Teardowns Becoming more popular
The National Association of Home Builders estimates that nearly 8% of all the single-family housing starts in 2015 were from teardown-related construction. That equates to about 55,000 homes in 2015. In 2014, about 31,800 single-family homes were torn down, NAHB estimates.
Barry Sulphor, a real estate professional in Los Angeles, says he’s noticed an increase in clients who ask him about tearing down a property to build new. He recently sold a $1.35 million lot to a builder who intends to build a new house there that will be nearly $4 million in price when completed. Another home he recently sold for $2.15 million to a retired couple was torn down because the couple said they “love the creativity of working with architects to development luxury beach properties,” Sulphor says. The couple plans to build a new place that’ll be estimated at $5 million when completed.
However some buyers who plan to teardown can meet resistance. Sulphor says it’s important for buyers to make absolute certain the current condition of the home can’t be salvaged before considering a teardown. Preservationists may fight back.
The National Trust for Historic Preservations has called teardowns a growing “epidemic” that is “wiping out historic neighborhoods one house at a time. As older homes are demolished and replaced with dramatically larger, out-of-scale new structures, the historic character of the existing neighborhood is changed forever.”
Builders have argued that news houses can “breathe new life into older communities.”
Take a look at a few of the most recent homes that came on the market here in the Tampa Area.
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$225,000-
Lot Size5,663 sqft
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Home Size660 sqft
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Beds2 Beds
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Baths1 Bath
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Year Built1959
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Days on Market2
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$469,900-
Lot Size2,614 sqft
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Home Size1,792 sqft
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Beds3 Beds
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Baths3 Baths
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Year Built2005
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Days on Market2
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$549,500-
Lot Size5,663 sqft
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Home Size1,626 sqft
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Beds3 Beds
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Baths2 Baths
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Year Built1990
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Days on Market1
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$995,000-
Lot Size
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Home Size1,914 sqft
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Beds2 Beds
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Baths2 Baths
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Year Built1926
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Days on Market1
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(all data current as of
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Listing information deemed reliable but not guaranteed. Read full disclaimer.