California: Buy One House, Get One Free

Via L.A. Land, comes this fabulously surprising advert:

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click for ginormous version:
Bogof_flyer1

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Source:
In Escondido: Buy one (house), get one free.   
Peter Viles
L.A. Times, June 1, 2008
http://latimesblogs.latimes.com/laland/2008/06/in-escondido-bu.html

What's been said:

Discussions found on the web:
  1. Douglas Watts commented on Jun 3

    Nothing says open society better than ‘gated estate homes with RV garages.’

  2. Lee commented on Jun 3

    Will they throw in a set of Ginsu Steak Knives?

  3. bluestatedon commented on Jun 3

    TANSTAAFL. I don’t believe for a second that you’re actually gonna get a priced-in-today’s-market first home in Royal View with the second home free and clear, with no payments. I’d like to know what those *terms and conditions* are.

  4. brent commented on Jun 3

    so if you Just Walk Away from the one you buy, can you keep the free one?

  5. Michael Donnelly commented on Jun 3

    Barry,

    Make sure you add the catagory “Inflation” or prices to this post.

    The price statisticians have been loath to recognize house price declines when the builders throw in free upgrades like a finished basement or pool.

    How the heck are they going to adjust for a free house ? It’ll give them fits to price adjust for this. I’d love to find out what they do.

  6. FT Woods commented on Jun 3

    Royal View – I’m always stunned to see anything in this country labeled “Royal” as if it’s a plus somehow. It’s as if the War of Independence to throw off a distant monarchy just didn’t happen.

  7. Ken H commented on Jun 3

    I got one word to solve these problems.

    Bulldozer.

  8. tim commented on Jun 3

    “Golf courses and cemeteries, the biggest wastes of real estate”
    -rodney dangerfield

    I like to add to that quote “homes with RV garages”

  9. Tom F. commented on Jun 3

    Unbelievable. They’re selling like bags of Cheetos now. If this isn’t desperation, I don’t know what is.

  10. Room_641A commented on Jun 3

    Attempting to both preserve the price of the upper end homes, while clearing the inventory of lower end homes(and further killing their values).

    Why don’t you just run over the middle classes dogs too while you are at it.

  11. michael schumacher commented on Jun 3

    “don’t miss this incredible INVESTMENT opportunity.”

    add that one to the list of pundit shills.

    I think Cityscape (half built at the time) burned down a few years ago. Boy that was bad timing to re-start it.

    A neighbor of mine works for this development company…I wonder when his Jeep (with the name plastered all over it) will be repossessed.

    “it has never been done before and may never be done again”

    Somehow I doubt that……look at the expiry date…May 31st..hurry!!!!

    Ciao
    MS

  12. michael schumacher commented on Jun 3

    Ot: LEH is toast……thank god all of it’s problems are caused and related to shorts. Is Morgan it’s biggest counter???

    Ciao
    MS

  13. scorpio commented on Jun 3

    similar ad in the KC papers. big suburban developer, making a happy face, says “we’re moving out the ’07 models and making great deals on the ’08s!” just like overpriced shoddy American cars.

  14. Chachi commented on Jun 3

    “It’s never been done before and will never be done again.” Ha!

  15. Robert Tapia commented on Jun 3

    stolen property (homes foreclosed by mortgage fraud, waste and abuse) are always sold cheaper.

  16. ct commented on Jun 3

    We drove through here last weekend on the way from LA to Ramona (which is about 40 miles from downtown San Diego on the edge of the high desert). The San Pasqual Valley still shows the scars of last years forest fire. It is a very beautiful area, which is in stark contrast to Escondido. The entire area is highly populated; most drive big trucks, have 4 cars, RV’s and boats. The entire way of life out there is built on cheap gasoline.

  17. KnotRP commented on Jun 3

    Can I put my mother-in-law in it, and then walk away?

    (thank you very much – I’ll be here all week)

  18. David Bennett commented on Jun 3

    Barry,

    I was in the meeting when we came up with the idea. We didn’t figure anyone would actually take us up on it but we knew it would get people talking and generate traffic. Never in my wildest dream did I think we would make it to The Big Picture.

  19. michael schumacher commented on Jun 3

    So David……any takers???

    >>We didn’t figure anyone would actually take us up on it>>

    reverse bubble mentality…..I suppose you never thought you would have to sell ice to eskimoes however that’s what you are doing here.

    Good luck with the ‘bag

    Ciao
    MS

  20. speculator commented on Jun 3

    Florida-where I live- is bad, but not that bad.

  21. Mike commented on Jun 4

    I remember when Yugo (A Car from the 1980s) had sale buy one get one for a penny. I guess they’ve one uped the Yugo!

  22. meneame.net commented on Jun 6

    Compre una casa… y llevese otra de regalo!

    El 2 x 1 ha llegado al mercado inmobliario en USA

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