BOGO — buy one, get one — isn’t just for Payless Shoe Stores anymore. Reuters covers the case of Michael Crews Development, a San Diego developer that is promoting a free row house for upscale investors plucking down $1.6 million for one of its other single-family properties. From the story:
“We are targeting a niche market of investors who are interested in the opportunity to buy a new home for themselves and get a free rental property or second home for family members,” developer Michael Crews said in a statement. The developer claims the row homes are not shoddy townhouses that are being given away with luxury estate homes. The two-acre Royal View luxury homes with four bedrooms, four baths, up to six car garages, swimming pools would be paired with 2,000 square-foot upscale row houses.
The row-homes are valued at $400K by the developer. It’s worth noting that there isn’t the option of choosing not to take the extra home, and getting a $400K credit on the purchase of the more expensive million-dollar property. So far, only one buyer has jumped at the “opportunity” to own not one, but two, depreciating (and likely overpriced) assets. The promotion runs through the end of June.
