Will demolishing Abandoned homes help speed foreclosure recovery? Will it increase values of surrounding homes? MD is not the only State using this method, and it could be that these homes were in such bad condition, that demo was the best choice. Who is paying for this demo work?
I can see where starting with a fresh already established building lot would attract more buyers than someone wanting to buy a lot with a delapidated tear down on it. Demo cost vary depending on size of house and location, but I've seen many demos in the $20-$30,000.00 range. A potential buyer might overestimate the costs of demo, and look elsewhere.
Personally, I don't think bulldozing 20 - 30+ tear downs will have that much of an affect on the foreclosure recovery process, but I suppose in some areas, the neighbors appreciated these houses being torn down. Reports of crime, squatters, gang activity, graffiti, houses being stripped of copper, etc. can really detract from the overall appearance of a community, and can make it very hard or impossible for nearby homeowners to sell if they need to.
Jeff Pearl / Lic in VA
Re/max Distinctive - Reston VA
703-727-4876
Homes / Land / Farms / Historic
www.jeffpearlhomes.com
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