London’s traditional elite, such as lawyers, architects and academics, are being pushed out of their enclaves in Mayfair, Chelsea and Hampstead by an influx of global super rich investors, causing a chain reaction of gentrification across the capital, according to research by the London School of Economics.
An influx of ultra-high-net worth overseas buyers is leading the old elite to sell up and move from London’s most exclusive postcodes and buy in areas they previously considered undesirable — the Guardian
While it may be hard to sympathise with the "traditional elite", these displacements set off a chain-reaction, as the affluent middle class moves into neighbourhoods that were once working class. In turn, lower-income Londoners are forced out of the city all together.For more on the...
When it comes to cleanliness, common sense suggest wealthier homes are at an advantage. Live-in maids and cleaning services should, ostensibly, help create antiseptic, exclusively human enclosures. Yet new research shows there’s a correlation between socioeconomics and the presence of bugs in...
By living above 800 feet, Estis and Enkin are two members of an unexpectedly exclusive group in Manhattan. In my estimation, no more than 40 people currently live above that line, scattered among just three buildings...
As my elevator descended and my ears popped, it occurred to me that I would almost certainly never take in such a view again. And in fact, maybe nobody will, if these apartments wind up becoming empty investments. — The New York Times
In this elegantly observed and exquisitely written piece, Jon Ronson not only takes in the view of Manhattan at 800+ feet with visits to Trump World Tower, One57 and 8 Spruce Street, but looks toward the future of a nation divided by an increasingly intractable wealth gap.Real estate of the...
For years now, people have been talking about the insulated world of the top 1 percent of Americans, but the top 20 percent of the income distribution is also steadily separating itself — by geography and by education as well as by income.
This self-segregation of a privileged fifth of the population is changing the American social order and the American political system, creating a self-perpetuating class at the top, which is ever more difficult to break into. — the New York Times
"Geographic segregation dovetails with the growing economic spread between the top 20 percent and the bottom 80 percent: The top quintile is, in effect, disengaging from everyone with lower incomes."In related news:Urban fingerprints reveal a city's fundamental character and compositionBuying...
The [Taylor] family is part of a small subset of affluent homeowners who home-school their kids—but not for typical reasons of wanting to provide religious instruction or because they don’t like the public schools nearby. Instead, they say they can create their own optimal learning environments by buying or building homes in which almost every room is a classroom. [...]
“When you do a house from the ground up, you do it for how your family lives. Home schooling for us is a lifestyle” — wsj.com
More at the intersection of space and education:Are English universities picking up "American habits" as campus construction booms?Building Design from the Inside Out: RISD’s Interior Architecture departmentChinese Colleges Are Trying to Look Like the Ivy LeagueTod Williams Billie Tsien...
"Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties."
"The initiative is part of a broader federal effort to increase the focus on money laundering in real estate." — The New York Times
"Nobody really reads books," Niami says, "so I'm just going to fill the shelves with white books, for looks." Stepping past the nightclub's outdoor lounge area where circular banquettes will seem to float next to a two-story waterfall, he says: "I really think that this house is going to do a lot for L.A. Anybody who lives in the area is going to be proud to be near it." — DETAILS
Go ahead and hate!About half of the tennis court had to be built on pilings to account for the land's contours. This niche will have a covered viewing area and a fire pit.The infinity pool for the guesthouse, which, when built, will be 5,000 square feet itself.The motor court and the main house's...
Among this new breed of towers, design elements not directly tied to profit are often downgraded or eliminated as overall costs climb. [...] With today’s mathematically generated super-spires, it’s best to paraphrase Mae West: “Architecture has nothing to do with it.”
[...] much as the new super-tall New York condos may serve that same general purpose, these are no works of art. If, as Goethe posited, architecture is frozen music, then these buildings are vertical money. — The New York Review of Books
To put that number in perspective, these folks make up the upper 0.002 percent of the world’s 7 billion inhabitants and hold over $20 trillion of its money. — 6sqft
San Mateo County Court Judge Barbara Mallach has ruled against Silicon Valley billionaire Vinod Khosla in a lawsuit over public access to Martin’s Beach.
According to the ruling, Khosla will be required to seek a permit from the California Coastal Commission before locking gates at the beach, as well as to consult with the community to determine changes to the property and public access to the beach. — Venture Beat
The secluded Martin's Beach in San Mateo County has been a cherished spot for locals for decades. When Khosla purchased his 53-acre property there in 2008, he locked the gate to the beach, closing off public access. This is just one example of a long history of wealthy property owners trying to...
A new development, 42 Crosby Street, is pushing the limits of New York City real estate to new heights with 10 underground parking spots that will cost more per square foot than the apartments being sold upstairs.
At $250,000 a tire, the parking spaces in the underground garage cost more than four times the national median sales price for a home, which is $217,800, according to Zillow. — New York Times
According to data compiled by the firm PropertyShark, since 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors [...] “The global elite,” says developer Michael Stern, “is basically looking for a safe-deposit box.” — New York Magazine
"...these days, the future of this hidden beach on the San Francisco Peninsula is being fought in a courthouse 25 miles away, in a battle that has become the latest class-charged standoff involving a wealthy entrepreneur in this polarized part of California..." — the New York Times
The struggle being waged over Martin's Beach is just one in a long history of disputes over public beach access in California. While legally everything below the mean tide line is public, physical walk paths often have to be carved out of private property, something not perfectly accounted for in...
One problem with our obsession with gentrification as the end-all of urban equity issues is that it discourages us from talking about other important things happening in our cities. In some instances, gentrification has become such a dominating narrative that it has completely erased broader trends that we really ought to be concerned about.
Case in point: Brooklyn is getting poorer. — danielkayhertz.com
A third of the mansions on the most expensive stretch of London's "Billionaires Row" are standing empty, including several huge houses that have fallen into ruin after standing almost completely vacant for a quarter of a century. — Guardian
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