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Thursday, Mar 28, 2024
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Internet New homes sold with virtual tours, online bids

Initially Mike Reynolds, president of local homebuilder Reynolds Communities, was apprehensive about selling his new-home community over the Internet.

But his son, 25-year-old Justin, was adamant they try.

“He said: ‘Hey dad, there’s a company in town that does this. Let’s give it a try,'” Reynolds said.

And he’s glad he did.

So far, Reynolds has sold 10 of the 26 luxury homes in the Emerald Point community in Rancho San Diego via Myhomebid.com. The remaining homes are currently up for bid through March 10.

The San Diego-based Web site allows prospective buyers of new homes to take a virtual tour of the homes followed by an online bidding event.

“Today’s buyers want more information prior to purchasing a home,” said Michael von Quilich, CEO of the Myhomebid.com.

The 10 homes sold thus far were sold to pre-approved buyers who elected to buy at the highest bid price possible, Reynolds said. He expects to sell all of the development’s homes.

The median home price for the three- to four-bedroom homes at Emerald Point is $385,000, Reynolds said.

Reynolds Communities pays traditional brokers a 1.5 percent commission per home sold, but with Myhomebid.com Reynolds only pays a 0.5 percent commission, he said.

There are added bonuses for the developer to use the Internet, Reynolds added.

“It’s a great marketing tool,” he said.

One of the first people to buy a home in the Emerald Point community told Reynolds he made the purchase at 10 p.m.

“I thought people would be a little apprehensive about it at first, but it’s turned out great,” Reynolds said.

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