The Beat Dallas Condo Auction: Free HOA Dues* If You Mention Dallas Dirt
We like free, you like free. So much we have a very special offer for Dallas Dirt readers: bid on buying a new condo at The Beat, and you have a chance to win up to six months of HOA dues for the unit you win. Or buy. Whatever. Bottom line is a deal worth $2400. And you can only get it from us at Dallas Dirt.
So what is this bidding online deal? Well, as you know the way real estate is sold is changing, morphing before our eyes, with more people buying properties on line. iBidcondo is a new online real estate destination promising buyers access to “deal of a lifetime” properties. (Believe me, there are deals to be had.) It’s a virtual auction system selling new developments around the country at a fraction of the original price, subsidized by ticket sales. Think eBay for condos. The company bills it as a “revolutionary new way to make real estate available… and change the way consumers make their dreams come true.” This is not a raffle. The next auction is in Dallas for a new condo unit at The Beat in The Cedars, near Southside, and it takes place July 27.
Show me the money, honey. May 26, a young Austin, Texas couple participated in an iBid auction, “won” and purchased a condo for $86,840. The original price was $690,000. (You can see their online testimonial and play with the auction here: www.ibidcondo.com ) $690,000 value for $86,840. Need I say more?
My question: how does the developer cover his/her costs? It’s through the ticket sales. At $100 a pop, the developer needs to sell a certain number of tickets to cover the retail cost of the property — for the Beat, that would be 2800 tickets for an approximately 1205 square foot unit. The developer takes a gamble in the online ticket sales, the more tickets sold, higher his chances of covering his costs. 1500 need to be sold to get the auction going, and The Beat developer Jack Matthews, Matthews Southwest, says they are almost there. Then the buyer who gets the “winning bid” pays for the property, and there’s the gravy. This amount will be distributed about 80/20 to a charity and the iBidcondo people.
How to get that shot at free HOA’s?
Sign up here: http://www.ibidcondo.com/auctions/36/details
Then use promo code DMAGCONDO when purchasing a seat, and if you’re the winning bidder, iBidcondo will pay the first 6 months of your HOA. *
Now, how can you beat that?
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Sounds like a great deal, I luv free HOA dues!
I have to say I’m rather skeptical that real estate buyers will embrace this bidding model — there’s SO much hand-holding and constant monitoring of transactions and buyers emotions that this seems like it might work for a FEW very seasoned buyers, but not the vast buying public.
The Beat is a nice building, but I think they hit a brick wall about 2 years ago and have sold very little since. To me, this seems more like a novel gimmick to generate some interest in a building that’s struggled to sell since pre-construction, NOT a seismic shift in the way 99% of real estate is sold.
$400/month HOA to live on South Lamar, what a deal.
@ Simple Sellers
Just want to clear up some false advertising:
The Beat Condos was not even open 2 years ago; therefore “The Beat is a nice building, but I think they hit a brick wall about 2 years ago and have sold very little since” is as false and made up as they come. I’d love to know where your resources are coming from because it is definitely time to get a new one.
The Beat came out of construction late spring of 2009…This is one of the newest condominium buildings in Dallas. No brick walls have been hit. If anything they are doing beyond better than their competitors.
As we all know, real estate is changing before our eyes and it is time for people to start getting CREATIVE. This is exactly what the developers are doing.
The Beat IS a nice building, I agree. And I would venture to say that both Simple Sellers and Uptown Snob are misinformed about the facts of the building. NO brick wall was hit “2 years ago”. The building only came out of construction late spring 2009! So how it hit a brick wall ‘2 years ago’ is a bit confusing. Also, I would guess that you are a resident of the USA, and most likely the DFW area. If so, then you are more than aware of the economic situation that the country is in, so maybe that’s another denominator to take into consideration…not with The Beat specifically, but with all properties across the board. I seem to recall hearing via news reports that there were several buildings that couldn’t even finish construction, which by any and all accounts is extremely unfortunate. However, The Beat was fortunate to complete construction not too long ago! In fact, I believe that people were able to move in while construction was still in progress due to them being very anxious to inhabit a cool building that they call home! I am sure that The Beat sales team would happily give you a full tour of the building to show you exactly what IS going on with it so that you may be fully informed on your facts before you speak your piece…You just might change your mind!
The Beat came out of construction late spring of 2009…This is one of the newest condominium buildings in Dallas. No brick walls have been hit. If anything they are doing beyond better than their competitors.
As we all know, real estate is changing before our eyes and it is time for people to start getting CREATIVE. This is exactly what the developers are doing.