Builders hold lotteries for eager new homebuyers
Les Christie | CNNMoney | April 30, 2013 | link
The luck of the draw. GL Homes VP George Atkinson used a lottery to assign lots at a Florida development.
Demand among homebuyers is so high in some parts of the country that builders are holding lotteries to decide who gets to purchase homes in their developments.
O’Brien Homes started holding a monthly housing lottery for its 228-unit development called Fusion in Sunnyvale, Calf., after seeing throngs of prospective buyers camp out at the openings of other new condo complexes in the area.
“We didn’t want that,” said Susie Frimel, a spokeswoman for O’Brien Homes. “We wanted our customers to be pleased with the process.”
Each month, as new sections of the development came under construction, roughly 50 buyers would show up at O’Brien Homes’ sales office hoping to be picked for one of the 10 or so sites available. The participants were already pre-qualified for a mortgage and had their down payment in place. After being assigned a number, they crossed their fingers and waited for each bingo ball to be plucked from the tumbler. Read more…