Reply to How do teardowns work, and do they really 'work'?

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[quote=Anonymous][quote=Anonymous]The smart move IMO is to have one of the smaller houses in an area full of higher priced ones rather than build a $1.5M teardown-replacement in a neigbhorhood full of modest houses.

The big houses stick out like a sore thumb, look out of scale, etc., and are just a total turn off to us.

[/quote]

But eventually when the whole street has turned over (as ours has in Bethesda, but for the lone small, ugly split level from the 1950s that doesn't look ANYTHING like those nice Palm Spring mid-centuries), the street looks very nice and uniform again.  It's the in-between stage that looks awkward.  Ours was the first new house on the block and I didn't want to buy it because of that, but now it's an entirely different neighborhood.  Went from old folks with no kids, to tons of families with kids.

And yes, there are hold-outs who are upset that they didn't sell during the boom.  The highest price paid for a tear-down on my street was 1 mil.  They sell for 200 to 300K less than that now.  [/quote]

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