Whether a prime, two acre property in Greenwich, Connecticut, or inner city bungalow in Chicago; these property types are still clearing the market at the value of their land
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Clarendon Hills, IL (PRWEB) March 12, 2010
“Home sellers, whether reluctant owners such as banks or long-term prideful homeowners, are finding buyers unwilling to pay a ‘premium’ for homes that need work or have become obsolete through deterioration, neglect, deferred maintenance or are simply architecturally out of favor. Sound familiar?” asks Brian Hickey, President of http://www.teardowns.com, a marketing firm and brokerage specializing in this sector of the market.
Today's buyer wants to know what the land is worth before entering into negotiations. "The traditional home buyer is reluctant to pay more than the replacement cost or land-value for older homes that need substantial updating or total renovation," says Carrie Kenna of Re/Max Elite and owner of Kenna Builders, in Hinsdale, Illinois.
Additionally, foreclosures and abandoned housing has left many once marketable homes saddled with irreversible mold and structural damage, opening up a whole new category of teardown properties. “Whether a prime, two acre property in Greenwich, Connecticut, or inner city bungalow in Chicago; these property types are still clearing the market at the value of their land,” says Hickey.
Regardless of what the future holds or state of the current economy, the amenity and home preference wave has gone over the crest. The 50’s ranch and 60’s split-level are not the dream homes of the new millennium. While not every community shares the same economics, those neighborhoods that rode the high wave of the real estate housing bubble are still in redevelopment mode. Though the pace has changed, the essence of the transaction remains very much the same.
teardowns.com was founded in 2001 to satisfy the unmet needs of homeowners whose property value was in the land. teardowns.com is a stand-alone marketplace for consumers, brokerage and marketing tool for real estate professionals. The Company licenses (http://www.teardowns.com/agent_program) its national brand, systems and marketing programs to traditional local agents and brokers throughout the U.S.
Brian S. Hickey