We’ve featured some of the architecturally-significant homes around the southland, here’s an article from the latimes.com about how they are selling these days:
An excerpt:
A recent sampling of area listings shows scores of homes by architects with followings, including Schindlers priced from $595,000 to $3,995,000, Lautners from $1,495,000 to $5,895,000, and Neutras from $795,000 to $14,995,000. Wright’s La Miniatura is listed at $6,950,000 and the Ennis House at $15 million. Although not officially tracked, the inventory is higher than several years ago, said real estate agents who specialize in such houses.
“Usually there’s one, and then it’s gone,” Doe said. “Now there are options.”
Following the pattern of the overall market, which has been driven by foreclosure sales and first-time buyers, “the majority of buyers are looking for total bargains,” he said.
At the high end of the price range, some sellers are simply biding their time.
“For the most part, these homes are faring well because they have fallen into very strong hands,” Doe said. “People understand what they have and are not willing to slash the prices and give them away.”
the ending excerpt:
Maggie Navarro of Coldwell Banker, Pasadena, had the listing on the Greene & Greene-designed Spinks House, which was taken off the market in late summer.
“My seller got discouraged,” Navarro said. “We had great showings, people loved the house, and then they didn’t write an offer.”
The 1906 Pasadena house with six bedrooms and six bathrooms in more than 5,000 square feet was listed at $4,625,000.
“Those Greene & Greenes attract a real specific audience, and unfortunately most of the people who love them can’t afford them,” she said.
As for the dollar premium once associated with architectural homes, Linder doesn’t expect it to return in the current market and, in fact, thinks prices haven’t found the bottom yet.
“If you can afford to wait,” he said, “there probably will be better deals to be had.”
The two Wright block houses are interesting, but they are monuments to bad architectural ideas. They are maintenance disasters. To own one would be a lifetime commitment to stewardship of a genius’ most harebrained idea.
In addition to their “premium” acquisition costs, I imagine these houses have some huge monthly/annual maintence costs. Not for the slight of wallet.
“People understand what they have and are not willing to slash the prices and give them away.”
If 2006-2007 is any reference, this mentality means you have about 12 months until someone *does* get desperate and starts slashing prices. From there, it’s a freefall for quite a while.
Someone start the clock! 🙂
-Erica
Of course people who want to buy them can’t afford them – neither can the owners! Some of these prices are simply made up numbers, it’s more about the seller’s ego than what it’s really going to sell for.