May 25, 2018

Man Builds $1M Home to Up Nearby Values

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Man Builds $1M Home to Up Nearby Values

Builder Andy Salon in Vallejo, Calif., wants to increase property values in the city’s heritage district so he decided to build a nearly $1 million home to help boost surrounding property values.

Salon purchased an empty lot in the area and built a two-story, four-bedroom, 2,600-square foot home in Vallejo’s Heritage District, outfitting it with European-inspired luxury features, and is asking $949,000 for the home. The home cost him $739,000 to build.

Read more: Owners More Upbeat About Home Values

"I'm very proud of this house," Salon told the San Jose Mercury News. "I hope it brings the highest price of any home in the area. That will raise the 'comps' here, and increase property values."

A home similar to size of Salon’s home recently sold several months ago in the area for $650,000.

Salon’s home features energy efficient features, such as tankless water heaters and water-saving fixtures and appliances, as well as boasts a panoramic view of Mare Island and the eastern hills.

Shelley Tappin, president of the Solano Association of REALTORS® and broker-associate with Tipp Realty in Glen Cove, told the San Jose Mercury News that she likes what Salon is doing with the home.

"It is rare to find a new home in the Heritage District that combines old charm with modern amenities," Tappin says. "This home certainly offers some very nice features that buyers won't come across every day. I applaud the efforts and vision that the owner is contributing to the growth and future of our great city."

Salon admits he wants to make money on the home, but he says his motives are also greater than that.

"Everybody asks why I put so much money into this house," Salon says. " I tell them, I want to change Vallejo, one house at a time. When I brought my plan before the planning commission, a couple of people opposed it, because, they said, Vallejo is a working class town, and there's nothing wrong with that, but I want to give it a little bit of an upgrade. I may not see it in my lifetime, but if we get 15 or so million-dollar homes sold here, it will start to change it."

Source: “Vallejo Man Builds $1 Million House, Seeks to Raise Expectations, Property Values,” San Mercury News (Feb. 6, 2016)