Reply to Genz and millennials don't want your small starter homes want forever homes now

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[quote=Anonymous][quote=Anonymous][b]My parent's "starter home" in Leesburg just sold for $990k. [/b] https://www.zillow.com/homedetails/220-Queen-St-NE-Leesburg-VA-20176/12408796_zpid/

They bought it in the 90s for around $140k. They sold it in 2005 after I graduated HS and built a house outside of Richmond.

I live in Leesburg with my own family and noticed the house had a Coming Soon sign when I went to drop off my kid at her friend's house nearby. I looked up the house and couldn't believe it was now going for almost $1mil. A lot of improvements have been made since I lived there as a kid, but still...the house seemed SO small growing up (fam of 5) and it is old (built in the 20s).

As a comparison, an empty lot 1 street over was purchased and had 2 new homes built on it. Each of those homes just sold for just slightly over $1mil. https://www.zillow.com/homedetails/210-Catoctin-Cir-NE-Leesburg-VA-20176/338416888_zpid/ and https://www.zillow.com/homedetails/208-Catoctin-Cir-NE-Leesburg-VA-20176/12408332_zpid/.

If I was on the market, I would not pay almost $1mil for a 1920s house when I could get a new build for ~$50k more.

Starter homes are now condos, really. The pipeline now seems to go apartment (single) > condo (married, no kids) > townhome (married w/ kid) > home (forever home). I know so many people who bought a condo or townhome and lived in them for years before they were able to buy a home, and they have stayed in those homes rather than using them as "starter homes." [/quote]

Arguably this is still in starter home territory.  A dual income couple should be able to afford this. [/quote]

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