In Escondido: Buy one (house), get one free.
In a sign of how difficult it is to sell new homes in Southern California right now, a San Diego developer is offering a "buy one, get one free" deal, pairing million-dollar homes with less expensive homes.
"We thought, 'Why does it just have to be on Pop Tarts and restaurants? Why not buy one home, get one free,'" Dawn Berry of Michael Crews Development told 10 News in San Diego.
More: "Michael Crews Development is offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free -- if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million. 'You know it's a straight-up legit deal; no prices have been increased, there are no hidden costs. Michael is just giving away a free home for people that buy at Royal View,' said Berry."
"Adam Rossman of Michael Crews Development added, 'People have been coming in saying, 'How can you do this?' Well, it's our way of dealing with current market conditions to move some inventory.' "
Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Photo Credit: Michael Crews Development
And so how do the sales prices get recorded in the county books (upon which official stats and property taxes are based)?
Posted by: tew | June 01, 2008 at 09:12 AM
Awww. Too bad. Promo ended My 31st.
Do we know if anyone actually got a two-fer?
"Certain terms and conditions apply - ask your salesperson for details".
Details, please.
Posted by: Hula Girl | June 01, 2008 at 10:56 AM
Check out OCrenter website he has given the REO numbers for LA county and the rest : Armageddon.
Bubbletracking.blogspot.com
Can we remove the word bottom from our vocab for along while ??????
Posted by: CD | June 01, 2008 at 11:06 AM
Dawn Berry should now be lumped into the same class as Kendra "bubbles are for bathtubs" Todd.
Dumb cute saleswomen. Nothing more.
Call me a misogynist...I don't care. This is a pathetic marketing trick that has been used for a long time.
Pop Tarts.
I rest my case.
Posted by: Patek Philippe | June 01, 2008 at 11:33 AM
Next developments: Inventory blow-outs on Home Shopping Network, and give-away coupons with every happy meal. (I have intellectual property rights on those two and am licensing useage -- please send royalty checks directly to your local bank).
Anyone check in to see if houses are being auctioned in any significant numbers on ebay?
Posted by: Geek Seek | June 01, 2008 at 11:59 AM
CD: Any attempt at reporting or presenting any sort of facts, figures, or trends, particularly on a blog, will be immediately and unabashedly discounted as "bubble head blog spin" by the permabulls on this board.
Nevermind that foreclosures tripled last month versus May 2007.
Never mind that filings more than doubled.
Never mind that listings, even in 'prime areas', are being dwarfed by NOD filings.
Leading indicators aren't important - this is sacred land, especially on the westside.
And the increases we saw are not from nutty financing. The land is sacred, and everyone wants to live here.
Also, do not expect any numbers that present any evidence to the contrary - just sniping and "busy open house" anecdotes.
A one line, smart-alec response / "damage control" follows this "worthless" message.
Posted by: tealeaf | June 01, 2008 at 12:27 PM
Hula Girl, there were no takers.
Posted by: JK | June 01, 2008 at 12:30 PM
"offering new, 2000-square foot cityscape row-homes worth $400,000 in Escondido for free -- if you buy one Royal View Estate home in San Pasqual Valley starting at $1.6 million."
I wonder if you can go in and just say "forget the free house, just drop the price of the house I'm interested in by $400,000". Hmmmmmm...
- arroyogrande
Posted by: gmarquezjm@yahoo.com | June 01, 2008 at 12:33 PM
$1.6MM house is actually a $1.3MM house.
$400K townhouse is actually $300K townhouse.
Selling the two for $1.6MM is a wash, though there may be some significant savings in transaction costs for both parties.
I wouldn't want to live in either place.
One is remote.
The other is urban Escondido.
Posted by: sandiegan | June 01, 2008 at 01:43 PM
Patek Philippe- I love your line of cool pricey watches, maybe you can give a 2 for 1 deal.
Posted by: Nelcisco | June 01, 2008 at 02:09 PM
Starting at $1.6MM? Paleeze. I don't want a $1.6mm house.
Posted by: 1 | June 01, 2008 at 05:31 PM
Interesting and accurate comments from Sheila.......
with respect, Mr. Viles, the content and/or editing of this blog is seriously in need of an upgrade. it is a disgrace to you and to the LA Times that you continuously provide a forum for hateful, ignorant and low-class white supremacists.
you are not an instrument of the government, nor is the LA Times, and there is nothing like the First Amendment preventing you from raising the level of discourse to "civilized" from what is now pure, bottom-feeding dreck. In fact, I believe you owe it to those of us who wish to read the news and chat about real estate, not participate in an online KKK meeting, to nip this kind of sewage in the bud.
I would much rather live under seige in Glassell Park than in any neighborhood with most of the drooling losers who write into your blog. Perhaps it is karma keeping them all from getting that house they feel they so richly deserve "cuz there white 'mericans" not all the evil brown-skinned people who persecute them by doing all their shit work for cheap without complaining?
Seriously, this is beneath you. Or isn't it?
Posted by: sheila | February 25, 2008 at 05:33 PM
Posted by: shockg | June 01, 2008 at 09:07 PM
Hello Dominoes...I'm calling about your buy 2 medium pizzas with the free 1BR condo on the side.
I was wondering...if I upgrade to 2 large pies can I get a 2BR?
Oh...you still have plenty of those...great. Don't forget to include the dipping sauce and the granite counters.
Sure...I can be ready to close in 30-45 minutes.
It will be cash.
Thanks. See you soon.
Posted by: E | June 01, 2008 at 09:19 PM
wow - dredging that one from the February bowels of the blog, eh shock?
You're like the Scott McClellan of LA Land...
Posted by: tealeaf | June 01, 2008 at 10:45 PM
I think this buy one get one free is a BS.
A true buy one get one free will happen shortly. It will include buy one San Pasqual Valley house for $1MM and get another one for free, or buy one escondido "town house" for $250,000, and get another one for free.
And shockg , sheila ; you guys are the ones that boil and whirl the pool and thus bringing up all the dreck, and sewer. Peter is awesome as he brings in the news as they are and let us discuss it. If you don't like the new keep burying your head in the sand. Eventually, you would pull it out sooner or later. To bad Peter is not getting paid by the NAR (not yet...) That is this blog is getting really popular. I've talk to many people that are reading it and not commenting...so it has a lot more traffic than we think. If i was from the NAR, i would think about funneling some cash to this blog's author to "thank" him for his "great" and "would be improved" work.
Posted by: Laker | June 01, 2008 at 10:45 PM
I'm still waiting for the price of house #1 to be reduced by $400k. Maybe then I'll be interested.
Posted by: Todd in WeHo | June 01, 2008 at 10:47 PM
This is too much. About a year ago a friend asked me where I thought the bottom would be and I replied half jokingly "when you see--buy one, get one free." The hilarious part is we aren't at the bottom yet...but we are getting close.
Posted by: Miami Melt Down | June 02, 2008 at 08:03 AM
I am not familiar with the neighborhoods down there but don't really see the point of this promotion except to prove how desperate the builder is. Why would someone want 2 homes in those communities?
I could see a promotion of buy $900k condo in West LA and get $400k house in La Quinta free as a winter home(see Peter's other story). That makes sense.
This? It really seems more like a joke.
By the way, I am not sure what all the sniping is back and forth on this blog. I read it fairly regularly and don't really appreciate the personal attacks. I wouldn't mind if Peter did a little more of editing of these comments to keep us on subject.
Posted by: Jeff S | June 02, 2008 at 08:29 AM
2 for 1 sounds about right. That's how much I believe housing has becomes overpriced throughout most of California's housing market. If credit restrictions were not so lax they would never have gotten as high as they are.
Posted by: Ken M | June 02, 2008 at 08:45 AM
I'm with Jeff S. Would happily support tighter editing by Peter to minimize the mud-slinging. This blog is a great source of news and information. Let's leave our personal and political biases out of it.
Posted by: LA | June 02, 2008 at 08:51 AM
LA writes, "I'm with Jeff S. Would happily support tighter editing by Peter to minimize the mud-slinging."
Jeff S. and LA and others: You folks are right. The personal back and forth is getting tiresome. I'll hereby try to keep the personal stuff off the blog. Argue all you want about housing or the economy, or even politics, but let's can it with the YOU ARE A MORON! stuff. (that's a summary of the most recent unpublished comment).
Pete
Posted by: peteviles | June 02, 2008 at 09:17 AM
Careful! Check with your accountant first. If someone gives you a $400,000 home for free, you may have to pay federal and state income tax on an additional $400,000.
>>>And so how do the sales prices get recorded in the county books (upon which official stats and property taxes are based)?
Posted by: Kurtiss | June 02, 2008 at 09:33 AM
No one cares.
Posted by: Chris | June 02, 2008 at 09:47 AM
Deceptive headline.
This is clearly not a 2 for 1 deal - instead you are paying $1.6 million for property listed at $2.0 million, a 20% savings - less than the median price drop for the area.
Posted by: Steve | June 02, 2008 at 10:05 AM
This is great! It will give me somewhere to park the free SUV I'll get with the purchase of my new hybrid.
Posted by: Greg | June 02, 2008 at 10:31 AM