Tag Archives: Buyers Try Their Luck at Housing Lotteries

Where buyer demand is high, some builders are holding lotteries to determine who gets to purchase homes in their developments. For example, O’Brien Homes has been holding monthly housing lotteries in Sunnyvale, Calif., for its development Fusion, a 228-unit development. The builder decided to start having lotteries after potential buyers had camped out for the openings of other new condos in the area. Each month, O’Brien Homes has attracted around 50 eager, pre-qualified buyers—who already have their down payments secured—to enter the lottery. Only about 10 or so sites are […]

Where buyer demand is high, some builders are holding lotteries to determine who gets to purchase homes in their developments. For example, O’Brien Homes has been holding monthly housing lotteries in Sunnyvale, Calif., for its development Fusion, a 228-unit development. The builder decided to start having lotteries after potential buyers had camped out for the openings of other new condos in the area. Each month, O’Brien Homes has attracted around 50 eager, pre-qualified buyers—who already have their down payments secured—to enter the lottery. Only about 10 or so sites are […]