Miami, FL (November 3, 2009) -
The world’s largest condo marketplace, Condo.com, has announced partnerships with two online real estate auction sites, BidontheCity.com and RealtyBid.com. Now, in addition to Condo.com’s extensive inventory of over 800,000 property listings, the Company will showcase thousands of auction properties located around the country for online bidding. The new live auction inventory will be featured alongside other ballroom auctions marketed on the site, all accessed and searchable within the Auctions section found on the Condo.com homepage and located at www.condo.com/auctions.
BidOnTheCity.com, began as Manhattan’s first real-time real estate auction site. They are known as the eBay for apartment and building sales offering low prices, flexible contract terms, and 30-day live bidding events. To view the company’s great deals on New York properties, visit www.newyork.condo.com/Auctions. Condo.com’s other new partner, RealtyBid.com, has sold and is currently marketing thousands of properties online for some of the nation’s largest real estate brokerage firms, financial institutions and corporations.
Online real estate auctions have proven to be a powerful sales channel for sellers to liquidate properties quickly, particularly in a depressed market landscape. The National Auctioneers Association reported an estimated $58.6 billion in real estate sales sold at live auction for 2008, with an increase in 2009. The rise in foreclosures is said to be one of the main contributing factors to rising auction sales. Further research indicates that online residential real estate auctions have increased 46.6 percent since 2003.
Condo.com and its auction partners have likewise experienced significant growth in recent years as online real companies and portals continue to flourish. Agents and buyers are adopting the use of new online tools available on real estate sites, fueling this growth. These recent partnerships for Condo.com are on par with industry trends in real estate where auctions are being embraced by a cost-conscious and tech savvy consumer. CEO of Condo.com, states: “Real estate auctions have been attractive for a while as they offer a degree of certainty to both the buyer and seller to a transaction, which is especially valuable in today’s market. The new collaboration with our partners further supports our goal of becoming the definitive marketplace for condos with the largest inventory in the world of for sale, for rent and vacation condos. Auctions are a subset of for sale inventory and a sales channel that will be around for many years to come.
About Condo.com
Condo.com (http://www.condo.com) is the world's largest condominium marketplace with over 800,000 listings valued in excess of $200 billion. The site receives over 1 million visitors monthly and is dedicated to the evolution and prosperity of the condominium real estate market. Condo.com improves and simplifies the way people buy, rent, sell, manage, market and enjoy the condo lifestyle. Condo.com lists condominiums for sale and for rent in the United States and 70+ countries around the world. The Company cost-effectively delivers exposure and qualified leads to developers, brokers and owners through the seamless distribution of its listings to a global network of real estate websites visited by over 15 million viewers per month. Condo.com is privately held and headquartered.