Homes in Communities Where
New Houses Are in Short Supply

In sought-after and already established suburbs within commuting distance of major cities, demand for newly constructed homes can be high, without much available space on which to build. In such towns, it is not uncommon to find homes built on subdivided, or teardown lots -- properties on which older homes were torn down for a new residence. Below are profiles of three recently built to fairly new houses on the market in towns in which residential property is at a premium.

• Tampa, Fla.
• Haworth, N.J.
• Hinsdale, Ill.

PLACE/PRICE: Tampa, Fla./$729,000

PROPERTY TAX: $4,200*

THE PROPERTY: A two-story home built in 2005 with five bedrooms, four baths in 3,176 square feet on a lot that is 54 feet by 120 feet (.15 acre).

DESCRIPTION: Located on a quiet street, the house has hardwood floors, a two-story foyer, an upstairs loft, a formal living room/dining room, and a kitchen with granite countertops, stainless-steel appliances, a breakfast bar and a pantry. The master suite has a sitting room, walk-in closet, a garden tub and a separate shower. The backyard is fenced, and a laundry/mud room leads to the attached two-car garage.

NOTABLE: Originally on the property was a 1950s one-story residence of approximately 1,200 square feet. Real-estate investor Tom Daly and a business partner bought the property in November 2004 with the intention of rehabbing it and building a second story, but "the walls weren't good enough to keep," he says. So they had the entire structure torn down to the slab, and the current house was built in its place. The new home was constructed above the foundation, half of which is new. Teardowns are quite common in South Tampa (where the residence is located), says listing agent MaryAnn Hoffman of Hoffman Realty in Tampa, Fla. "South Tampa is a small peninsula, so there has always been teardowns," she explains. "There's no land to be had." The house is vacant and is priced below other comparable homes on the market to facilitate a quicker sale, she says. The location of the home, which is an eight-minute drive to downtown, is a draw to commuters, Mr. Daly says.

Note: *Current owner's payment

Sources: Coldwell Banker Residential Brokerage, Hoffman Realty, Realty Executives Services

-- Ms. Kim is a senior editor at RealEstateJournal.com.

Email your comments to lauren.kim@dowjones.com.