Yesterday, we saw the first signs that the house in our neighborhood that was recently sold is about to disappear and be replaced by a newer, much more expensive model. The water line was dug up and capped off.
The house sold for about $466K. Assuming that it will cost between $250K to $300K to build the new house, the selling price will probably be in the neighborhood of $1M.
Most of the houses in the town we live in were built in the late 1950s/early 1960s, so I guess itís not too surprising that they are gradually being torn down and replaced. What constantly amazes me though is that there is no shortage of people around here that can afford to buy the new houses. Or maybe they canít as evidenced by the monumental collapse of the housing market a few years back!
Stay tuned for more on this latest suburban renewal project.