updated 4/12/2011 8:17:32 AM ET 2011-04-12T12:17:32

NEW YORK, April 12, 2011 (GLOBE NEWSWIRE) -- Bid on the City, www.bidonthecity.com, the first and only online real estate trading platform for luxury residential and commercial real estate properties offering live audio and video bidding in real time online has announced they will begin using their live online bidding platform for renting and selling over $17 million in luxury properties in Miami.

Launched in Manhattan in April 2009, Bid on the City quickly expanded to rent and sell properties in the Hamptons, Westchester and Russia via live auctions with much success. Bid On The City does not sell any distressed or bank-owned properties.

The first Miami bidding event will be held on May 17 and streamed live worldwide. The event will broadcast live from Bid on the City's new Times Square bidding center. Bidding can be done in person or online in real time.

The luxury apartments for bidding will be from Miami well-known buildings, including the W South Beach Residences, 1330 Ocean Drive, The 1800 Club in downtown Miami, Icon in Brickell, the Mondrian, and Trump in Sunny Isle. The full information can be viewed at www.BidOnTheCity.com/Miami and include apartments' virtual tours, photos, contract of sale/leasing agreement, a schedule of open houses, and area information.

All properties for sale or rent will start with bidding at $1 and include: a 2BR/2Bath corner unit with a balcony facing the bay in Icon in Brickell, originally priced at $650K; a historic Art Deco 4BR/3.5Bath custom residence featuring two outdoor spaces located at 1330 Ocean Drive recently listed for $4,990,000; a 3BR/3Bath unit in 1800 Club on 1800 Bayshore Drive in the heart downtown Miami which features three terraces and views of South Beach, Downtown Miami and Port of Miami, previously listed for $850K; a beachfront 3BR/3Bath unit with balcony located in Trump Sunny Isle originally offered at $950k; a 2BR, 2Bath unit in the W Hotel, featuring hotel amenities and fully furnished including artwork originally listed at $2.4999m and a 2BR/2Bath corner rental unit in the Mondrian with full hotel amenities. "We are extremely pleased to launch our firm in Miami. Today's economic climate has created a demand for a fast, efficient, and transparent way to rent and sell property. Live online bidding for each property takes about 10 minutes allowing many properties to be presented in a very short time," says Vlad Sapozhnikov, general manager, Bid on the City.

There are many advantages for sellers, buyers, renters and brokers using this innovative patented bidding platform.

BOTC offers many distinct advantages to sellers, including:

  • A free detailed property analysis with comparable sales,  a local and international marketing schedule and an open house schedule, within 90 minutes of their request;
  • A finite, much shorter than average, 30-day on-the-market cycle;
  • Sellers pre-sign a contract prior to listing their property making the transaction transparent and making the sale certain for a qualified buyer;
  • Marketing of properties locally, nationally and internationally, utilizing print, digital and broadcast media;
  • Access to a database of pre-screened and qualified buyers from around the world.
  • The highest accepted bid will be awarded the contract for sale and within three hours the contract and the closing schedule will be delivered;
  • Sellers pay nothing if the property is not sold.

By buying or renting residential and commercial properties through BOTC, buyers/renters benefit by getting a transparent process, the best prices, and the most comprehensive information about each listing.

BOTC also allows brokers to list and sell their exclusive properties through the platform.

Thirty days after a property is listed, buyers bid in real time on BOTC's platform to negotiate the best possible price. Bidding takes place simultaneously online, via mobile and in person at BOTC's bidding center in Manhattan. The bidding is broadcasted live around the globe.

BOTC's New York operations are overseen by the founders, two Manhattan real estate professionals with more than 25 years of combined years of experience: Albert Feinstein, managing director and Vlad Sapozhnikov, executive director, residential sales.

About BidontheCity.com

www.BidontheCity.com is the first online real estate trading platform created to sell and buy residential and commercial real estate properties. Bidonthecity.com offers the best prices and contract terms and affords sellers a short listing agreement, lower commissions, an exceptional marketing campaign, and access to qualified buyers from around the world. The 30-day process culminates in a live bidding event where BidontheCity.com's state-of-the-art platform allows buyers or renters to bid in person or online while viewing real time audio and video. BidontheCity's bidding engine has been designed and engineered by PropertyShark.com, the leading real estate online datacenter.

The Bidonthecity.com logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6093

CONTACT: Public Relations Contact:
         Kelly Kreth
         Kreth Communications
         201 417 8691
         KKreth@KrethCommunications.com

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