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[quote=Anonymous]I'd love to hear the input from DCUMs savvy about real estate, including any realtors there--plus anyone with a neighborhood that has teardowns in it.....:

Background: I've been driving through some locations that look good according to the map (e.g., close in, not too far from metro, etc), but are filled with houses that are all of the same unappealing style...early 50s, brick, small (I'm supposing that this is due to a post-war population/building boom). I say 'unappealing' because the houses are often not in good repair, or are very small, very plain, etc. No curb appeal for me personally. In some other places I've looked, the  neighborhood will be great, but a house on the market will be priced below average because it's not up to par (in looks, condition, etc) with the others around it. This has me wondering about the teardown concept that I see happening in some places (e.g north bethesda, e. bethesda). I'm starting to consider this option.

My questions are:
1. How does a tear-down work financially-speaking? If a house is in a neighborhood with $1m plus homes in the vicinity, what is a reasonable price to pay for the one you'd be tearing down? or for an empty lot? (and how long do new houses take to build?). I saw an earlier thread that touched on this but would like to know the specifics of what to expect for the financial side.
2. The aesthetic issue. If you lived in one, would it bother you to have all the other ones in the neighborhood be of a different, older, less appealing style? Or if you lived next to one, would it be annoying to have a new one stick out....or is it likely that over time, many of the old ones will be torn down as well, and it's a matter of waiting it out?

Interested in any thoughts about this. I'd ideally be looking for something $800-$1 mil but that doesn't seem to buy you very much when you're looking close in.[/quote]

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