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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: russwinter who wrote (37035)7/26/2005 9:15:24 PM
From: GST  Read Replies (2) of 110194
 
I just participated in a Hawaii property lottery. As you might know, property in Hawaii such as new buildings and houses are not merely sold. Instead, potential buyers make a deposit and then enter a lottery. The ratio of buyers to properties ranges anywhere from 10 buyers to 1 unit on some deals to 4 to 1 on others. I was in a lottery with about 4 to 1 odds of being selected. The property in question is hotel with small rooms. Even after winning the lottery, some people camped overnight for the right of first refusal on available units. When your "turn" comes you are taken to a room with ten people all sitting accross from agents at a table. There is a board with room numbers and dots and sold signs on dots. If the dot is not sold, you have a few minutes to say "I will take it". You don't actually see what you are buying. But you have seen a model suite. The selling process creates a frenzy -- I myself walked away from paying $205,000 for 300 square feet, no parking, a mountain view and half the nightly roomrate going to the managers of the hotel -- a cash-flow negative "investment". But guess what -- for a moment I was thinking "why not"? In the end, "common sense" prevailed.
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