Timing is the key. They did bad timing all around. They built when prices for raw materials was at its peak.
The problem is they built a luxury home with a 1,200 square foot living room but only have three small bedrooms and two bathrooms.
Their reasoning is the next buyer can just remodel it to their desires.
If you’re spending $1,000,000 for a house you’d expect more beds and baths than that. Remodeling the house to make it normal for its size is a real turn off.
And most people don’t want to pay extra to have a space for a Greyhound Bus.
Well I know it’s counter intuitive but depending on the market abs what $1000000 means to it, they may have a point.
If it’s just a high dollar market and $1M just gets you a decent home, buyers won’t want to be remodeling. But if it $1M is high high dollar, folks in that sphere often expect to spent a lot more after they buy to “make it what they want”
Counter intuitive, but it’s true. The Uber wealthy live in a different world than most everyone else
People who are seriously wealthy want their own Xanadu, not someone else’s. Here in southern Maryland teardowns are common.