Winner Winner…Chicken…Home Owner?

Posted on February 4, 2009 | by Denny Oh

Houseraffle10053249.WINNER!!  No, this raffle wasnt for an iPod, or a massage or even a weekend getawayit was for a house!  As sellers are getting more and more desperate to sell, some are pursuing creative ways to advertise their homes.  In the US and throughout Europe, people are actually holding raffle contests to get their homes sold.

According to the Spiegel Online International, a number of European home sellers, specifically in Austria, are trying to raffle off their homes.  One home owner in Austria sold raffle tickets at $128 a piece, in order to sell her $1 million villa.  The Spiegel reported that the seller offered 9,999 tickets, but there was so much interest, approximately 18,000 tickets were sold “ the last 8000 or so were given refunds.  In the end, Traude Daniel sold her luxury villa to Walter Egger for $128. 

A recent New York Times article shows that many others have attempted to sell their homes this way, but not everyone has been successful.  Here in the US, most states prohibit people from raffling off real estate, as its considered to be gambling.  The article points out that some states will allow it, but only if the home owner partners up with a nonprofit organization and if the seller does not make more than what the home appraises for.

In a time where banks are stingy and and buyers are looking for deals, maybe this marketing tactic is what sellers need.  For more information, please contact Denny Oh at 858“243“2092 or denny@sandiegoh.com

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4 Comments

  1. mark says:

    Denny– very interesting article. I guess sometimes it is better to think outside the box!

  2. Denny Oh says:

    Thanks Mark. I’m not sure this trend will catch on, but I guess we’ll see.

  3. Keahi Pelayo says:

    A raffle is a sign of a panicky seller.
    Aloha,
    Keahi

  4. Denny Oh says:

    Raffle’s can be a sign of a panicky seller, but it sounds like in these cases, the homes sold for what the seller was trying to get – not below asking price.

    I don’t think it’s a great idea for everyone, or every home, but it’s interesting.