Update: The contest has been cancelled due to legal restrictions, you can read more on the contests web site.
The $100 house contest is both interesting and sad. Not sad because of the idea, but clear proof at just how screwed this economy is and how it is affecting the housing market.
You can check it out here:
http://100housecontest.com/
.. as well as Digg it:
http://digg.com/travel_places/Sell_my_home_for_100_and_an_essay
This is just a contest and get-rich-quick scheme, and nothing else! Lets look at some facts here.
There’s a condition to the contest actually going through.
“In order for this to work, I need at least 2500 people to enter.”
What happens if it doesn’t come through?
“I will immediately return all collected entry fees.”
Somehow I don’t believe that. Why? First, it’s not an offical registered contest, I’m not so sure anyone can actually prosocute this guy…. Second, let’s get some facts here and find out what the guy is actually getting.
Number of Entries: 2,500
Entry Price:$100
Value of the house:$180–190k
Caculated:
2,500 People * $100 entry fee = $2,500,000
He owns a house that’s worth less then $200,000 but makes 2 and a half million??
It won’t take long for the market to catch onto this, believe me…..
Ugh, trust me to make such a mistake.
250,000. not 2.5 million
Haha, I was going to comment on that. Well see this is actually gotta be true, I know the guy.. his company/work rep is on the line and the community (web/design) knows this guy. Basically put, he wouldn’t risk his ass to sell a house.
At least that is my take on it.