Never thought you'd ever see this?

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http://latimesblogs.latimes.com/lal...condido-bu.html

In Escondido: Buy one (house), get one free.

In a sign of how difficult it is to sell new homes in Southern California right now, a San Diego developer is offering a "buy one, get one free" deal, pairing million-dollar homes with less expensive homes.

"We thought, 'Why does it just have to be on Pop Tarts and restaurants? Why not buy one home, get one free,'" Dawn Berry of Michael Crews Development told 10 News in San Diego.

More: "Michael Crews Development is offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free -- if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million. 'You know it's a straight-up legit deal; no prices have been increased, there are no hidden costs. Michael is just giving away a free home for people that buy at Royal View,' said Berry."

"Adam Rossman of Michael Crews Development added, 'People have been coming in saying, 'How can you do this?' Well, it's our way of dealing with current market conditions to move some inventory.' "

Your thoughts? Comments? E-mail story tips to [email protected]
Photo Credit: Michael Crews Development

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"Ibiza will be Earth’s final refuge after Armageddon" -Nostradamus

Last edited by diskodave on Jun-04-2008 at 05:47

HAHA

I live in the city next door.

my thoughts: the only practical benefit to the buyer from this is to increase their property taxes.

can't easily sell the house cause they already can't get houses to sell. don't need it to live in cause you already have another (presumably better one). so unless you really need 2 houses for some reason the free one is just going to sit there and have taxes assessed against it and not really provide much benefit.

unless I'm missing something.

quote:

Originally posted by progressiveMOJO my thoughts: the only practical benefit to the buyer from this is to increase their property taxes. can't easily sell the house cause they already can't get houses to sell. don't need it to live in cause you already have another (presumably better one). so unless you really need 2 houses for some reason the free one is just going to sit there and have taxes assessed against it and not really provide much benefit. unless I'm missing something.

1) rental property
2) house for your kids/parents
3) investment for resale when the market turns around?

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step 1: buy house
Step 2: ???
step 3: PROFIT!!

Instead of giving you a free house (worth $400k), why don't they just lower the price of the house you want to buy by $400k?


This reminds me of something. A few years ago, my friend owed me $50. She would always avoid giving me back the actual cash she owed me... instead, she would buy me food here and there, or drinks. Dude, I wanted my fucking CASH back... not food or drinks.

in for 4.

quote:

Originally posted by Miss Julia Instead of giving you a free house (worth $400k), why don't they just lower the price of the house you want to buy by $400k? This reminds me of something. A few years ago, my friend owed me $50. She would always avoid giving me back the actual cash she owed me... instead, she would buy me food here and there, or drinks. Dude, I wanted my fucking CASH back... not food or drinks.

Because they need to move ACTUAL PROPERTY off their hands.

and in regards to your $50 friend
I'd call that "equal or lesser value."

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-Chris
"the night moves me" NIGHTMOVES.ME nightlife+lifestyle photography

quote:

Originally posted by |Thrax| Because they need to move ACTUAL PROPERTY off their hands.

DING DING DING DING DING

The big BANKS are having a field day with all of the house's they CAN NOT pay for.

So this is a desperate attempt of the bank that owns these houses.

If i had money i would think about investing in another property, but its kind of a hit and mis right now because who knows how long we will be in recession. House's might be at rock bottom, they might go down for a few more years

I got lucky when we bought. We purchased a Quadplex 4 years ago, so the value has actually increased a bit since its a business NOT a residence.

I truly feel bad for the people that bought homes 3,4,5 years ago

I found THE BEST fucking article on the current state of the economy. Much more in depth information then I could absorb from any number of threads on ANY message board.

Absolutely gold.

I'll see if I can find it online.

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-Chris
"the night moves me" NIGHTMOVES.ME nightlife+lifestyle photography

quote:

Originally posted by |Thrax| I found THE BEST fucking article on the current state of the economy. Much more in depth information then I could absorb from any number of threads on ANY message board.

:sigh:

That article is just going to piss me off even more

But im looking forward too it

I thing the gov looks at the economy like this:



I mean seriously, lets forget about Iraq for 10 seconds and look at our selfs.

quote:

Originally posted by Nerologic DING DING DING DING DING The big BANKS are having a field day with all of the house's they CAN NOT pay for.

banks own the debt taken out by the developers to build the houses. at this point it's still the developer who's trying to unload the property. it becomes the bank's burden when the developer claims ch 7 and the property is liquidated. the longer a house sits on the market, the harder it is to sell. at a certain point the property becomes undesirable and the seller has to lower the price. i'm sure the brokers have worked out that the price cut on the million dollar homes would amount to about as much as the value of the free track home after it's own price cut, so in a sense this promotion is no big loss to them if anyone takes them up on it.

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