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Aging Home Neighborhood-h&b Use Is To Demolish

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Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Wife is working in a neighborhood where homes were built between the 20's and 50's. There are sales showing that the H&B use is to demolish and build new. Existing homes are selling for the same or less price as vacant lots, and lower priced homes are ripe for demo. Example is a home on 2 lots that sold for $465,000, home demolished, lots new selling for $400K each. What makes this possible is that there are no historical or other restrictions to prohibit tear-downs. Home prices are going to follow, I expect.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Nice profit for a scrape and flip deal if they can get it. :shrug:

We have hoods like that. Go to look at that comp sold for $700 or a Mil, and it's gone. :peace:
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Nice profit for a scrape and flip deal if they can get it. :shrug:

We have hoods like that. Go to look at that comp sold for $700 or a Mil, and it's gone. :peace:

In MA those neighborhoods are named Wellesley and Weston!!!!
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Too many to list in this county. :sick:
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
Be very careful when appraising properties which seem to be tear down candidates. In some areas zoning changes have made the lots unbuildable and a buyer who foolishly tears down an existing structure may be stuck with a vacant lot! Properties such as these can be redeveloped only if the owner knows how to obtain permits for construction before demolition.
 

residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
It'll probably have an interim use...don't just go to raze for land.
 

miktay

Senior Member
Joined
Jul 3, 2007
Professional Status
Certified Residential Appraiser
State
Texas
Nice profit for a scrape and flip deal if they can get it. :shrug:

We have hoods like that. Go to look at that comp sold for $700 or a Mil, and it's gone. :peace:

Two days later, email from AMC states: "please include correct comp photo, with the house attached to the land".
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
Had one today comps were from $3.2 to about $3.8M.
Wouldn't you know one of them was scraped. ;)

Wonder what they plan to build in Santa Monica north of Montana.
Every other block seemed to have a major construction job going on.
I guess they will build a SFR just as big as the city will allow. :dancefool:
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
guess they will build a SFR just as big as the city will allow
A monument to their personal greatness...
by one measure that might mean how many selfies they take in a day.
 

techbiker

Sophomore Member
Joined
Dec 4, 2015
Professional Status
General Public
State
Texas
Be very careful when appraising properties which seem to be tear down candidates. In some areas zoning changes have made the lots unbuildable and a buyer who foolishly tears down an existing structure may be stuck with a vacant lot! Properties such as these can be redeveloped only if the owner knows how to obtain permits for construction before demolition.

I believe that's a regulatory taking. My understanding is there is a generally-recognized right to develop in the US.

If the demolition permit was properly issued, I can't imagine any zoning board getting away with a prohibition on all development. Now, that doesn't mean P+Z won't put up roadblocks. This isn't in a floodplain or wetlands right?
 
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