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DAMAC Properties, a Dubai-based luxury real estate developer, has agreed to pay $120 million for the site where 98 people died in June when the Champlain Towers South residential tower collapsed in Surfside, Florida. — Construction Dive
DAMAC, owned by Emirati billionaire Hussain Sajwani, reportedly known as the “Donald Trump of Dubai,” set the minimum price of $120 million for the 2-acre property in 2021. No competing bids were submitted by last Friday’s deadline, resulting in the cancelation of an auction scheduled for... View full entry
A Portland house with a provenance like no other is for sale. The revolutionary dwelling was designed 82 years ago by modernist architect Richard Neutra for lily hybridizer Jan de Graaff and his wife, Peggy, heir to the Macy’s department store owner who died on the Titanic. — Oregon Live
The home, originally constructed in 1941, is located at 1901 South Comus Street. It was listed on Thursday, May 19th through Oregon-based real estate company The Hasson Company with an asking price of $3,750,000. The three-level residence is celebrated for its embodiment of Neutra’s... View full entry
Wildfires are becoming an increasing threat to American homeowners with the acceleration of climate change, and now a new tool from the nonprofit First Street Foundation will allow them to access probability-based data about the potential risk their property may face over the next 30 years. ... View full entry
DSDHA and Perkins&Will have been chosen by a team of developers to design a new life sciences complex in central London. The investment entity behind the proposed Snowsfields Quarter project, Guy’s & St Thomas’ Foundation, selected global real estate investor and developer Oxford... View full entry
Architecture firms are billing more from reconstruction and renovation projects than they are from new builds for the first time; a milestone driven by soaring demand for office renovations. In the 20 years that the AIA has been collecting data on billings for renovations versus new build... View full entry
Michael Eisner is chasing a record on the bluffs of Malibu, listing his prized oceanfront compound for $225 million. If he gets his price, it’ll be the most expensive home sale in California history. — The Los Angeles Times
Much of the nine-building compound was designed by one of Eisner’s personal favorites Robert A.M. Stern in the 1990s and would considerably usurp Jeff Bezos’ $165 million Bel Air home acquisition, the $150 million Chartwell Mansion deal from 2019, and a nearby property owned by hedge... View full entry
The residential housing market continued its remarkable ascension in March, according to a market report published this week by the U.S. Census Bureau and the Department of Housing and Urban Development (HUD). The report indicates some more positive news for the industry in the face of several... View full entry
An office building in Harlem has become the first building in New York City, and one of the first in the country, to be listed on the stock market in its own right. Located at 286 Lenox Avenue, the 18,759-square-foot building holds four floors of office and retail, with three tenants including... View full entry
A self-declared “crypto paradise” is coming to a remote island nation in the South Pacific featuring designs from Hong Kong-based firm James Law Cybertecture for what is billed by developers to be the world’s first blockchain-based democracy. Located in Vanuatu, the 800-acre private... View full entry
This house on the real estate market in Scottsdale, Arizona, for $2.1 million is throwing some serious shade — in the coolest way possible. How? The “one-of-a-kind” property is basically all underground, but not in “bunker” fashion. — The Sacramento Bee
The 3,300-square-foot, five-bedroom, four-bathroom home is described as an “earth-sheltered subterranean home” designed “to create highly efficient living.” According to its listing on real-estate marketplace Zillow, the residence was built in the 1970s, designed in response to high costs... View full entry
An L.A. developer has a new approach to the so-called tenancy-in-common, or TIC, model, in which residents share ownership of the property. Instead of converting old, rent-controlled buildings into TIC properties, the developer is replacing single-family homes with new townhomes.
Some real estate experts said the model could help the region’s gaping affordable-housing problem, particularly after a new state law opened more areas to similar development.
— The Los Angeles Times
S.B. 9 allows for up to four units to be built on plots formerly reserved for single-family developments exclusively. Since the bill was enacted, many investors have begun to demolish single-family units in order to construct the newer TIC model of townhouses, which was supposedly pioneered by a... View full entry
The mega-mansion known as “The One” sold Thursday for $126 million at a bankruptcy auction. That’s a huge discount from its $295-million listing price, even with a 12% auction fee bringing the total to about $141 million.
Concierge Auctions, which handled the sale, said its auction site drew views from 170 countries, including Australia, the United Kingdom, Germany, France and Italy — and generated some 2,800 prospects.
— Los Angeles Times
Developer Nile Niami had said during its construction that he hoped to someday see the 105,000-square-foot megamansion sell at a price point around $500 million. The One eventually went into default and was last seen in October when it was placed under receivership by the county. Previously on... View full entry
On Thursday, USC announced that it had finalized the sale of the home to Richard E. Weintraub, president and CEO of the Weintraub Real Estate Group, a Los Angeles developer who has worked with historic properties in the past. (He and fellow developer Tom Gilmore helped bring the old St. Vibiana Cathedral in downtown L.A. back to life as a restaurant and events center.) — LA TImes
The home hit the market in July and has undergone extensive restorations in order to repair structural damage caused by the 1994 Northridge Earthquake. The need for additional repairs was reportedly behind the agreement reached between the school and Weintraub, which negotiated a reduction of the... View full entry
Miami is now number one on a list of the most expensive areas to own a home in the United States according to statistics published in the industry blog The Real Deal. The city surpassed New York and Los Angeles in the February edition of RealtyHop’s Housing Affordability Index on the wings of a... View full entry
Those looking to spend their lives in the wonderful world of Disney may soon see their high hopes fulfilled after the 99-year-old entertainment giant announced a slate of new master-planned communities that will begin to take shape in its namesake’s one-time Southern California home. Each... View full entry
