Newly piqued interest in 3D-printed homes, a royal residence available for lease, and a group of Pennsylvania nuns building their own monastery. From the wild and wooly world of real estate, here are our Hits and Misses for the week of Aug. 31-Sept. 4.
Hit: A Few Words on 3D-Printed Homes. It often feels that 3D-printed homes don’t receive the attention they deserve, but there is clearly a potential market for these houses. This week, LendingTree published a survey that found 49% of respondents said they would consider purchasing a 3D-printed home if it met their price and location needs. More than one-third of respondents (36%) believed this kind of construction could make homeownership more affordable over the next decade. LendingTree’s Chief Consumer Finance Analyst Matt Schulz observed, “If the paperwork is clean, the inspections are complete, the appraiser has good information and the local market understands the property, financing may be much more straightforward.”
Hit: Where the Retirees Are. In another survey published this week, WalletHub analyzed more than 180 cities to determine “Best & Worst States to Retire.” The top three cities in Florida: Orlando, Miami, and Tampa. Those locations, along with the state of Florida, were praised for tax friendly policies – there are no income, estate or inheritance taxes in the Sunshine State. The three cities were also hailed for their abundance of recreational activities for their older residents. Rounding out the top five in WalletHub’s ranking of retiree-friendly cities were Scottsdale, Arizona, and Casper, Wyoming. At the other end of the spectrum was Stockton, California, as the least friendly location for retirees.
Miss: A Very Expensive Big Apple. Manhattan’s overall average asking rent in June led all major multifamily markets at a fairly significant $5,651, according to a new report from Yardi Matrix. The high rent, coupled with limited construction activity and a 98.2% occupancy rate, pushed Manhattan’s trailing three-month rent growth to 1.5%. A total of 18,805 multifamily units were under construction across Manhattan in June, with 44,000 units in either the planning or prospective stages. However, by the end of June only 636 units, or 0.2% of existing multifamily stock had been delivered, which was below the 0.9% national figure. You have to admit that it is ironic that the city being run by a Democratic Socialist has the most expensive rent in the nation.
Hit: Living Like Royalty. Britain’s Royal Family has a home for you, provided that you can afford it. The Royal Lodge on the Windsor estate had been occupied by the scandal plagued ex-Prince Andrew, who was told to vacate the premises with his ex-wife Sarah Ferguson (they were still living together even though they divorced 30 years ago). According to InStyle, the 30-room mansion is available to lease starting next month, but the new occupant will need to shell out $541,000 in upkeep costs annually. And the new tenants will need to bring more than a mop and bottle of Mr. Clean – according to the Public Accounts Committee, Andrew left the property in an advanced state of dilapidation, with multiple repairs needed to restore it to royal standards.
Miss: No Joy for Joy. Well, if you cannot afford to live like royalty, perhaps you can afford to live like a TV star? However, you’re too late to grab Joy Behar’s longtime Hamptons home, which was just sold for $5.65 million. That might seem like a lot, but at one time “The View” provocateur wanted much more. She first put the property up for sale in November 2024 for $10.95 million. Since then, the price was repeatedly reduced until it came down to $5.95 million last December. Perhaps the steep discount in the sale price was because 4,500-square-foot home is seen a bit too modest for the ritzy Hamptons? Behar purchased property for $4.75 million in 2016, which could be seen as affordable housing for that affluent market.
Hit: Sisters Are Doin’ It for Themselves. The most inspirational construction story of the week was reported by EWTN News, which found a community of Discalced Carmelite nuns building their own monastery in Fairfield, Pennsylvania. And when we say “building their own monastery,” that doesn’t mean they are outsourcing the work – the nuns are doing the construction themselves, using old-world methods including traditional stonemasonry and timber framing. The sisters sourced local materials and also obtained stained glass and an altar for their oratory. This project began in 2013 and is about 20% complete, with a budget of $100 million. To date, the sisters have raised about $22 million, and their goal is to have it completed within the next 15 years. Way to go, sisters, and keep up the divine work!
Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected].
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