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Comments: DR Horton had a fire sale to clean up its inventories in its 23 southern CA communities last weekend. The sale scale? Up to 50% off its previous sale prices!
http://drhortonunauction.com/
The Ventura County Star reports from California. “With a sleeping bag wrapped snugly around his shoulders, Kamran Jabbari was spending the night camped in front of a new condominium complex in Oxnard, staking out his spot as No. 7 in line to buy a home. Jabbari was willing to rough it for a few days for a chance to buy a discounted luxury condominium at Port Marluna at Seabridge. Some had been in line for three days, waiting to sign papers when the sales promotion launched Saturday.”
“Camping out to buy a home is unheard of in today’s declining housing market. But price reductions of up to $320,000 drew eager buyers.”
“The price-slashing turned out to be a success for home builder D.R. Horton. The Fort Worth-based builder has been struggling, with reported losses of $128.8 million for its fiscal first quarter that ended Dec. 31.”
“Dubbed an ‘unauction sale,’ the company described it as ‘low auction level pricing’ without the hassle. The company’s goal was to reduce inventory at 23 of its communities throughout Southern California, including 11 homes at Port Marluna, said to Chris Chambers, California regional president for D.R. Horton.”
“Buyers didn’t come in droves, but at least eight were waiting Friday night, armed with $5,000 cashier’s checks, food and warm clothes.”
“‘It’s a deal,’ Marjorie Cole, a Port Hueneme resident. ‘We watch the show Survivior,’ she said, bundled up in a poofy jacket and ski hat. ‘Well, this is going to be our Survivor.’”
‘The sale is more than just hype — homes are actually discounted — she said. The price on the home that she and her husband planned to purchase was reduced $250,000. The wait ended Saturday afternoon when Cole and her husband signed papers on the home of their choice. Escrow is scheduled to close March 21.”
“Although he didn’t get his first pick, Jabbari also purchased a ‘beautiful home.’”
“Jabbari said he trusts that the housing market will rebound. Promotional events such as the luxury condominium sale will help drive a recovery, he said. ‘You have to get over your fear of What if I buy today and six months from now it’s down another $50,000?’ Jabbari said.”
“Realtor Maria Rios called these types of sales ‘bait’ because they generate hype and attract people who think that they cannot afford a home.”
“She said it was an ‘excellent idea for developers,’ who are competing with foreclosure prices. The traditional home seller is being left in the dust because they cannot compete with the developer, she said.”
“‘They are cheating the people who bought the homes from them at regular price,’ Rios said.”
The Bakersfield Californian. “Deeply discounted new homes go on sale Saturday in two northeast Bakersfield communities, an event that has inspired stakeout tactics in some would-be homeowners and a measure of concern among those who paid full price to live in the neighborhoods.”
“D.R. Horton Inc. is selling homes at up to a 50 percent discount in 23 Southern California developments starting this weekend. One home plan, formerly listed for $380,000, has been reduced 48 percent to $199,990, according to a company sales flier.”
“Industry observers said the sale is a drastic measure, and a sign of the impact large national builders have had on the local homebuilding market. ‘They do things that we’ve never seen before,’ custom homebuilder Phil Gaskill said of his national competitors. ‘They overproduce homes when the market’s hot. And then when it’s not, they slash prices to move (inventory).’”
“Jon Hess is betting on securing one of those bargains. He set up camp in front of the Contessa’s Vineyard II sales office Sunday, and was still in line Friday afternoon.”
“‘I think it’s a good value,’ Hess said of the model home he had in mind.” “Still, he was realistic about what this kind of sale might say about the health of the real estate market. ‘Who knows?’ Hess said. ‘Maybe by this time a year from now it’s going to be worth half of what I paid for it.’”
“At least one Lavender Trails homeowner, Billy Abney was worried Friday that the sale might further depress the value of his home, which he estimates has fallen $60,000 to $70,000 since he bought in the summer of 2006.”
“The 2,600-square-foot home plan he bought for $371,000 is being offered for sale at $230,000 this weekend.”
“But Abney’s hopeful the sale might ultimately benefit the neighborhood by attracting stable homeowners to a neighborhood where foreclosures have started to pop up. ‘We still need our community to be full,’ Abney said, ‘to fill the community out and not have vacant homes.’”
“Abney owns a second Bakersfield home that has fallen out of escrow twice. He now rents the place to a relative, but the rent doesn’t even cover half of his mortgage payments. ‘If I was qualified, I’d probably be standing in line,’ Abney said. ‘But I’m already buried in two houses.’”
http://drhortonunauction.com/
The Ventura County Star reports from California. “With a sleeping bag wrapped snugly around his shoulders, Kamran Jabbari was spending the night camped in front of a new condominium complex in Oxnard, staking out his spot as No. 7 in line to buy a home. Jabbari was willing to rough it for a few days for a chance to buy a discounted luxury condominium at Port Marluna at Seabridge. Some had been in line for three days, waiting to sign papers when the sales promotion launched Saturday.”
“Camping out to buy a home is unheard of in today’s declining housing market. But price reductions of up to $320,000 drew eager buyers.”
“The price-slashing turned out to be a success for home builder D.R. Horton. The Fort Worth-based builder has been struggling, with reported losses of $128.8 million for its fiscal first quarter that ended Dec. 31.”
“Dubbed an ‘unauction sale,’ the company described it as ‘low auction level pricing’ without the hassle. The company’s goal was to reduce inventory at 23 of its communities throughout Southern California, including 11 homes at Port Marluna, said to Chris Chambers, California regional president for D.R. Horton.”
“Buyers didn’t come in droves, but at least eight were waiting Friday night, armed with $5,000 cashier’s checks, food and warm clothes.”
“‘It’s a deal,’ Marjorie Cole, a Port Hueneme resident. ‘We watch the show Survivior,’ she said, bundled up in a poofy jacket and ski hat. ‘Well, this is going to be our Survivor.’”
‘The sale is more than just hype — homes are actually discounted — she said. The price on the home that she and her husband planned to purchase was reduced $250,000. The wait ended Saturday afternoon when Cole and her husband signed papers on the home of their choice. Escrow is scheduled to close March 21.”
“Although he didn’t get his first pick, Jabbari also purchased a ‘beautiful home.’”
“Jabbari said he trusts that the housing market will rebound. Promotional events such as the luxury condominium sale will help drive a recovery, he said. ‘You have to get over your fear of What if I buy today and six months from now it’s down another $50,000?’ Jabbari said.”
“Realtor Maria Rios called these types of sales ‘bait’ because they generate hype and attract people who think that they cannot afford a home.”
“She said it was an ‘excellent idea for developers,’ who are competing with foreclosure prices. The traditional home seller is being left in the dust because they cannot compete with the developer, she said.”
“‘They are cheating the people who bought the homes from them at regular price,’ Rios said.”
The Bakersfield Californian. “Deeply discounted new homes go on sale Saturday in two northeast Bakersfield communities, an event that has inspired stakeout tactics in some would-be homeowners and a measure of concern among those who paid full price to live in the neighborhoods.”
“D.R. Horton Inc. is selling homes at up to a 50 percent discount in 23 Southern California developments starting this weekend. One home plan, formerly listed for $380,000, has been reduced 48 percent to $199,990, according to a company sales flier.”
“Industry observers said the sale is a drastic measure, and a sign of the impact large national builders have had on the local homebuilding market. ‘They do things that we’ve never seen before,’ custom homebuilder Phil Gaskill said of his national competitors. ‘They overproduce homes when the market’s hot. And then when it’s not, they slash prices to move (inventory).’”
“Jon Hess is betting on securing one of those bargains. He set up camp in front of the Contessa’s Vineyard II sales office Sunday, and was still in line Friday afternoon.”
“‘I think it’s a good value,’ Hess said of the model home he had in mind.” “Still, he was realistic about what this kind of sale might say about the health of the real estate market. ‘Who knows?’ Hess said. ‘Maybe by this time a year from now it’s going to be worth half of what I paid for it.’”
“At least one Lavender Trails homeowner, Billy Abney was worried Friday that the sale might further depress the value of his home, which he estimates has fallen $60,000 to $70,000 since he bought in the summer of 2006.”
“The 2,600-square-foot home plan he bought for $371,000 is being offered for sale at $230,000 this weekend.”
“But Abney’s hopeful the sale might ultimately benefit the neighborhood by attracting stable homeowners to a neighborhood where foreclosures have started to pop up. ‘We still need our community to be full,’ Abney said, ‘to fill the community out and not have vacant homes.’”
“Abney owns a second Bakersfield home that has fallen out of escrow twice. He now rents the place to a relative, but the rent doesn’t even cover half of his mortgage payments. ‘If I was qualified, I’d probably be standing in line,’ Abney said. ‘But I’m already buried in two houses.’”
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