I thought I'd seen it all when it came to desperate home-holders, trying to offer anything to get someone to put a bid on an overpriced house. The offers have included granite countertops, luxury vacations, leases on pricey cars, and dream dates with yours truly. (OK, I made that last one up, but if any homebuilders out there need a helping hand, remember, I'm available.)
Today, I was pleased (doubled-over-laughing pleased) to find a California real estate agent offering this century's version of Green Stamps: airline miles. That's right. Buy an overpriced and quickly depreciating, new, half-a-million dollar home in bubblicious California, and these guys will sport you 250,000 airline miles, enough for, oh, $4,000 to $6,000 worth of air travel.
Now, if you think that doesn't sound like much, given the fact that, in Los Angeles, prices are dropping at about a 4.8% rate, then you're doing too much math. If you're thinking, "Let's see. A 4.8% price drop on $500,000 equals $24,000, so that air travel only buys me two or three months' worth of price depreciation these days," you're clearly not cut out for the "American Dream."
At the time of publication, Seth Jayson, a top-10 CAPS player, had no positions in any company mentioned here. See his latest CAPS blog commentary here. View his stock holdings and Fool profile here. Fool rules are here.