The Legacy, at 157 E. 84th St., is listed on StreetEasy. BELOW: Similar Hamptons properties are available at Bid on the City.
Not so long ago we were in the dark ages of real estate listings. Whether buying or renting, New Yorkers had to embark on a nomadic quest, going from Corcoran to The Times and back again to feel out the market and, hopefully, keep from getting screwed. But StreetEasy changed all that, becoming the city’s most dominant listings aggregator in the process.
“We get New York, and we focus on doing it very well,” says vice president of strategic development Dawn Doherty. And with more than 30,000 daily page views, the results speak for themselves.
StreetEasy rose to the top by being a gateway to the freshest information. Click on any listing and you get the unit’s history as far back as 2004, telling you when it hit the market and how much the price has dropped since those halcyon pre-Great Recession days. Is jumping from the 22nd to the 31st floor in 20Pine really worth an extra 400K? The “New Developments” section will help you answer such questions building by building. Or hit the “Talk” section, message boards where diehards discuss everything from tax benefi ts for first-time buyers to how to intentionally tank a co-op board interview (seriously).
It all adds up to a free service that acts as a valuable ally in a tricky economy. (Though for $10 a month insiders can access the sales prices of properties in contract.) “People are looking for confidence,” Doherty explains. “A couple of years ago there was no fear and double-digit appreciation annually; now people are reluctant to sign that check. We help them make a decision.” Visit streeteasy.com.
When the virtual gavel fell on a mansion at 11 East 74th St. last May, history was made. The home was one of the first sold by Bid on the City, a brokerage that takes the passion of Manhattan real estate and adds the bidding power of eBay. “We think it is a quick, efficient and transparent way to sell,” says the site’s managing director, Raymond Villani.
Rather than estimating the price of a property, Bid on the City lets the market decide. Sellers sign a listing agreement that puts their listing on the site for 30 days. That’s where buyers find floorplans, comparable sales, sales contracts and open-house schedules. On the day of the auction, prescreened buyers head online or to Bid’s swanky Fifth Avenue showroom to bid on the property. If the reserve price is met, the apartment goes into contract and proceeds as with a regular real estate transaction. If not, Bid works with the seller and highest bidder to close the gap.
Skeptics may be wary of this “let’s make a deal” mentality, but Bid on the City refuses to be a flash in the pan. “We don’t go after foreclosed properties because our business model is not to make hay in a depressed market,” says Villani. For proof, see the site’s recent expansion into Hamptons rental properties. “We’re looking to higher-end markets, and the Hamptons makes sense, because renting for a season is not a high-risk venture,” he explains. “People say, ‘Why don’t you test it out in a smaller market like [they do with] a Broadway tryout?’” laughs Villani. “But we’re starting in the toughest market in the world because the goal is to have a worldwide brand.” Visit bidonthecity.com.
