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Wednesday, June 04, 2008

San Diego: Buy one, get one free house

With the housing market in dump in many parts of the country, one San Diego developer has come up with the "buy one, get one free" house promotion.

The developer, Michael Crews Development, is giving away a 2000-square foot row house worth $400,000 in Escondido when a person buys a Royal View Estate starting at $1.6 million.

"We are targeting a niche market of investors who are interested in the opportunity to buy a new home for themselves and get a free rental property or second home for family members," developer Michael Crews said in a statement.

The developer claims the row homes are not shoddy townhouses that are being given away with luxury estate homes. The two-acre Royal View luxury homes with four bedrooms, four baths, up to six car garages, swimming pools would be paired with 2,000 square-foot upscale row houses.

"People don't expect to get what they are getting with the row-homes," said marketing director Dawn Berry. "These are well appointed luxury houses."

By means of this promotion, the developer is essentially trying to spur interest among potential buyers and trying to get more traffic to see its properties. In addition, the plan seems to be to reduce their inventory of houses without impacting the price of other properties significanty.

For details, see:

CNBC.com: Slow home sales? Buy one, get one free in San Diego

posted by Ruby @ 11:19 AM

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