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Lottery re housing

punchestown · 2008-03-08 01:39:03

Folks, there was a question posted recently about selling a house via a lottery style buy in of so many thousand etc.. at such a price (winner takes all) Could a developer of 50 houses (@300k a pop) offer each buyer a draw/lottery whereby each buyer was enetered into a draw (for the 50 buyers) and the winner got their…

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08-03-2008 2:39am

#1

punchestown

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Folks,

there was a question posted recently about selling a house via a lottery style buy in of so many thousand etc.. at such a price (winner takes all)

Could a developer of 50 houses (@300k a pop) offer each buyer a draw/lottery whereby each buyer was enetered into a draw (for the 50 buyers) and the winner got their house for free? This would be opposed to a developer dropping prices in the current climate (i.e. 20k off each house thereby selling for 280k each or the opportunity of buying your house with a 2% chance you would get it for free) All fully legit with an observer from kpmg or is it a non starter?

TIA

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#2 08-03-2008 2:46am
jdivision

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Don't see it happening given most are still making profits of around 33 per cent on units they sell.

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