Buy a condo for 15 percent of price at new auction site

16 Jul 2009

A luxury condo that was priced at $690,000 recently sold at auction for $86,840. No, it wasn’t a bank foreclosure but via a new Web site called IBidCondo that’s launching later this summer.

IBidCondo requires potential bidders to pay for a $100 “seat” to have the right to bid on the auction. The auction itself has no reserve. If you don’t win, you&rsquo

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Brian Blum

Brian Blum covers the U.S., Canada and Israel for Classified Intelligence Report, and contributes to our special reports and research projects. Originally from San Francisco and now based in Jerusalem, he has been with the AIM Group since 2004. He is the president of Blum Interactive Media, specializing in writing and multimedia content development for online, print, video and audio. His clients include newspapers, universities and non-profits. He is currently working on a book about the billion-dollar bankruptcy of a once high-flying Israeli startup.