Bid on the City (BidOnTheCity.com), launched in New York City in April 2009, is the first live online real estate auction site to use real time video and audio streaming. Inspired by Rita Yanovitsky, Licensed Auctioneer. The firm was co-founded by Albert Feinstein and Vlad Sapozhnikov with more than $3,000,000 of initial investment.Teri Karush Rogers, "Trying to Replace Brokers with Auctioneers", The New York Times, April 10, 2009 Currently, it operates in New York City, Westchester, the Hamptons, Florida, London, England, and Moscow (Russia).Christianna McCausland, "Home sales stalled? Auction that house!", The Christian Science Monitor, September 7, 2010
Bid on the City hosts live online bidding.Diana Costello, The Journal News, July 20, 2010 with audio and video of each auction allowing people to bid live online and via mobile phones.
The site was launched in May 2009 with Manhattan properties for sale, and was described by CNBC as eBay for Manhattan real estate.Diana Olick, "It's Like eBay for Manhattan Real Estate", CNBC, May 7, 2009 On May 25, the first live online auction for Manhattan real estate was held .S. Jhoanna Robledo, "Sold! Maybe." , New York Magazine, August 10–17, 2009 In March 2010, Bid on the City offered seasonal rental in the Hamptons, New York using "Dutch" auctions also known as reverse auction.Amanda Fung, "Hamptons rentals go on odd auction block", Crain's New York Business.com, March 17, 2010 A technique was developed to place bids from mobile phones as well as online.Max Gross, "Love at first bid" , The New York Post, March 4, 2010 The auction was also broadcast live on Plum TV in the Hamptons. In May 2010, Bid on the City launched in Westchester, New York.Elsa Brenner, "In Westchester, the Sales Pace for High-End Houses Picks Up", The New York Times, June 4, 2010 One of the first properties listed on the site was a home in Chappaqua that was considered for purchase by Bill and Hillary Clinton as well as several Hollywood stars including Ben Stiller.S. Jhoanna Robledo, "Is Chappaqua for the Fockers?", New York Magazine, May 9, 2010
In November 2010, the firm expanded into Russia using the "Dutch" auction model. The company's equity partner in Russia is a media company, RBC, whose majority owner is Mikhail Prokhorov, the Russian billionaire who recently purchased the New Jersey Nets"Prokhorov's RBC Purchase" , The Moscow Times, May 11, 2010 Their first live auction for Russian properties was held on December 11, 2010 at 226 Fifth Avenue ., CBS Money Watch.com, November 18, 2010 Over $6,600,000 of real estate was sold that day.
The firm launched the Miami, Florida branch of its website in April 2011.Toluse Olorunnipa, , The Miami Herald, April 6, 2011Alexander Britell, , The Real Deal Online, April 12, 2011
References