Price drops for big-name architect homes
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The ‘price-reduced’ Richard Neutra-designed Kaufmann house in Palm Springs wasn’t actually on the market before. It was sold through a much-ballyhooed Christie’s auction for $19.1 million in May but the deal fell through. Now it’s listed for $12,975,000.
The owners bought the landmark home for about $1.5 million in 1993 and spent mega-bucks -- some $11 million -- bringing the place back to its former glory and purchasing additional land to increase the site to more than 2.5 acres.
Dramatic price drops of more expensive homes may be lagging the rest of the market but, last time I checked, all boats were still rising and falling with the same tide. And classic homes by Modernist architects are experiencing similar fates -- languishing for sale at reduced prices -- in other parts of the country.
Listing agent Crosby Doe is philosophical about the pricing of the sleek 1946 desert house commissioned by Pittsburgh department store magnate Edgar J. Kaufmann.
‘Markets have their ups and downs,’ said Crosby Doe, the sellers’ agent. ‘In the 1980s, the price of Picassos suddenly fell, and headlines pronounced the end of high-priced art. It turned out to be a very good time to invest.’
Yes, and an attractive listing price will sometimes produce a bidding war. My calculator shows the price difference between the listing and auction prices at about 32%.
-- Lauren Beale
Thoughts? Comments?
3,162 square feet. Credit: Scott Mayoral
