The Center Lovell Inn, via Google Maps.
UrbanTurf usually stays away from publishing rankings or lists…except at the end of the year when we look back at the best that DC’s residential real estate scene had to offer during the previous 12 months. So, this week we are looking at not only the best but the most intriguing and peculiar things that came across our radar over the course of 2015. Enjoy.
On its face, it seemed like a pretty wild idea.
Janice Sage, the owner of the Center Lovell Inn in Maine, wanted to sell the inn she had owned for over 20 years via a contest in which entrants paid $125 and wrote a 200-word essay. The essays would be judged based on “structure (introduction, body and conclusion), creativity, thought and the conveyance of capability and desire to operate a Country Inn.” The author of the winning essay would be the new owner of the inn.
“There’s a lot of very talented people in the restaurant business who would like to have their own place but can’t afford it,” Sage told the Portland Press-Herald. “This is a way for them to have the opportunity to try.”
Sage hoped to garner a minimum of 7,500 entries, which would allow her to “sell” the inn for $937,500 and retire comfortably. She didn’t reach her goal, but came close. The Portland Press Herald reported that Sage received 7,255 entries which resulted in $906,875. The winning entry came from a restaurant owner in the Virgin Islands.
Of course, not everything went smoothly. A group of entrants claimed that the contest had not been handled properly by Sage, which resulted in a police investigation. After the week-long investigation, The Herald reported that the police concluded that the contest was handled legally.
While a contest like this is a very creative way to sell a property, its success is not guaranteed. In April, local non-profit Sustainafest ran a contest in which entrants ponied up $100 and wrote a 350-word essay. The winner received a Minim House. Despite two attempts at the contest, the organizers could not get enough entrants to make the numbers work. The tiny home ended up selling in a traditional transaction for $50,000 to a couple from Texas.
See other articles related to: best of 2015
This article originally published at http://dc.urbanturf.com/articles/blog/most_innovative_way_to_sell_a_property_125_and_200_words/10655
Most Popular... This Week • Last 30 Days • Ever
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The seven-bedroom home hit the market on Friday and was under contract by Sunday.... read »
Dubbed OZMA, the 13-story project will include roughly 7,900 square feet of ground fl... read »
A previous proposal for the site shared last year would have delivered 83 units and s... read »
This Week's Find is a palatial penthouse, once DC's largest, designed as its develope... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The planned 8-unit development would be located on K Street right along the Potomac R... read »
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The 12,000 square foot replica of 1600 Pennsylvania Avenue went under contract last w... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro