I was out with a buyer on Saturday, checking out different condos in the Alexandria area. We then stopped by at Hovnanian's Cameron Station new condos. I remember reading something in the news, about their efforts to boost sales and inject funds at the same time -- by slashing prices of their new homes nationwide -- of up to $100,000! This was a three-day "fire sale event" over the weekend that ended yesterday.
Hovnanian had 35% cancellations in the last quarter.
Here is the picture I took while we were there. These people were waiting for the sales rep to show them the units.
When we got to the sales office, there are a couple of buyers looking around their floor plans. We didn't see a big crowd there. But, wait... because from there, the sales rep took us to the building and the actual units available for preview. There, we saw a big crowd!! I meant, it was like a zoo.. in a small 2 bedroom condo. I would say, there were about at least 20 people in the room! I am not kidding.. it's crazy.
The sales rep looks like a tour guide when she help us navigate the building. And she said that she'd never seen a crowd like this since.. they had lottery. Meaning, back in the hot year of housing market, they had so many people waiting in line and coming to buy.. that what they do was to pick people's name like lottery!
Not sure if these prospects actually turn into sales! At Cameron Station, HOV cuts the prices of condos up to $30,000 regardless of using their lender or title company. Plus- they're throwing another $10K, if you use their title and mortgage! Prices of 1 BR starts at mid-$300's, 2 BRs at low-$400's and 3 BRs at low-$500's. They're selling the 3BR condos at townhouse's price.