Another house bites the dust!

Demolishing older houses to build brand new ones has become common place in Park City, where empty building lots have become all, but unavailable. 

This is not a pleasant sight as it suggest wastefulness and a total disregard for the significant resources need for new construction instead of just remodeling and existing space.

What remains of a house pictured above was a two-story, 4 bedroom, 3 bath residence sold on June of 2021 for about $2 million. It was owned by two well-known parkites, Candace and Bruce Eriksen that passed away ten years apart in 2011 and 2021 at age 56 and 68. 

The house living area square footage was 2,405. If you look a the picture on the left you can see that it still looks like a decent home even though it might have been built in the early 80’s. 

This is just to say that similar building lots that sold for $150 to $200,000 in 2010 are now worth ten times more, if one is lucky to find a cheap enough home that can be easily demolished. 

While prices of existing homes are down some 25% from their peak this late winter, the cost of building lots have no apparent limits, especially if the location has some good appeal. 

This for sure is still not a good time to build real estate as prices are still dropping and no one knows when they’ll hit rock bottom.