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With affordable homes already in short supply around the U.S., house-hunters this spring faced another challenge: surging prices. Median home prices in the second quarter surged to a record high $266,000 for single family-homes and condos, according to a recent report from property research firm ATTOM Data Solutions. That's up 6% from about $250,000 a year ago. — CBS News
"U.S. homeowners who sold in the second quarter of 2019 realized an average home price gain since purchase of $67,500, up from an average gain of $57,706 in Q1 2019 and up from an average gain of $60,100 in Q2 2018," states the July ATTOM report. The locations with the highest average home seller... View full entry
[...] when the residents of a 12-story loft building in Chelsea learned that a proposed tower next door threatened to darken most of their windows and block their Empire State Building views, they tried a less confrontational approach.
They banded together to make the developer an unusual offer: $11 million not to build.
— The New York Times
A group of Chelsea condo owners have shown that a million-dollar view can actually be worth $11 million. As J. David Goodman writes in the NYT, "The owners used a typical developer strategy and turned it on its head: They bought the developer’s air rights — normally used to allow for... View full entry
Challenging conditions in the U.S. housing market, along with tighter currency controls by the Chinese government, caused a stunning drop in foreign demand for American homes.
The dollar volume of homes purchased by foreign buyers from April 2018 through March 2019 dropped 36% from the previous year, according to the National Association of Realtors.
— CNBC
NAR’s Profile of International Transactions in U.S. Residential Real Estate 2019 survey reports that "for the seventh consecutive year, China exceeded all other countries in terms of dollar volume of purchases, buying an estimated $13.4 billion worth of residential property, a 56% decline from... View full entry
One of Frank Lloyd Wright's most notable disciples, John Lautner made a distinct impact in California, specifically in Los Angeles. Known for his residential works, Lautner's exploration of space and material echoes Wright's organic architectural influence. The eye-catching... View full entry
The city recently enacted stricter zoning regulations to curb excessive mechanical spaces in residential buildings, the first in a series of steps geared toward eliminating zoning ambiguities exploited by developers.
[...]
Now, elected officials and preservationists are pushing the city to enact stern oversight on additional types of voids and other perceived zoning loopholes.
— Curbed NY
"Many neighborhood advocates felt the void amendment did not go far enough, and called for the change to recognize unenclosed voids—such as Rafael Viñoly Architects’ disputed 'condo on stilts' on the Upper East Side—as mechanical," writes Caroline Spivack for Curbed NY. "They charge... View full entry
Miami’s high-end real-estate market has drastically slowed in the past several years, as the Latin American buyers who led a frenzy of postrecession purchases have all but disappeared. South American economies that were roaring in the early years of the decade, including Brazil, Argentina and Venezuela, are now facing severe economic distress, which has devalued their currencies and left purchasers from those countries with far less buying power in the U.S. — wsj.com
Oversupply, the unknown threat of climate change, and shifting immigration patterns are pushing high-end condominium prices downward in Miami, where, The Wall Street Journal reports, sales have fallen off 24 percent from last year. “There’s just an abundance of inventory,” Alexandra... View full entry
Fashion designer Marc Jacobs has paid $9.175 million for a Frank Lloyd Wright-designed house in the wealthy New York suburb of Rye. Mr. Jacob's agent Laura DeVita of Julie B. Fee Sotheby's International Realty, said her client had been searching for an architecturally significant home in Westchester and planned to use the property as a weekend retreat from his busy job. — Wall Street Journal
Formerly owned by Maximilian E. Hoffman, the residence was one of the last projects Wright worked on before he died. Hoffman commissioned Wright to design the home after Wright designed an auto showroom for his Jaguar dealership in New York. Located at the north end of Manursing Island, the... View full entry
One Thousand Museum Residences, the Zaha Hadid-designed skyscraper in downtown Miami, received its temporary certificate of occupancy and will begin closings as early as next week [...]
Developers Louis Birdman, Gilberto Bomeny, Gregg Covin and Kevin Venger, along with the late Zaha Hadid, broke ground on the 62-story, 84-unit luxury condo tower at 1000 Biscayne Boulevard in December 2014.
— The Real Deal
The 216 m/709 ft tower with its recognizable external structure in Miami's Museum Park was the first and final residential project in the United States designed by the late Zaha Hadid. Vertical construction began in 2015. Interior shot of a finished residence. Photo: Robin Hill, courtesy One... View full entry
After nearly four years on the market and a few sizable price cuts, a 123-room Holmby Hills mansion known as The Manor has sold for $120 million, making it the most expensive home sold in LA County.
The seller is Formula One racing heiress Petra Ecclestone, who bought The Manor from Candy Spelling in 2011, paying $85 million in cash. She gave the home a flashy makeover, adding a nightclub in the basement and tanks for exotic fish.
— Curbed LA
$120,000,000 is the new record to set in the California real estate market, and the home to beat is the infamous Spelling Manor in Holmby Hills. Outdoor fountain at Spelling Manor. The 56,000 square foot home was originally built in the 1980s for TV producer Aaron Spelling and his wife Candy... View full entry
Ai Weiwei, artist and activist, has dabbled in architecture more than once in his career. From his Bird's Nest collaboration with Herzog & de Meuron to his work on the Jinhua Architecture Park, Weiwei's interests in architecture would eventually draw him towards a residential project. Located in... View full entry
Little by little, new biometric technologies are making inroads into the domestic sphere. The Wall Street Journal reports that digital fingerprint lock and facial-recognition systems have become a fact of life for some of the wealthiest homeowners and now come standard for many high-end... View full entry
The mammoth, unfinished mansion on Strada Vecchia Road in Bel-Air has long been at the center of controversy, investigations and legal battles.
Its developer, Mohamed Hadid, pleaded no contest to criminal charges after prosecutors accused him of building a house far bigger than allowed. [...]
And investigators have looked into possible wrongdoing by a city building inspector scrutinizing the house.
— Los Angeles Times
Looks like the legal drama over the gargantuan on-again/off-again under-construction Bel Air megamansion by celebrity developer Mohamed Hadid is entering a new act: Russell Linch, the contested project's former construction manager, has come forward this week and accused a Los Angeles Department... View full entry
Municipalities, in the interest of preserving open space, could once be counted on to take over troubled courses. But subsidizing golf has become a toxic political issue in most places. — chicagobusiness.com
Are the days of America's golf clubs numbered? Reading the news, it doesn't look too good. A recent Crain's report chronicling the ailing state of suburban Chicago golf clubs points out that while business was booming for the region's country clubs just a decade ago, the game has fallen flat in... View full entry
Many baby boomers poured millions into these spacious homes, planning to live out their golden years in houses with all the bells and whistles.
Now, many boomers are discovering that these large, high-maintenance houses no longer fit their needs as they grow older, but younger people aren’t buying them.
— wsj.com
The Wall Street Journal reports that wealthy baby boomers in America's far-flung retirement suburbs are having trouble selling their McMansions. The problem? The homes are too big, too expensive, and too far away from everything else. Another issue: Too many multi-million dollar homes are... View full entry
All over town, buildings sit empty, somehow unused despite a fierce shortage of housing and a long-running development boom that has transformed long-quiet patches of the city into hot property. [...]
Some are better kept than others. Some have more prestigious addresses. But each is a puzzle unto its own.
— Boston Globe
Boston Globe reporter Tim Logan investigates the factors behind Boston's many vacant buildings — despite a booming real estate market. "Even crumbling and empty buildings serve a purpose in a new Boston where so much is shiny and fresh," writes Logan. View full entry
