flexiblefullpage - default
Currently Reading

A Lack of Vacant Land Is Leading to a Rise in Teardowns

Advertisement
billboard - default
Land Planning

A Lack of Vacant Land Is Leading to a Rise in Teardowns

In states where inventory is low and vacant land is scarce, builders are tearing down existing homes and starting from scratch


March 22, 2023
Bulldozer tearing down house
Image: gabort / stock.adobe.com

In markets like New Jersey, low for-sale housing supply isn’t just caused by a lack of new listings, but according to builders, it’s also due to a lack of vacant land. In February, the number of homes for sale was down 13.7% from the previous year, while the number of newly listed homes fell 28.5% during the same time period, Fortune reports.

With a dearth of new homes and little space to build, New Jerseyans are being forced to tear down and start over. 

House flippers have always been around, but the rise of teardowns in New Jersey is happening at a much larger scale, and it’s becoming a more common practice in the market.

Depending on the neighborhood, Counts says has seen potential buyers bid on homes with large upsides, particularly if the margins aren’t high enough for builders. There was a home in Scotch Plains, N.J. and the margin wasn’t there for a flipper, so [Curtis] Counts listed it for around $500,000, got an offer for $450,000. The buyer bulldozed it and built a home worth close to $2 million in its place.

Read more

 

Related Stories

Surfaces

REHAU Donates Rauvisio Surface to Renovate Group Home Kitchen

Polymer-based surfaces manufacturer REHAU recently donated its RAUVISIO terra Harvest Walnut surface to upgrade the kitchen in David’s House Ministries adult foster care home

Outdoor Living

Outdoor Kitchen Trends for Year-Round Entertainment

These luxury outdoor kitchen additions can increase a home's functionality as well as its resale value

Energy Efficiency

A Burgeoning Focus on Energy Retrofits Doesn't Just Benefit Homeowners

Rising interest in energy-efficient home building and existing-home retrofits creates an opportunity for tech advancements and new career pathways

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category



Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.