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Really not enough info here for us to know whether there was a defect in the house that made it not worth repairing (a lot can happen in two years with bad renters!) or whether the land has been purchased by someone who wants to do something entirely different.
They loved the lot but hated the house and making it into what they wanted cost more than tearing it down and rebuilding. What the house was "worth" doesn't really matter if they have the $$.
Yes it is. I can see the house being torn down right now. I know that land values around here are up and the area very desirable but I cant grasp the economic reason. Another house near by with the same age and built by the same builder in 1951 was not torn down but renovated and increased in size recent then flipped for about a 50% increase in the flippers buying price. I understand this much , starting from scratch I dont.. thanks
Three years ago a house near me sold for almost 300k. Now I see that the owners who have rented it out for the past two years are having it demolished. There hasn't been a fire or flood or earthquake etc that would make it necessary yet they are bulldozing it down. Public records show the land value is 150k. Why would they do it? Thanks
There could be hundreds of reasons maybe it had bad foundation problems that would cost more to fix that what was worth it. Maybe they had termites that were turning the walls into sawdust.
Maybe they bought it to rent out a few years as a teardown to rebuild later. A land value of $150K with a house value of $150K seems low. So land is expensive there why have a junky house?
Thanks for helping. We plan to sell our home soon and last year a real estate agent we were interviewing told us that because our older home needed a serious fix up we could not expect a price close to the 300 k the demo house had sold for. This appears NOT to be the case now...thanks again
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