In today’s challenging real estate market one thing that is in massive supply is inventory. Many sellers have tried “Help You Sell”, Realtors, and auctions to unload their precious cargo-with little luck. What does a creative home seller do in this market? Why not sell raffle tickets?
According to Richard Halstead’s article in the Marin Independent Journal, Community Action Marin (a non profit that provides programs for the poor) in 2 1/2 weeks has sold $1.5 million in raffle tickets to win a dream Marin County home. The San Rafael home, valued at $2.1 million, is the prize in this “lottery.” The total number of tickets sold thus far is 10,000 at $150 per ducket. Russ Hamel the agency’s director stated “It’s beyond our wildest expectations.”
Community Action Marin supports programs that are directed toward mental health services and issues, AIDS, food programs and the homeless amongst it’s menu of services. This worthwhile cause has drawn ticket buyers from as many as 15 states outside of California.
The home, at 204 Southern Heights Blvd in San Rafael, California, has a final drawing day of Feb 9, 2008. Two additional drawings, for cash prizes, will be held October 10 and November 28. The deadline for eligibility for the first drawing on October 10 has expired-but the second drawing is still open.
Even better is the fact that if the grand prize winner does not wish to opt for the home, a cash prize of $1.7 million is available as an alternative.
Either way, it seems like everyone wins in this raffle: the program, the citizen, and the winner of the drawing.