July 26, 2013

Builder Spin the Wheel

Home sale from a low inventory? Go for a lottery.

This is the result of the ingenuity of O’Brien Homes, builders from Sunnyville, California, In an attempt to prevent familiar situations where potential buyers camp out on the new condo complexes’ lawns in hopes of getting a chance at acquiring one of the new homes, the builders of a new 228-unit development called Fusion in the Golden State came up  and carried out a bingo-like lottery system for its buyers.

The process is simple. They will just draw a name from among the participants, all of which were already pre-qualified for a mortgage and had a down payment in place.

Cost of condos constantly rose each time a new grouping went up for sale. The two-, three-, and four bedroom homes started out between $420,000 and $620,000. The two-, three-, and four bedroom homes started at a price tag between $420,000 and $620,000. At a 32% increase, the last batch went for $555,000 to $815,000.

Despite the soaring prices, buyers kept coming back, and the last unit was recently sold. But O’Brien Homes isn’t the only ones using this system. Other Bay Area builders, including Shea Holmes at a development in Livermore, California, and Shapell Homes in San Ramon, California are also utilizing lotteries.

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