While walking around Needham lately, I've noticed that there seem to be an increasing number of tear-downs going on. A small ranch or cape house comes on the market. A few weeks later the house is demolished and a large brand new house grows in it's place. This trend was confirmed by a recent article in the Boston Globe saying that the number of demolition permits in Needham grew to 82 in 2011 from 58 in 2009.
As a homeowner in Needham, I'm glad that it's such a desirable town that there is a market for bigger, more expensive houses. After all, developers wouldn't be going to the expense and trouble of building a new home if there weren't willing buyers out there. I don't begrudge anyone who is able to afford these homes moving to our town. If you are in the position to buy a brand new home, you probably worked very hard to become successful enough to afford it. I am also a fan of the inevitable increase in our property value and the increase in tax revenue that the town collects.
On the other hand, back in February, the Needham Times reported on the teardown trend. The article started by quoting our neighbor's daughter who said she grew up in Needham and would love to buy a house here but simply cannot afford to do so. My worry is that the character and things that I love about Needham may vanish with all the starter homes that are being knocked down. I also worry that Alex's peers in high school will be driving Lamborghini's and Maseratis while he is driving my very used 2009 Pontiac Vibe.
Last week, the Needham Times ran another article about developers who are renovating and updating homes instead of tearing them down. According to the article, these developers are meeting the needs of buyers who can't afford the brand new houses but want a home that is more updated than a starter house.
Two years ago, we put our starter home on the market. We had a lot of showings, but no bites. We decided to stay in our home and add on to it to fit our needs. The feedback we got from our realtor was that the house was too small and not updated enough for the first time homebuyer. My theory is that during the housing boom when we bought our house in 2004 the starter home buyer could afford to buy a house, live in it for a few years, and then sell it for a profit. Home buyers really can't do that during the current housing market. If you buy a house today, you have to be prepared to live in it for the next five years or longer.
For us, renovating and staying here ended up being the best option even if the decision was made for us by the housing market. We were able to expand our house and make it what we wanted. Also, the financial cost turned out to be less to add on then to sell our house for less than we wanted and buying a more expensive house. I guess home buyers have to do what's best for them and the market reacts to their wants and needs. For now, that means that starter homes are vanishing in Needham.
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