For the past several years, our suburb has been experiencing an increasing number of teardowns. Currently, a buildable lot goes for at least $300,000 - the home immediately behind mine just sold to a builder for $480G!
The prices of the new homes being built seems to have risen above $1 million.
Tho my burb is definitely on the high end, it is by no means the most expensive in Chi’s western burbs. And the entire N shore easily outstrips us. Moreover, I realize that many areas, such as California, the Pac NW, and the E coast, have realestate more expensive than ours.
My question is, who the hell is buying these homes?
Where do they get their money?
How much do they make?
Do they pay cash?
How the hell could anyone afford the interest on a $800,000 mortgage? (Not to mention the tax bills and upkeep!)