Some celebrities and super-rich buy several neighboring homes to expand their empires.
During the pandemic, the number of homebuyers doing the same has skyrocketed.
Many people are trying to protect the landscape of their neighborhoods or create more space 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 give him more visibility. “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. But 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, who is 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 one complex on Mercer Island, Washington. Estimated $130 millionAmazon founder Jeff Bezos bought a 24,000-square-foot house next door to his home in Medina, Washington, for $53 million in 2010, the WSJ reports. 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 WSJ. surged at times. 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. .
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 bigger new home. Before buying the house next door to her, she met its owner before she died, he was a man in his 90s, and Huggins decided the man’s daughter was a fair price. I was able to buy it off the market for a reasonable price.
San Francisco couple Mae and Henry Lee also bought the house next door in 2019 for their adult children who work in the Bay Area, according to the Journal. He told the WSJ that he bought a house in his neighborhood to serve as an expansion space for the .
Neighbors may also treat block vacancies as opportunities for unity.
Bob Champy, an agent for William LaVais Real Estate in Concord, Massachusetts, told the WSJ that he oversaw a group of people last year who offered to buy a neighbor’s house for $2.6 million in cash. rice field. , instead of a disturbed house.
It reminds me of another recent trend. It’s the Suburban Homeowners Association. blocking Prevent big investors from buying up your neighborhood.
“I don’t want a big, scary house next door,” Huggins said.
Read the original article at business insider