Word: teardowns
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Dates: during 2000-2009
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...reported on the teardown craze in Brentwood Flats, Calif. We live next door to an 11,000-sq.-ft. mansion being built on a 16,000-sq.-ft. lot. The only thing more massive than the structure is the owner...
...does it really make financial sense to destroy one house to build another? In recent years, as the price of residential real estate has rocketed, the answer has often been yes. Today, with the boom losing steam, a teardown is no sure thing. Still, it can prove worthwhile--as long as you're careful. As Peter Miller of Realtytimes.com explains, you need to crunch the numbers to make sure the value of your new home will at least match your purchase, teardown and rebuild costs--plus leave you some compensation: "A typical profit margin should be on the order...
...course, there are other complications with a teardown. You should talk to the local zoning administrator or planning commissioner to see whether there are any restrictions on new construction. It can also be wise to meet with local preservationists. And in the end, make sure that money is not your only motivation. Says Columbia University real estate professor Christopher Mayer: "Look at it as, 'Am I really going to like what I'm building?' Most of the return from the house will ultimately come from living...