BId On The City

Didn't look like steep discounts to me but I didn't spend too much time on it. I think there is another thread about this.

It's a scam.

Any company that advertises Manhattan apts. for "as low as $1" is a SCAM.

My view (discussed more fully in the other threads on this topic) is that the terms of the bidding are unfriendly to buyers (and not all that friendly to sellers). These unfriendly terms might be acceptable if you were getting a really good discount -- but I've never seen anyone get a good discount there.

It's not really a "scam," per se, but it is almost always a bad deal -- you're almost certainly going to be better off buying the traditional way.

It's not a scam. It's an auction site. That's a ridiculous thing to say, unless you actually have something to add.

I think their current "start at $1 ad campaign" is annoying and gimmicky, but nobody believes they will buy an apartment in NYC or rent in the Hamptons for $1.

From what I understand their model is evolving. They seem to be changing the rules. I would guess because what they are doing is not working, at least not working well enough. I think auctions are hard to pull off in NYC.

Anyway, here is another recent thread:

http://streeteasy.com/nyc/talk/discussion/17415

If you can't pull off auctions in NYC, you can't pull 'em off anywhere else.

What sounds like a good idea goes awry when nearly none of the units actually go to a sale. When you have reserve prices that are at market or higher rate, it's not shocking they don't close.
It's a creative way to put your "special" unit for sale having more than the average amount of eyes view it, It gives the false notion that you may get a "deal." It's not nearly as amusing as Shattner priceline commercials, and nowhere near the bargain(s) either.
It is by all means, scamulous.

Maybe not a scam but more in line with Crazy Eddie special, the prices are insane. They advertise the apt on 86th street for $1 but is a reserve bidding process. So unless the owner set the reserve at $1, I doubt the winning bidder will come out ahead.

i'm selling my studio and recieved a card from bid on the city stating the following:
Unit 1A, 352 West 56th Street – listed for $1, Sold for $339K All Cash ($39,000 over reserve), buyer approved by co-op, closing June 8th.

Unit 2C, 80 Park Ave – listed for $1, Sold for $395K ($10K over reserve), closed last week.

Unit 825, 10 West 15th Street – listed for $1, just a couple of 2 days ago May 25th, highest bid $600K, contract signed at $650K, co-op application is in process.

352 west 56th comes up as 350 and 346 west 56th.

Funny, they have an open house THIS sunday.
http://streeteasy.com/nyc/sale/517686-coop-346-west-56th-street-clinton-new-york
StreetEasy History
06/29/2004Previous Sale recorded for $(insiders only)
08/18/2005Previous Sale recorded for $(insiders only)
08/18/2008Previously Listed by Corcoran at $449,000.
01/12/2009Corcoran Listing is no longer available. Last priced at $380,000.
05/12/2009Previously Listed by Manhattan Apartments at $369,000.
07/31/2009Previously Listed by Bid on the City at $199,000.
09/19/2009Manhattan Apartments Listing is no longer available.
04/27/2010Listed by Tyger Realty at $475,000.
05/03/2010Bid on the City Listing is no longer available.
05/13/2010Price decreased by 5% to $449,000.
05/18/2010Price decreased by 2% to $439,000

I reiterate, scamulous.