Hamptons Realtors Set Up Auctions for Homes

Originally listed at $5.99 million, this Sagaponack home -- with a pool and a 3-car garage -- will now go on the auction bloack starting at $2.99 million.

There are 11 residential homes, one commercial property – a motel – and four pieces of land up for auction, but Morabito expects more to be added.

When asking buyers how much they're willing to spend on a home, Morabito said that he's increasingly finding customers who are looking to spend an average of $1.5 million, even if they could afford a home for millions more.

Just minutes from the beach and located right in the heart of Southampton village, this home was originally listed at $1.275 million. The home's starting price in the auction is $500,000.

"People are saying I'm going to buy what I can but I'm not going to put myself on the line," he said. "I've never heard people say that before."

Marabito said that he expects the majority of bids to come in at the last minute on Sunday evening, and said that the decision to put the auction online has paid off in terms of reaching the greatest number of clients.

This three-bedroom, 2.5 bath Victorian home boasts a wraparound porch and gazebo. Originally sold in 2002 for $482,500, this property is will have a minimum bidding price of $449,000 in the upcoming auction.

"We're reaching the world," he said. "I've had inquiries from England, Germany and even Australia."

"The real buyers right now are between 30 and 50 years old," said Marabito. "And all of them have been brought up on computers, so this online auction is not alien to them."

Originally listed at $3.25 million, this two-story, six bedroom Bridgehampton home will start bidding at $1.699 million, a 48 percent decrease.

Marabito said that most of the buyers are not necessarily celebrity clientele but are actually individuals who still work in finance.

Originally listed at $4.1 million, this Quoge home has a heated pool and beautiful landscaping. Bidding will start for the property at $1.8 million – a 56 percent decrease in price.

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