In another thread I mentioned that developers in my neighborhood now sometimes buy charming older houses and tear them down to build big ones. This is in contrast to prior years where they’d buy cheaper homes in poor condition or that lacked appeal to build infill housing.
This isn’t either the house I was talking about or my neighborhood, but it illustrates how hot the market is right now. This is the next neighborhood over, and the house isn’t nearly as cute as the one I was talking about and the house looks like it may need work. This tear down is selling for $1.9M. It was purchased in 2010 for $325k!
Seems way too bubbly here right now. Doesn’t seem like this recent appreciation is sustainable. Rents are also going nuts too.
Jeez, $1.9M for a quarter of an acre. And it comes with the chore of tearing down the existing home.
My eldest bought a house in waterloo about a year and a half ago for 507k. Similar house up the street just went for almost 1mm.
They’re pushing 2mm in my neighbourhood now.
I can remember ~25 years ago, Ladue and Town & Country [where “old money” resides in the St. Louis area], people were buying houses for $3 million, $5 million, $8 million purely to tear them down to have room to expand their own already huge houses. People thought that was nuts and were incensed that multi-multi millionaires would throw their money around doing stuff like that.
2 more correct answers, and you’ll have the clean sweep of the category. Right now, you control the board, make a selection.
I’d mention Vancouver house prices but DTNF has already guessed Canada in this category.
Vancouver Washington - my son was outbid on 3 houses when he only offered the asking price.
Yes, the bidding wars have become an epidemic.
Wait, listed at $1.45M and sold over $1.9M? AND it’s in Canada!
Bidding wars are pretty typical here now, as are places selling for over list price.
The bidding wars are only getting worse. There’s literally like 0 inventory where I am. I wouldn’t be surprised if people start offering double what’s listed