Buy One Home…Get One Free?

In San Diego, Buyers can buy one home, get one free. No… I’m not making this up! Who makes this stuff up? I just enjoy reporting it!

My brother-in-law, who lives out in San Diego County, California saw the advertisement in the local paper and couldn’t believe it himself. A San Diego developer frantic to clear inventory has come up with a scheme to lure potential buyers into purchasing his product.

Southern California much like South Florida, is a market that is out of control with foreclosures and plunging sales. Michael Crews Development will give away a “Row Home” valued at $400,000 in Escondido with the purchase of a $1.6 million, two acre “Luxury Estate Home” built in Royal View located in San Pascqual Valley. “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 clever developer claims the row homes are not shoddy townhouses that are being given away with luxury estate homes. He claims the two-acre Royal View luxury homes that offer four bedrooms, four baths, up to six car garages, swimming pools would be paired with 2,000 square-foot upscale row houses. (Yeah right!)

“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.”

It seems the Michael Crews planned to run the offer for only two weeks in May but the developer decided to extend it through June to give potential buyers more time digest the idea of buy one get one free.

Since the first advertisement went up nearly two weeks ago, they claim one man has made an offer to buy a Royal View estate home, but chose not to take the free row-home. My suggestion Buyers: Ask for a $400,000 credit off the Luxury Estate Home list price and tell the developer “Thanks, But No Thanks…Keep the row home, I’ll take the money!” (Who likes or wants to pay for property taxes on two homes???) However, the developers have a solution for that as well. “If you don’t know what to do with your free home, you could always give it away,” Berry said. My thought: Looks like someone is really desperate to clear inventory!

View Article: Local Developer Offers Two Homes For The Price of One

Home sales in San Diego County were down 18 percent in April from a year-earlier, while the number of homes going into foreclosure rose 130 percent in the first quarter from a year earlier, according to DataQuick Information Systems.
The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

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About Luxury Resort Portfolio

Luxury Resort Portfolio – "The Definitive Source For Luxury Real Estate In South Florida" is Co-Founded by Boca Raton luxury real estate specialist Philip Lyle Smith and South Florida luxury real estate broker Carla Ferreira-Smith, collectively known as, “The Smiths”… and together we represent, market and sell the most prestigious Baca Raton Oceanfront Estates and Waterfront Luxury Real Estate. As former Sotheby’s International Realty and Christie’s International Real Estate affiliates and an authority in Boca Raton luxury real estate for more than a decade, Palm Beach County Realtors,The Smiths, specialize in the sale and acquisition of fine properties found along the Gold Coast of South Florida from Miami to Ft. Lauderdale and Boca Raton to the Palm Beaches. Philip and Carla Smith bring a sincere commitment to their profession and offer their clients incomparable firsthand knowledge and experience. Devoted and committed to our clients’ confidentiality, we provide our trusted advice and are appreciated for our family values with a great deal of respect for home and community. Representing both buyers and sellers of the finest residential luxury real estate in South Florida from the oceanfront estates of Highland Beach and Delray Beach through the waterfront intracoastal homes of Manalapan, Gulf Stream and the mansions of Palm Beach, Luxury Resort Portfolio instills in its’ real estate professionals the importance of understanding how personal the decision is to buy or sell your home and that that the procedure should not only be stress-free... but financially rewarding. It is with great pride that Philip Lyle Smith and Carla Ferreira-Smith offer to you their superb client services.