Now, that’s a price cut

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Good morning, T.J. Simers.

We’re a little tired of reading about ‘big discounts’ by home builders, and then it turns out they are giving away upgrades that include a refrigerator and some granite counters. Then we saw this news item this morning:

‘Hovnanian Enterprises, struggling like other home builders, is offering six-figure discounts on some of its properties this weekend as it attempts to draw interest in a slumping market. The sales blitz involves dropping prices by more than 20% on some of its prime real estate.’

Example: A three-bedroom condo in New York, reduced by 22%, or $240,000, to $862,000.

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Photo Credit: AP