For the first time in 20 years, Frank Lloyd Wright‘s “Tirranna” home in New Canaan, CT is on the market. The home was built just before his death on a 15-acre wooded estate, has been listed for $8M by the estate of its long-time owner, the late memorabilia mogul and philanthropist Ted Stanley. Though renovated, the horse-shaped home maintains its original architectural integrity. — 6sqft
Housing must now be recognised as a human right, no different than the right to vote or express yourself freely. This means understanding that housing cannot be viewed first and foremost as an economic driver or a commodity to add to an investment portfolio; that forced eviction is not development; that land has more than monetary value; and that the private market must be regulated. — the Guardian
What’s extraordinary about a smart contract is that it gives blockchain the power to not only record property rights but enforce them. Once deployed, a dozen lines of computer code can fulfill the same role as the county records office, the courts and the police. You can have “the function of a trusted bureaucracy without the expense of putting together a trusted bureaucracy”, Waldman explains. — the Guardian
Turkey’s president looks at northern Syria and sees what others don’t: a massive real estate project.
Recep Tayyip Erdogan, whose army is attempting to clear 5,000 square kilometers in northern Syria of Islamic State, talks about building entire cities when his soldiers’ work is done. In regular addresses, he describes a future in which refugees return home to Turkish-built apartment blocks supplemented by Turkish-built schools and social facilities. — Bloomberg
There is a city which is suffering a worse property bubble than Sydney, whose residents are more priced-out than Londoners, and where there is a greater divide between the housing haves and have-nots than even San Francisco.
That city is Vancouver, and in response to these mounting challenges, the west-coast Canadian metropolis recently imposed an extraordinary new tax on foreign buyers – whose impact is now being watched closely by other cities grappling with bloated property markets. — theguardian.com
London mayor Sadiq Khan is to launch the UK’s most comprehensive inquiry into the impact of foreign investment flooding London’s housing market, amid growing fears about the scale of gentrification and spiralling housing costs in the capital.
Khan said there are “real concerns” about the surge in the number of homes being bought by overseas investors, adding that the inquiry would map the scale of the problem for the first time. — the Guardian
U.S. home resales unexpectedly fell in August, crimped by a shortage of inventory that is boosting home prices faster than the pace of wage growth.
The National Association of Realtors said on Thursday existing home sales declined 0.9 percent to an annual rate of 5.33 million units.
Economists polled by Reuters had forecast sales rising 1.1 percent in August to a 5.45 million-unit pace. — Reuters
There is something romantic about the idea of a holdout, a David to the big developer's Goliath, a protagonist for whom home matters more than money, a solitary survivor. In the Pixar movie "Up," the holdout is the hero. In the real-life Seattle version of the story that reportedly inspired the film's premise, an elderly woman who refused to sell her home became — along with her home itself — a city icon. — washingtonpost.com
The McMansion style, built between 2001 and 2007 and averaging 3,000 to 5,000 square feet, lacks the appeal with today's buyers compared to old vintage homes or large freshly built homes.
The realization is especially hard on homeowners trying to sell because when they bought the giant homes in the early 2000s, they thought of them as great investments, Feinstein said.
Then, the idea was that bigger was better because prices presumably would keep going up. — Chicago Tribune
Los Angeles-based developer CIM Group has agreed to buy Tribune Tower for up to $240 million, marking the end of media ownership for the historic North Michigan Avenue building and the beginning of a new chapter, likely as part of a mixed-use redevelopment. [...]
Tribune Media unveiled conceptual plans last year to redevelop the parcel, adding several buildings to maximize the space with residential, retail and hotel components. — chicagotribune.com
Los Angeles, where homes sell for a median price of $475,000, has an overall Walk Score of 66.3. Each additional walkability point adds an average of $3,948, or a 0.83% bump, to the sale price. [...]
Pedestrian access adds the most proportional value to homes in cities such as Atlanta, where the overall score is 48.4 and revitalization efforts are starting to open up more community gathering hubs. A single-point upgrade to an Atlanta home’s Walk Score boosts the sale price 1.69% on average. — latimes.com
You’ve always wanted to call Brooklyn home. But it’s complicated. You’re not really the pioneering type. Brooklyn can be rough around the edges. Amenities are lacking. We understand. Industrial-chic finishes are important in life. So are 25-year tax abatements. And European-style, car-sized parking turntables. — failedarchitecture.com
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