refers to a process in which a real estate
company or individual buys an existing home
and then demolishes and replaces it with a new one. Frequently, the new building is larger than the previous one, in an attempt to increase the appeal of the property to prospective buyers or take advantage of rising property values
The process is often especially common in older suburbs
, where people wish to have larger homes and yet don't want to move to far-out exurbs
or new developments.