BY SHELLGAME
The Christmas Eve 2011 edition of the San Jose Mercury-News featured a remarkable real estate ad for Pacifica:
What's remarkable about this ad is that the home "for sale" does not exist. If it were an ad for an undeveloped lot, or other reference were made to its undeveloped state, that might be OK, but the inference is that this "dream home on an ocean side bluff" actually exists. No reference is made to its nonexistence.
From the ad in the Mercury-News: "HARMONY ESTATES: Imagine….A breathtaking 180 (degree) view of the Pacific Ocean… Described as 'Coastal Green Architecture' by designer Field Architecture of Palo Alto, home is 4300 square feet, 5 bedrooms, 4.5 baths, on a 1.27 acre lot."
The ad goes on, spewing copy: "This dream home is in a unique development with 9 other homes not seen anywhere on the West Coast. The 10 homes in Harmony Estates run on a sunny ridge over-looking [sic[ the Pacific Ocean, with only a short walk to the beach."
The listed price for a totally imaginary home within a totally imaginary development is $3.495 million.
Imagine that.
As far as I can tell this is just a fishing expedition to see if they can sell homes in that price range at that site. I wish them well and hope they can find a price point that allows them to move forward with their project.
Posted by: Thomas Clifford | December 31, 2011 at 09:37 AM
It has more to do with keeping the lenders at bay than selling lots.
Posted by: todd bray | December 30, 2011 at 08:56 AM
It also says "call for an appointment." I can imagine being well-heeled enough to buy this and learning that it doesn't exist. I'd be a mite bit pissed off.
Posted by: shellgame | December 29, 2011 at 08:26 PM
Hey, it did say "Imagine..."
When I clicked on the link, it said it was down for maintenance, so I couldn't see the ad. But this sounds like the Harmony@One development.
I remember Connemara pre-selling houses that weren't built yet, so this may be the same type of deal.
Posted by: Steve Sinai | December 29, 2011 at 01:48 AM
+1 on all of the above comments!
Posted by: Cyd Crampton | December 28, 2011 at 11:08 AM
Hahaha, good one, Tom.
Posted by: todd bray | December 28, 2011 at 10:21 AM
I saw the same ad about five weeks ago.
Posted by: Thomas Clifford | December 27, 2011 at 07:28 PM
Goldman Sachs.
Laugh all you want, Carl, but they've already securitized your imaginary loan and are ready to bundle it up and sell it as AAA++ to a client (while shorting it themselves), so don't be foolish and wait while someone else snatches up you literal dream property -- ACT NOW!!!
Posted by: Chris Fogel | December 27, 2011 at 05:58 PM
Make fun of it if you will, but I'm eager to pay 3.495 million imaginary dollars for such a place. In fact, an imaginary loan has been pre-approved by my imaginary bank. Who is the phantom broker handling the property?
Posted by: Carl May | December 27, 2011 at 01:49 AM