Sounds like 2 “new” couples on our cul de sac, who bought homes during the bidding wars and bought at the new temporary high.
They immediately had high end construction ripping out older areas of these homes and rebuilding to new specs including new minimums of retro to meet increased and just to fulfill their dreams of what a home should be.
During that time, our contractor was doing our annual keep up our home to keep it liveable.
On one of his visits, he commented about the new owners on the home next us being ripped up and redone. There were 7 big company pickups with at about 2 construction workers per truck, so 10-14 workers and the super were on the site daily for about 3 months. He estimated the workers were getting a minimum of $40-$50/hour.
Meanwhile, the cost of building materials was setting record at least weekly if not daily.
Since then, the estimated value of that home has dropped several hundred thousand $’s since it was bought.
They just had a new 1400’ 2nd floor family/rec room built above and between the carport and their kitchen.
Now, we are seeing a rebirth of family home compounds on the larger lots, throughout our areas. Re family, I mean the pre approved Mother/Mother in law dwelling/s and individual families behind locked gates.
Hey Grampa, good to “see” you. Sounds like your neighbors are in the for long haul. I give them credit for trying, you may get to see how they come out since real estate sales are public record.