We’ve been discussing auctions lately on the blog as an alternative to the traditional model of listing and selling property. But how about a raffle?
The flyer below came across my email this morning. For $100 you get a chance at winning “a stunning 1-bedroom waterfront condominium on Miami Beach, Florida.” Plus the organizers "will pay for all local property taxes and monthly condominium maintenance fees through December of 2009." Check out all the raffle details here: Veterans Retreat
Just wondering how such a concept would fare here in Reno? Could be worth a try.
Gary
Give it a try, Guy. A raffle might earn you a reputation for being gutsy and bold, willing to try new approaches. Find a property where you have as many nearby listings as possible to take advantage of the extra traffic it might draw to the area.
At worst, it’ll be a humiliating failure, but as a former CRS Fashion Show model, how much more pride do you have left to lose? 😉
Josh
There’s one going on in Tahoe now…
http://www.bgclt.org/main.asp?id=32
smarten
But “if a minimum of 5,000 tickets are not distributed [$500K for a one bedroom condo worth what?], the ‘condo’ prize will be substituted for a ‘cash’ prize equal to 50% of the net proceeds received from the raffle.” $100 for the one-in-five thousand chance to win?
Sounds to me a whole lot like gambling where the odds are better at your local casino [especially given the income tax consequences of winning].
But I guess to each his/her own.
Move to Reno
The view isn’t pretty.
http://www.lvrj.com/business/37990524.html
They are even talking about home prices being lower 2 years from now.
MikeZ
“if a minimum of 5,000 tickets are not distributed [$500K for a one bedroom condo worth what?], the ‘condo’ prize will be substituted for a ‘cash’ prize equal to 50% of the net proceeds received from the raffle.”</i<
What a scam!
Gina
The house raffle concept is spreading with charities and other non-profits as a fund-raising method. There’s always a cash option and “out” in case a minimum number of tix aren’t sold.
There’s a popular local one been running many years – no one takes the house, they always opt for the cash.