In 2004, this house sold for $56,000 20 years later, Lennar bought it for $1.5 million & tore it down to build a new 3,000 sq ft house, now listed for $2.9 million. In the future, thanks to SB 1123, a developer could build five smaller homes instead, selling each for $900k
Lennar bought a single house to redevelop? I didn’t realize they worked at such a small scale. Or was it part of a larger assemblage?
Yea, I am confused by that too. This is from their new modular division, so maybe they’re trying out a new business model or something for it?
I've seen Olson work at pretty small scales, but not at this level. Never a large publicly traded company like Lennar.