DBSI, the national real estate investment firm that laid off dozens of staff last month, is now hoping to unload 82 lots in the Treasure Valley owned by affiliate Kastera Homes by asking real estate agents to bid on the right to market the properties as a package. The firm, which ordered at least eight layoffs at Kastera in June, is asking for proposals from real estate offices to market the lots, including 13 built homes.
The 13 completed homes are mostly in the $200,000 to $300,000 range, though they also include a $4.9 million palazzo house in the Two Rivers development.
Ken Harden, DBSI’s senior director of marketing, described the offerings as “Kastera-quality homes at Kmart prices.”
He denied that the move comes out of desperation.
“We think because the market is a tough one today we need help with some visibility,” he said. “We want to stimulate the creative juices of the real estate community. I think we’ll get their attention with 82 properties. That’s really the purpose of this. We’re all looking for the next creative marketing approach in a market like this one. I don’t think I’m alone in this scenario.”
Harden said the request for proposal (RFP) method is used frequently in markets outside of Idaho, though more commonly for single projects or subdivisions.
“We decided to aggregate everything to make it a little more noticeable,” he said.
Even though the real estate firm that wins the award will be 100 percent financially responsible for marketing the properties, Harden said DBSI would help with “co-marketing.” He also said the contract will not be open-ended, and Kastera will maintain ownership if the lots are not sold by the deadline.
He said the winning bidder will likely require at least two staff to work full-time selling the properties.
Harden also noted that potential homeowners would have their choice of lots in any of the subdivisions, including Stream View in Star, South Hill in Boise, Caymus Cove in Meridian and Burney Glen in Meridian.
“We think because of the market, custom solutions are the right approach,” he said. “It’s a wonderful opportunity for creative real estate professionals. Who wouldn’t want 82 listings, right? It’s really a realtor’s dream.”
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