Buy One, Get One Free Real Estate

[dgridley]

Given the new housing/real estate crisis, one developer has gone BOGO:

"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."

http://latimesblogs.latimes.com/laland/2008/06/in-escondido-bu.html

Could this be the start of a new trend?

 

[Groundup]

I never thought I would here the word house and the term Buy One, Get One used in the same sentence, ever. I guess it is cheaper to get out from the mortgage payments.

 

[holyroller]

Of course your not really getting one free, im sure the company is making a huge profit .

Also I bet if you tried to sell the properties, you would not make a profit.

 

[Ross]

I bet those 1.6 million houses only cost about 200K-300K to build. Plus those $400,000 prolly cost pennies. So im sure they are pricing that $400,000 house with the 1.6 million dollar house. No such thing as a free lunch!

 

[holyroller]

I bet those 1.6 million houses only cost about 200K-300K to build. Plus those $400,000 prolly cost pennies. So im sure they are pricing that $400,000 house with the 1.6 million dollar house. No such thing as a free lunch!

Especially not in a falling market.

 

[Ross]

Especially not in a falling market.

Although it is kind of cool to get 2 properties at once!

 

[holyroller]

Although it is kind of cool to get 2 properties at once!

Yeah and at least if you struggle to pay the mortgage you can either rent out one or sell it :lol:

 

[Ross]

Yeah and at least if you struggle to pay the mortgage you can either rent out one or sell it :lol:

LOL my exact thoughts

 

[worldir]

still got more downside to go... more cheap sale in the 2nd half and maybe 2009

 

[deleted984054565403]

If anybody from NP goes along with this deal, I'll be sure to keep the $400,000 home comfortably maintained for you. C'mon, you'll be living in your $1.6 million house -- you don't need a second one! :lol:

 

[holyroller]

still got more downside to go... more cheap sale in the 2nd half and maybe 2009

I think we are talking 2010-2011 before we hit bottom in US.
2012-13 in UK.

Lots more downside. The bear isn't leaving anytime soon.