Houston couple holding essay contest for $400,000 home

[UrbScotty]

...but the entry fee is $150.

You may remember a story we reported in March, about the Center Lovell Inn and Restaurant in Lovell, Maine. The innkeeper, Janice Sage, wanted to retire, so she held an essay contest to find the most deserving successor. She charged $125 per entry in the hope of taking in the property's estimated value. That contest stopped accepting entries a week ago, but the results aren't in yet. It was a neat idea and attracted a lot of attention, including from Houston real estate agent Michael Wachs and his wife, Stephanie.

Inspired by Janice Sage, they decided to sell their home the same way. Their contest, which just went live on 150house.com, is almost exactly the same. The entry fee is slightly higher, $150, but they're also asking for anonymous essays of 200 words or less. The biggest difference is the property: instead of a 210-year old 10-bedroom bed & breakfast in rural Maine, this is a cute two-bedroom home in Houston's trendy Sunset Heights neighborhood. Located at 213 E. 23rd Street, it's across the street from a park, within walking distance of shops and restaurants, and minutes from downtown Houston. Built in 1920 but recently renovated, the 5,300 square foot home contains hardwood floors and a two-car garage. Best of all, it comes with a mold remediation certificate! The property was recently appraised at almost $400,000, and it could be yours for only $150. That is, if you have a way with words.

[NYC_SKP]

1. It is not a 5,300 square foot home. It's a two bedroom one bath 1,056 square foot home.

Probably on a 5,300 square foot lot.

[PoindexterOglethorpe]

3. Interesting concept.

But I expect every bit of the money they take in on the entry fees will be taxed as ordinary income, rather than however the profit they'd make by selling the house the regular way. You know, where the original cost and at least some of the improvements over the years aren't taxed.

More to the point, the house was put on the market this way in May, 2015. Wonder what happened.