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ISSUE #34.04 • NEWS • COLUMN
Rogue of the Week

Roger Pollock


Now is the time to buy. No, really. Trust him.

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BY WW EDITORIAL STAFF | 503-243-2122

[December 5th, 2007]

Roger Pollock , the developer behind Buena Vista Custom Homes, wrote customers Nov. 16 to announce that 248 houses in Buena Vista’s admittedly overbuilt subdivisions from Beaverton to Bend will be auctioned off. The Real Estate Disposition Corporation of Irvine, Calif., will stage the auction the weekend of Dec. 15.

REDC’s advertising blitz—“Must Be Sold!” “Starting From $69,000!”—obscures the fine print, which seems Roguishly tilted to Pollock and REDC. For starters, the auctioneers add a 5 percent premium to the final sale price. Unlike a traditional home sale, buyers must complete all inspections in advance.

And if the winning bid is below a secret minimum price set by Pollock’s company, either the property goes back to auction or the bidder puts up the difference.

“There’s a lot of risk involved,” says Beaverton broker Michelle Berry, who questioned the ethics of the auction terms on her real estate blog, pdxre.blogspot.com. Pollock alluded to the advertising in his letter, which we excerpt (with our translation) below:













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“Dear Current Homeowner,”
(Dear Sucker,)

“Due to conditions which currently exist within the real estate market in Oregon, we have decided to attempt an alternative retail technique…”
(Then the bubble popped. I didn’t know what to do.)

“REDC will use some very aggressive advertising that suggests very low pricing…We anticipate that the actual selling prices will be in-line [sic] with the market.”
(Don’t worry when you see a house just like the one I sold you being advertised for half what you paid, because the real price is way higher.)

“We feel that this is ultimately in your best interest…”
(Now stop bitching.)

“Sincerely,”
(Caveat emptor,)

Roger Pollock.”
(Rogue of the Week.)

Pollock—no stranger to auction halls (see “Not a Pretty Picture,” WW , Jan. 24, 2001)—didn’t respond to messages left with employees.







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woogie  writes on Dec 5th, 2007 9:40am

Any time you buy an item, property included, as an investment, you are subject to market forces.

Buy low, sell high isn't as easy as it sounds.

Do I object to a developer trying to get back their investment and selling off houses at what the market decides is the value of the property. No not at all.

I do object to hidden fees, and reserver prices that are not stated up front.

As for the current owners, well you put it best, "caveat emptor". They took the risk every property buyer does. Right now they are on the loosing side of market forces.

So the ROTW goes to Roger Pollock for a lack of full disclosure on the auction, not for doing what has to be done in this current market.

Jerry_Garcia  writes on Dec 7th, 2007 8:17am

Give Roger a break already

get it right  writes on Dec 8th, 2007 12:52pm

You found out the "hidden fees"? must not have been that hidden if an idiot like yourself found them. Quit trying to bash a good man.

the truth teller  writes on Dec 9th, 2007 2:41pm

Who is the good man you are speaking of? Get a grip, sounds like Roger is playing with a house of cards ready to collapse. It's not good to tick off others in the industry, lie about slashing prices to potential buyers and try another scam for profit. Remember the bronze hawking that didn't turn out so well for the good man. Buyer beware. It will be entertaining to watch the scam unfold and see where he lands. Will it be on his feet or strung by his?

Yep  writes on Dec 10th, 2007 6:38pm

Roger is a Rogue -- for slipping women mickeys. True story. I believe they tried to prosecute him.

zd  writes on Dec 10th, 2007 7:15pm

Buena Vista has been open about the 5% premium. However, they have not been open at all about the reserve prices--at least not in the advertising. I only found out about the reserve prices after calling both the auction organizers and Buena Vista. While they openly disclosed it after being asked, it is pretty roguish to make people thing that the starting bids are real. Another interesting note, the original list prices are not original at all. They were raised before the auction to make the discount seem even greater. Also, never confuse "list price" with "market price." They are too totally different things.

That being said, there is absolutely nothing wrong with the auction itself. It's a perfectly legit way of getting rid of the inventory, as long as one is open and honest.

And please, don't feel sorry for the people who paid full price for the homes. Those idiots are partly responsible for the run-up in housing prices that priced people like me out of the market. I'm glad to see their damn house prices fall.

a fan of prosperity  writes on Dec 13th, 2007 2:52pm

buena vista:roger is doing what other builders will be following. the market is crappy right now and this is a bold move of the company.

as far as people go with their gossip, its pretty pathetic. roger is not affected by negative bloggers but more concerned with making smart business choices. he has a huge heart; he's much more interested in recovery and autistic gain and not all the nonscense being written. (its pretty aparent who has made it her life quest to spread ill)

Gone under twice before  writes on Dec 18th, 2007 5:18pm

This is this guys 3rd house company and he has gone bankrupt 2 times before now he made a ton of money and now he holding on with all he has for fear of going under yet again.

 
get it right  writes on Dec 18th, 2007 6:48pm

when did roger go bankrupt? RMP was sold to drhorton. Not bankrupt

purdy  writes on Dec 24th, 2007 3:24am

GOOD JOB ROGER!!!!! Congratulations on your auction. Would love to hear what your critics have to say now.

Show me the money  writes on Dec 26th, 2007 11:16am

Thank you for the auction results in the media $65 mil, but he lost money? nothing like Rodger's braggin to get all of us he owes money too moving a head on law suits too get payed. creditors are lining up and he will be served. Not a critic but a working class person owed money by him.

Lenny  writes on Feb 8th, 2008 5:13pm

I made the mistake of buying a new home from Buena Vista in 2005. Total dirtbags who don't stand behind their sub-standard work.

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