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A New Way of Selling Homes in a Depressed Market

January 27th, 2009 · 4 Comments

Here’s a new and innovative way to sell a home. A homeowner in Edgewater, Maryland was having trouble selling his million dollar home. The depressed real estate market and shrinking paycheck created a necessity to sell, but there were not takers. So they came up with this idea of selling $50 raffle tickets to win this home. All in all, roughly 24,000 thousand tickets sold and one lucky winner got the house for a whopping $50.

This guy must have been desperate, because he was thinking way out of the box. I don’t know of too many people who could come up with such a crazy but cool idea. Perhaps he’s a bit more on the creative side. Either way, his the plan worked and the house sold for over a million dollars.

Tags: Real Estate Oddities

4 responses so far ↓

  • 1 Mr Mogul // Jan 27, 2009 at 3:49 pm

    The lottery sounds completely legal, the homeowner wouldn’t have needed any permits to hold a “lottery” at his home.

    The “winner” shouldn’t have any trouble with clear title to her new home. And anyway, she’ll also have no problem paying the taxes on her new place. What about the expenses it takes to run a million dollar home? My pool guy alone gets enough to put his son through pre-med at the local jcc…

    Great marketing gimmick. The seller made out and the buyer – well, let’s just say, hopefully she has an executive job to pay the new bills…..

  • 2 Mr Mogul // Jan 27, 2009 at 3:52 pm

    I have a sports car I’ve been meaning to sell for $4.75. Yeah, does anyone want it at half off?

  • 3 Hojin Chang // Jan 30, 2009 at 12:08 pm

    At that price, she could turn around and sell it for some ridiculously low price to sell it quick and come out way ahead if she couldn’t afford the bills. She could also do a tax free exchange for another property with a more positive cash flow too.

  • 4 Rick Wallace // Apr 6, 2009 at 12:58 pm

    As home raffles continue to increase in popularity as the housing markets decline, it is good to see that there is now a book about raffling homes. The book is titled, “The Home Raffle Book” and is located at http://www.thehomerafflebook.com. It’s a must read for anyone conducting or participating in a home raffle including a sample business plan.