I am curious if your questions were answered? A lot of wisdom was shared from all of my colleagues but I wanted to circle back and insure that we had answered back with enough information. If you still have further concerns or questions, we would all be happy to weigh in again! Let us know! You can reach me directly at 925-708-0008.
I agree with many of my colleagues remarks below, but would like to add a few extra pieces. A lot of what people are doing depends on the area of town. For example, I just had some clients buy a complete fixer in Rudgear Meadows. The "bones" were still good, so they kept the structure, but gutted it down to the studs and remodeled from there. They did this for a couple of reasons - 1) The neighborhood CC&R's were pretty restrictive and would not allow them to do too much in terms of moving structural walls, etc. 2) Since the structure was still in good condition, it was more cost effective to just remodel 3) The lengthy permitting/approval process with the city was something they did not want to deal with.
Having said all of this, if the property isn't located in a neighborhood with restrictive CC&Rs and the buyer is willing to wait upwards of a year or two to go through design review, city permitting, etc, to have the house of their dreams, then you might see someone wanting to purchase a property to have their home built. As far as McMansions are concerned, most homes that are being torn down and rebuilt are generally staying within the style and relative size of the surrounding neighborhood.
Hope that answers your question, but if you need any more insight, please feel free to contact me.
Brian Rochford, Realtor
Tom Rochford Real Estate Co.
Investors and contractors have been quick to purchase properties that may or may not not need a total tear down, can been added on to, brought up to code, and up to date.
If there is a possibility to subdivide, then the property has added value for developers.
Demand for really ANY inventory is exceptional in all of our markets in Contra Costa County.
Let me know if you would like to discuss different strategies. I work with investors as well as several contractors and developers!
The 'McMansioners' are a bit different today when compared to those of the late 1990's and early 2000's. They do tend to try to maintain the character of the neighborhood, you don't see many stucco monstrosities in a neighborhood of charming craftsman homes any more.
Hope this helps!
Elisabeth Simon, Realtor
Keller Williams East Bay
Walnut Creek, CA
But "out with the old - in with the new" will continue to be the song of the hour.
McMansions? I doubt if builders are "Lovin' it" any longer.
Best of success
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL