Several homes in a neighborhood are bought by celebrities and wealthy people.
The number of people doing the same thing increased during the H1N1 epidemic.
Many people are trying to protect the look of their neighborhood.
When Brian Miller noticed that the real estate in his neighborhood was selling fast in 2020, he and his wife decided to buy a lot next to each other for $3 million. He told Nancy Keates that it was a good investment.
It's a way to keep developers from buying up houses, tearing them down, and making neighborhoods look bad. It's also a way to give people more space. Rich investors and celebrities have been doing it for a long time.
Musk bought six houses on two streets in Los Angeles over the course of a decade. According to the Journal, that adds up to 100 million dollars in real estate spending. An estimated $130 million was spent by Microsoft co- founder Paul Allen on a compound in Washington. According to the Journal, Bezos bought a 24,000- square-foot house in Medina, Washington, for $53 million in 2010.
Real estate agents told the Journal that it's become more and more common for people with smaller net worths to expand in their own neighborhoods. When remote work became common, pound creation went up. Many of these transactions are private and occur through personal networks.
Many people are buying things to keep things in the family.
Charlotte Huggins told the Journal that if she didn't buy the land, it would be torn down.
After seeing a different house in the neighborhood sold, torn down, and replaced with a larger one, she bought the next house for $740,000. She knew the owner of the house before she bought it. The man's daughter decided that it was a fair price, so Huggins bought it off-market.
The Journal reported that May and Henry Lee bought a house next to them in San Francisco in order for their adult children to live there. According to the Journal, other families across the country bought houses in their neighborhoods to give them more space for their families.
Sometimes neighbors band together to fill a vacancies on the block.
Bob Champey, an agent with William Raveis Real Estate in Concord, Massachusetts, told the Journal that last year he oversaw a group of people offering to buy their neighbor's home in cash for 2.6 million dollars.
Suburban homeowner associations are blocking investors from buying up their neighborhoods.
"I don't want a really bad house next to me," he said.
Business Insider has an article on it.
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