Many hearts were set aflutter last month by the appearance on the market of this 1960s A-frame in the hills of Eagle Rock. As those who sought to capture the home for their very own would discover, the eye-catching property was the launch listing for plumBid, a new online real estate auction business. If the home’s $699,000 list price seemed curiously low, well, that’s because it was actually the opening bid price.
As plumBid’s website explains, would-be buyers register to be qualified by the site in advance of a specified auction date. Bids incorporate four separate factors: sales price, amount of down payment, length of escrow, and the buyer’s inspection contingency requirements. Participants can see how much other bidders are offering, but not the other three elements of the bid. Auctions last for three hours, unless someone swoops in with a last-minute bid, in which case they are briefly extended.
Not at all surprisingly, there was no shortage of contenders vying for the Eagle Rock A-frame. PlumBid CEO George Penner tells Curbed that the company had 32 bidders registered for the February 12 auction. Of those 32, just seven ultimately ended up taking part, submitting a total of 10 bids. As plumBid’s site shows, offering prices for the house began at $728,400, and climbed quickly—all the way up to the winning figure of $969,800.