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