Residential Teardowns
On Prime Real Estate

More than 360,000 houses for sale per year are razed in the U.S., reports the National Association of Realtors, as buyers look to build anew on prime land. Here are three teardowns where Realtors say the land is more valuable.

* * *

PLACE/PRICE: University Park, Texas / $995,000

PROPERTY TAX*: $11,000 per year

THE PROPERTY: 3 bedroom, 3 bath on a 50-foot-by-160- foot-lot

DESCRIPTION: This 2,700-square-foot 1945 Tudor with cobblestone façade is in fair condition. A pool and an 800-square-foot, 1 bedroom, 1 bath, guesthouse built in 1993 can stay with some remodeling.

NOTABLE: Located in a desirable, hilly area near the Dallas Country Club, the home is elevated about 10 feet above street level. The land is unofficially appraised for more than $800,000.

* * *

PLACE/PRICE: Chicago / $1.175 million

PROPERTY TAX*: $13,035 per year

THE PROPERTY: 5 bedroom, 2 bath on a 25-foot-by-126-foot lot

DESCRIPTION: This 3,200-square-foot wood frame Victorian with two kitchens and two living rooms will be easy to bulldoze since there is no garage (just parking pads) and there is alley access.

NOTABLE: Walking distance to Lincoln Park Zoo, there are about 35 homes on this street, most have been rebuilt. One home that was built last year on the spot of a teardown fetched $2.4 million.

* * *

PLACE/PRICE: Roxbury, Conn. / $750,000

PROPERTY TAX*: $3,305 per year

THE PROPERTY: 1 bedroom, 1 bath on 8 acres

DESCRIPTION: This 1950 three-room cottage with walkout basement and screened porch has hardwood floors and a stone fireplace. A loft with dormer windows sits above the detached 2003 three-car garage.

NOTABLE: The garage could stay, but the cottage is a teardown. This property, with stone fence and well water, has a 50-mile undisturbed view of a wooded, hilly area. Nearby homes have sold for $1 million-plus.

Note: *Current owner's payment

Sources: realtor.org, briggs-freeman, jameson.com, sothebysrealty.com

Email your comments to rjeditor@dowjones.com.