Embarrassed, by Lack of Value

Embarrassed: that’s how I felt twice this week.

Though through no fault of my own. But still. In German, there is a verb for embarrassment by actions or circumstances you have nothing to do with and zero influence on: “fremdschämen”.

Twice in a row that feeling crept up, caused by our housing market and its prices. What I often miss is the value equation.

First, I received an inquiry from a very nice young couple looking for a modernist house, ideally in the Miami area, ideally under $400,000. That’s good and bad: Miami has a lot mid-century- to contemporary-modernist homes. But what you get for $400k – not exactly an amount to spit on – is pitiful. With a sigh we sent the buyers the few selections in their price range, thus starting what could be a long search. I sure hope they have patience; they seem really sweet and honest.

The next inquiry from my website looked easier: beach-front, modernist, up to $4m. Again, the buyer and I had a very nice and friendly phone conversation. I mentioned I’ll send her everything that is available; not that difficult for me since I update daily a list of everything modernist for sale in the area, independent of which Realtor offers it.

“Everything” turned out to be exactly TWO modernist homes in a stretch of 160 mi between Vero Beach and Palmetto Bay. How’s that for measly pickings at the $4.0 million price point?

In the meantime, every day I count the luxury mod spec homes in the area that wouldn’t sell. It’s not a coincidence that while the average days on market for all homes across all prices currently hovers at approx. 75 days, while for luxury waterfront homes over ca. $2.5m, average marketing time is around 272 days.

Perhaps there are not enough luxury home buyers around? Or those who are perhaps do not see the value equation?

Happy Labor Day!

I am so busy working that I have not had any time to write (or even come up with!) an intelligent post, but then – who would ever accuse me I did? ;-D

At the very least I can post a decent photo. Zero correlation to modern architecture, but then, not everything can have that.

This was by the way an unarranged shot, taken in early summer on Avalon beach, NJ, with a Canon S110.

We will be charring some burgers and relaxing with friends – hope you can kick back too. To a Happy Labor Day weekend!

Move-In Day for a Modernist House

Move-in Day!

After a full 24 months construction period (programming and permits not included), last weekend my clients finally moved into their truly modernist Fort Lauderdale home.

Stats:

2-story single family home
5,511 sf (496 m2) under air
17,400 sf (1,566 m2) waterfront lot
5 BRs, 4.5 baths, pool, gym, theatre, dog room, house fully connected
Construction period: pilings began Aug 2013, completion date August 2015
Construction budget: withheld

Here are some shots from the end of what was a very long move-in day:

The house is stricking when you approach it, especially at the dusky light I took these photos (with a Sony Xperia phone, mind you).

But even having worked as an owner's representative and consultant on this project from the start, and having been on site regularly for nearly three years, it remains fascinating.

Case in point: how the Lautner edge of the pool visually vanishes into the Intracoastal Waterway is fantastic. If you look closely, you only can differentiate pool and Intracoastal by the difference in the water surface.

Interested in building or buying a home like this? I can help; just ask.
__

(All photos except aerial ©tckaiser – use or copying prohibited.)

Modern Architecture and Affordability – A Contradiction?

Distribution of asking prices for modernist homes in Southeast Florida, June 2015. Source: Tobias Kaiser/Kaiser Assoc.

Following the market for modernist homes in Southeast Florida for over 12 years, I noticed a significant shift in the price distribution of modern homes available for sale.

Back in July 2010, modernist homes were priced as follows:

• 13.5%  under $499,000
• 21.9%  between $500,000 and $1m
• 42.2%  between $1m and $3m
• 22.1%  over $3m

Today, the asking price distribution has dramatically shifted upwards:

• 10.8%  under $499,000
• 13.6%  between $500,000 and $1m
• 35.7%  between $1m and $3m
• 39.9%  over $3m

That translates into a massive drop of 22 percent and 38 percent in the two price brackets under $1m, and a stunning 80 percent increase in asking prices above $3m (not adjusted for inflation et al).

Aha – now you think: "great for you real estate agents and brokers".

Not so.

Contrary to common belief, upper market demand is small in numbers and does not constitute the majority of market activity. Most requested are modernist homes up to $600,000. But there is hardly any modernist inventory for resale at this price range, and because of the high land cost in SE Florida, new inventory below circa $1m is often located in areas that turn off most buyers.

Sellers of affordable modern homes and imaginative builders: step up to the plate – I am ready to take your call now.

Preservation, Art and the Miami Marine Stadium

A little neglected since it was closed after Hurricane Andrew in 1992, the Miami Marine Stadium on Virginia Key – you see it en route from Miami to Key Biscayne – is feeling some love lately, along with a push to reopen it. 

But before the doers do, the talkers talk. So first come the politicians, the committees, and everyone who feels s/he has something to say. In some cases, people actually do bring something to the table.

The background: The architect Hilario Candela, a 28-year-old then-recent immigrant from Cuba, designed a stadium with 6,566 seats which became a Modernist icon because of its cantilevered, fold-plate roof and its construction of lightweight, poured-in-place concrete. At 326 feet in length, it was the longest span of cantilevered concrete in the world when it was constructed as the first purpose-built venue for powerboat racing in the United States. Opening on 23 December 1963, the building cost amounted to $1 million.

Champion Spark Plug Regatta at the Marine Stadium, 1975

Besides a plethora of world-class powerboat races, the Marine Stadium hosted many cultural events and concerts including Queen, The Beach Boys, Steppenwolf, Dave Brubeck, Miami Philharmonic, Ray Charles – as well as a legendary and raucous 1985 Jimmy Buffett gig.

After Andrew though, the city declared the stadium unsafe for human consumption, never mind that an engineering study demonstrated it was sound and undamaged. Since lock-up, the stadium has become a haven for graffiti artists, taggers and also vandals.

Then, in 2008, a group named “Friends of Miami Marine Stadium” (or FMMS) was formed, with the plan to restore and re-open the venue. 

Seen sideways, the 1963 cantilevered construction is mind-blowing

FMMS, with Hilario Candela on board, successfully secured historic designation by Miami’s Historic Preservation and Environmental Board. In 2009, it was recognised as an architectural masterpiece by the National Trust for Historic Preservation, and named to the Trust’s 11 Most Endangered List, followed in 2010 by the Worlds Monuments Fund (WMF) to include the stadium on its own Watch List.

All those efforts finally got things moving.

Miami-Dade County Commissioners in 2010 decided to allocate $3m to the stadium’s historical preservation and reopen it as a venue for water sports and major concerts; the City Commission also included it in the Virginia Key Master Plan.

Lately, that has been a bit of a bone of contention for the Village of Key Biscayne though, especially the (quite logical) idea to hold the annual Miami Boat Show at the venue. But it is not called the Miami Marine Stadium for nothing.

In 2012, the Miami City Commission approved the first step in the creation of a partnership between FMMS, Miami Sports and Exhibition Authority and the Miami City Commission to restore the Marine Stadium. In 2014, the stadium received a $180,000 grant from the Getty Foundation to examine concrete restoration issues at hand.

And that subject was the focus of an interesting podium discussion at the Miami AIA chapter a few weeks ago. 

Marine Stadium discussion at the Miami AIA

Participants included – among others – Mr. Candela himself, elegant, humble and eloquent; Jorge Hernandez, architect and Co-Founder of FMMS; John Fidler, a very cool Brit specialising in preservation technology; Rosa Lowinger, conservator and  preservation specialist, and Luis Berros, a Miami-based street artist active at the stadium.

There was a lot of back-and-forth of course. Ms. Lowinger stated that after 30+ years of use by street artists, up to 200 layers of paint can be found on some locations at the stadium, and rightfully so posed the question if this is now art or vandalism? And: when is the (art) as significant as the site itself?

Marine Stadium graffiti

Leaving the key question dangling in the air for now, Mr. Fidler dove into technical aspects of battling graffiti; very interesting. Speaking with great knowledge, he gave examples of graffiti in the UK and how to address the impacts especially of multiple attacks. He concluded: "The significance of a place is the sum of its historical values".

After a major Miami real estate investor emphatically stressed the importance of “curating” the graffiti and preserving the site as a “living breathing massive sketch book” – perhaps to establish herself as a patron saint of all things art? – the street artist Luis Berros spoke.

What he said made me want to buy him a beer.

Mr. Berros’ perspective was clear: as a street artist, he knows the life span of street art is limited – it could be there for two weeks, or even only two to three days. 

He explained that artists use the stadium area for training in techniques and use of material, so he did not see any problem with a clean-up. 

And the question on how to prevent graffiti after a stadium restoration didn’t stump him either: protect the stadium, install surveillance, create designated areas nearby for artists and taggers to work, and the graffiti on the stadium itself will stop.

When a member of the audience pointedly asked why to curate street art which by nature is time-limited, a panelist agreed that the stadium design came first before the street art.

Mr. Berros, the street artist, expressed it best when he said to Mr. Candela, the stadium architect: “You are the original artist”.

Bravo.

And where do you stand?

____________

Photos: FMMS, Spillis Candela, TCKaiser, unknown

Happy Mothers Day!

Plumeria blossoms floating in a bird bath, Boca Raton/FL. Sony Xperia z1c, 2.0-1/125, ©tckaiser

Have you ever smelled a Plumeria (aka Frangipani)? It rivals Night Jasmin and Gardenias, just lovely. – An equally lovely Mothers Day to you!

The Modernist Angle, modernised (win a gift card!)

When you opened this page, did you notice that the header looks a bit different?

If you did, you're correct.

But if you order in the next five minutes... stop stop stop.

You will get additional bonus points if you can correctly make out what has changed. Pick from:

1.   New font
2.   Different font color
3.   Changed photo
4.   Modified site description

Want to win a $25 gift card? Send an email to tobias@modernsouthflorida.com with your pick:

• choose A for answers 3 and 1
• choose B for answers 1, 4 and 2
• choose C for answers 3, 2 and 4
• choose D for answers 2, 4, 3 and 1
• choose E for answers 1 and 4.

One of the correct entries* will win a $25 gift card to Lowe's Home Improvement Stores or – your choice – to Chipolte Mexican Grill, the first national restaurant chain to cook only with non-GMO ingredients.

Oh, and do let me know what you think about the new and improved header, will you?


––––––––––––

*Email has to be received during the month of May, winner will be drawn in June.