Million Dollar Tear Downs Have Begun!

I was out for a run a few weeks ago and on my way back to the house I looked up and a house I walked by a couple hundred times was missing.  Totally gone from where it stood the last time I was in this particular part of town.  These pics are from the fisherman's beach area. There is a road and several large houses that are as close to "beach front" as you can get on this end of town.

Some of the houses have been there for a long time since this is certainly prime real estate for those wanting a house on the beach.  Many of these homes need lots of work to bring needed upgrades and systems to this high rent district in town.  So much work that it appears that buying and tearing down these places has begun.

An older property just a few doors down from this lot is for sale for about $2.5 million USD.  Two doors down the other direction a small new condo complex has been under construction with the penthouse unit going for about $1 million USD and rest of the building's units selling for a bit less.

So, when a buyer has millions of USDs and they know they can just tear down and rebuild something bigger, better with all the modern amenities that will fetch a better return, tearing an older existing place down and building something new is a no brainer.  The time of Sayulita's million dollar tear downs has begun.

Computer rendering.

UPDATE:  This condo complex that I just saw online is now available for sale in this exact location.  4 of the proposed 6 units are already sold pre-construction.  When you can buy a property for a couple million USD, tear it down and sell 6 new units for over 3.3 million USD I'd say the investor appears to have done well enough that this will not be the last tear down and rebuild that we will see in the near future.