Those putting off purchasing a home because of the hit they would take from property taxes and home insurance may want to get their checkbooks ready.

Gibraltar Homes will pay the homeowners dues, property taxes and homeowners insurance for two years if buyers sign a contract before Dec. 31 on one of five move-in ready homes.

The homes are located in the Bougainvillea Place neighborhood, located off 60th Avenue East in Ellenton. Bougainvillea Place is about 500 yards north of Prime Outlets Ellenton on the opposite side of the road.

"We're trying to give a buyer every reason in the world to buy a home right now," said Albert Sanchez, a principal with Gibraltar.

Home prices in Bougainvillea Place have already fallen about $50,000 from where they started when the community first started writing contracts in late 2005.

"We're seeing prices we haven't seen since 1999 or 2000," Sanchez said.

The latest incentive Gibraltar is offering means about a 27 percent to 28 percent savings over the already reduced prices seen at this time last year, Sanchez said.

While builders have reported more interested buyers touring model homes in the last few months, many buyers are still reluctant as they wait to see how much lower the market will go.

"We feel like there is a momentum in the marketplace right now," Sanchez said. "There might not be a tremendous pick up in prices but we think there will be a pick up in sales velocity."

Gibraltar isn't the only local builder offering extreme savings.

"We had a $358,000 townhome sell for $150,000," said Ashley Herweg, spokeswoman for Neal Communities. "Builders are selling but if they are, they are losing money."

Even if it means offering homes at prices not seen for nearly eight years and losing a bit of money, builders like Gibraltar and Neal Communities are doing it in hopes of putting a dent in the county's excess inventory.

There were 5,282 homes on the market in Manatee County last month, according to Manatee Multiple Listing Service, about a three percent reduction from October.

Real estate experts would like to see the inventory of homes for sale cut in half.Melissa Followell, Herald reporter, can be reached at 708-7920.

Gibraltar Homes offering to pay dues, taxes, insurance for 2 years if bought before Dec. 31.