report<\/a><\/span> by The Wall Street Journal, the trend is driven by a shortage of land in prestigious locations, particularly along coastlines.<\/p>\nFor ultra-wealthy buyers, the prime factor has become the land’s location rather than the structure standing on it. After the acquired properties are flattened, newer, more modern homes are built on the cleared lots.<\/p>\n
Drawing attention to the shift in the luxury real estate market, the report noted:<\/p>\n
“The home itself, formerly the primary driver of an expensive real estate purchase, is now almost beside the point. Buyers are competing first and foremost for well-located land, situated on the ocean or a mountaintop.”<\/p>\n
The newspaper cited moves by US billionaire William Lauder as an example. Lauder purchased the oceanfront estate of radio host Rush Limbaugh, who died in March 2023, for $155 million and had it completely demolished in July.<\/p>\n
Lauder had previously torn down two homes situated on roughly 1.2 hectares of land along the Palm Beach coast. Having initially planned to construct his own residence on the parcel, Lauder subsequently sold the cleared plot for approximately $200 million.<\/p>\n
Jonathan Miller, a real estate appraiser, stated that such transactions are becoming increasingly common as land prices rise.<\/p>\n
Amid this momentum, estate agents have also begun marketing luxury homes directly as teardown lots.<\/p>\n
Listings use artificial intelligence-generated imagery to showcase how the land would look without the structures on it.<\/p>\n
Marketers avoid using the word “demolition” directly, resorting instead to terms such as “adaptive reuse”.<\/p>\n
Teardown listings rise across luxury housing market<\/strong><\/p>\nThe trend is not confined to the coast and is spreading to other regions across the US.<\/p>\n
Data from property brokerage Redfin reveals that references to demolishing buildings are becoming more frequent in sales listings.<\/p>\n
The share of such listings exceeds 15% in the Bunker Hill Village area of Houston, while standing at 6.67% in Pimmit Hills, Virginia.<\/p>\n
Dina Goldenteyer, a real estate agent working in Miami, remarked that serial demolitions have become more frequent because buyers no longer appreciate homes older than a decade.<\/p>\n
Former retail executives Jamie Dooley and Christine Scott spent $3.7 million in 2020 to demolish a seaside home near Destin, Florida.<\/p>\n
Although the couple spent five years building a modern home on the cleared site, they listed the resulting new structure with a demolition condition, citing the fact that no one wanted to buy the property as it stood.<\/p>\n
William Paddock, an employee at the environmental consultancy WAP Sustainability, pointed to the environmental damage caused by this construction cycle.<\/p>\n
Paddock emphasized that tearing down a home of roughly 1,000 square metres and replacing it with a new building of approximately 2,700 square metres generates a carbon footprint equivalent to the annual emissions of an average 250 American households.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Wealthy buyers in the US are tearing down multimillion-dollar homes shortly after purchasing them for hundreds of millions of dollars. According to a report by The Wall Street Journal, the trend is driven by a shortage of land in prestigious locations, particularly along coastlines. For ultra-wealthy buyers, the prime factor has become the land’s location […]<\/p>\n","protected":false},"author":1,"featured_media":17059,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[176],"tags":[22688,22686,2945,17487,22684,22678,22679,2944,11525,22680,22685,22683,7526,821,22687,22681,22682],"class_list":["post-17058","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-america","tag-carbon-footprint","tag-dina-goldenteyer","tag-florida","tag-houston","tag-jonathan-miller","tag-luxury-real-estate","tag-mansion-demolitions","tag-miami","tag-palm-beach","tag-prime-land","tag-redfin","tag-rush-limbaugh","tag-the-wall-street-journal","tag-us","tag-wap-sustainability","tag-waterfront-property","tag-william-lauder"],"yoast_head":"\n
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