Snag a Bargain Beach-House Rental in the Hamptons

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Can't afford to buy a place in the tony Hamptons? No worries. Only a handful of New Yorker's can afford these pricey beach neighborhoods. But the others often go in on "summer share" rentals. Now they've got a new way to find their dream summer beach rental, and maybe even snag a deal.

Bid on the City, an online Manhattan real estate auction, has just announced the launch of a bidding program for rentals in the Hamptons.

Bid on the City hopes you'll bid on rental property in the Hamptons, get familiar with their services, and eventually use their site to buy real estate.

The site describes itself as the "Ebay for real estate," but it works a little differently ...
Yes, these are properties in good - even great - condition.

The biggest difference is the site's approach to bidding. Rather than incremental bids up, Bid on the City uses Dutch auctions. The price is set and bids move down. Once someone puts in a bid the auction is over.

The company has not said which Hamptons areas will kick off the bidding, but have stated the vacant rentals will be listed 30 days prior to auction.

Via The Real Deal
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