The Real Deal Miami

Coldwell discounts called gimmick

May 30, 2008 10:21AM

Coldwell Banker’s South Florida 10-day inventory clearance  has been likened to “a common technique to lure buyers into department
stores,” by Realtor Magazine, who called it a real estate “version of a doorbuster sale, with homes
available at discount prices for a limited time starting June 1.” To
participate, sellers with homes listed at $750,000 or below must reduce
their asking price by 10 percent; those with more expensive homes can
start with 5 percent cuts. No short-sale deals or bank-owned properties
are allowed because administrative obstacles make discounting them
tricky. After the sale, prices can be raised again.