When the real estate market was hot, the practice of tearing down small outdated houses to build modern new homes was a popular practice taking place all over the USA. In some communities the resulting homes, that grew on the land where a small and ordinary once sat, were grand masterpiece properties. Builders learned that if they bought small tear-downs and built large luxury homes they could make more on the deal.
But like anything else, once the good idea got out… it didn’t take long for other builders to follow. So to remain competitive, even when the market was good, builders added more luxury features, finishes and amenities to these new grand properties.
But remember what I said about a good idea?
It didn’t take long for competing builders to add similar features and elements to the homes they built nearby. The result was a rash of new upscale properties that were more alike then different… at least to the eye of the buyer. When the market was good, this
wasn’t much of a problem, for even the grandest of homes were selling.
But now the market has taken its down turn, and builders need to find new ways get a buyer interested in these luxury properties they are still trying to sell.
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