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Residential
New York

“Grandfathered in” homes seeing big premiums

These homes often include now-forbidden perks

A suburban megamansion
A suburban megamansion

They don’t make them like they used to. As demand for over-the-top luxury homes increases across the country, city planners are cracking down, setting stricter zoning rules. That means homes that are “grandfathered in,” i.e., existed prior to the new rules, are becoming more desirable than ever before.

Local ordinances started to became increasingly strict nationwide in the 1980s, as the first wave of mega-mansions began to hit the market. Now — featuring bonuses few other homes can boast — the potential upside at resale time for grandfathered in homes is better than ever, according to the Wall Street Journal.

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Grandfathered in homes often include perks like the right to build closer to the waterfront, or to have extra-tall ceilings, which make them unique – something buyers at the top of the market especially appreciate.

“People at this level, they like unique,” Mirce Curkoski, a broker with ONE Sotheby’s International Realty, told the Journal. [WSJ] – Christopher Cameron

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Zoning