Real Estate Desperation, Buy One House, Get A Second One Free

by Deidre Woollard (RSS feed)
Jun 4th 2008 at 11:03AM

Housing developers are really getting desperate. I've seen a car offered with purchase before but never the offer of an additional house. But in Escondido, a town in Southern California, Michael Crews Development will give away a four-bedroom Escondido row home worth $400,000 with the purchase of one of their $1.6 million-and-up estates in the Royal View community. It's a controversial move but one that the developer is willing to make in order to move inventory. The row homes originally sold for $540,000 before the housing slump.

Tags: california, escondido, real estate, RealEstate, san diego

Filed under: Real Estate Developments

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Reader Comments (Page 1 of 1)

Steph Jun 4th 2008 4:29PM

Priceless!

Bobby Jun 7th 2008 2:42PM

There you have it in a nutshell. Exorbitant ghastly inflated returns in Liberalville California. Let's blame the gov't for such greed on tangible items such as housing that have blown up in the faces of americans. This alone is the entire problem with the housing crisis today. Individuals lust for getting more than their fair share of returns on investment. New construction housing is supposed to create a 12-15% return of investment to a REAL builder, not a return of buy one, get one free! What a silly environment we live in today..

Bill McGowan Jun 7th 2008 10:34PM

This developer is living proof that Harpo Marx had children. Does anyone out there really believe that a purchaser, a lender, and a competent appraiser would even consider 1.6 million for two homes with a very probable current combined market value closer to $900,000. This developer needs immediate medical attention, along with a one way ticket to Dubai. He'll be right at home there. Remember, doctors bury their mistakes, lawyers put theirs in jail, and builders move into theirs. Whoever holds the construction loan mortgage on these properties should foreclose asap, put bars on the windows and force this idiot to live there.