Today, I was waiting in a title office waiting to sign papers and reading the Phoenix Business Journal. The following article jumped out at me.
Cachet to unload Verrado inventory in its first new-home auction
Minimum bids start at about 50% of current list prices. Twenty-eight single family home.
Yikes! I would sure hate to be one of the neighbors.
Oh, I guess they already thought of that.
“It will be a huge negative for those homeowners who currently have their homes up for sale in the neighborhoods where the auction homes are located.”
And then, I read Shailesh’s concerns about the potential for a catastrophic financial meltdown.
This is going to be a very interesting year.
3 responses so far ↓
1 Shailesh Ghimire // Feb 19, 2008 at 9:42 pm
Dru,
This is very scary. I would hate to be in that area. Wow. I would have referenced this in my article if I’d see it .. as you noted, it’s along what I’ve been wondering about…
2 Dru Bloomfield // Feb 22, 2008 at 4:47 am
Shailesh, It will be interesting to see how it all works out, over the long haul.
3 Concerned // Feb 22, 2008 at 8:58 am
When I’m looking for a new home, I will never buy in a neighborhood where Cachet is building. Cachet needs to think about what this is going to do to their reputation. Apparently the company is on the brink of a financial disaster and they are doing this out of desperation. Also, why would they allow the Az Republic to put a picture of their SMILING VP of Marketing in the paper? This is a great idea Cachet, isn’t it? Maybe you should promote some of these fine executives or give them even bigger bonuses at the end of the year.
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