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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]We purchased a tear down in Arlington in 2008. The lot was a quarter acre on an okay street. We paid $340k. We built a new home with NDI. The site work cost us about $60k, but that was on the low end for site work. The base price of the new house was $220k. We spent about $40k on upgrades, I think. Would have liked to have had another $20-$30k for additional upgrades. So, total cost was about $660,000. We got a four bedroom, three 1/2 bath house with a screened in porch and one-car garage. Granite in kitchen and hardwood floors on the first floor. We specifically chose a design which we thought would not stand out like a sore thumb on the street. We've had a LOT of compliments from people in the neighborhood, so I think we did ok in that regard. Our house is now appraised over $750,000. [/quote] How many SQRFT and which model? $60k seems a bit high, is that because of arlington zoning costs?[/quote]
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