Web Ladder

Hi all,

Long time I know… it is just I am busy with buying and selling properties, so I don’t have a lot of time to look for new websites. But I noticed this one:
http://www.sitepoint.com/marketplace/auction/5792

Nice one - PR6, 200 customers and $700 net profit not bad. There were 2 hours left for the auction to end, and I put $6000 bid. I thought the site is mine. 10 minutes after it got another bid of $6100. I tried to shake off the rival and immediately put another bid fro $6200. It didn’t help.

A third opponent joined and tried to scare us with $6500. He did at least in my case. But I wanted this site, so I called to a friend explained the situation and offered him to join me for %50. He said ok. We set up our limit to $8000. I submitted a new bid for $6600. Again my rival raised their game and put $7000. And $7100 and $7500. I tried to stop them with $7600 but they really wanted the site so they bid for $8000 and 2 minutes later there was a $9100 bid. Game over.

The seller couldn’t believe his luck because an hour latter the bar was set on $13,500. They fought for this site like mad. The buy it now was $25000 and this is what one of the comment was about it:

Ok so site is making roughly $700 net profit after expenses
so why are you asking $25,000, seems a bit steep

And the seller response was:

I am really asking around $7k. Yes $25000 is too much. But still this is a great business. I think it is really worth around $10.

And he was right of course - The site is not worth more then $10k and defiantly not $25. But one of the bidder felt that he needs to use the ‘buy it now’ button otherwise he will lose the auction. And so he did. Maybe he had to go to sleep, and this could be drag for days with sitepoint system that every bid extends the auction by another 4 hours. This system gives the advantage to the seller so the bidders end up paying more.

If it was like eBay I would wait till the last minute put a $6500 bid and get the site. But Sitepoint prefers to give the advantage to the seller. Fair enough.

But $25000 for this website is madness. It will take 3 and half years to get their investment back. Good luck

Assaf