Ibidcondo's Premiere Auction Becomes "Recession Buster" Overnight

Austin, TX (PressExposure) May 28, 2009 -- After months of anticipation, iBidcondo held its premiere live online auction at 9PM EDT Tuesday, May 26th, 2009. A young married couple from San Diego, California walked away with a stunning three bedroom lakefront home at Star Riverside located in Downtown Austin, Texas for $86,840; that’s more than an 80% discount on the retail price advertised by the developer!

Even more impressive is that a significant portion of the winning bid amount will be donated to a Nonprofit Charity.

The auction was conducted live online at ibidcondo.com last night with thousands of participants registering and bidding from Australia, Canada, Hong Kong, India, Italy, New Zealand, the Philippines, the United States, and more.

The founder of iBidcondo, Eugene Marchese, was very excited with the auction’s success; “We have just started a revolution in the real estate market, this really is the future of buying and selling property.” Marchese went on to say “We had been looking for a way to solve the housing affordability crisis and iBidcondo brings buyers and sellers together in a way like never before! And to top it off, it’s the charity that walks away the true winner.”

Casey and Maybritt have been following the Constellation Property Group projects in San Diego for years, saying “We loved the clean, contemporary look of the homes but knew we couldn’t afford them; especially in this economy. When we saw what iBidcondo was doing, we wanted to take a chance and see if we could afford the property in Austin.” With their winning bid of just under $87,000, the couple has now acquired their ideal home. The couple plans to visit their new home when construction is complete and is considering relocating to Austin. When asked how she felt, Maybritt summed up the experience by saying “We never dreamed we’d be able to afford this type of home, iBidcondo really makes it possible for young couples like us.”

Industry experts like Perry Henderson recognized that iBidcondo presents a truly outstanding way to sell property in today’s economy. Perry Henderson, a real estate agent specializing in the marketing of downtown Austin condos, stated that “iBidcondo is really stimulating our local real estate market which has been extremely tough in today’s economy”. Henderson continued to say “I think this first auction will be significant in the future of the real estate market”.

The deluxe, two story, three bedroom unit at Star Riverside Residences sold yesterday is 2,000 square feet with a retail value of $690,000. Located on Lady Bird Lake in Downtown Austin, Texas. iBidcondo is expected to auction approximately 63 other residences at Star Riverside, as well as a collection of luxury condos in other cities beginning mid-June 09.

For more information on iBidcondo, to purchase a seat to an iBidcondo Auction, or to register as a charity partner visit http://www.ibidcondo.com.

About iBidcondo: A revolutionary new way to purchase property online, iBidcondo is the first registered website to host live, online auctions where luxury properties are sold with no minimum or reserve price and the net proceeds are donated to a registered charity of the winner’s choice. Founded by Australian native; Eugene Marchese, iBidcondo will use the sale of the virtual seats to the online auction to cover the actual “cost” of the property, leaving the “auction price” as proceeds for donation to a worthy charity. In order to bid, participants must have purchased a virtual seat to the online auction at an average price of $100. The first properties to be sold on iBidcondo will be units from Star Riverside in Austin, Texas, luxury residences designed by award-winning architects, Marchese + Partners, International. iBidcondo has discovered a way to offer buyers and sellers a win/win situation and give back to the community all while creating an avenue to instill some much needed movement within the real estate market. To learn more visit http://www.ibidcondo.com or follow us on Twitter http://www.twitter.com/ibidcondo.

Contact: Megan Palmer, AMG PRWorks megan@amgwagency.com 305.856.8004 x304

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Press Release Submitted On: May 27, 2009 at 2:46 pm
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