Just across the Hudson River from New York City, sit suburban communities like Ridgewood, New Jersey which are dotted with beautiful century-old Victorian and Tudor-style homes. Only many of these historic adobes won't be around too much longer: Rich millennials are tearing them down in favor of bigger, modern homes.
Priscilla Reynolds, a New Jersey-based sales associate, represented a seller that sold their home in Ridgewood for $2 million to a millennial couple from New York City. She listed the center hall colonial home in March of last year and wasn’t all that shocked when she found out the couple wanted to tear it down. The couple, likely both in their mid-30s, Reynolds guessed, have since knocked it down and are in the process of rebuilding. They’ve even run into problems concerning lot coverage, likely because they wanted to build an enormous home in place of what was previously a property under 4,000 square feet, Reynolds told Fortune.
