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 comments… read them below or add one }
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…
Shailesh, It will be interesting to see how it all works out, over the long haul.
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.