Auction Wraps at 4PM Today

By Dave Fratello | October 25th, 2022

UPDATE: At 4:00pm, the auction concluded with a sale price of $2.700M, or $3.024M total with the 12% premium owed by the buyer.

Original post follows.


What are you doing later this afternoon?1400 19th St Manhattan Beach CA

The East Manhattan auction house at 1400 19th (5br/5ba, 4301 sqft.) is expected to sell later today.

(The home is listed by Edward Kaminsky, eXp Realty of California, Inc.)

The auction closes at 4:00pm. The last hour or so leading up to that could be exciting. The last 20-30 minutes, for sure.

You can follow the auction action live online here at this link. (Goes offsite to Sotheby's.)

You'll have to register (but not put down any money) to see the bidding activity live. (There's even sound. Might be NSFW, but most likely just a ding here and there.)

For more background on this auction, see our first post from last week here. The auction began last Thursday, online, with a few quick bids.

An opening offer of $1.500M was quickly beaten by $2.000M and then $2.070M.

Another bid shot up the price to $2.560M, immediately bested by $40K to $2.600M.

And that's where the bidding has stood for 4 days.

They're asking for bids in $100K increments, so that the current "ask" is $2.700M.

We are not registered bidders, just sports fans in this instance, so we can't say from the back end how the bidding works for individual buyers.

But the initial activity suggests that there's a bidding system where you can set a target price and increment to beat others by, then watch as your bot defeats other bots (or doesn't).

It's a standoff now, till we get closer to the deadline.

Remember that the winning bidder must pay a 12% premium on top of the purchase price.

So that current $2.600M bid is actually going to cost $2.912M.

A final bid price of $3.000M would actually cost $3.360M. And so on.

Bid Watchers' Cheat Sheet

We took a look at East Manhattan sales over the past 300 days.

We restricted the search to those with 3000+ sqft. of interior space on lots of at least 6000 sqft. (almost all turned out to be on 7500 sqft. lots, just like 1400 19th; we've noted the two that have smaller lots). 

Here they are in price order:

1250 3rd (5br/5ba, 4230 sqft., 6266 sqft. lot) - A 1990 build in very, very rough condition. Sold for $2.700M in May.

1505 Gates (5br/4ba, 4026 sqft.) - 1998 build, had been a rental. Sold for $3.125M in March.

1761 10th (4br/3ba, 3114 sqft.) - Warm, remodeled corner-lot home, just over 3K sqft. Sold for $3.190M in August.

(big jump here in prices)

1756 Gates (5br/5ba, 4342 sqft.) - 1997 classic East MB Mediterranean, fresh paint and some upgraded flooring, otherwise original. Sold for $3.525M in May.

1550 Gates (5br/5ba, 4336 sqft.) - 1993 classic East MB Mediterranean, also more or less original. Sold for $3.625M in June.

1441 9th (5br/4ba, 3422 sqft.) - Completely modernized/remodeled, striking home w/ pool and guest unit. Sold for $3.720M last week (Oct. 2022).

1337 9th (5br/6ba, 3988 sqft., 6220 sqft. lot) - Bold 2002 build in good condition, backyard a bit small for the area. Sold for $3.799M in August.

1247 6th (4br/5ba, 4369 sqft.) - Nice 2007 Spanish on a nice block. Sold off-market for $4.250M in February.

207 S. Redondo (5br/6ba, 4429 sqft.) - Unique modern/Mediterranean hybrid style, wide lot with very attractive backyard. Sold for $4.267M in July.

Lastly, these resale homes are in escrow (ordered by asking price):

1852 6th (5br/3ba, 3676 sqft.) - Late-90s build with a complete 2021 update. Asking $3.700M.

1305 18th (5br/4ba, 3948 sqft.) - Very traditional 2005 build, a crowd pleased. Asking $4.150M.

1531 5th (4br/6ba, 4663 sqft.) - 2007 Tuscan-inspired build with pool, great location. Asking $4.399M.

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