A Charlotte family purchased a dated 1960s ranch in Myers Park for $850,000 (primarily for the lot), demolished it, and built a 4,200 sq ft custom home. Total project: $1.82 million.
## Project Overview
- **Location**: Myers Park, Charlotte - **Original Home**: 1965 ranch, 2,200 sq ft (demolished) - **New Home**: 4,200 sq ft, 5BR/4.5BA custom - **Total Project Cost**: $1,820,000 - **Appraised Value**: $2,350,000 - **Equity Created**: $530,000
## Complete Cost Breakdown
| Category | Cost | |----------|------| | Property Purchase (lot + teardown) | $850,000 | | Demolition & Site Clearing | $28,000 | | Architectural Design & Engineering | $72,000 | | Permits & Impact Fees | $22,000 | | Construction (4,200 sq ft) | $1,260,000 | | Landscaping & Hardscape | $65,000 | | Smart Home Systems | $35,000 | | Pool (heated, with cover) | $85,000 | | Construction Loan Interest (16 months) | $52,000 | | Temporary Housing (14 months) | $42,000 | | Moving & Storage | $8,000 | | Change Orders | $35,000 | | **Total** | **$1,820,000** |
## Why Tear Down?
The original 1960s ranch had: - Outdated floor plan (closed-off rooms, small kitchen) - Aging mechanical systems (HVAC, electrical, plumbing all original) - Foundation settling issues requiring $40K+ in repairs - Renovation estimate of $450K — only getting 2,200 sq ft
By tearing down and rebuilding, they got exactly what they wanted on an irreplaceable Myers Park lot.
## Construction Details
| Spec | Detail | |------|--------| | Foundation | Conditioned crawlspace | | Framing | 2x6 walls, engineered trusses | | Exterior | Fiber cement siding + stone accents | | Windows | Marvin Ultimate (wood interior) | | Kitchen | Custom inset cabinets, Wolf/Sub-Zero | | Primary Bath | Heated marble floors, steam shower | | HVAC | 3-zone variable speed, SEER 20 | | Smart Home | Lutron lighting, Sonos whole-home, Control4 | | Pool | 15x30 heated with automatic cover |
## Timeline
- **Months 1–3**: Design and architecture - **Month 4**: Demolition and site prep - **Month 5**: Permits (6 weeks for Myers Park) - **Months 6–7**: Foundation and framing - **Months 8–10**: Mechanical, roofing, exterior - **Months 11–14**: Interior finishes - **Months 15–16**: Landscaping, pool, punch list
## Financial Analysis
The math worked because: - **Lot value**: $850K (Myers Park lots are irreplaceable) - **Construction cost**: $300/sq ft (premium but not ultra-luxury) - **Resulting home value**: $2.35M ($560/sq ft — in line with new Myers Park construction) - **Equity gain**: $530K (29% immediate return on total investment)
## Would They Do It Again?
"Without question. We considered renovating, but the cost to renovation a 1960s home to modern standards — while still being stuck with a 2,200 sq ft footprint — didn't make sense when we could build exactly what we wanted for our family for the next 20+ years." — Homeowner