Unusual Internet Auction Sets Simultaneous Sale

In what is being billed as "the largest-ever" simultaneous Internet auction of residential properties, 79 loft apartments in a downtown Los Angeles condominium are up for grabs to the highest bidders. Unlike traditional high-pressure auctions, which sell units one at a time, bidders will be able to see the amount other buyers are bidding for every condo in the Rowan during the entire auction on large bidding screens at the auction site or on their own computers through a secure Internet site. The auction clock resets every time a new bid is received so bidders have ample time to consider their next step. The auction ends when there has not been a bid submitted on any of the properties for a specified period of time. Developed by auction pioneer William R. Stevenson, president of Intelligent Market Systems, the proprietary software used for the auction gives potential buyers "ample time to make decisions and switch to other units if they are outbid." This versatility benefits everyone, says Mr. Stevenson, "including the seller who often gets better results because buyers are able to maximize their opportunities to purchase the home they most want." Buyers interested in participating in the auction must first secure pre-qualification for a loan from the seller's preferred lender, complete a registration form and put down a "good fund" deposit. Only 30 of the building's 206 apartments have been sold to date. But if the auction is successful, the property will be more than 50 percent sold at its grand opening.