DR Horton
, One of the largest home builders in San Diego has become what is believed to be the first major builder here to use an AUCTION house to move the remaining unsold condominiums in 2 different condo subdivisions here in San Diego.
If they have success using this strategy to market the left over not yet sold units, other developers will likely be imitating Horton. But for now at least, D.R. Horton is the real innovator by creatively using this new untried method of sales here in San Diego.
If you are interested, bidding on the remaining 50 or so units will take place Sept 29th, @1:00 PM at the Doubletree Hotel in Mission Valley. DHI Mortgage, a subsidiary of D.R .Horton is the preferred project lender.
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Hey William
Given the moves that McMillin, Pulte, Hovnanian, Shea, and other major builders, where they are taking reductions of $90K up to $220K off of the purchase price, this is a much better approach to maintain pricing integrity in the market. I also think its wise that DR Horton is positioning itself to utilize an auction mechanism to move their inventory.
I will see if I can make it to this auction if I am not traveling.
Hello Bill, thanks for commenting and let me know how it goes. I would love to be in a position to get a half dozen of these, hold for investment for a couple years and then do a trade in the Hawaii islands.
Bill I read about that and wonder how desperate they are to get out of that development.
Hi James,
Not desperate at All. Being the largest and most successful builder here,they feel this is a wise business decision I am told and one that creates a lot of Buzz. I must say I do agree! With all the advertising, I think the results will be unprecedented!
You going to go over and check it out?
Hi Jeff,No, Not really but I think they will be very successful. Lots of Television ads. Should sell out in one day!
Is there an online ad campaign you could show us the link to?
Hi Jeff, Not that I am aware of. The ads were on TV. I have seen no posts to the industry because I believe the ads are being done by the auction house, although there is no mention who the Auction House is either.
DR Horton is a publically traded company. I wonder if the auction was a creative effort to reduce existing inventory and strengthen their cash position for end-of-year reporting.
Hi John, Whatever inspired them to use the auction technique, it certainly get them a lot of publicity. It might have been for that reason but I would seriously doubt with all the building he does that they would cash infusion. I thing is probably more simply want to close the projects out and move on to the next project. The condo got caught in a slow market. Seems perfectly natural to me to want to move the end units of the project to a close.