Again, why is that a tear down?
No respect for history...
In my experience the craftsmanship and quality of materials used during the 1920's is way better than what it is now.
Because you can buy that house for $650,000. Spent $12,000 to tear down the existing structure. Spend $300,000 on a new structure on the lot. Sell new home for $1,400,000. You just made $438,000 for your efforts minus real estate commissions and taxes..
In the case of my own house. A developer would buy it for $850,000. Spend $12,000 to tear down my house. Spend another $10,000 to do a minor subdivision because I have a double sized lot. Spend $600,000 to build two new homes on my lot. Each house would sell for $1,200,000. You just made $928,000 for your efforts minus real estate commissions and taxes.
The demand for houses at the beach is insane and there is no more vacant land. People with lots of money want new beach houses not old ones. Developers will gladly buy up older homes tear the house down build new and turn a big profit. Its an entire industry here. Not saying I agree with it but that's the reality and the math of it. I get contacted regularly by developers and realtors wanting to do that with my property. They will even split my lot in two and give me one of the new houses for free......which is exactly what my next door neighbor did. Someday I may do that. Someday I may develop it myself. Someday I may cash out and walk away.
Here is exactly what you can put
two of on my lot if you tear down my house. Honestly, I'd rather have my 60s split level sitting on a big lot with a fenced in yard for my dog and the 6 nice sized trees I have on my property. But I could rip it all out and build two of these and make bank.
Zestimate® Home Value: $1,150,000. 729 Bay Ave, Ocean City, NJ is a single family home that contains 1,637 sq ft and was built in 2021. It contains 4 bedrooms and 4 bathrooms. The Zestimate for this house is $1,190,700, which has increased by $21,400 in the last 30 days. The Rent Zestimate...
www.zillow.com