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Is the teardown and rebuild of homes in older neighborhoods adding to or detracting from their value? Suburban exiles tired of interminable commutes are moving into the city at a staggering pace, but are reluctant to downsize their five-bedroom lives into charming city bungalows and ranches. Teardowns and rebuilds are happening all over, but the reviews are mixed.
In Atlanta, the influx of people from the
suburbs into the city is astounding.
According to a late 2006 article, nearly one-quarter of people living in Atlanta suburbs are
thinking of moving into the city.
I was recently driving
around with a friend who is looking to buy a home in the Virginia-Highland
neighborhood of Atlanta.
The area is rich with restaurants,
boutiques and bungalow homes. Instead of
choosing to buy a home and revitalize it, many homebuyers are choosing to teardown
the homes and build much larger homes on the same plot of land.
Some
welcome the “supersize” craze because it increases property
values. On the other hand, some think the high-profile homes
disrupt the city's history and charm, and that the resulting higher taxes are
crushing longtime residents who might lack the ex-suburbanites' big
bucks. And for unlucky residents whose homes sit on a lot unsuitable for
building, the price of their lifelong investment may be worth nothing at
all.
What
do you think? Is the teardown and rebuild approach a good or dangerous
approach for a city?
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I've been doing a partial rehab for the past year in an "urban fringe" suburb, and I can certainly appreciate why some people would like to start from scratch. Closet space is a major issue. People just had less crap back in the 30s when my home was built.
I certainly feel for long-time residents who are being impacted by higher taxes due to gentrification. But all change and progress has its drawbacks.
Unfortunately, here in St. Louis, several new condo developments have been torched by arsonists. There has been a lot of speculation that long-time residents upset over escalating property taxes may be the culprits. Very sad.