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COLORADO SPRINGS, COLO. -- A local real estate broker is taking a unique approach to selling a piece of property.

The land is near Academy and North Carefree.

It’s a 6 acre lot ready for commercial development.

But the market is so bad in the Springs right now the owner is taking drastic measures to sell it.

Hoff and Leigh is broker trying to sell the piece of property.

They just slashed a hundred grand off the price.

And in two weeks it'll go even lower.

"Its a great piece of property its 6 acres its flat its got utilities to the site its got oversized sewer lines which is important its ready for development," said Hoff & Leigh owner Tim Leigh.

The owner has had the land for a very long time.

Now he wants to sell it and use the money on a different investment.

But commercial property like this just isn’t selling right now.

"The current commercial market in Colorado Springs has not reached the bottom yet and we foresee continued deterioration of the commercial real estate market," Leigh said.

Even after lowering the price a hundred grand to 850-thousand, there are no takers.

So Hoff and Leigh are getting creative.    

"We are going to lower the price 50 thousand dollars every two weeks until we sell the property," Leigh said.

That means by the end of September the price will be around 650 thousand dollars.

“I think eventually what happens is someone gets greedy and says I better buy that before somebody else buys that," Leigh said.

Tim Leigh won’t say what the minimum price is or if there even is one.

"We are doing something that’s really creative never been done in Colorado Springs," Leigh said.

But Leigh has found a way to get everyone interested in the sale not just real estate investors.

He's started a pool and for ten bucks guess the price the land ultimately sells for and win cash.

“We’re planning on giving 25 percent of the proceeds that we collect to the pikes peal assn of realtors PAC and we're going to give 25 percent of the proceeds that we collect to the united way and so the person that wins the pool will get 50 percent of the money that we collect," Leigh said.       

We are going to keep an eye on the sale and let you how far the price drops.

If you want to get in on the pool call Hoff & Leigh at 719-630-2277 or email Tim Leigh at tim@hoffleigh.com