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Perhaps it’s not a surprise in a city where residential prices can reach into the stratosphere, but in Los Angeles, more than 17 percent of all homes are valued at over $1 million.
What may be more shocking is that L.A. doesn’t have the highest share of million-dollar homes. [...]
San Jose and San Francisco were No. 1 and No. 2, respectively. In San Jose, homes valued over $1 million made up 53 percent of the market. San Francisco’s million-dollar-share was at 40 percent.
— The Real Deal
Other major cities ranked in the new LendingTree survey are New York (4th place with 12 percent market share), Miami (9th, 4 percent), and Chicago (18th, 1.3 percent). View full entry
The construction of this and other so-called giga-mansions underscores a new gilded age in the United States and especially in LA. [...]
The splurge comes amid a housing shortage that has fuelled a homelessness crisis, with 57,000 people without permanent shelter in LA county [...]. The Los Angeles Times columnist Steve Lopez compared the city’s hilltop mansions to giant tombstones marking the death of humility.
— The Guardian
The Guardian takes a peek into the world of ultra-luxury real estate developer Niles Niami whose latest endeavor—the sprawling Bel Air hilltop giga-mansion with its four swimming pools, 20 bedrooms, movie theater, and nightly club aptly called The One—frequently makes the news for... View full entry
Pritzker Prize-winning Japanese Architect Tadao Ando's first residential development in NYC and outside Asia, 152 Elizabeth Street, has just sold its highly anticipated duplex penthouse for $35 million. The 9,000-square-feet penthouse spans three floors and features a 4 bedroom, 4.5 bath home... View full entry
It will be built from the top down on a suspension bridge, modelled after and painted the colour of the Golden Gate bridge. At its base will be a new 1,075-seat theatre, and below that an excavation site that’s 4.5 times as large as the museum’s excavation. It is expected to cost over $300m. — The Guardian
In a noteworthy meeting of infrastructure and luxury real estate development, Tasmanian organizer of Hobart's Museum of Old and New Art (MONA) David Walsh believes the people who enjoy the museum will definitely dig an onsite luxury hotel that uses a suspension bridge to support its seven upper... View full entry
The MIT project — the Managed, Reconfigurable, In-space Nodal Assembly (MARINA) — was designed as a commercially owned and operated space station, featuring a luxury hotel as the primary anchor tenant and NASA as a temporary co-anchor tenant for 10 years. NASA’s estimated recurring costs, $360 million per year, represent an order of magnitude reduction from the current costs of maintaining and operating the International Space Station. — MIT News
Left to right: Caitlin Mueller (faculty advisor), Matthew Moraguez, George Lordos, and Valentina Sumini are some of the members of the interdisciplinary MIT team that won first place in the graduate division of the Revolutionary Aerospace Systems Concepts-Academic Linkage Design Competition... View full entry
Good walls make good neighbours – but not, it seems, when they are made entirely of glass. Five residents of the multi-million-pound Neo Bankside towers, which loom behind Tate Modern like a crystalline bar chart of inflated land values, have filed a legal claim against the museum to have part of its viewing platform shut down. They claim that its 10th-floor public terrace has put their homes into a state of “near constant surveillance”. — The Guardian
In an apparent case of art interfering with life, the owners of the apartments next to the Tate Modern's viewing platform are trying to legally erect some kind of visual barrier between them and the visitors of the museum (although the exotic technology of curtains has apparently not yet made it... View full entry
The Wall Street Journal reports that the seven-year long boom in luxury apartment development is about to fizzle out. Since early 2010, U.S. apartment rents have risen more than 26%—a pace much faster than either inflation or income growth. This pattern began to slow last year, when rents rose... View full entry
Whatever canvas he is given, whether it's a highly constrained urban lot or a sweeping New Mexico landscape, Tadao Ando rarely falters. Cerro Pelon Ranch, the two compounds he designed for former architectural student turned fashion maven/filmmaker Tom Ford, is no exception. Enormous... View full entry
San Francisco's Millennium Tower has been sinking at a rate of two inches per year since it was completed in 2008, which is about ten inches more than the builders had anticipated the building settling for its entire lifetime. Not to be boring, the tower is also tilting slightly to the northwest... View full entry
Details are scant, there's only one rendering, and yet according to on-the-nose-named developer PortLiving, Shigeru Ban has designed the world's tallest timber hybrid apartment complex. Called Terrace House, the sloping glass-encased, timber-framed, concrete and steel-cored building will... View full entry
Brokers say the very top of the market — consisting of eight- and nine-figure homes — is faring the worst as slowing economies overseas and volatile stock markets have spooked buyers. The supply of homes for the rich exploded as builders aimed at the high end after the financial crisis. — NYT
Robert Frank highlights a worrisome pileup in the overinflated; luxury housing, megamansions and penthouse market. View full entry
As luxury condominiums go, 152 Elizabeth Street displays an unusual rigor and finesse: this is not an exercise in overindulgence, but in refined balance. With its 32,000 square feet split between seven individual residences, Tadao Ando's floor-to-celling windowed, burnished... View full entry
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... View full entry
Almost two-thirds of homes in the Tower, a 50-storey apartment complex in London, are in foreign ownership, with a quarter held through secretive offshore companies based in tax havens, a Guardian investigation has revealed.
The first residents of the landmark development arrived in October 2013, but many of the homes are barely occupied, with some residents saying they only use them for a fraction of the year.
— The Guardian
The kind of wealth that turns a home into a status symbol—and an underused status symbol at that, with occupancy rates of only a few weeks a year—is not easing London's housing crisis. As the city's housing rates push actual citizens to decamp to cheaper suburbs or simply leave the area... View full entry
The cherry atop 520 West 28th, Penthouse 37 contains five bedrooms and six-and-a-half bathrooms, including a corner master suite with two windowed dressing rooms and his-and-hers baths nestled on its lower level, which also houses three guest en-suite bedrooms, a utility room, and a wet bar. — Forbes
Running at a little over $7,269 a square foot, Zaha Hadid's one and only High Line-adjacent luxury penthouse design features a sinuous metal exterior with floor to ceiling glass windows between 10th and 11th avenues in Chelsea. Ismael Levya Architects worked with Zaha Hadid Architects to create... View full entry
