Bid on the City (BidOnTheCity.com), 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.[1] BidOnTheCity.com was co-founded by Albert Feinstein and Vlad Sapozhnikov with more than $3,000,000 of initial investment.[2] 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.[3]
Bid on the City hosts live online bidding.[4] 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.[5]
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. [6] BidOnTheCity.com was launched in May 2009 with Manhattan properties for sale, and was described by CNBC as eBay for Manhattan real estate.[7] 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.[8]
In February 2010, Bid on the City introduced $1 starting bids for Manhattan properties.[9] In March 2010, Bid on the City offered seasonal rental in the Hamptons, New York using "Dutch" auctions also known as reverse auctions.[10] In addition to online bidding, a new patented technology was introduced, BidSMS, allowing bidders to use their mobile phones to place bids.[11] The auction was also broadcast live on Plum TV in the Hamptons.[12] In May 2010, Bid on the City launched in Westchester, New York.[13] One of the first properties listed on the site was a 7,223-square-foot (671.0 m2) home in Chappaqua that was considered for purchase by Bill and Hillary Clinton as well as several Hollywood stars including Ben Stiller.[14]
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 [15] 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.[16] Over $6,600,000 of real estate was sold that day.[17]
Bid on the City launched the Miami, Florida branch of its website in April 2011. [18] The move was motivated by the high influx into the Miami market of international buyers and investors interested in luxury real estate. [19]