Tonight witnessed the inaugural auction of newly launched ibidcondo.com - an online real estate auction company.  Star Riverside unit #104 sold tonight for $86,840 by online real estate auction. The list price was $690,000. There was NO reserve. Bidders had to pay a $100 seat fee to participate.  The seat fee covers the sellers cost of the property.  The bulk of the auction proceeds is donated to a charity of Buyer's choosing.

I bought a seat and bid in the auction.  It lasted 25 minutes. The first 5 minutes took forever for the price to get higher because the bid increment was only $10. After 5 minutes, the bid increment increased to $100. And in the final 10 minutes, the bid increment was $1,000.  I lost out by $2,000.  The buyer has 48 hours to sign the sales contract and pay cash.

The company has posted its upcoming auctions for other units in the same complex - to be built early 2010. This is a tremendous opportunity/deal - even a "steal" I'd add.

Linda Mardi
AuctionFirst.com