John and Anthony Discuss the Increase in House Teardowns in the Boston Area
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Related blog post: Are Teardowns Good for the Real Estate Market?
If you’re in the market for a new house, or new construction, you might be in luck, some towns are reportedly seeing a spike in teardown permits meaning older homes are being torn down to make room for some modern new houses. So here with us are our real estate experts John McGeough and Anthony Lamacchia of Lamacchia Realty , so what’s with the upswing in teardowns?
Well we’re seeing definitely a pickup in new construction in certain communities right outside of Boston and that’s a good thing a lot of times in a down market the first things to go is land and new construction so we’re very optimistic that we’re seeing this pickup and we’re hoping it generates or pulls us out of this slump we’ve been in with housing.
Any particular areas where we’re seeing this? Is it more affluent areas, you would imagine folks who are tearing down houses to build some new ones would have money to do it with.
Yes definitely more densely populated areas, more affluent areas as you say, some of the towns we’re seeing this are Wellesley, Needham, and the reason for it is there not building more land anywhere, no one is building more of it! So if you have a house in a neighborhood that is usually beat up and it needs to be taken down and you build a new one that’s when it makes sense to so it.
I mean obviously especially here in New England we’re known for older homes, but for people who like the charm maybe a new home is not not an option, there’s a lot of advantages to owning a new home.
A ton of them. I mean there’s efficiency–you’re spending more but you’re making that up in lower energy costs, and you know getting what you want, you don’t have to constantly be renovating or changing things so there’s definitely tons of pluses to new construction, but it comes with a premium but you definitely get what you want.
It’s also great for the neighborhood. One of the things that almost always happens every time when a builder comes in buys a property that needs to be taken down to be rebuilt a lot of times the neighbors are up in arms, “We don’t want a new house, we don’t want another McMansion,” and then when it’s done they say, “Wow I gotta admit it looks nice.” It does wonders for the value of the whole neighborhood.
So fo folks who might not be involved in the buying or selling of this it’s a good thing.
It’s something that neighbors should keep in mind: if you’ve got a beautiful street with all nice houses it and then one house that’s not in such good shape and builders don’t usually take down nice houses, that’s unusual, and one house that’s not in such good shape, it gets taken down and they put up a brand new home that’s a great thing for the neighborhood.
It’s good for a lot of people. Let’s say you’re on the selling side of this, and you have a house that’s somewhere in between: and you don’t know whether to upgrade or advertise the house as a teardown, any advice for those folks?
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