One person’s recession can be another person’s bargain bin.
One company is taking advantage of low housing prices and bringing them to the public. Several condos in downtown Dallas' The Beat will be auctioned off at incredibly low prices courtesy of iBidCondo on July 27. The first condo in the 10-story, concrete, steel and glass tower in Dallas’ Southside, worth $280,000, will be going for a mere $50-$100,000.
A similar auction was held in Austin recently, with a $690,000 Star Riverside Unit in Austin receiving a winning bid of $87,000.
The creators of the auction tout their business plan as a groundbreaking way to sell real estate, rather than a narrow rescue from foreclosure that many suspect. Seats to the auction sell for $100 a piece, meaning if they sell several thousand seats, they’ve made up the difference of their discount sale.
Monday the company’s Web site was offering a way to win tickets each week, but that offer has since vanished.
Holly LaFon has written and worked for various local publications including D Magazine and Examiner.