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Real Estate
Reply to "How do teardowns work, and do they really 'work'?"
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[quote=Anonymous][quote=Anonymous] Related topic. What about the 50's ones that have been expanded? Some of them look somewhat unsuccessful aesthetically.[/quote] This is where it gets complicated, because the structure value goes up then. I live in a Bethesda neighborhood with lots of teardowns. If it's the original 50's house, then it will sell for $500-700k and get torn down. However, if it was expanded, it may be more like $800-900k. So the structure is more valuable, and the teardown economics don't work as well. My parents' house is in this category. They did a tasteful (used an architect) expansion of their 50's house and I think it's worth $900k these days. At that rate, a buyer will be buying for the house, not the land, since it's too costly to make it work as a teardown.[/quote]
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