How Teardowns Have Improved Real Estate Prices in Communities Nationwide
Despite the nightmare stories you hear in the realty industry these days, some basic realty rules still maintain their truth. Realtors will tell you the largest contributing factor to the value of a property is location, and that continues to be true despite the burst of the housing bubble. The deluge of properties being put up for auction creates record bottom prices, an ideal realty opportunity for those interested in investing in teardowns. You buy the property for below market value, say a nice piece of property on Martha's Vineyard, for example, tear down the existing property and build a beautiful home. The beauty of it is you can then sell that home for much more, pocketing the difference.
The realty crisis can truly be an opportunity, if you take advantage of the market. Teardowns allow you to get discount prices on prime real estate in communities like Sarasota, FL or Brooklyn, NY, and start fresh with a beautiful new home. Because the property is in a prime location and a brand new home, you're sure to sell the property at a high enough value to quickly make your money back. Indeed, teardowns can be a win-win opportunity, both for the seller as well as the buyer. Everyone gets a good price on a beautiful home, and everyone exits the deal happily satisfied.
The neighbors of teardowns may not be for the idea at first, until they see their property appraised and see what it's done for the neighborhood. Teardowns generally boost housing prices throughout the neighborhood. Cities like Wilmette, IL and Baltimore, MD vastly saw their property values improve when teardowns became popular.
Ask homeowners in Baltimore, MD. They'll tell you the wrecking balls were sad to see at first, but the new housing vastly improved the value of the surrounding neighborhood, even at a time when real estate values were on a decline. In fact, in communities where teardowns are more common, prices have gone up, not down, counteracting the declining trend in real estate. The residents of Martha's Vineyard, MA and Sarasota, FL are certainly glad to have teardowns in the neighborhood, thanks to the boost of housing prices all around.
If you're an investor, teardowns present an ideal market opportunity. Properties have never been cheaper, and teardowns are the perfect way to leverage a high price off a discounted property. Why not make delicious wine from all the sour grapes of the real estate crisis? Beautiful homes get built as property values improve.
The realty crisis can truly be an opportunity, if you take advantage of the market. Teardowns allow you to get discount prices on prime real estate in communities like Sarasota, FL or Brooklyn, NY, and start fresh with a beautiful new home. Because the property is in a prime location and a brand new home, you're sure to sell the property at a high enough value to quickly make your money back. Indeed, teardowns can be a win-win opportunity, both for the seller as well as the buyer. Everyone gets a good price on a beautiful home, and everyone exits the deal happily satisfied.
The neighbors of teardowns may not be for the idea at first, until they see their property appraised and see what it's done for the neighborhood. Teardowns generally boost housing prices throughout the neighborhood. Cities like Wilmette, IL and Baltimore, MD vastly saw their property values improve when teardowns became popular.
Ask homeowners in Baltimore, MD. They'll tell you the wrecking balls were sad to see at first, but the new housing vastly improved the value of the surrounding neighborhood, even at a time when real estate values were on a decline. In fact, in communities where teardowns are more common, prices have gone up, not down, counteracting the declining trend in real estate. The residents of Martha's Vineyard, MA and Sarasota, FL are certainly glad to have teardowns in the neighborhood, thanks to the boost of housing prices all around.
If you're an investor, teardowns present an ideal market opportunity. Properties have never been cheaper, and teardowns are the perfect way to leverage a high price off a discounted property. Why not make delicious wine from all the sour grapes of the real estate crisis? Beautiful homes get built as property values improve.
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