Quote:
Originally Posted by MonkeyRonin
It just seems so wasteful to tear down a high-rise ...
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Yeah. To me, my natural way of thinking (shaped by living in a "normal" real estate market) is that once a high-rise is there, it's there for the rest of time, like it or not, because it will never ever make any financial sense for anyone at any point in the future to deliberately tear it down at great cost rather than just continue to operate it as a profitable dated high-rise.
I find it absolutely fascinating that in some select markets, land values are so astronomically high that it's reasonable to acquire an already existing high-rise at fair market value for such a high-rise
then pay extra on top of that to turn the property into vacant buildable land, because the newest and best use you're about to make of that land will make this maneuver financially justifiable.
I understand why it's the case in some areas of London, but I still find that totally foreign and exotic. (As well as somewhat environmentally wasteful, as you said.)