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Would you demolish a small house to build a bigger one?

Discussion in 'News & Current Events' started by Salty, Jun 3, 2011.

  1. Salty

    Salty 20,000 Posts Club
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  2. Benjamin

    Benjamin Well-Known Member

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    [​IMG] If I did I would leave one wall standing and call it a remodel for tax purposes.
     
  3. Thousand Hills

    Thousand Hills Active Member

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    Not sure if it was the case in this situation, but there is a principle in real estate called Highest and Best Use. Criteria such as physically possible, legally permissible, financially feasible, and maximally productive are considered.

    Basic example, you have a older home on corner lot on a busy arterial. You could still physically, legally, and financially use it as is, but its not maximally productive when the house could be torn down and the lot redeveloped with a branch bank, Walgreen's, C-store, etc. The underlying land if vacant is worth more than what income could be generated renting or selling the house for residential use. In other words if the lot was vacant would you still replicate the existing improvements on it.

    Essentially, the market determines what is maximally productive, and in this case, while it sounds silly to most of us, a 6,000 SF mansion must not have cut it.
     
  4. billwald

    billwald New Member

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    Happens all the time. Couple of years ago someone paid a couple million for a house so he could tear it down and rebuild in the lot. God isn't making more waterfront real estate. If the oceans warm up God will be removing waterfront from the inventory.
     
  5. annsni

    annsni Administrator
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    I'm on Long Island (as is this tear down) and it's really not that uncommon from what I've seen although most do as Benjamin says and keep one corner wall so that it becomes a remodel. In our town, if you do not double your square footage or more, you can take your tax increase and phase it in over 9 years. With taxes very high, that makes a big difference. For example, our taxes without exemptions would be around $16,000 a year. If we were to expand our house, let's say the taxes would jump to $24,000. So we could take the $8,000 increase and only increase our taxes under $1000 a year for 9 years. It's a great deal!
     
  6. revmwc

    revmwc Well-Known Member

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    Bible says the waters are going to warm from a sensor being hurled into it in judgement.

    Since global warming is being proven a lie from Al Gore and friends then the biblical judgement is the only thing that will warm the water that much.
     
  7. preachinjesus

    preachinjesus Well-Known Member

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    Saw this kind of thing a lot in the community we used to live in. If they have the money then they can make these decisions.

    There are some home owners that would buy two lots, bring down both houses, and build a rather large one in their place. While the OP might be a little bit extreme I'm not really surprised. It's part of the nature of living in America. We don't value things that are older or not exactly like we want them.
     
  8. Benjamin

    Benjamin Well-Known Member

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    The old house probably cost less than 1-2 mil to build so was only a small % of the value of the property. I would estimate the high side of building a very nice custom 12,000sf home would be 6-10 mil. It's all about the location.
     
  9. Gina B

    Gina B Active Member

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    Where does it say that?

    I thought global warming was what it said. That the sun would grow hotter. Never heard of a sensor being thrown into it. Are you making a joke or being serious?
     
  10. hillclimber1

    hillclimber1 Active Member

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    A guy (A Christadelphian, not that it matters) I used to work with started with a very small mobile home, and built a 4 bedroom 3 bath home around it, in about 1970. Nothing visible is left of the mobile home, but on the tax roles it still is one today.
     
  11. Eric B

    Eric B Active Member

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    I see this all over the city, including in row buildings.
    It looks like they're renovating an old building, and giving it a nice new steel frame and adding floors. But then, they remove the entire front, and put an entirely new one, so that it's mostly a new building. The clue is that the new frame is usually not to scale with the floors, so the new floors don't line up with the old windows.

    Figured it must have been to consider it a remodel, though I didn't know what the benefit was.
     
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