What do you do when you run out of land? There are only a few options: one is to renovate, or tear down, build more densely, build new, bigger.
Looking around East Boca Raton, many have weighed these options from commercial developers to individual homeowners looking to build homes for their families. The new development Alina is currently nearing completion where a community of townhomes used to be. Just north of Alina, the neighborhood Boca Villas has multiple new construction homes on nearly every street with more getting ready to be torn down.
There are instances of this happening in various markets, mostly in areas that commanded significantly higher valuations and others that were initially developed with a different demographic in mind. This happens all around the world, now more frequently as wealth and populations keep growing and expanding, and also because the demands on home 'needs and wants' has changed.
Many older homes can be re-configured to adjust to a more modern way of living, but many can not without butchering them. The biggest 'wants' we hear about that result in a tear-down are:
1. The need for much more square footage.
2. The need for taller ceilings, often to accommodate larger contemporary art.
3. The desire for a kitchen/casual living/dining room all in one or open layout.
4. Efficient mechanicals, energy efficiency.
5. En Suite bedrooms.
Often the cost of replacing a house is lower than the cost of renovating it. Anyone who has restored an old structure that was not well maintained knows this. Many historical townhouses and homes located in landmarked settings that do not allow any facade modifications are prohibitively expensive to renovate and can take years to do so.
As the demand for larger suburban homes grows and land becomes more scarce and expensive, especially in areas with stricter and more limiting zoning, expect the tear-down to become even more common.