Home News Everyday Homebuyers Join Elon Musk in Buying up Neighborhoods so Investors Don’t Move in

Everyday Homebuyers Join Elon Musk in Buying up Neighborhoods so Investors Don’t Move in

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  • Some celebrities and wealthy people buy several homes in their neighborhoods to grow their empires.
  • Early in the pandemic, there was a surge in the number of homebuyers doing the same.
  • Many people are trying to protect their neighborhood landscapes or make room for friends and family.

Bryan Miller noticed the property in his neighborhood was selling fast in 2020 and purchased the 1.4-acre property next door for $3 million to protect the view.

“It’s a good investment,” he said Said Nancy Keats of The Wall Street Journal.

More homeowners are beginning to expand into the neighborhood. This is a way to prevent developers from buying homes, tearing them down, and making them an eyesore. It’s also a way to create more space for family and friends. Celebrities and wealthy investors have been doing it for years.

For example, Elon Musk richest person in the worldbought six houses on two streets in Los Angeles in the last decade.In addition to the Northern California home, if you add up $100 million in real estate spending, according to the Journal. Microsoft co-founder Paul Allen combined 13 lots and about eight homes into his island complex in Mercer, Washington. Estimated $130 millionAmazon founder Jeff Bezos is also rumored to have bought a 24,000-square-foot house next door to his home in Medina, Washington for $53 million in 2010. report.

But it’s becoming increasingly common for homebuyers with significantly lower net worths to spread out across their neighborhoods, real estate agents told the Journal. surged in the early days. remote work became commonplace. Many of these deals are private and are made through personal networks before the home is officially on the market.

And whether it’s literal or the surrounding community, many people make such purchases to store things in their families.

“The land is worth more than the house here. told the journal.

Huggins had already purchased her neighbor’s house for $740,000 in 2019 after seeing another house in the neighborhood sold, demolished, and replaced with a larger home. Before buying the house next door to her, she met her owner before she died, he was a man in his 90s, and Huggins decided the man’s daughter was a fair price. for the price she was able to buy it from the market.

San Francisco couple May and Henry Lee bought the house next door in 2019 for their adult children who work in the Bay Area to move in, The Journal reported. He told the Journal that he bought a house in his neighborhood to serve as an expansion space for his family.

Neighbors may also treat block vacancies as opportunities for unity.

Bob Champy, an agent for William LaVeys Real Estate in Concord, Massachusetts, told the Journal that he oversaw a group of people last year who offered to buy a neighbor’s house for $2.6 million in cash. . , instead of a disturbed house.

This is similar to another recent trend. Suburban Homeowners Association. blocking Prevent big investors from buying up your neighborhood.

“I don’t want a big, scary house next door,” Huggins said.

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