They’re back: Teardowns again becoming popular
WASHINGTON – Aug. 2, 2016 – More builders and private individuals are turning to teardowns to open up lots. They’re eyeing aging homes to demolish and replace with a modern house that they believe will be more appealing to today’s homebuyers. In Houston, the teardown trend is especially evident. Permits for teardowns have climbed 22 percent in Houston this year alone.
The National Association of Home Builders (NAHB) estimates that nearly 8 percent of all 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 home to build new. He recently sold a $1.35 million lot to a builder who plans 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 design luxury beach properties,” Sulphor says. The couple plans to build a new place that will be estimated at $5 million when completed.
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