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I got this note today from a BW colleague who shall remain nameless:
A few years ago, I ran into the real estate agent who sold me my apartment on the street. He was washing his Maeserati. I took that as a sign that I was living in a housing bubble.
Now: a sign that the bubble is bursting….a service that tips off potential buyers to price cuts right on their cell phones…
And here’s the first bit of the press release he sent me:
FOR IMMEDIATE RELEASE
New Home Shoppers Offered Price Drop Alerts
Home Builder Bargains Via Text Message
BEVERLY HILLS, Calif., July 23, 2008 — Incentive Real Estate, Inc. today announced the launch of its exclusive
PriceDropAlerts(TM) service for potential buyers of new construction homes in Maryland and California.
PriceDropAlerts(TM) are delivered to a homebuyer’s mobile phone via text message. It provides the recipient with the power to respond immediately to new construction home price reductions. Alerts can be created for single or multiple properties, or for a particular community or builder.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.