Buy it Now – One Condo?

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MJR Development

As many of you undoubtedly saw on the evening news earlier tonight, Seattle is leading the way in a new sort of real estate sales: online bidding. Now, I know what you’re going to say – eBay has been selling property and houses for years now, and this is true. But what MJR Development, based in Kirkland, is doing is a touch different. They’re selling their Madison Valley condos, the Madison Lofts, via a private online auction. You’ll still need to do the standard condo informational sales meeting, but when you leave, you’ll leave with a disc full of virtual imagery of the Madison Lofts, and a password for the online auction. Bidding will happen over a period of four days, and at the end of this time, the person with the highest bid on a condo will pay the second highest bid, plus $1,000.

So why is MJR Development doing this? Because in the current process for buying a condo, after the infotmational meeting, you have to get on a list for when you can make an appointment to go in and bid on a unit, which may or may not be sold by the time your appointment rolls around. It’s long, tedious, tiresome, and you often have to make a snap decision. MJR Development is holding their informational meetings the week before the auction, so that people have a chance to think about it, and then the auction is over four days, so that you can decide how much you’re willing to spend and adjust as other people also adjust their prices and desires.

It’s a pretty cool idea, I think, and I hope it takes off. For more information on the story, you can check out the Seattle PI’s coverage, which is the first I saw, and still one of the more thorough.

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