Value is in the eye of the beholder.
James Tarmy reports on the surprising lack of value that residential buildings designed by starchitects (i.e., the most famous of globe-trotting, high-profile-project-designing architects) find when sold on the open market.
The article launches with the example of a home designed by Steven Holl for a homeowner in the Catskills, who recently listed the property for $1.6 million, or 20 percent less than the money spent developing the property 23 years ago. Moreover, the property's real estate broker is quoted in the article saying a typical local realtor would value that house at $400,000, based just on location and square footage.
The reality of selling a "starchitect"-designed home is sobering, according to Tarmy, who includes more anecdotes, mostly from the perspective of the brokers stuck in limbo trying to sell a few famous examples around the country.
While Tarmy's coverage focuses on contemporary examples, the tough real estate market for notable historic residential architecture is also famously sluggish, like with examples from John Lautner and Frank Lloyd Wright in Los Angeles.
FULL STORY: Having a Home by a Star Architect Is Amazing, Until You Try to Sell It
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