Background:

Historic Maryland Log Home for $50 ! (1 in 27,000 Raffle)

raffletickets1As selling houses gets to be more and more of a challenge, owners and agents are turning to more creative means of marketing property. One strategy that crops up whenever the market turns is a house raffle. Lotteries have been successful for centuries, drawing participants in with dreams of a low investment and a huge payoff. House raffles are no different. Most sell tickets for $50-$150 and offer chances of winning in the range of 1 in a few tens of thousands. Better chances than the state lottery, and a win obviously means not having to deal with banks & mortgages to get into a house.

Just a Few Days Left …

edgewaterraffleIn Edgewater, Maryland (not far from Annapolis), the 1840 Alexander Randall House, a newly renovated log home, could be yours for just $50. The home served for many years as the caretakers house for the Church Creek-Gingerville Cove Farm. The log home comes along with an enormous 4400 sq. ft. 3-floor addition. A total of 6000 Sq. ft., 6 bedrooms, 2 kitchens, and 4 1/2 baths. The deadline on ticket sales is Wednesday, January 21, and the chances are likely to be about 1 in 27,000. The value on the house is advertised as over a million dollars. Visit Fifty Dollar House to buy tickets online and check out the virtual tour.

winthishouseA house raffle can be a great alternative to a traditional sale when the market just isn’t cooperating, but it’s a lot of work to put together. Raffles may or may not be legal depending on what state you live in. Some states require the raffle actually be conducted on behalf of a non-profit organization. Some limit the take on any raffle to the assessed value of the house. Some states, like New York, prohibit them in any form. If you’re thinking about a raffle, nothing can replace advice from a good attorney, but you might also want to check out this site for a set of links to state raffle regulations.

marinhouseThere are several house raffles out there online now, including another historic house in Marin, California. This $2 Million 1910 Shingled Cottage looks out over San Francisco Bay. Check out the Community Action Marin site- it’s a spectacular house. For this raffle, there are 350 cash prizes, starting at $300, and odds of winning the Grand Prize are 1 in 35,000. February 6 is the deadline for buying tickets.

For more information on house raffles, check out this entry on Elaine Fogel’s marketing blog-the post is interesting but it also inspired a great discussion thread full of thoughtful ideas and useful comments on raffling property.

3 Comments

  1. by Historic House Blog » We Have a Winner- Million Dollar Historic Home for $50, on 01.25.09 @ 7:11 PM

     

    […] week, we posted about a Remodeled Historic Log Home in Edgewater, Maryland being auctioned off for $50 a ticket. Just under 24,000 tickets were sold and on Friday at 5PM in […]

  2. by Rick Wallace, on 04.03.09 @ 3:45 PM

     

    It is good to see a successful home raffle conducted! As FYI, there is a new book about home raffles available titled ‘The Home Raffle Book’ at http://www.thehomerafflebook.com

  3. by Amanda Myers, on 08.17.09 @ 1:04 PM

     

    Hi, My name is Mandi Jo. I live in Johnson City TN. I am writing this to get information out there about a raffle we are having on behalf of the Boys and Girls Clubs of Johnson City/Washington County TN. I am wanting the public to know why we are doing this raffle. A local group of people got together and decided there had to be a better way to get our community out of the economical crisis. We looked around and seen that what was impacting our community the most was the slump i the housing market and the soaring prices in gas. We decided that we would try and find a local owner who had their home on the market and see if they would let us try and raffle it off and give ALL the proceeds to a local non profit organization that impact our community in a positive way. We Found an owner who was willing to take his home off the market for 12 months and continue to make payments on it and pay and taxes that were due during this period. Then we decided to let the owner choice which organization and they accepted our offer. The reason for the story is so that other communities can start building up within their communities and we do not have to wait on stimulus packages to come in the mail. Mor do we have to wait on cash for clunkers to run out of money. We have ideas, ways and means of getting ourselves back on top. One community, one region, one state, ONE UNITED STATES. If you are interested in how we did this or how you can do this email us at houseforraffle@gmail.com or please visit our site at http://www.tndreamhome.org.

    PLEASE REMEMBER WE DO THIS FOR NEIGHBOR NOT FOR GOVERNMENT. THIS IS FOR OUR BROTHER, OUR SISTER, THIS IS NOT FOR THE BENEFIT OF SOMEONE THAT GOT THEMSELVES INTO A FINANCIAL MESS. THIS IS ABOUT THE HOPE OF PROSPERITY IN THIS GREAT LAND WE STILL CALL AMERICA.

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