A Western New York property listed for $1 received more than 80 bids.
CHEEKTOWAGA, N.Y. — A Cheektowaga home listed last week for just one dollar has generated major attention, and more than 80 offers.
The property at 141 Diane Drive, a three-bedroom, one-bathroom home that was fully renovated before hitting the market, drew bids ranging from $1 to prices in line with comp sales in the neighborhood.
“We received a little over 80 offers that range from the one dollar all the way up to the high end of what the comps are in that neighborhood,” said Associate Real Estate Broker John Spaschak, who co-owns the home. “Our strategy proved exactly what we thought it would. Which is a home’s list price is not indicative of its value. The market determines the value and homes sell for what the market bears, not based on what they’re listed for.”
Spaschak said the $1 listing was intended to spark conversation about home pricing and to demonstrate that buyers ultimately set the market. Since being posted on Zillow, the home’s listing has received more than 46,000 views.
If you were hoping to get in on the bidding process, you’re too late. Offers closed Monday. Spaschak said funds from the sale will also be used to help support local charities. “A portion of our proceeds are going to go back to charity. We want to improve the community, it’s what we do. We do this full time, and we’re really excited about it,” said Spaschak.
Spaschak says this process has been done before across the country, but this was the first time it was done in Western New York.