-based luxury properties this summer.
Visit the company's website and test your skills on luxury real estate prices while trying to win $100,000. The winner must answer 10 questions in a row correctly to win the money. Are you feeling lucky?