IBIDCONDO: THE NEW WAY TO BUY REAL ESTATE?

iBidcondo is a revolutionary online, live property auction where properties are sold without reserve prices and where the bulk of the auction proceeds are donated to a registered charity of your choice!

iBidcondo follows the process of a traditional property auction; however it is unique in that it does not use a starting or reserve price and unlike many e-retailing auction sites, iBidcondo does not charge bidders each time they make a bid. To cover the price of the property being auctioned, iBidcondo uses a Patent Pending system of selling a limited number of “virtual auction seats” thereby eliminating the need for a minimum price. This allows the bidders to determine the “the auction price” of the property.

In order to bid at an iBidcondo auction, participants must go online to iBidcondo.com and register. Once they have found a property they are interested in bidding on, they can purchase a virtual seat to the online auction. These auctions are set for a specific date and time in the future.  iBidcondo requires that participants make themselves familiar with the property details, as well as the “Terms and Conditions” of the iBidcondo auction, including the requirement that the winning bidder be prepared to pay for the winning bid within 48 hours of the auction close.

The average auction seat price is $100 and the number of seats sold will be determined by the property’s list price.  For instance, a $400,000 dollar priced property will have 4,000 seats sold at $100.00 per seat.  A specific auction only happens once all seats have been sold. iBidcondo will notify participants by email the details of when the auction is set to commence.

The genius of iBidcondo is in its simplicity; the sale of the seats themselves cover the actual “price” of the completed property, thus leaving the “auction price” to be determined purely by the bidders. Unlike other online auction sites that charge bidders for each bid that they place, iBidcondo Bidders can bid as many times as they wish once they have paid for their seat.

Because the sale of the seats covers the price of the property, iBidcondo is able to donate net proceeds of the winning bid to the winning bidder’s nominated charity. Bidders are asked to nominate their preferred Registered 501(c)(3) Charity when they purchase their seat.

iBidcondo has found a way to give back to the community while creating an avenue to instill much needed movement within the real estate market; a true a win/win/win situation for buyers, sellers and the community.

iBidcondo welcomes registered broker/agent participation, offering commissions based on their clients’ winning bid amount.

The first featured auctions on iBidcondo will be 64 luxurious condos at Star Riverside, in Downtown Austin, Texas and 61 ultra-contemporary condos at Centro, in National City, California outside of San Diego. The luxurious 3 bedroom units at Star Riverside start at around 2,018 square ft and are due for completion in late 2009/early 2010. This ultra contemporary collection of high-end residences fronts Lady Bird Lake and offers tremendous views of Downtown Austin.  Centro in National City is a brand new collection of beautifully appointed 2 and 3 bedroom condominiums located in South Bay and isdue for completion in August of 2009.  Both properties are designed by award-winning architects, Marchese + Partners, International and developed by Constellation Property Group.

iBidcondo is committed to selling only the highest-quality real estate in key urban areas. These are not Foreclosure Auctions and only high caliber real estate properties that iBidcondo believes have a truly distinctive character will be auctioned at iBidcondo.

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