Look Inside The $50 Million Penthouses In One Of The Tallest Buildings In The World
Look Inside The $50 Million Penthouses In One Of The Tallest Buildings In The World
The building where Alex Rodriguez and Jennifer Lopez have https://www.forbes.com/sites/amydobson/2019/01/23/alex-rodriguez-jennifer-lopez-list-condo-inside-tallest-residential-building-in-western-hemisphere/" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">listed their condo for $17 million is considered the tallest residential building in the western hemisphere, but it has some strong competition for the title when compared to this nearly topped out supertall tower at http://111w57.com/" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">111 West 57th Street. It will rise to 1,428 feet thanks to its ornate decorative top piece, which makes it a tad taller than the 1,396 feet of 432 Park Avenue (where the https://www.forbes.com/sites/zackjones/2019/03/11/jennifer-lopez-alex-rodriguez-engagement-wedding-betting-odds-hit-the-market/" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">newly engaged Rodriguez-Lopez duo have a listing and where its developer https://www.forbes.com/sites/amydobson/2019/03/08/developer-harry-macklowe-hangs-billboard-across-three-levels-of-his-own-building-to-announce-wedding/#6260f9fa205e" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">hung a huge banner proclaiming his love for his fiancée).
The last time we looked at this building was when the developers sent along some photos of the https://www.forbes.com/sites/amydobson/2018/11/01/the-thinnest-skyscraper-in-the-world-overlooks-central-park-and-just-opened-up-sales-for-its-condos/#1812d63276db" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">views from the upper floors. Now that the building is getting close to reaching its top, there is a full set of renderings from the development and design team, which consists of the five member strong JDS Development Group, Property Markets Group, Spruce Capital Partners, Studio Sofield and SHoP architects. While its residential floors don't quite rise to the height of the 432 Park, let's not quibble about which is the tallest building when there are $50 million penthouses to gaze at.
Of the 46 units in the entire building there are at least two penthouses asking over $50 million. There's penthouse #74 for $57 million and penthouse #72 for $56 million. Both of them are two-story, four-bedroom, five-and-a-half-bathroom units measuring about 7,130 square feet. Each one comes with private elevator access and a second in-unit elevator, white macuba stone floors and a sculptural staircase between the two levels. Here's a look at the staircase:
The layout of each unit is to have the bedrooms on the upper level and all the communal and entertaining spaces on the lower level. The "great halls," as the developers have referred to main living spaces, are built to have the views of Central Park as the focus of the room, as you can see in this rendering. According to a rep for the building they are wide enough to fit nine Steinway Orchestral Grand Pianos—which measure just over five feet—all the way across the room. Compared to the average living room width of a single-family townhouse in Manhattan (approximately 24.5 feet), these are about twice as wide.
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There are multiple kitchen configurations according to a rep for the developer. Here's a look at one:
The master bedroom has its own entire wing with a sitting room and wet bar, two bathrooms and closet measuring more than 230 square feet.
Here's a look at the master bathroom. Both this image and the one above are a good example of how the exterior of the building—a terra cotta and bronze cladding—looks from the inside of the building.
The rest of the building is equal in its luxury factor. Here's a look at the entrance with ornate golden gates flanking the arrival steps that complement the exterior facade.
And the 82-foot lap pool underneath a vaulted ceiling.
The outdoor private terrace where everyone can mingle.
Seven units have been released for sale to the public. For more information go to the building's http://111w57.com/" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">website here.
Related on Forbes:
https://www.forbes.com/sites/amydobson/2019/01/23/alex-rodriguez-jennifer-lopez-list-condo-inside-tallest-residential-building-in-western-hemisphere/#28feec775b13" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">Alex Rodriguez, Jennifer Lopez List Condo Inside Tallest Residential Building In The Western Hemisphere
https://www.forbes.com/sites/amydobson/2019/03/08/developer-harry-macklowe-hangs-billboard-across-three-levels-of-his-own-building-to-announce-wedding/#6260f9fa205e" style="box-sizing: border-box; background-color: transparent; cursor: pointer; color: rgb(0, 56, 145); text-decoration: none; -webkit-tap-highlight-color: transparent;">Love In The Air? Developer Uses His Own Building—One Of World's Tallest—To Proclaim His Love
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- Written by Frank
How much is a pool worth?
Pools are worth the most in Los Angeles. See where else pools add a big premium.
How much is a pool worth? The answer depends on where you live.
In Los Angeles, homes with pools sell for $95,393 more than comparable homes without them, making it the metro where pools are most valuable. Austin and Orange County are next on the list, with a pool adding more than $50,000 to a typical home’s value.
For this analysis, we calculated the value of a private pool as a premium to a home’s per-square-foot sale price. For instance, a home with a pool in the Houston metro area can be expected to sell for $16.42 more per square foot than a home without a pool. The ranking is limited to metro areas with at least 5,000 homes sold in 2018 where at least 2 percent of homes sold had pools, and where the results were statistically significant.
|Value of a Pool, Ranked by Average Premium per Square Foot|
|Rank||Metro area||Average pool premium per square foot||Median sale price (Feb. 2019)||Value pool adds to a median-priced home||Percentage of homes sold in 2018 that have a pool|
|1||Los Angeles, CA||$56.45||$600,000||$95,392.96||23%|
|3||Orange County, CA||$26.47||$679,000||$55,885.37||18.3%|
|5||Fort Lauderdale, FL||$19.57||$260,000||$36,964.24||45.6%|
|11||Las Vegas, NV||$15.47||$275,000||$30,169.53||25.3%|
|12||Cape Coral, FL||$15.02||$227,000||$26,115.47||6.7%|
|14||Hampton Roads, VA||$12.28||$220,000||$23,570.55||8%|
|17||San Diego, CA||$11.19||$555,000||$20,001.29||15.3%|
|18||San Antonio, TX||$10.04||$218,000||$18,540.88||11.6%|
“A pool definitely adds value for Los Angeles homebuyers, especially in the Valley because it’s hot outside most of the time,” said Redfin agent Lindsay Katz. “People use their pools all year round; we have pool parties in the summer and go swimming on Christmas day. It’s ingrained in our culture.”
“In some parts of Los Angeles, particularly in the San Fernando Valley, it’s almost a given that a house will have a pool and the lack of a pool can make it harder to sell,” Katz continued. “Nearly half of my listings have pools, and when they don’t, potential buyers are constantly asking whether they can add a pool to the property. It’s important to people.”
In Phoenix, the story is a bit different. A pool adds $11,591 to the value of the typical home in the metro area, the lowest on the list of places where a pool provides a premium. Redfin agent Katie Shook said there are some parts of the Phoenix area where a pool is highly valuable—but in other places, it could detract from the value of a home.
“In affordable parts of the Phoenix area like South Glendale and Tolleson, homebuyers don’t want to pay to maintain a pool. I often find that in homes that sell for less than $200,000, a pool is a negative because it adds so many extra costs for the homeowner,” Shook said.
“But the reverse is true in the luxury market,” Shook continued. “In the $700,000 to $1 million price range, especially in remote areas with more yard space, homebuyers expect a pool and they’ll pay a premium for it.”
Boston was the only metro that both met the criteria to be included in this analysis and has cold, snowy winters. It’s also the only place where a pool meaningfully subtracts from the value of a home. A home in the Boston area with a pool is worth $15,484 less than a comparable home without a pool.
See what these pools are worth
Below, we’ve calculated the value of pools for select homes currently for sale. The calculations are based on each home’s estimated square footage and the local per-square-foot pool premium.
This pool in Los Angeles is worth an estimated $285,806
List price: $3,199,000
Approximate square footage: 5,063
This pool in Orange County is worth an estimated $48,440
List price: $999,999
Square footage: 1,830
This pool in Austin is worth an estimated $105,334
This light-filled five-bedroom home comes with a large backyard oasis with a pool, hot tub and covered patio.
List price: $649,999
Square footage: 3,674
This pool in Phoenix is worth an estimated $18,836
List price: $557,000
Square footage: 3,209
Featured image: Custom-built five-bedroom estate in Henderson, Nevada complete with outdoor area featuring a pool and swim-up bar. List price: $1.3 million.
- Written by Frank
And three southern metros—Louisville, Charlotte and Nashville—experienced the largest rise in low-income homeownership from 2012 to 2017.
Minneapolis has the nation’s highest homeownership rate for low-income families. In the Minneapolis area, 57.7 percent of households with incomes in the bottom 25th percentile for the metro area were homeowners in 2017, followed by Pittsburgh (55.8%) and St. Louis (55.5%), all inland areas where the typical home sells for the less than the national median of $285,000. Minneapolis, Pittsburgh and St. Louis are also all in the top 10 of Redfin’s ranking of most affordable metros for millennials, with St. Louis and Pittsburgh coming in at first and second.
“Homeownership allows people to share in the prosperity of their communities and gain wealth through home equity,” said Redfin chief economist Daryl Fairweather. “In many expensive metros, low-income residents aren’t able to access the benefits of homeownership because of a lack of affordable starter homes. But in areas like Minneapolis and Pittsburgh, low-income workers are still able to get their foot in the door on the American Dream of homeownership.”
|Top Metros for Low-Income Homeownership, Ranked by Rates Among Bottom 25% of Income Earners in 2017|
|Rank||Metro area||Homeownership rate among households in bottom 25% of income (2017)||Homeownership rate among households in bottom 25% of income (2012)||Percentage point change in low-income homeownership from 2012 to 2017||Income cutoff for bottom 25% of earners in metro area (2017)||Homeownership rate overall (2017)||Median sale price (Jan. 2019)|
|1||Minneapolis, MN||57.7%||53.7%||4 pts.||$55,000||75.6%||$255,000|
|2||Pittsburgh, PA||55.8%||53.8%||2 pts.||$41,000||74.3%||$149,000|
|3||St. Louis, MO||55.5%||52.3%||3.2 pts.||$43,000||74.4%||$173,000|
|4||Detroit, MI||55%||51.8%||3.2 pts.||$40,200||74.8%||$122,000|
|5||Tampa, FL||54.4%||52.2%||2.2 pts.||$36,000||68.9%||$220,000|
|6||Louisville, KY||54.2%||49%||5.2 pts.||$41,750||74.2%||$181,000|
|7||Salt Lake City, UT||53.8%||53.2%||0.6 pts.||$52,000||75.4%||$319,000|
|8||Nashville, TN||53.7%||49.6%||4.1 pts.||$43,400||71.7%||$284,000|
|9||Charlotte, NC||53.1%||48.9%||4.2 pts.||$40,600||70.9%||$230,000|
|10||Philadelphia, PA||52.6%||53.2%||-0.6 pts.||$51,000||72.8%||$190,000|
“Minneapolis has a large supply of condos and townhomes that are priced lower than the median for the area, which is one reason why it’s affordable for people of all different means and backgrounds,” said Chris Prescott, a Redfin market manager in Minneapolis. “There are still some great locations in the area where homebuyers can purchase a single-family fixer-upper at an affordable price and build equity. Plus, it’s a large geographic area, so buyers can live outside the core and still enjoy a reasonable commute into the city or find a good job in our growing suburbs.”
Los Angeles, New York and San Diego, all expensive coastal markets, are home to the three lowest homeownership rates for households in the bottom quartile of income at 31 percent, 35 percent and 37.6 percent, respectively. Los Angeles and San Diego feature in the top three least affordable places for millennials. This analysis includes the 50 largest metro areas in the U.S.
|Bottom Metros for Low-Income Homeownership, Ranked by Rates Among Bottom 25% of Income Earners in 2017|
|Rank||Metro area||Homeownership rate among households in bottom 25% of income (2017)||Homeownership rate among households in bottom 25% of income (2012)||Percentage point change from 2012 to 2017||Median household income for bottom 25% of earners in metro area||Homeownership rate overall||Median sale price (Jan. 2019)|
|1||Los Angeles, CA||31%||28.3%||2.7 pts.||$44,600||54.3%||$590,000|
|2||New York, NY||35%||32.2%||2.8 pts.||$50,800||60.8%||$938,000*|
|3||San Diego, CA||37.6%||33.5%||4.1 pts.||$50,000||57.7%||$559,000|
|4||Las Vegas, NV||39.7%||38.6%||1.1 pts.||$38,807||59.5%||$280,000|
|5||Columbus, OH||39.8%||37.4%||2.4 pts.||$43,000||66%||$188,000|
|6||Milwaukee, WI||40.5%||36.9%||3.6 pts.||$42,800||66.3%||$190,000|
|7||Sacramento, CA||41.7%||37%||4.7 pts.||$46,000||64.4%||$369,000|
|8||Virginia Beach, VA||42.2%||39.9%||2.3 pts.||$47,000||64.7%||$250,000|
|9||Memphis, TN||42.2%||40.1%||2.1 pts.||$33,550||65.1%||$156,000|
|10||Providence, RI||42.6%||39.8%||2.8 pts.||$46,200||65.9%||$238,000|
*Average sale price of a home in New York City in Q4 2018, per REBNY
In nine of the 10 metro areas with the highest homeownership rates for low-income families, the rate went up from 2012 to 2017, with the largest gains in Louisville (5.2 percentage points), Charlotte (4.2 pts.) and Nashville (4.1 pts.). Philadelphia is the only are in the top 10 where the homeownership rate went down during that time period, but the drop was only 0.6 percentage points. The rate also rose in all 10 of the least affordable areas for low-income families, with Sacramento (4.7 pts.) and San Diego (4.1) points seeing the biggest increases. There are many explanations for rising homeownership rates among low-income families in expensive areas, including households in the bottom quartile of income moving out of rental properties and into informal living arrangements with family or friends.
The national overall homeownership rate and that for the bottom quartile of owners trended downward starting in 2004. For the bottom quartile, it started to tick up in 2012, while the overall rate didn’t start increasing until 2017.
In general, homeownership for people in the bottom income quartile is more common where housing is relatively inexpensive. But as is evident in the chart below, low-income homeownership is also scarce in some inexpensive areas such as Columbus and Memphis.
- Written by Frank
February home prices
Prices fell more than 8 percent in San Francisco and San Jose, up over 10 percent in Newark, Milwaukee and Buffalo.
U.S. home-sale prices increased just 0.6 percent in February compared to a year ago, to a median of $287,400 across the metros Redfin tracks. This is the smallest year-over-year price increase recorded since prices stopped falling year-over-year in March 2012.
|Market Summary||February 2019||Month-Over-Month||Year-Over-Year|
|Median sale price||$287,400||1.0%||0.6%|
|All Homes for sale||760,800||0.0%||2.9%|
|Median days on market||59||2||2|
|Months of supply||4||-0.2||0|
|Sold above list||17.8%||0.9%||-3.7%|
|Median Off-Market Redfin Estimate||$298,400||-0.1%||5.2%|
“When home prices are going up quickly, buyers feel like they are forced to move fast and purchase a home before prices rise even more. Now that home prices are growing slower than inflation (prices for consumer goods were up 1.5% annually in February), there really isn’t much downside to taking your time,” said Redfin chief economist Daryl Fairweather. “And now that mortgage rates are no longer going up every week, buyers in many markets have the luxury of knowing that whether they buy now or later they will pay about the same for a home.”
Home prices fell year over year in just 10 of the 85 largest metro areas Redfin tracks:
- Bridgeport, CT (-15.2%)
- San Jose, CA (-11.3%)
- San Francisco, CA (-7.9%)
- Orange County, CA (-2.4%)
- Honolulu HI (-2.2%)
- New York, NY (-1.3%)
- Tulsa, OK (-1.3%)
- Fresno, CA (-1.2%)
- Dallas, TX (-0.4%)
- Austin, TX (-0.3%)
Completed home sales rose nationally for the first time in seven months and only the third time in the past 12 months in February, up 1.9 percent from a year earlier. Growth in home sales has see-sawed above and below zero, but the overall trend has been falling since late 2016. February may be the start of a reversal in this trend. Home sales fell in 41 of the 85 largest metro areas that Redfin tracks.
The number of homes for sale at the end of the month was up 2.9 percent from a year earlier in February. The number of homes newly listed for sale fell from February 2018 (-4.8%).
Of the 85 largest metro areas Redfin tracks, 49 saw an increase in the number of homes for sale compared to a year earlier, with the largest gains coming in Seattle (+101.2%) and San Jose (+82.1%). Months of supply (inventory divided by monthly sales) is still very low in both these markets—1.9 in Seattle and 2.5 in San Jose, giving sellers a clear upper hand. A market that is balanced between buyers and sellers typically has between four and six months of supply.
Home-selling speeds, which reached a record-fast median pace of 35 days on market last May, slowed year-over-year again in February. The typical home that sold in February went under contract in a median of 59 days, two days longer than a year earlier.
“Because homes are sitting on the market longer and the market is less competitive than last year, first-time homebuyers now have a better chance of winning a home,” said Fairweather. “That could mean more potential buyers in the spring. Home sales are already rebounding this month, and that trend may continue now that the market is more balanced.”
In February, 17.8 percent of homes sold above the list price, down from 21.5 percent in February 2018, but up slightly from January. Meanwhile 20.5 percent of homes on the market in February had a price drop, up from February 2018’s share of 18.1 percent. The share of homes that went under contract within two weeks inched up to 15.4 percent in February, up just barely from the February 2018 level of 15.3 percent.
Other February Highlights
- Oakland, CA was the fastest market, with half of all homes pending sale in just 18 days, up from 13 days a year earlier. San Francisco and Denver were the next fastest markets with 22 and 27 median days on market, followed by Grand Rapids, MI (28) and Tacoma, WA (30). This marks a stark change from January, when Buffalo (now the 17th fastest with a median 42 days on market), Grand Rapids and Omaha (now the 7th fastest with a median 33 days on market) were the nation’s fastest housing markets.
- The most competitive market in February was San Francisco where 61.0% of homes sold above list price, followed by 49.1% in Oakland, CA, 46.0% in San Jose, CA, 40.4% in Tacoma, WA, and 30.8% in Salt Lake City.
- Newark, NJ had the nation’s highest price growth, rising 12.2% since last year to $330,000. Milwaukee had the second highest growth at 11.8% year-over-year price growth, followed by Buffalo, NY (11.7%), Cincinnati (11.3%), and Grand Rapids, MI (9.6%).
- 10 metros saw price declines in February. Bridgeport, CT declined the most since last year falling 15.2 percent to $335,000.
- Grand Rapids, MI led the nation in year-over-year sales growth, up 32.8%, followed by Baltimore, up 28.2%. Tampa, FL rounded out the top three with sales up 26.4% from a year ago.
- Fresno, CA saw the largest decline in sales since last year, falling 29.3%. Home sales in Buffalo, NY and Orange County, CA declined by 26.3% and 18.5%, respectively.
- Seattle had the highest increase in the number of homes for sale, up 101% year over year, followed by San Jose, CA (82%) and Oxnard, CA (48%).
- New Orleans had the largest decrease in overall inventory, falling 35% since last February. St. Louis (-24%), Rochester, NY (-23%), and Camden, NJ (-21%) also saw far fewer homes available on the market than a year ago.
- The median list price-to-Redfin Estimate ratio was 95.0% in San Francisco, the lowest of any market. Only 12.3% of homes in San Francisco were listed for more than their Redfin Estimate.
- Conversely, the median list price-to-Redfin Estimate ratio was 102.3% in Miami and 102.3% in West Palm Beach, FL, which means sellers are listing their homes for more than the estimated value in those metro areas.
New this month: You can now generate a downloadable/printable summary of your local housing market stats in the Redfin Data Center. Here’s the national view:
Below are market-by-market breakdowns for prices, inventory, new listings and sales for markets with populations of 750 thousand or more. For downloadable data on all of the markets Redfin tracks, visit the Redfin Data Center.
Median Sale Price
|Redfin Metro||Median Sale Price||Month-Over-Month||Year-Over-Year|
|Baton Rouge, LA||$199,900||3.0%|
- Written by Frank
Most Competitive Cities in the U.S.
|Rank||City||Redfin Compete Score|
|1||San Jose, CA||100|
|3||San Francisco, CA||96|
Because Redfin has a customer database that is used by every agent for every customer at every step of buying or selling a home, Compete Score is calculated using data that no other brokerage or website has. Compete Score is calculated using Redfin proprietary data, including the number of competing offers and number of waived contingencies for homes sold by Redfin, as well as data from multiple listing services (MLSs), including the sale-to-list price ratio and number of days on market. Compete Score data will be updated monthly, and the latest data can be found and downloaded in the Redfin Data Center. We’ll use Compete Score to track competition over time to compare competition in different neighborhoods and cities.
“Many of the most competitive cities are tech hubs that have attracted an influx of people moving to the area for jobs, unmatched by the creation of new homes,” said Taylor Marr, senior economist at Redfin. “This has led to intense competition and rising home prices. In San Francisco, Seattle and Denver, homes have become so expensive that many people are moving elsewhere in search of more affordable and less competitive housing markets.”
“Even with the recent–and much needed–surge of inventory, desirable homes are under contract in five to seven days,” said Shoshana Godwin, a Redfin agent in Seattle. “That actually feels to us like a long time, but when you put it into perspective with the market nationally and historically, Seattle remains very competitive. Last week, I wrote an offer on a home that had five other offers, escalating up to $150,000 above the asking price.”
Those seeking reprieve from the hottest housing markets may want to consider or at least daydream about moving to one of the least competitive cities. The 10 least competitive large cities are listed below:
Least Competitive Cities in the U.S.
|Rank||City||Redfin Compete Score|
|1||New Orleans, LA||43|
|2||El Paso, TX||44|
|6||Baton Rouge, LA||57|
- Written by Frank
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