But even here, Wolfer sees some opportunity. An idea floating around the sector would see some former office space converted into condos, apartments or other housing. When asked if that idea held potential for him, Wolfer replied: “Yes, definitely,” in part because an office building that once would have sold for $20 million can now … [Read more…]
According to the Mortgage Bankers Association, just under four million American homeowners are in forbearance. Meanwhile, negotiations over a new stimulus package have yet to culminate in an agreement. Property owners impacted by the COVID-19 housing crisis are struggling to pay mortgages, and the imminent risk of foreclosure and bankruptcy looms large over the industry. Ironically, the housing market seems resilient.
Last week we took an opportunity to talk with Kris Lindahl, the CEO and Founder of Kris Lindahl Real Estate and a key expert in the Twin Cities real estate market.
About Kris Lindahl
Kris Lindahl is one of America’s most successful real estate professionals. Known for being an innovative pioneer he’s a nationally sought-after speaker, a bestselling author, a popular podcast host, and the leader of the #BeGenerous Movement. Names to the Business Journal 40 Under 40 list, Kris is a phenomenal entrepreneur and philanthropist.
The Q & A
Realty Biz News: So many people in the industry are talking about how a new stimulus package to help homeowners is much needed. Can you share with us your views on the need and the possible negative effects should the stimulus not arrive soon?
Kris Lindahl: The housing market is red hot right now. Historically-low interest rates and a low inventory of homes for sale have helped the housing market remain robust. We have very serious buyers who have more purchasing power competing for the low number of homes on the market. The competition is helping sellers get top dollar in the middle of a pandemic and economic uncertainty. It’s a win for both sides.
Realty Biz News: Do you advise homeowners to refinance in lieu of foreclosure, and if so what is your advice?
Kris Lindahl:Banks are more proactive than ever when it comes to offering solutions for people struggling to make their mortgage payments. I encourage anyone struggling to make that payment to immediately reach out to their mortgage lender. Your lender may offer refinancing or selling your home as one of the many options to help. Refinancing can help lower your monthly payment to something more manageable while selling your home ensures you get a return on your investment and frees you of that mortgage payment. Again, those are just two of many options that your lender may provide to help you.
Realty Biz News: The pandemic has caused a paradigm shift for every sector of the economy. What does the real estate landscape look like post-pandemic for the long term?
Kris Lindahl:I believe this pandemic has changed how people house hunt moving forward. Post-pandemic we are going to see a lot more technology. Traffic on real estate apps is at an all-time high and that is going to continue. 3D tours and virtual stagings are making it easier to house hunt from your couch. You can look at dozens of homes in a short amount of time, hone in on the ones you love and only visit those. It saves so much time and I think we’ll continue to see the benefits.On the commercial side, I think we are going to see a lot more innovation. Some businesses are realizing they may not need such a big footprint and they may downsize that office space. This moment could truly change the way we know working from an office.
Realty Biz News: What other advice can you give homeowners for staying afloat if the stimulus negotiations drag on?
Kris Lindahl:I encourage homeowners to communicate with their mortgage company. Waiting until the last minute to tell your lender about financial problems could leave you with fewer options. If you’ve communicated with your lender and you’ve exhausted all possibilities, reach out to a real estate agent to determine if selling your home may be the best option for you.
The Takeaway
While the pandemic and the ensuing economic upheaval are unprecedented and certainly a tragedy, low-interest rates and other factors give the looming dark clouds a kind of silver lining. This is especially true for those who are somehow able to pull things together to buy. Kris also pointed out in our conversation that right now is a great opportunity for first time homebuyers to enter the market. He says current homeowner can also benefit by refinancing with lower interest rates and lower monthly bills.
Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.
Remote work is making people less productive than before, according to a recent survey of business leaders.
The survey, published last week by architect and design firm Vocon, found that almost 40% of business leaders nationwide said they’ve seen a decrease in productivity from their remote workforces. At the start of the COVID-19 pandemic, 56% of employers rated their remote workers’ productivity as “excellent” in an earlier Vocon survey.
Some reasons for the lowered productivity could be that workers are starting to feel as if they’re missing out by not being able to connect with their colleagues face to face. They’re also find it difficult to set boundaries at home with work. Employees who lack a home office space within their abode generally find remote work to be more challenging, the survey found.
Vocon’s survey came as a second study by research firm Engagious found that 53% of consumers “very much want to return” to the office. In that study, 40% of workers said they’d look for another job should their employer decide to go entirely virtual.
“Companies were having a really hard time keeping their culture together and a really, really difficult time onboarding employees,” Megan Spinos, director of strategy for Vocon, told the Commercial Observer. “The workplace was really a critical place for them.”
A majority of the business leaders surveyed by Vocon said they still intend for their employees to return to the office, with most aiming for that to happen in the first quarter of next year. Vocon’s survey reflects the heads of firms that oversee 443,895 workers nationwide in industries such as real estate, technology, advertising, finance, and more.
The news is positive for the commercial real estate sector, of course. And the industry has benefited from other firms that are looking to expand their physical office footprint. The most conspicuous of these is Amazon.com, which recently purchased a 630,000 square foot building in Manhattan and leased two million square feet in two developments in Bellevue, Washington.
“Tech companies still believe in physical spaces,” Tom Vecchione, a principal at Vocon, told the Commercial Observer. “There’s a new awareness about wanting to be in a building working together.”
Surprisingly, it’s the younger workforce that seems most eager to return to the office. A recent analysis by Cushman & Wakefield found that around 70% of Generation Z and 69% of Millennials faced challenges in working from home. Some of the reported problems include struggling to find a space to do their work, and missing out on advancement opportunities due to a lack of face to face contact.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
There’s a growing divide in real estate, with some home shoppers fortunate enough to be able to buy newer and bigger homes, while others who have experienced job losses face losing their current home.
The U.S. unemployment rate grew to 8.4% in August, and many Americans have been left struggling to pay their mortgages or monthly rent. Lawrence Yun, chief economist of the National Association of Realtors, says another 10 million jobs must be created to get the U.S. economy back to where it was before the coronavirus pandemic.
Moreover, a survey by the Census Bureau recently revealed that 42% of renters who earn less than $35,000 per year say they have only slight, or no confidence in their ability to pay September’s rent.
“The level of economic suffering for families is heartbreaking if we don’t figure out how to help unemployed Americans pay rent,” Sam Gilman, co-founder of the COVID-19 Eviction Defense Project, told USA Today. “Eviction leads to horrible consequences for families. It can lead to homelessness, kids not going to school, and is linked to deaths of despair.”
Gilman estimated that up to 40 million Americans are at risk of being evicted at the end of the year if nothing is done. He said that eviction and foreclosure moratoriums that extend to the end of the year could well be postponing the inevitable.
“We are only delaying this huge build-up in rental debt and the precursor to eviction,” Gilman said. “Once rent comes due after the holidays, the circumstances for millions of Americans likely will not have changed.”
The most recent eviction moratorium came into effect on Friday, and requires tenants to certify or testify under penalty of perjury that they’re doing everything that they can to pay. Some of the obstacles that preclude them from paying the rent include job losses or wage reductions, and medical expenses.
Meanwhile, as millions of renters worry about losing their homes, there are millions of buyers at the other end of the spectrum with secure, well paying jobs that are flooding the market. Indeed, the housing market has emerged as one of the main drivers of economic recovery, with 27,700 jobs added to the construction industry in recent months. In addition, the NAR has seen record levels of membership, Yun said.
Those with high-paying jobs are looking to take advantage of record low mortgage rates, and many are looking to upsize during the pandemic.
“There’s a fortunate group of Americans with a steady paycheck that didn’t go on a big vacation, but did end up buying new furniture, appliances, or are renovating,” Ted Rossman, an industry analyst at Bankrate, told USA Today.
Citing a recent survey, Bankrate said around 59% of homeowners in the U.S. have completed at least $500 worth of home upgrades this year, or are planning to do so before the end of the year.
Others, instead of sprucing up their existing home, or aiming for something new and bigger. With that, home prices have rapidly escalated as demand increases. Now, the median national price for an existing home has hit $304,100, the first time it’s ever surpassed $300,000, the NAR said.
The market well and truly belongs to sellers at present, Rossman told USA Today.
“There’s still a lot of interest in sellers getting top dollar for their homes and buyers getting more space. The work-from-home trend has legs even beyond the pandemic because many companies have found that workers can be productive from home and it saves them money on office space. That has big ripple effects for the housing market if work-from-home becomes more permanent,” Rossman said.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
A den is an additional room in an apartment that you can use as a multi-purpose space.
Apartments have different floor plans, rent prices and amenities. Depending on what you are looking for, you can pretty much find it when apartment hunting these days. Want a pool or an on-site gym? That’s an option!
One perk that is rising in popularity is the den. Everyone wants more space and dens are a unique way to get it. So, what is a den exactly and how might you use it? We will walk you through the 10 benefits of an apartment with this room and why you might want to rent one.
What is a den?
A den is defined as an extra room, usually without windows or closets. Dens can be found in both one and two-bedroom apartments. They are not considered additional bedrooms as they don’t have that designated closet space that a true bedroom features.
Does a room without windows sound dreary to you? Well, before you confuse a den with a dungeon, let us show you all the ways that an apartment with a den could be used. Essentially, a den is a bonus room where you can do anything you want.
10 benefits of renting an apartment with a den
What would you do with an extra room in your apartment? A den can be just that; it’s an extra room, albeit smaller than a bedroom, to do whatever you want! Here are some of Rent.’s suggestions on what to do with an apartment dent.
1. Built-in home theater
To be considered a den, the room cannot have any windows. This makes dens a cozy, dark space perfect for binging your favorite TV show or streaming the most recent Hollywood hit. With endless streaming platforms at your disposal these days, having a built-in theater room is an awesome perk of apartment living. If you’re a movie lover or Netflix and chill kind of person, an apartment with a den is a must-have. You can invite all your friends over for movies in your dedicated home theater.
2. Optional work-out room
Do you like to work out but don’t have a gym membership or on-site gym? Get some free weights, a Pelaton and a yoga mat and you’ve got yourself a small, personal workout room in the den. It’ll also be cool as there won’t be hot sunlight streaming in from any windows, so you can turn up that music and crank out a quick burn session.
3. WFH spare office
In a world where remote work is more common, you may need a dedicated office space. While some people use their bedroom or living room as a makeshift option, a den is the perfect extra room to transform into a focused work zone. In the den, you have a specific space to go to work and then at the end of the day go back to your main living room without feeling like you never left home that day. You can WFH and live at home without feeling burnt out when you have a den.
4. Meditation or wellness room
We could all use more R&R in a stressful world. If you rent an apartment with a den, you can transform it into a Zen meditation or wellness room. Get a comfortable couch or yoga mat, light a nice candle or essential oils and settle into some dedicated meditation time in your new den wellness room.
5. Private “man den,” “she cave,” or “theysment” space
Bears hibernate in dens, and honestly, that can sound kind of nice. So, why don’t you turn your den into a private space? Do you like to paint? Make your cave a painting studio. Do you like to play poker or chess around some drinks? No matter how you use it, a den is the perfect extra room to make it anything you want it to be.
6. Secondary living space
Are you simply feeling crowded in your apartment and needing more space? Then a den is a great option for additional living space. You can have your bedrooms, kitchen and dining areas and living room plus a den. Extra space in an apartment is always a pro. But, keep in mind you’ll likely pay more in rent for the extra square footage.
7. Peaceful reading room
Escape to a fictitious land by reading or listening to a book. When you turn your den into a peaceful reading room and library, you can go anywhere you want when you escape through the pages of your book. This dedicated reading space can be charming and like your own small bookstore. Get some cozy couches and plush pillows and your den is now your escape.
8. Game room
Do you enjoy game nights with friends? Well, turn your den into the go-to game room. Depending on the size, you could add a pool table or ping pong table here. Or, get a cool table and lots of board games for any sort of competitive gaming setup. Dens are ideal for game rooms.
9. Additional guest room
While it’s not technically a bedroom, a den can double as a spare bedroom for short stays. Get a futon so your guest can have a couch and bed to stay in. This additional room will enable you to host guests without giving up your precious bedroom space or main living room area.
10. More storage space
You probably have too much stuff, as we all do, so extra storage space is never a bad thing. Because apartments are smaller and often have fewer storage options, a den can double as a storage unit. Free up those closets and put your seasonal clothes in the den. Or, fill it with holiday decorations or food storage. Really, you can use it however you like because it’s extra space.
How to find apartments with dens
Does an apartment with a den sound appealing to you? Then it’s time to start the apartment hunt! You can search for apartments in your desired area, within your price range and with the desired amenities — like a den!
RiRi’s trading one of her real estate diamonds once again.
According to Mansion Global, megastar Rihanna, whose given name is Robyn Rihanna Fenty, is looking to offload one of her Beverly Hills, CA, homes for $10,495,000.
It seems the singer and beauty entrepreneur barely had time to unpack her makeup kit in this lovely home, which she added to her real estate portfolio in 2021 for $10 million.
She still retains ownership of a nearby mansion that she snapped up in 2020 for $13.7 million.
Here’s more on the four-bedroom, five-bath mansion she’s letting go.
Built in 1939
(Realtor.com)
Living room
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Kitchen
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Sitting behind gates on one of the most coveted streets in Beverly Hills, Rihanna’s pretty property is everything a Cali home should be. The 5,100-square-foot abode has solid bones (built in 1939), an attractive color palette, and a traditional interior design that should appeal to many.
There are weathered wood floors, cozy fireplaces in the living room, and vaulted ceilings. The steel-blue kitchen island offers seating for three, and there’s a sunny breakfast nook, too. The main bedroom has a mini living space plus windowed seats for curling up with a good book.
Outside, stately trees, lush lawns, and a vegetable garden await, along with a pool and patio spaces. There’s even a half-basketball court for pickup games. A detached guesthouse comes complete with a bedroom, living room, kitchenette, and office space.
Main bedroom
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Primary bathroom
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Pool
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Yard and outdoor seating
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Rihanna’s talent knows few bounds as she’s branched out widely from her early days as a pop artist. The billionaire Barbadian is the founder of the makeup brand Fenty Beauty, and she’s the force behind the fashion house with the same name, which is under the luxury conglomerate LVMH.
As the headliner of the Super Bowl LVII halftime show, the megawatt star blew the roof off the place.
Last fall, the nine-time Grammy winner released a single for the movie “Black Panther: Wakanda Forever” soundtrack, titled “Lift Me Up.”
Walt Disney once famously said “I dream, I test my dreams against my beliefs, I dare to take risks, and I execute my vision to make those dreams come true.”
And while he may have stayed true to these words in all aspects of his life, today we’d like to turn an eye to the homes he imagined into reality. More specifically, the whimsical storybook mansion he built for his family as his animation studio was gaining ground.
Photo credit: Joel Danto of TheLuxLevel
Especially since avid Disney fans can now celebrate 100 Years of Disney — the company’s year-long centennial celebration — in the Mickey Mouse creator’s own home.
Walt Disney’s house in Los Feliz, where he lived for almost 20 years and where he and his wife Lillian raised their two children, is currently available to lease.
It doesn’t come cheap though: the storybook mansion is being rented out for $40,000/month. Chase Campen with Compass is in charge of the listing.
“This property was chosen by Walt Disney as the place to raise his family, and also coincided with a transition of Disney Studios from fledgling enterprise toward entertainment giant,” Campen says. “It sits on an acre of land with incredible outdoor space and city views. Its historical pedigree only adds to the magical mystique.”
Photo credit: Joel Danto of TheLuxLevel
Speaking of magical mystique, the storybook mansion draws visitors in with its unique architecture from the second they lay eyes on it.
Mixing French Provincial, French Country Tudor, and Neo Gothic styles, the property located on Woking Way in Los Feliz, Los Angeles is a beautiful example of storybook architecture.
Related: Wonderfully Witchy: The Storybook Spadena House in Beverly Hills
The owner of the former Walt Disney house is Timur Bekmambetov, a Kazakhstan-born film director who purchased the home in 2011. And it would seem that creativity flows freely through the 1932-built house, as our sources tell us that the director has been inspired by the home to create a graphic novel and a movie script he is working on about fictional Disney characters who never made it to the big screen.
The storybook mansion has 4 bedrooms, 3 full baths, and 2 half baths across 6,388 square feet of living space, and beautifully appointed interiors that match the whimsical exterior.
Photo credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevel
The majestic home sits atop a gated drive with parking for 10. A rotunda entrance welcomes residents and guests alike into this magical place, from where they are ushered into the dramatic two-story living room that features vaulted wood beamed ceilings, wood-paneled walls, a brick fireplace, and original windows that look out over the backyard, pool, and downtown Los Angeles.
Photo credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevel
From there, one wing of the house offers an elegant dining room with French doors to the outside and an artisanally painted ceiling set amidst interlaced beams.
Photo credit: Joel Danto of TheLuxLevel
This leads to a gorgeous eat-in kitchen with a center island, marble counters, custom cabinets, a walk-in pantry, and stained glass windows — a perfect mix of modern convenience and old warm charm.
Photo credit: Joel Danto of TheLuxLevel
Opposite the living room on the other wing is the still-intact home theater where Walt watched dailies of his productions; the original elements have been preserved, and enhanced with a touch of modern technology.
Photo credit: Joel Danto of TheLuxLevel
Upstairs, the spacious primary suite rests above the theater, with city views, ample closets, and a bathroom with dual vanities, a large dual head shower, a centerpiece tub, and period tile.
Photo credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevel
The other wing features two generous guest bedrooms with a well-appointed bathroom between them. Completing the upstairs is a sunlit family room with vaulted ceilings and access to a former sleeping porch, ideal for an office space or gym.
As is to be expected, the outdoor grounds are incredible, featuring well-landscaped walkways, lush grass lawn, an inviting pool, trellis covered outdoor dining area, and an entire separate area that resembles a private park.
Photo credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevelPhoto credit: Joel Danto of TheLuxLevel
Walt Disney lived in this home longer than any other home from 1932 to 1950.
While his Holmby Hills mansion is most often associated with his persona, Disney’s house on Woking Way is where he raised his daughters and where got the inspiration for Snow White. Diane and Sharon Disney’s original playhouse still sits on the property.
Disney’s Storybook Mansion — also known as the Storybook Cottage — can now be rented for $40,000/month.
Snow White’s cottage in Los Angeles is every Disney lover’s dream
Bacardi heiress lists rare Disney World estate with themed ‘Star Wars’, ‘Frozen’ rooms
Timeless Elegance Meets Whimsical Charm in this $6M Storybook Castle in Los Angeles
We never tire of looking at magnificent midcentury modern homes—and we’re not alone. They’ve been favored on architectural popularity lists for well over 75 years!
Midcentury modern design began in the mid-1940s, right after World War II. Soldiers were coming home, starting families, and setting off the baby boom—and they needed new homes quickly and inexpensively.
The experimental technologies and materials—steel, aluminum, tempered glass, stucco, and plywood—developed during the war and beyond were quickly applied to residential structures to meet the needs of the growing U.S. population.
The style had staying power—and spread across the U.S. You might think the epicenter of the midcentury modern movement would be in swanky Palm Springs, CA, where the design was energetically embraced. Or perhaps in the Midwest, where architectural icon Frank Lloyd Wright helped originate the movement.
But a simple search on Realtor.com® reveals that original midcentury modern homes can be found throughout the country.
The prices are as varied as the locations. We found prime and well-preserved examples ranging from $2.6 million to $249,500.
If open floor plans, floor-to-ceiling windows, sleek spaces, and a cool-cat vibe are on your list of must-haves, take a look.
Price: $1,995,000 Handsome in Hollywood: Brimming with original features, this 1960-built home is nestled in the hills of Beachwood Canyon, close to the Hollywood sign and the Lake Hollywood Reservoir. Celebrity-filled hiking trails await right outside the door.
This one is a three-bedroom, two-bath, 1,502-square-foot beauty with walls of glass, transom and picture windows, sliding glass doors, and balconies.
Original features include glass-block walls, a concrete-block fireplace, beamed ceilings, and brick planters. This hillside home is already pending sale.
Los Angeles, CA (Realtor.com)
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Price: $2,600,000 Pretty and petite: Beautifully restored and located in the popular Sun Terrace neighborhood, this two-bedroom, two-bath, 1,338-square-foot home proves that good things really do come in small packages.
Every square inch of this “atomic ranch” has been stylishly renovated. For example, custom floors were poured to match the original terrazzo. We’re also crazy about those primary-colored floor tiles.
Other exquisitely updated features include a sparkling kitchen with high-end appliances, and a high-impact roof and windows. The house is further equipped with smart technology.
Naples, FL (Realtor.com)
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Price: $535,000 Boise beauty: Built in 1961, the two-story home has been updated with modern features like a state-of-the-art kitchen.
The three-bedroom, two-bath abode, with 2,028 square feet of interior space, has been updated from floor to ceiling. Plus, the home’s 9,583-square-foot lot includes a hot tub, storage shed, and chicken coop.
The home is located in a quiet neighborhood near downtown Boise, so there are plenty of shops and restaurants nearby. It’s also close to the interstate and the airport, just in case you ever need to get away from this pretty little piece of paradise.
Boise, ID (Realtor.com)
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Price: $335,000 Kansas cocoon: If you’re the type who likes to keep the neighbors guessing—this could be the time capsule for you! All the big windows are in the back, and that 1966-era, stone-front exterior allows for plenty of privacy.
The interior space measures 1,949 square feet, and there are three bedrooms and two baths. Downstairs, you’ll find a playroom and storage area, a two-car garage, and an additional storage shed.
The listing indicates that “lots of possibilities await,” so it may need a little work.
The 0.42-acre lot is located on a cul-de-sac, not far from Garden City shopping. The nearest big city is Wichita. You’d have all the advantages of small-town living while enjoying a big-time, sophisticated home.
Garden City, KS (Realtor.com)
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Price: $1,900,000 Old yet new: While the architecture was inspired by seminal home designers Frank Lloyd Wright and Richard Neutra, this spacious home has had all of its mechanical systems updated. It’s a miraculous feat of blending midcentury modern style with 21st-century convenience.
This five-bedroom, seven-bath, 6,716-square-foot home sits on a 2.7-acre hilltop lot. It features sweeping views of the the surrounding countryside via floor-to-ceiling windows. Its finer features include all walls with cross-bracing to hold firm in a storm, exterior fir wood siding, and marble walls and chimneys.
Built in 1960, and fabulously maintained and updated, the property comes with additional living quarters that could be used as a short-term rental, according to the listing.
And there’s more good news: Most of the midcentury modern furniture can stay in the home, for the right price.
Louisville, TN (Realtor.com)
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Price: $1,725,000 Perfection in Princeton: This immaculately restored and updated home features a garage that has been converted into a light-filled office space. The property also comes with a beautiful apartment with a separate driveway and patio.
The five-bedroom, 4.5-bath dwelling sits on a leafy, 3-acre lot close to downtown Princeton. Originally built in 1955, it has period features like an open floor plan, beamed ceilings, large expanses of glass windows and doors, and a fireplace.
Bonus: Your kids can walk to an excellent school via a footpath from the backyard.
Princeton, NJ (Realtor.com)
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Price: $249,500 Well-rounded: The least expensive home on our list, this circular brick house has four bedrooms, 2.5 baths, and tons of style.
That sturdy construction could be responsible for its holding strong since it was built in 1964, since hurricanes have been known to pummel the region. Residents stay toasty and safe in its curvaceous sunken living room with a full masonry fireplace. The open kitchen with a spacious dining nook is another of the 3,046-square-foot residence’s highlights.
Louisiana might not be the first place you’d think to look for such a Space Age abode, yet here it sits, right in the middle of Louisiana’s fifth largest city. The low price and retro style attracted a buyer, and the property is now pending sale.
Lake Charles, LA (Realtor.com)
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Price: $2,200,000 Unquestionably unique: This midcentury modern design will absolutely take your breath away with its soaring ceilings, redwood-and-stone finishes, and towering windows overlooking picturesque Margaret’s Falls.
Built in 1961 by award-winning architect John Michael, who was inspired by Frank Lloyd Wright, it has six bedrooms and five baths in a roomy 5,453 square feet of space. The fenced, hilltop lot is spacious as well, measuring almost 5 acres of landscaping near the house, as well as private woods.
Highlights include a stacked-stone, double-sided fireplace, original stone floors, and clever built-ins.
Technology startups are considering whether or not it’s necessary to return to the office, and for those who think it is, they’re also rethinking what that office should look like.
Maria Gothsch, chief executive of Partnership Fund for New York City, told The Washington Post that many tech startups will decide that they want office space. She said many will decide against moving to a remote workforce on a permanent basis, even though companies like Twitter have already said they plan to do exactly that.
The thing is, the office serves as a place for people in their 20s and 30s to meet people.
“If you are not addressing that desire of that demographic—to give them a place to work—you are potentially impeding your ability to recruit those people,” Gotsch told the Post.
One tech startup that’s already reconsidering its office footprint is MikMak, an e-commerce software company. Its founder and CEO Rachel Tipograph recently broke her 18-month lease on a New York City office building at the height of the COVID-19 pandemic, and is now planning to sign a new lease once a vaccine has become widely available. She said her employees are free to move anywhere in the U.S. however, as the next lease she signs will be something more akin to an event space rather than a traditional office.
“I’m calling it a hub,” Tipograph told The Wall Street Journal. “You’ll do new employee onboarding, big team meetings, maybe fancy client presentations. But you don’t come there 9 to 5 every day to get work done.”
But while startups are re-imagining their offices spaces for the post-pandemic era, other more established companies are lining up more traditional office space in big cities. Facebook for example, recently signed a lease for 730,000 square feet of office space in the Farley Building on Manhattan’s West Side. Meanwhile, Amazon has said it plans to add 900,000 square feet of office space in Dallas, Denver, Detroit, New York City, Phoenix and San Diego.
Still, commercial office landlords are growing concerned, as more than 3 million square feet of office space in Manhattan alone was put up for rent during the third quarter. With so much space available, some landlords are now offering more flexible lease terms to attract companies back.
One such company is Two Trees Management, which operates several buildings in the New York area that house hundreds of startups. Faced with numerous startups that have deserted its offices in recent months, it’s now offering more flexible leases to startups that can be as short as just six months. Previously, its standard leases were offered for a minimum of three years.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]