Million dollar teardown in McLean

[Anonymous]

Anonymous wrote:We bought a teardown in mclean for $1.2M. The home had almost 4000sqft, 3 car garage, all brick, was actually a pretty nice home.

Since then three other neighbor homes have been sold for about $1.1-$1.2M and torn down as well. Huge >$3M homes are going up.

Happens all the time in this area.

Benjamin St?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We bought a teardown in mclean for $1.2M. The home had almost 4000sqft, 3 car garage, all brick, was actually a pretty nice home.

Since then three other neighbor homes have been sold for about $1.1-$1.2M and torn down as well. Huge >$3M homes are going up.

Happens all the time in this area.

Benjamin St?

Oh I wish. Sadly, No.

[Anonymous]

If the land is big enough, and the neighborhood warrants it, it makes sense. If it is a cut through neighborhood with small lots and no trees, your premium will cap very quickly; so people with money will look elsewhere. Everyone I know who has a new house over $3m has paid cash for it. Some neighborhoods are worth more than others.