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Your McMansion is now ready for you; What new wealth means for old homes.(Focus: Finance)(interview with Doreen Rau from Prudential Preferred Properties )(Interview)
Crain's Chicago Business, August, 2006 by Stainburn, Samantha
Byline: SAMANTHA STAINBURN So how is this trend playing out in real estate? It's all about the teardown. And, of course, the status that comes with it. We tracked down Doreen Rau, 47, a real estate agent with Prudential Preferred Properties who sells along the North Shore. Here's her take: CRAIN'S: What's driving people to replace houses they've just bought with bigger models? MS.
RAU: A custom-built home is a status symbol, like the new Mercedes. At Starbucks, you'll hear women saying, "Have you built your own home yet? It's so great.'' Also, there's an army of real estate agents looking for properties that builders could tear down. Builders don't care what a house looks like. They're looking for land, so real estate agents know that's an easy sale. And...
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