“The real estate was worth more than the existing homes.”
And there you have it. Here in Northern Westchester county NY I routinely saw properties bought with beautiful houses on them only to be torn down and new custom built homes erected in their place. The land was worth more than the house.
The house in which I currently live needs new electrical wiring, plumbing, dry wall, roof, etc. - it was thrown up quickly after WW II.
According to Zillow, it lists for between $650-750,000 — because the land is valuable. The lot the house sits on is large. When these old houses sell, 90% of them are torn down and a new house built (we have some anti-McMansion laws here). We’ve already sunk at least $50,000 into the house and that barely covers the upgrades/repairs — no more.
DH and I are getting near retirement and I want to leave this area - it’s far too hot for me here.