Tear down, remodel or expand a $2.2M Winnetka home?

We've become used to thinking of consumer electronics and cars as obsolete when their features and functionality are over-matched by newer, less expensive models. We don't normally think of homes that way, but many homes do become functionally obsolescent.

Homes typically become obsolete when their land value far outstrips the value of the home and almost no one attaches any positive value to the home. The result, in that case, is a teardown and new construction.

Some homes become obsolescent because they no longer reflect the way that most of us want to live. If they're not in a desirable location, their value depreciates. If they are, a new buyer is faced with the choice of remodeling the home, expanding it, or tearing it down and building new.

The 4-bedroom, 4 ½ bath, 4,400 square foot home in this video has, apparently, become obsolete. I conclude that because the listing agent, Joe Nash of Koenig & Strey, is marketing it for $2,199,000 both as a home that can be remodeled or expanded, and as 1.3 acres of vacant land.

The home is on a very tranquil stretch of Sunset Road, yet is only a few blocks from downtown Winnetka and the Metra station.

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