Prospective buyers camp out to snag lots

Lots are selling so fast in one of the hottest U.S. markets that home seekers are pitching tents to make sure they’re first on the scene.

How hot is one of the hottest markets in the U.S.? Prospective buyers are camping out to get first dibs on lots.

More than two dozen people slept in tents or their cars Sept. 28 to get first dibs on home sites in McKinney, Texas, according to a report from NBC 5, a Dallas television station. McKinney, a Dallas suburb, was named Money Magazine’s “Best Place to Live” in 2014.

“We’re doing it because we want premium lots here, and it’s first come, first served,” prospective buyer Mike Russek told NBC 5.

The lots will be sold as part of McKinney’s Prestwyk development. Developers are giving the first 10 buyers upgrades worth about $3,000, but many of those camping told NBC 5 they didn’t necessarily care about the incentives.

“I'm camping out not because of the upgrades for the home you buy, but because of the lot they're giving,” said Sree Annavarapu, who is six months pregnant and camped out all night. “It's a corner lot. I already have it picked out; I don't want anyone to take it.”

There were 83 home sites available as of Tuesday morning, but lots – and finished homes – go fast in this red-hot market.

“I recently wrote an offer on a house that had been on the market for less than 12 hours. There were 22 offers on the home,” real estate agent Connie Durnal told NBC 5. “They fly off the shelves.”

MPA

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