Wednesday, February 11, 2009
What's Behind Door Number One?
Could it be a new house, Johnny? Maybe.
Some Londoners, frustrated with the comatose real estate market, are getting creative.
They're creating a lottery, with the winner getting a house that the owner hasn't been able to sell. There are all kinds of legal hoops, and most home sellers aren't exactly sure if they're going to get in trouble or not, but it's apparently worth the risk to them. They sell a certain number of tickets at so much per ticket and those tickets, hopefully, add up to what they're hoping to get for their house. Then one of those lucky ticketholders actually wins the house. Everybody's happy - home seller gets the equity back - ticketholder gets a really cheap house - losing ticketholders didn't lose all that much and live to gamble another day.
Humans are nothing if not resourceful. What will we think of next?