Cuban-born musician and producer Emilio Estefan joined ‘Varney & Co.’ to discuss his journey in achieving the American dream through musical success.
Stemming from multiple generations of builders and living in the same neighborhood as his childhood home for almost 45 years, Florida-based designer and builder Troy Ippolito is taking the American dream into his own hands by moving back into the house he grew up in.
“As I travel along the streets that are in this neighborhood, I see my family’s legacy literally still standing there,” Ippolito, CEO and creative director of the Troy Dean Group, told Fox News Digital.
“My father built at least 20 homes in the neighborhood over the years,” he continued, “so it’s something to really be proud of, and I’m really proud of it. And, honestly, it’s the main reason why I still live here. It’s the main reason why I want to redevelop my childhood home.”
Ippolito represents one-third of Americans who expect to inherit their parents’ home, and then live in that home themselves. A Charles Schwab survey conducted for the Wall Street Journal last June found that almost 70% of respondents who anticipate inheriting a home plan to sell it – only 31% said they plan to keep it.
MARKET EXPERT WARNS U.S. REAL ESTATE IS A ‘SLOW-MOVING TRAIN WRECK’
Those who claimed in the survey that they’d sell their parents’ house were quoted as saying: “It’s written that we have to sell… but I would love to keep it for family use; however, it’s in disrepair and would probably cost a fortune;” “The estate will be split among the children, all of whom have homes;” “I’d rather get the money and buy my own home.”
The home Troy Ippolito lived in as a child will be reimagined into his family’s dream home. (Fox News)
“I’m not maybe in the normal framework of keeping homes versus other people. But, you got to do what feels right,” Ippolito admitted. “It’s my passion to create homes… So for me, it made sense, and for my family, it makes sense. And for the generational aspect of handing things down again. It made sense. But the choice is personal.”
His Italian father and paternal grandfather both spent their lives building homes. Ippolito remembered helping his dad as a toddler on the construction site of the same home he’s now readying to redo. However, when Ippolito started working away to reveal the house’s 40-year-old bare bones, he realized and “understood that [he] couldn’t save it.”
Transparent that he received a sort of family discount on the property, the luxury residential designer and his now-retired father both agreed the home needed to be torn down primarily for a higher foundation and water damage security due to rising sea levels.
Third-generation home builder Troy Ippolito (left) and his father work together on the construction site of their Hallandale Beach home.
“Not everybody has a boutique, custom architectural design-build firm in their back pocket,” he added. “So there are things that you need to look at. There’s aspects you need to consider.”
Factors like location, market value, construction repair costs and school choice can all play a role in the decision to move into your childhood home, according to the home builder. For Ippolito, prioritizing family values was at the heart of his strategy.
His parents listed their home for sale with the intention of leaving their “hustle-and-bustle” lifestyle in the coastal Golden Isles neighborhood of Hallandale Beach, Florida, to retire in the Gulf Coast town of Marco Island. Ippolito, who was living down the street at the time, then purchased the house his family was raised in.
FLORIDA ESTATE LISTED FOR $295M WOULD BE A RECORD SALE
“I wanted to preserve the way that my father originally developed it, but still incorporate what I thought was important from a design and a living standpoint,” the Miami-area native said. “As much as I wanted to save what me and my father built, me and my family built, the investment, the cost, it just wouldn’t allow it… it would not have been a good situation. So we decided to embody what my father did, and redesigned it.”
Ippolito’s development group just recently broke ground on the reimagined property, which will span 10,000 square feet and merge a contemporary and ranch-style living design. He sees the rebuild as a long-term investment, one that will retain value and increase net worth.
“The cost of redesigning and remodeling is different from the cost of demoing completely and rebuilding. And I think that really just has its place in where it is that we’re talking about… In your personal ability to afford it, not afford it, whatever the case may be,” Ippolito emphasized. “For me, it was worth creating the perfect home for my family, but I also think it’s an investment. Regardless if it sells or not, it doesn’t matter. It’s still an asset that we will always have, or we will pass on, or we will sell.”
Troy Ippolito’s redesign and construction of his childhood home will span 10,000 square feet.
Many friends he grew up with also allegedly still live in the neighborhood, with Ippolito noting they have a similar “emotional attachment” to maintaining and preserving family cultures and values.
“I have friends that, like myself, their parents to live there, they still have their parents’ home, or their parents still live there with their home and they’ve built homes in the same community because they see the value of the community and they see the value in staying close to their family for many different reasons. I also have friends that have inherited the home or bought the home in certain cases, and have redesigned it, remodeled it, rebuilt it,” he said.
Reiterating that not every family will have easy access to the right real estate and developer contacts, the industry leader inspired others to evaluate and try whatever it takes to save your parents’ home, and ultimately, the memories within.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
FOX Business ‘Big Money Show’ hosts Jackie DeAngelis and Brian Brenberg discuss a new study that found Gen Z would rather pay high rent than put a down payment on the house.
“If you have the resources, and you’re in love with your family, and you’re in love with the location that you grew up in, and you’re staying there, and you’re not moving… then it’s definitely something that I would encourage everybody to do. I think it promotes family values that a lot of people have lost over the years,” Ippolito said. “You have to understand: this is not a Home Depot weekend experience.”
“I can’t imagine something at today’s standards, as long as it’s well-thought-out, well-built, well-designed, won’t stand the test of time forever. But personally, I’m more focused on building the best home for my family and elevating the future homes that we’re going to build in this community and other communities,” he expanded. “I want to take it one step at a time. I like living in the present. I want to create our own memories. Right now, I’m focused on doing just that.”
READ MORE FROM FOX BUSINESS
