lovingit said:Someone told me TayMo releases new phases to a group of buyers and then makes them bid up the prices. Whoever has the highest price then gets that lot. Is this a new practice for all builders or just TayMo? Sounds a bit ridiculous.
You're right that it works both ways. The reason why people are bothered by it is because new construction isn't considered cheap since you need to do some minor improvements to make it look better. Landscaping, window treatments, and at times light switches aren't even included in the base price.akula1488 said:It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.
Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
akula1488 said:It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.
Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
mythicquest said:akula1488 said:It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.
Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such
akula1488 said:Actually new items can get bid up on Ebay way over listing/MSRP if the new item is popular with high demand. Like when Nintendo Wii first came out etc.
I guess at the end it still supply and demand and we are not used to see bidding war for new constructions but the same goes for waiving all contingencies like inspection for resale. Just not a normal time for real estate.
mythicquest said:akula1488 said:It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.
Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such
sleepy5136 said:akula1488 said:Actually new items can get bid up on Ebay way over listing/MSRP if the new item is popular with high demand. Like when Nintendo Wii first came out etc.
I guess at the end it still supply and demand and we are not used to see bidding war for new constructions but the same goes for waiving all contingencies like inspection for resale. Just not a normal time for real estate.
mythicquest said:akula1488 said:It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.
Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such
I think an apples to apples situation would be game console manufacturers . Ebay is not the manufacturer of their products like the builder is of their homes they sale. Last time I checked, Sony does not put their consoles into the market and cause a bidding war for them.
But will Nintendo release their products to market and ask buyers to bid up? Or do they sell whatever is in stock for the price they ask for?Cares said:sleepy5136 said:akula1488 said:Actually new items can get bid up on Ebay way over listing/MSRP if the new item is popular with high demand. Like when Nintendo Wii first came out etc.
I guess at the end it still supply and demand and we are not used to see bidding war for new constructions but the same goes for waiving all contingencies like inspection for resale. Just not a normal time for real estate.
mythicquest said:akula1488 said:It goes both ways. If you are selling your house won't you do the same if there are multiple offers? It is quite fair.
Only shady thing the builder can do is to increase price after under contract or cancel you but legally they can do that from the contract.
Sure I can definitely understand that argument, but it's a bit apples/oranges. I could buy something second hand on ebay in an auction, or I can buy it brand new. I'm already paying the premium for the brand new product, and the whole point is that I'm buying something at a predictable advertised price point. And yea I get that if demand is higher than supply the price will come up, we see that all the time with new playstations and cars sometimes, but no I don't think bidding wars for a new product like a house is normal or the same as a resale situation, and we as consumers should not accept it as such
I think an apples to apples situation would be game console manufacturers . Ebay is not the manufacturer of their products like the builder is of their homes they sale. Last time I checked, Sony does not put their consoles into the market and cause a bidding war for them.
Nintendo definitely artificially controls supply causing demand and price surges. Business schools use Nintendo as a case study.
Goriot said:Palermo increasing their prices significantly. Plan 1 starts at $1.76 million now and Plan 3 at $1.91 million. This is bare bone base price. Thank you Ravello.
More pain for buyers coming!
Goriot said:Goriot said:Palermo increasing their prices significantly. Plan 1 starts at $1.76 million now and Plan 3 at $1.91 million. This is bare bone base price. Thank you Ravello.
More pain for buyers coming!
Latest auction must have been hot. Price raised again to $1.83 million for Plan 1 and $2 million for the Plan 3.