"While consumers lined up for deals at the big box stores, one Anchorage entrepreneur hoped to trigger the same frenzy by running an ad in the classifieds. After all, he's selling one of the hottest items this holiday season: an Xbox 360.

In contrast to the scene at big box stores this morning, in the Chugach Foothills neighborhood of East Anchorage, John Reed is waiting for customers.

Reed is sitting in front of his brand-new Xbox 360, the hottest computer electronics item of the season, which went on sale Tuesday. All the stores sold out and it may take months before new ones are in.

Reed was a lucky one, and after seeing the frenzy and supply shortage, he attempted to parlay that luck with an ad in the classifieds. He is selling his Xbox and accessories for a minimum of $1,500.

“We didn't plan it that way, but when it became obvious that we could end up with a free one by flipping this one for twice the price and then waiting for a couple months, well, yeah, we all came together and decided we'd try to do that,” Reed said." [more]