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In my area there's several blocks of houses built in the 1940s-1950s, most of them squat bungalows 800-900 sq ft, 1 bath, 2 br. When I was house shopping in 2016-2017 it was possible to buy something dated but livable for around $90K-$110K. The homes' condition ranged from decent to various stages of dilapidation. This weekend, a woman had a yard sale which I visited, in her junk yard.
These old homes are walkable to the fun, historical parts, which I agree is worth a lot to some people.
Now I see these older homes being totally renovated and some replaced by newer builds. One new home will be filling a large empty lot. It'll be over 2,200 sq ft and cost around $400K. The visualization sketch has a two car garage and elaborate landscaping. The new build backs up to a weedy alley, and a mobile home park is a few blocks away.
If I were getting a new house built here I'd not want anything more than 1,200 sq. ft with a low key design that blends in.
Will this big, new house have a lot of appeal to buyers, considering the state of neighboring homes?
Will this big, new house have a lot of appeal to buyers, considering the state of neighboring homes?
It depends on the overall gentrification trend of the neighborhood.
Our neighborhood of Berkeley in Denver was a Latino gang infested neighborhood in the 1970s-early 1990s.
Then, in 2000, a few houses (100 years old, crappy construction) were replaced with larger new builds.
Since 2010, everything has changed.
Today, scrapers are being sold for $600K and being replaced by duplexes with each side selling for $1M.
The local elementary school is now 90% Anglo for its next pre-K class.
Why is this happening?
Because people love living near the old street car shopping district.
There are 5 breweries within 6 blocks of our house.
There are 46 eating/drinking establishments within 6 blocks.
There are 4 supermarkets within 1km.
Quote:
Originally Posted by manekeniko
If I were getting a new house built here I'd not want anything more than 1,200 sq. ft
Not going to happen—builders will build the largest house allowed by zoning. It is about maximizing profits.
That very thing has been happening in St Petersburg, fl.
It's the value of the land in that case. Land is much more expensive now that buying an old home and demolishing it makes more financial sense than fixing an older, smaller home - especially since lots of them had no garage or just a 1 car garage (often already converted into living space).
That very thing has been happening in St Petersburg, fl.
It's the value of the land in that case. Land is much more expensive now that buying an old home and demolishing it makes more financial sense than fixing an older, smaller home - especially since lots of them had no garage or just a 1 car garage (often already converted into living space).
We have a combination in my neighborhood, which is a mish mash. Some people prefer older homes. I bought the older one and kept it. My neighbor across the street got his home for super cheap and is going to add on a 2-car garage and do some other stuff to home. I think the guy behind him is also going to do an addition. All of us have relatively large lots with room to put on additions or expand the garage easily.
We do have tear downs, it just depends on what the person wants. FWIW, there are regulations that can make true tear downs unappealing for a variety of reasons. It may be taxes or other regulations that come into play with “new” construction but are not applicable when you do an addition or renovate. I think both in my old town and current place, there were some people who do the renovations because it was cost effective to do so.
Cookie cutter homes?. Even if it's all in a victorian, cabin, bungalow,modern styles....are still cookie cutter. Uniformity is not why a person buys a property to reside.
My putting a 1957 Chevy might look bizarre on a Maserati car lot.
The Chevy value hasn't changed.
I like variety in neighborhoods. Minus the. Ghetto , broken windows, broken porches.
It’s been happening in Nashville since about 2015 and now pretty much the urban core of the city is cookie cutters same, with three story tall and skinny duplexes. Most of these look like crap and are not built all that well. It’s pretty much ruined most neighborhoods they are built in and in doing so, driven out long time residents who can’t afford to live there now.
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