You see it mostly with smaller homes in areas that are desirable. The smaller homes, usually built 50-60 years, tend to have low ceilings, small kitchens, no master bedroom, etc. Some have structural issues due to neglect but most are fine structurally just not desired by buyers.
When the owners decide to sell they usually get snapped up basically for the land cost - demolition cost and are torn down for "teardown" houses. In Chicago it's pretty common. Our street is about a 50% mix of 50s homes and < 10 year old teardown homes.
When the owners decide to sell they usually get snapped up basically for the land cost - demolition cost and are torn down for "teardown" houses. In Chicago it's pretty common. Our street is about a 50% mix of 50s homes and < 10 year old teardown homes.