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May 23, 2008 – Comments (6)

Here's another one of those stories that suggests even the rapidly dropping home prices are overstated. As at the height of the bubble, people are offering big incentives, like these folks who offered their car (not so original, and in this case, not so great... a 2000 Mustang?). Of course, the price of these givebacks doesn't appear in he home price, but they're certainly a factor, meaning wherever they're used and not netted out, the home price is inflated.

Just another reason to distrust those rosy housing outlooks.

Mark and Elaine Hendricks recently offered their 2000 Mustang convertible as a freebie to anyone who would buy their Woodbridge house, but even that failed to distinguish it from the roughly 700 other homes for sale in their Zip code.

6 Comments – Post Your Own

#1) On May 23, 2008 at 11:27 AM, saunafool (98.94) wrote:

Oh boy, if you buy the house, you can also take my muscle car that gets 12 mpg off my hands too.

While we are talking about muscle cars, I see GM in their infinite wisdom and perfect timing is offering sneak peeks of their new Camaro due in 2010. That will be a big hit I'm sure. Gas prices probably won't be more than $6.00 a gallon when it hits the showroom floors...

Nice Camaro.

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#2) On May 23, 2008 at 12:14 PM, XMFPhila100 (93.10) wrote:

In this case, their inability to differentiate is partly due to the glut of home inventory outside the Beltway. Plus, with DC's traffic problems and $4 gas, who would want to pay $500k for a townhome 10 miles from the city and then face an hour commute each way on top of having to fill up at least 2x a week. Doing all that driving in a muscle car just compounds the problem -- maybe they should offer a hybrid.  

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#3) On May 23, 2008 at 1:39 PM, XMFPhila100 (93.10) wrote:

In this case, their inability to differentiate is partly due to the glut of home inventory outside the Beltway. Plus, with DC's traffic problems and $4 gas, who would want to pay $500k for a townhome 10 miles from the city and then face an hour commute each way on top of having to fill up at least 2x a week. Doing all that driving in a muscle car just compounds the problem -- maybe they should offer a hybrid.  

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#4) On May 23, 2008 at 4:16 PM, andrikos23 (< 20) wrote:

I wouldn't call a 2000 Mustang a muscle car. More like a flabby car! :)

 As far as the new Camaro is concerned, I think we'll be surprised at how many people will buy it ('boomers mostly) and have it sit in the garage... Call it a weekend car.

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#5) On May 24, 2008 at 3:40 AM, FleaBagger (29.37) wrote:

The 'stang looks well-maintained, and it is a convertible. And I like the color. But it's from the days when 'stangs were still convalescing from the foxbody.

Also, it seems incredible to me that people don't just cut the price on their homes. Unlike throwing in a car, that cuts the commission they pay the realtor. Are they worried about what that would do to their neighbors' house prices? 

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#6) On May 24, 2008 at 10:17 AM, saunafool (98.94) wrote:

The reason you throw in the car is because you don't want it anymore, it's a gimmick, and you hope that someone just wants an 8-year-old convertible.

And if the 2000 Mustang wasn't a muscle car, it's because I can't remember when they came out with the new one. I'm not a muscle car man, myself.

I'm more of a Chevette guy...

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