Bid on the City
Encyclopedia
Bid on the City 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. BidOnTheCity.com was co-founded by Albert Feinstein and Vlad Sapozhnikov with more than $3,000,000 of initial investment. Currently, Bid on the City operates in New York City, Westchester
, the Hamptons
, and Moscow
(Russia
). Bid on the City just announced its Florida
launch in February 2011 and its London
, England
launch in May 2011.
Bid on the City hosts live online bidding. Bid on the City uses several proprietary and patent pending
technologies to deliver live online streaming, including audio and video of each auction allowing people to bid live online and via their mobile phones.
BidOnTheCity.com was a collaboration of computer and real estate professionals, including Matthew Haines, the founder of PropertyShark.com - a large real estate data center
with over 25 million properties in 20 major markets in the U.S. BidOnTheCity.com was launched in May 2009 with Manhattan
properties for sale, and was described by CNBC
as eBay
for Manhattan real estate. On May 25, the first live online auction for Manhattan real estate was held, allowing people to watch and bid at the company's Fifth Avenue Bidding Center or watch and bid online.
In February 2010, Bid on the City introduced $1 starting bids for Manhattan properties. In March 2010, Bid on the City offered seasonal rental in the Hamptons, New York
using "Dutch
" auctions also known as reverse auctions. In addition to online bidding, a new patented technology was introduced, BidSMS, allowing bidders to use their mobile phones to place bids. The auction was also broadcast live on Plum TV
in the Hamptons. In May 2010, Bid on the City launched in Westchester, New York. One of the first properties listed on the site was a 7223 square feet (671 m²) home in Chappaqua
that was considered for purchase by Bill
and Hillary Clinton as well as several Hollywood stars including Ben Stiller
.
In November 2010, Bid on the City 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
Bid on the City's live auction for Russian properties was held on December 11, 2010 at 226 Fifth Avenue, and streamed live over the web using Bid on the City's patented BidStream technology. Over $6,600,000 of real estate was sold that day.
Bid on the City launched the Miami, Florida
branch of its website in April 2011. The move was motivated by the high influx into the Miami market of international buyers and investors interested in luxury real estate.
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
in April 2009, is the first live online real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
auction
Auction
An auction is a process of buying and selling goods or services by offering them up for bid, taking bids, and then selling the item to the highest bidder...
site to use real time video and audio streaming. BidOnTheCity.com was co-founded by Albert Feinstein and Vlad Sapozhnikov with more than $3,000,000 of initial investment. Currently, Bid on the City operates in New York City, Westchester
Westchester County, New York
Westchester County is a county located in the U.S. state of New York. Westchester covers an area of and has a population of 949,113 according to the 2010 Census, residing in 45 municipalities...
, the Hamptons
Hamptons
The Hamptons may refer to several villages and hamlets in the towns of Southampton and East Hampton on the far east end of Suffolk County in Long Island, New York. These townships occupy the South Fork of Long Island, stretching into the Atlantic Ocean. The Hamptons form a popular seaside resort,...
, and Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
(Russia
Russia
Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...
). Bid on the City just announced its Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
launch in February 2011 and its London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
launch in May 2011.
Bid on the City hosts live online bidding. Bid on the City uses several proprietary and patent pending
Patent pending
The expressions "patent pending" or "patent applied for" refer to a warning that inventors are entitled to use in reference to their product or process once a patent application has been filed, but prior to the patent being issued or the application abandoned...
technologies to deliver live online streaming, including audio and video of each auction allowing people to bid live online and via their mobile phones.
BidOnTheCity.com was a collaboration of computer and real estate professionals, including Matthew Haines, the founder of PropertyShark.com - a large real estate data center
Data center
A data center is a facility used to house computer systems and associated components, such as telecommunications and storage systems...
with over 25 million properties in 20 major markets in the U.S. BidOnTheCity.com was launched in May 2009 with Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
properties for sale, and was described by CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
as eBay
EBay
eBay Inc. is an American internet consumer-to-consumer corporation that manages eBay.com, an online auction and shopping website in which people and businesses buy and sell a broad variety of goods and services worldwide...
for Manhattan real estate. On May 25, the first live online auction for Manhattan real estate was held, allowing people to watch and bid at the company's Fifth Avenue Bidding Center or watch and bid online.
In February 2010, Bid on the City introduced $1 starting bids for Manhattan properties. In March 2010, Bid on the City offered seasonal rental in the Hamptons, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
using "Dutch
Dutch auction
A Dutch auction is a type of auction where the auctioneer begins with a high asking price which is lowered until some participant is willing to accept the auctioneer's price, or a predetermined reserve price is reached. The winning participant pays the last announced price...
" auctions also known as reverse auctions. In addition to online bidding, a new patented technology was introduced, BidSMS, allowing bidders to use their mobile phones to place bids. The auction was also broadcast live on Plum TV
Plum TV
Plum TV is a lifestyle television channel launched in 2002 by Nantucket Nectars founder Tom Scott, along with producer Cary Woods and television executive Chris Glowacki. Most recently Tom Scott has become CEO again. So far his performance has been lackluster. of The programming is locally...
in the Hamptons. In May 2010, Bid on the City launched in Westchester, New York. One of the first properties listed on the site was a 7223 square feet (671 m²) home in Chappaqua
Chappaqua, New York
Chappaqua is a hamlet and census-designated place in northern Westchester County, New York. As of the 2010 census, following a major revision to the delineation of its boundaries by the Census Bureau, the population was 1,436...
that was considered for purchase by Bill
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
and Hillary Clinton as well as several Hollywood stars including Ben Stiller
Ben Stiller
Benjamin Edward "Ben" Stiller is an American comedian, actor, writer, film director, and producer. He is the son of veteran comedians and actors Jerry Stiller and Anne Meara....
.
In November 2010, Bid on the City 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
Mikhail Prokhorov
Mikhail Dmitrievitch Prokhorov is a Russian billionaire entrepreneur and owner of the American basketball team, the New Jersey Nets. After graduating from the Moscow Finance Institute he made his name in the financial sector and went on to become one of Russia's leading industrialists in the...
, the Russian billionaire who recently purchased the New Jersey Nets
New Jersey Nets
The New Jersey Nets are a professional basketball team based in Newark, New Jersey. They are members of the Atlantic Division of the Eastern Conference in the National Basketball Association...
Bid on the City's live auction for Russian properties was held on December 11, 2010 at 226 Fifth Avenue, and streamed live over the web using Bid on the City's patented BidStream technology. Over $6,600,000 of real estate was sold that day.
Bid on the City launched the Miami, Florida
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
branch of its website in April 2011. The move was motivated by the high influx into the Miami market of international buyers and investors interested in luxury real estate.