A house is torn down every day in Seattle, according to an August 26th article in the Seattle Times: A teardown a day: Bulldozing the way for bigger homes in Seattle, suburbs (http://www.seattletimes.com/business/real-estate/a-teardown-a-day-bulldozing-the-way-for-bigger-homes-in-seattle-suburbs/). The rate of tear-downs in some neighborhoods is even higher. According to reporter Mike Rosenberg, more homes have been razed and replaced in the past 18 months than over the past four years.
Tear-downs are changing the face of Seattle. In a tight seller’s market, the subdivision of lots into multiple properties makes more homes available at higher prices. The new homes are built for sale, many of them on the luxury market, and as their numbers increase, the store of single-family homes available for rent decreases.