A down market for real estate bugging you? Hold a writing contest and give away your house as the prize. Beach front property in Yachats, Oregon, no less.
Note to self: someday, hold a writing contest with a BIG HONKING PRIZE.
Of course, the 1099 of the house value will drive your taxes to levels that will make you wanna hide under a table, and I wonder if such booty is subject to capital gains, but nonetheless. Brilliant idea. And wow, gorgeous town.
Anyone else notice that 3000 entries at $200 apiece = $600,000?
That said, I’m still entering if I can scrape a spare $200 from somewhere. I’m just that much of a sucker.
Kate, that was the whole idea. They were being investigated for violating some sort of sweepstakes law, but I think they’re going to be okay because this is a game of skill, not chance. I’m not sure, but I remember hearing about it on NPR a while ago. It is a beautiful location, that’s for sure.
Yachats is a beautiful place. I go to the Oregon coast, in the general area, every year for my birthday….hmm, where is that piggy bank??
Yeah, I logically know better but some part of my brain is saying “Just try! You’ve got a chance!” I feel like a total sucker for thinking that way. And really…who’s got a spare $200 sitting around? I know I don’t and I’d be pretty pissed at myself for throwing it away.
Wow, that’s some contest.
Not sure what made my jaw drop first – the views or the entry price!
Since I live on the opposite coast it definately wouldn’t be cost effective, that is for sure.
And I don’t write. Althuogh I could coerce the kid into doing it for me maybe??
There are actually several similar “contests” for houses around the country. There was one recently being held by another author in Central Florida. $400,000 home with a gorgeous wood interior. So maybe if one googled, one would find a few similar contests. Save money for the 1099—capital gains is still 15 percent of your winnings. 😉
Interesting. Now *that* would be quite a writer’s income…
Eek! I am having trouble with the price of gas. Save me from capital gains!
Wow—and ‘lives in a romantic home on the Oregon coast’ sounds SOOOOOOO much better than ‘lives in a suburban crapmansion in the Nor-Cal sprawl’, too…
Yachats is gorgeous, and they have absolutely fantastic saltwater taffy. I’m a little biased, though; I’m from Oregon and think we have the best coastlines. But I don’t want to pay the $200 entry fee, and I could never afford the taxes on that house.
Unless I won the lottery.
Well, if it is any comfort, the current owners are likely to owe a large amount of federal tax on the transaction as well, since their use of their home as a prize disqualifies it from the primary residence gain exclusion, and they will have to pay capital gains taxes on it as well. Excellent.