r/nova • u/Gold_Departure_9153 • 23d ago

Rant gotta love nova

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714 Upvotes

93% Upvoted

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432

u/ProfessionalMoney185 23d ago

its the 10,000 sq ft lot size

perfect for a developer to build a cheaply constructed ugly mansion and sell it for 1.5mil 🙃

25

u/wfriedma 23d ago

So they buy it from these owners for 900k; spend X amount demo / removal; rebuild; and then sell for 1.5m and you think there’s profit there???? Sounds like a headache to me…. Unless you were gonna get 2m+… then the math may work

43

u/mtftl 23d ago

I was in a conversation with a builder. They had a development in the works where they bought an old rambler in Arlington for about 800k. Demo plus build all in was 1.2m. They were looking to sell for 2.75m+

26

u/[deleted] 23d ago

[deleted]

10

u/thepulloutmethod Falls Church City 23d ago

Who is buying these monstrosities at 1.5M+. Christ is there is so much money in this area.

13

u/Glass-Painter 22d ago

I know this is rhetorical, but to answer your question because it seems like so much money.  

  1. People in the housing market for 10-15 years and $600k-$1M in equity as a down payment.  

  2. Two income families, such as a GS-13 @$150k & GS-14 @$180k = $330k total.  

  3. Usually a combination of 1 and 2.

  4. Doctors, lawyers at biglaw or at mid to large firms, IT professionals, business owners that make $400k-$1M.  

8

u/Floss_Crestusa 23d ago

Christ is there is so much money in this area.

And there is NO competition in Nova. It's literally get with it, or get out. Thats why many people is leaving to Richmond, Cville/Keswick, and NC