When Bad Things Happen To Good Houses

Jon Real Estate Leave a Comment

When I first came upon this tear-down-in-progress, the phrase “”When Bad Things Happen To Good Houses””.  Upon reflection, I thought that the inverse might be more appropriate: “”When Good Things Happen To Bad Houses”” popped in to my mind.

I’m not really sure which applies.

I do know this:  the buyer of this Morningside home secured the privilege of tearing it down for $410,000.  They purchased it almost a year ago- if they were closing on it today, they’d probably be paying an additional $50,000 for the opportunity.

They’ll build something big on it- probably 5 bedrooms with a basement.  Even without much of a backyard, they’ll list it for $1.3 million. Once the eventual buyer is finished with upgrades, they’ll end up buying it for an additional $50,000.

The intown housing market- particularly in areas where residents feel confident about their public schools- is quite healthy.

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