Thursday, April 2, 2009

Online Auction "Jolts" the Hamptons

Two weeks ago a couple of brokers in New York had great success running an online auction for properties in the Hamptons.

Here are some highlights from an article published after the auctions ended. A link to the full article is at the end....

A Prudential Douglas Elliman-sponsored online auction, run by brokers Vince Horcasitas and Enzo Morabitohas has helped bring buyers back to the market.

“We jolted the market,” Mr. Morabito said. “We jolted the brokers, we jolted the sellers, we jolted the buyers. We bred a little action. Our open houses yesterday were swamped.”

During the eight days that online bidding was going on, the activity surrounding the houses was significantly improved over what it had been and what other, non-highlighted properties, saw. In three days of open houses, Mr. Morabito and Mr. Horcasitas and their associates showed the 17 properties more than 100 times.

“It was a huge success for a couple of different reasons. We basically sold two properties, and we brought a tremendous amount of exposure to all the properties,” Mr. Horcasitas said. “We created a frenzy on a couple of properties. We had 25 people go through the [Bridgehampton] house on Sunday. They had 20 go through the one on North Main in Southampton [Village].”

In all, 50 bids were entered over the eight days the auction was live by a total of 14 different bidders. Most of the bids came on Sunday, the last day of bidding.

To read the entire article click here

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