Here’s a treat for architecture lovers everywhere: a mid-century masterpiece that bears the signature of architect extraordinaire, Frank Lloyd Wright, is now up for grabs in New Canaan, CT.
Known as Tirranna — a moniker inspired by an Australian Aboriginal word meaning “running waters”, as the home is cantilevered over a pond and overlooks a waterfall on the Noroton River — the property is one of Frank Lloyd Wright’s largest residential properties.
It was also one of the legendary architect’s last projects, built by Wright in 1955, just a few years before his death in 1959.
But this isn’t just a Frank Lloyd Wright-designed property.
The architect also lived here while building the Guggenheim Museum — and even used some of the scalloped glass windows from the Guggenheim Museum project to complete the home’s south-facing greenhouse.
Now, the sprawling 7,000-square-foot Tirranna house is on the market, listed for $8 million with Marsha Charles and Albert Safdie of Coldwell Banker Realty.
Inside an $8M Frank Lloyd Wright-designed home
The property, also known as the Rayward-Shepherd House or the John L. Rayward House, sits on 14 acres of protected land in New Canaan, Conn., a Fairfield County town that consistently ranks as one of the wealthiest towns in the country.
And while location is the name of the game when it comes to luxury real estate, this property has so many things going for it that the great location pales in comparison to some of its most enviable attributes.
Clocking in at a generous 7,000 square feet, the 7-bedroom, 8.5-bath home blends geometric complexity with nature’s flowing curves, in typical Frank Lloyd Wright style.
Throughout the home, the architect combined and contrasted soaring ceilings and open living spaces with cozy and cocoon-like mahogany-paneled bedrooms.
The living room and dining area opens to an expansive circular patio that overlooks the pool and nature reserve beyond.
Related: Frank Lloyd Wright’s Taliesin house and its three (tragic) lives
The home’s functional wood-paneled and stainless-steel kitchen epitomizes the mid-century modern aesthetic, while each of the bathrooms are spa-like and adorned with spectacular wood panels and unique features.
A 200-foot covered outdoor walkway leads to a greenhouse with caretakers/guest quarters, along with a carport. This is a full one-bedroom house with a lovely kitchen, cozy bedroom, and full bath.
There are a few other structures and amenities on the property, including a cozy guest studio with a full bath, a tennis court, a large barn, a wine cellar (which is actually a converted bomb shelter), a playhouse, and even a rooftop observatory complete with a telescope.
Public records show that the current owners/sellers bought the property in 2018 for $4,800,000. At the time, Frank Lloyd Wright’s Tirranna house had been listed for the first time in 20 years, and sported a similar price tag of $8 million.
A fusion of nature and architecture
From an architectural standpoint, Tirranna embodies Wright’s classic hemicycle design, seamlessly blending curved lines with rectangular angles, and combining geometric and spatial complexities for optimum functionality.
Standing as a perfect example of Frank Lloyd Wright’s organic architecture, which strives for a perfect balance between man, nature, and design, Tirranna reflects nature’s flowing curves and incorporates many of the architect’s staple design elements.
That includes low-slung roofs, Philippine mahogany walls, large windows, and Cherokee red concrete floors with radiant heat. It was built of concrete block and glass, trimmed with mahogany.
Related: Frank Lloyd Wright’s Ennis House also known as The Blade Runner House
The current owners have lovingly maintained the original architectural integrity, preserving details like built-in bookshelves, brass hardware, original lighting, cabinetry, and furnishings.
But it’s not just the house that comes with an illustrious name attached to it.
The beautiful grounds of the property were thoughtfully designed by Frank Okamura, the landscape architect known for restoring the Japanese gardens at the Brooklyn Botanical Garden in the late 1940s. The Japanese-born American horticulturist is also known for helping popularize the cultivation of bonsai in America.
Along with Charles Middeleer, another famous landscape architect of the time, Okamura carefully designed the landscape to ensure privacy, making Tirranna the ideal sanctuary for those seeking a tranquil lifestyle.
As the brokerage that holds the listing told us via email, “Tirranna is more than just a home; it’s a mid-century masterpiece that will transport you to another time and place.”
We couldn’t agree more.
More stories you might like
Frank Lloyd Wright’s Taliesin house and its three (tragic) lives The Chemosphere House and 6 other striking John Lautner-designed homesFrank Lloyd Wright’s Ennis House also known as The Blade Runner House The Remarkable Sheats-Goldstein Residence in LA: Past, Present and Future
Last Updated: May 24, 2023 BY Michelle Schroeder-Gardner – 82 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Over the past few weeks, we have been going back and forth about what we want to do with the home we currently own in Missouri.
I realize I say this all the time about everything in my life, but I am an extremely indecisive person.
This decision has been a difficult one so far, and we are still leaning either way depending on the day.
There are many reasons for why we are undecided about what to do next as well. So, what should I do? Should I rent or sell my house?
Below are some of the reasons for why we keep going back and forth about whether we should rent or sell our house:
We love our house again.
We’ve been fixing it up and have been slowly falling back in love with it. I know, this isn’t a good enough of a reason to keep a house and it seems like we are just coming up with excuses to keep it.
Some of the things we’ve done in the past few weeks include:
The whole upstairs and downstairs have been completely professionally painted. Trim, walls, doors, etc. and it all looks so much better now.
We’ve replaced a light fixture with something much nicer.
We fixed all of the curtain rod placements to make the windows look bigger.
We’ve bought new curtains.
We’ve deep cleaned the whole house.
We replaced the broken garage door with a nice carriage door.
We replaced our back door with something nicer as the last one had a cracked door frame after someone got locked out of our home.
All of these improvements have made us wonder a little more about what we should do with our home. We know we should probably just get rid of it and sell it, but the fact that it looks so much better than before definitely hurts a little!
I realize this is normal though when someone goes through preparing a house to be put on the market.
Our neighborhood’s value has tanked.
I’m not sure what has happened, but our neighborhood’s value has tanked significantly over the past year.
Our realtor already told us that we most likely either breakeven or we will owe a little money after selling our home because of realtor fees and the lower value of our house, so this is playing a big factor into whether or not we want to put our house on the market at the moment.
There is risk with this though. Our home value could continue to plummet. I doubt that would happen as it seems like the plummeting has stopped, but you just never know.
We could turn our home into a rental.
One factor that’s throwing me in a loop about whether I should I rent or sell my house is that we could potentially rent it out for the time being.
We are debating renting out our home, either on a long-term or on a short-term basis. Renting would be great because we could see if our house increases in value over time, while hopefully earning enough money to still pay off our mortgage each month. Another positive of this is that we would have a home to return to if we decided down the line that the move was not right for us.
A long-term rental would be nice because we would earn enough to cover our rent with hopefully minimal work involved.
On the other hand, we could also do more research into renting out our home on a short-term basis on a website such as Airbnb, VRBO or Homeaway. This would also allow us to have a place to come back to since we know that we already have to be back in the St. Louis area at least four more times this year.
Having a rental would require work.
In the end, we will probably just sell our home. However, if it sits on the market for a long time then renting it out will probably become more appealing.
Keeping our home on the side most likely wouldn’t be worth it. We would mainly be keeping it for all of the wrong reasons, mainly just that we are attached to the first home we bought.
What would you do in our situation? Should I rent or sell my house?
In today’s modern world, the house goals of yesteryear are a distant memory.
Long gone are the days of window shutters, oversized crystal chandeliers, multiple small rooms, intricate designs, wrought-iron railings, small windows, and large porches with overhanging beams.
Modern mansions favor simple and clean designs with open spaces.
While traditional mansions offer intricate and elegant details, today’s luxury homes feature straight lines, geometric shapes, a flat or low-sloped roof, and clean exteriors with little to no texture.
Luxurious homes of the past featured building materials such as brick, wood, plaster, stucco, and stone. Meanwhile, contemporary mansions favor newer, more technologically-advanced building materials including reinforced steel and concrete.
And windows, lots and lots of floor-to-ceiling windows.
Sophisticated smart homes are all the rage, as are connected outdoor spaces, white rooms and simple color palettes, open floor plans, glass walls allowing for ample natural light, green features, security settings, and the utmost privacy.
While traditional mansions typically featured a number of small, single-purpose rooms, modern floor plans include seamless open-ended spaces.
After all, one cannot be confined to small spaces while living that luxurious lifestyle!
A closer look at 18 of our favorite modern mansions
When it comes to stunning estates, we’ve got you covered.
From wraparound pools featuring panoramic views to glass walls for days, to dream chef kitchens, to seamless indoor-outdoor living spaces, we’re taking a look at 18 modern mansions that have knocked our socks off.
And we think you’ll (really, really) like them too.
A Marc Whipple-designed modern mansion with a wraparound pool
Designed by acclaimed architect Marc Whipple, this massive 11,200-square-foot home in Beverly Hills is quite a stunner.
Offering six bedrooms, seven bathrooms, and two half baths, the multi-million dollar manse features disappearing walls of glass, so that its residents can enjoy the stunning views from each and every room.
Speaking of views, they’re completely unobstructed, with downtown Los Angeles, Catalina Island, and the coastline on full display. Those lovely landscapes can be seen from the home’s stunning wraparound pool.
Other luxurious amenities include a movie theater, a secret Zen garden, gym, guest house, glass wine cellar, gated driveway, and an outdoor kitchen.
This Beverly Hills manse had its moment of fame a few years back, when it was rented by Rockstar hitmaker Post Malone. It was later listed for sale with a whopping $26 million asking price.
A breathtaking Hollywood mega mansion with museum-quality energy crystals throughout
Built in 2021, this mega mansion is located in the heart of Hollywood.
Boasting panoramic views of downtown Los Angeles, the Pacific Ocean, and the canyon, the home offers six beds, nine baths, and nearly 10,365 square feet of living space.
Photo credit: Sean Gordon courtesy of The Agency
The sophisticated smart home features museum-quality crystals sourced from around the world and placed with extraordinary care throughout to energetically enhance the residence.
Offering double-height ceilings and incredible indoor/ outdoor living spaces, the California compound also includes a custom home theater, fitness center, wine cellar, second living room and all the finest custom finishes.
Photo credit: Sean Gordon courtesy of The AgencyPhoto credit: Sean Gordon courtesy of The AgencyPhoto credit: Sean Gordon courtesy of The AgencyPhoto credit: Sean Gordon courtesy of The AgencyPhoto credit: Sean Gordon courtesy of The AgencyPhoto credit: Sean Gordon courtesy of The Agency
Setting a new gold standard for Southern California living, the picturesque backyard — which is front row to the city and canyons — features a beautiful sparkling pool/spa, a built-in BBQ area, and a grassy green lawn.
See more of this unique Hollywood mega-mansion here.
A striking $150M modern mansion in Bel-Air with 360-degree views
This beautiful home in Bel-Air has all the bells and whistles you’d expect in a modern mansion (and then some).
Photo credit: Matthew Momberge courtesy of Compass
Designed by award-winning architecture and design firm, Saota, the private compound is perched on a promontory high above the city — opening up to unobstructed, 360-degree views of Los Angeles.
Set on a 1.15-acre lot, the swanky crib offers nine bedrooms and fourteen baths spread across 20,841 square feet.
Some of the luxury amenities include an infinity pool with a secluded cabana and pool-side sunken fire pit, three separate staff quarters, and a one-bedroom guest house with a separate, private pool.
Photo credit: Matthew Momberge courtesy of CompassPhoto credit: Matthew Momberge courtesy of CompassPhoto credit: Matthew Momberge courtesy of CompassPhoto credit: Matthew Momberge courtesy of CompassPhoto credit: Matthew Momberge courtesy of CompassPhoto credit: Matthew Momberge courtesy of Compass
This magnificent manse was owned by George Ruan, co-founder of online coupon-clipping company Honey (now part of Paypal).
The Razor House in San Diego, the real-life Iron Man house
The one-of-a-kind architectural masterpiece known as The Razor House was designed in 2007 by San Diego-based architect Wallace E. Cunningham.
Photo credit: Gary Kasl courtesy of The Agency
The striking concrete and glass mansion — dubbed ‘the Iron Man house’ due to its resemblance to Tony Stark’s mansion in the famous Marvel movie — is perched on the edge of a cliff overlooking the Pacific Ocean.
Offering endless concrete terraces, the stunning estate has mesmerizing views of surrounding hills and the ocean below.
Photo credit: Gary Kasl courtesy of The AgencyPhoto credit: Gary Kasl courtesy of The AgencyPhoto credit: Gary Kasl courtesy of The AgencyPhoto credit: Gary Kasl courtesy of The AgencyPhoto credit: Gary Kasl courtesy of The Agency
Featuring several outdoor lounge areas, the luxurious three-story home comes with six bedrooms and six baths, with nearly every room opening up to jaw-dropping views.
In 2019, Grammy Award-winning singer Alicia Keys and husband Swizz Beatz bought The Razor House in a $20.8 million deal.
Villa Vella, one of Europe’s finest contemporary homes
Spanish dream house, anyone?
Dubbed Villa Vela, this sprawling 23,476-square-foot property is located in the sun-bathed province of Andalusia, Spain.
Photo credit: The Agency
Sitting behind its own gates, at the end of a sweeping driveway, Villa Vela offers a total of six bedrooms and six baths.
The posh property has been designed to be free-flowing and, as such, has an open plan, including floor-to-ceiling retracting windows that open directly onto a terrace that stretches from one end of the house to the other.
Photo credit: The AgencyPhoto credit: The AgencyPhoto credit: The AgencyPhoto credit: The AgencyPhoto credit: The Agency
Not to mention, each of the suites has its own outdoor space, and they also all connect directly to the vast upper terrace, its lawn, garden, and dining area, and benefit from breathtaking views.
A futuristic, yacht-shaped mansion perched high atop the Los Angeles hills
This 17,000-square-foot modern residential oasis in the upscale LA neighborhood of Brentwood is redefining luxury living.
Photo credit: The Agency
Southern California-based architectural firm de Loren & Associates purposefully designed the building by superior wellness standards, without sacrificing on design but rather adding to it.
Inspired by the clean lines and interior spatial layouts of yachts paired with the motion of the sea, the curving exterior facades are reminiscent of ocean waves, wind, and clouds that make not only for an exhilarating lifestyle but also appealing to the eye.
The modern mansion boasts seven bedrooms, eight bathrooms, and three powder rooms across three levels.
Photo credit: The AgencyPhoto credit: The AgencyPhoto credit: The AgencyPhoto credit: The AgencyPhoto credit: The AgencyPhoto credit: The Agency
Featuring a massive list of upscale amenities, the beautiful Brentwood home offers a 610-bottle wine cellar, commercial speed glass elevator, movie theater, state-of-the-art gym, a 300 sq. ft. green wall, and a lower-level entertainment area with a full bar, pool table and more.
And there’s plenty of room for Stormi and Wolf to explore! Turns out, this luxurious residence is owned by none other than rapper Travis Scott.
A newly-built Encino mansion with bright, airy, and warm interiors
We can’t get enough of this amenity-rich mansion with modern interiors and a killer guest house.
Photo credit: LA Light Photography and The Luxury Level
The seven-bedroom, eight-bathroom Encino home offers 9,081 square feet of living space enclosed within a private, gated estate with surrounding landscape.
The stunning estate is a beautiful example of modern California living, with picture-perfect interiors, exquisite finishes, jetliner views, and plenty of attractive amenities.
Featuring warm wood tones, the large windows and Fleetwood doors open up to unobstructed views and plenty of natural light.
Photo credit: LA Light Photography and The Luxury LevelPhoto credit: LA Light Photography and The Luxury LevelPhoto credit: LA Light Photography and The Luxury LevelPhoto credit: LA Light Photography and The Luxury LevelPhoto credit: LA Light Photography and The Luxury Level
The carefully thought-out finishes give the home a modern vibe that extends into the bedrooms as well. The second level of this luxury Encino home has four bedrooms, including the master suite, which walks out to a 1,200-square-foot balcony with a fire table.
Naturally, this wonderful modern manse caught the eye of a famous buyer; it’s now owned by Modern Family star Jesse Tyler Ferguson and husband Justin Mikita.
A modern 4-story house facing one of the most beautiful coastal shorelines in all of California
We love this modern mansion set in the most desirable area of Manhattan Beach, The Strand, an oceanfront neighborhood lined with modern-looking mansions that typically sell in the $5 million to $15 million range.
Photo credit: Paul Jonason courtesy of Stroyke Properties Group
Spanning 6,978 square feet of modern living space, the home offers six bedrooms and eight baths.
Designed by renowned L.A. studio KAA Design, this four-story home was envisioned around life, in all its texture, at the beach.
Rather than cluster sleeping areas on a single floor, they’re strategically spaced across the four levels, with the third floor being home to a primary suite with a private office that’s luxuriously sequestered in the style of a penthouse.
Photo credit: Paul Jonason courtesy of Stroyke Properties GroupPhoto credit: Paul Jonason courtesy of Stroyke Properties GroupPhoto credit: Paul Jonason courtesy of Stroyke Properties GroupPhoto credit: Paul Jonason courtesy of Stroyke Properties Group
The private elevator takes residents and guests down to the beach room, which is level with the Strand itself, and lounge on the patio, front row to a peaceful scene of sea, sand, and sky.
Read more about this beautiful modern mansion here.
A $70M contemporary marvel that reimagines luxury living for the 21st century
Located in the coveted Brentwood neighborhood of Los Angeles, this modern mansion is what happens when a star-studded team consisting of award-winning architect Noah Walker, AD 100 interior designer, Jamie Bush, and renowned landscape designer, Christine London LTD comes together.
Image credit: Benny Chan courtesy of The Agency
Spanning 19,000 square feet, this beautiful abode is set on a sprawling four-acre lot and offers six bedrooms and 12 bathrooms alongside many recreation rooms.
The plush property has 270-degree views of the city, ocean, and canyon, and a long list of amenities that include a theater room — with acoustical wall paneling and a commercial cinema-quality projection system — a gym with a steam room, a 75-foot indoor lap pool, outdoor architectural pool and dual offices.
Image credit: Benny Chan courtesy of The AgencyImage credit: Benny Chan courtesy of The AgencyImage credit: Benny Chan courtesy of The AgencyImage credit: Benny Chan courtesy of The Agency
We first covered this luxurious contemporary home when it first came to market last year with an ambitious asking price of $70 million.
Just a few months later, it was purchased by music mogul Scooter Braun (better known as Justin Bieber and Ariana Grande’s manager, and Taylor Swift‘s manager-turned-foe) for $65 million.
The Ora House in San Diego, where contemporary architecture meets serene living
In the hilly, seaside neighborhood of La Jolla in San Diego, a modern cliffside mansion has all the dream house vibes.
Street view of the property. Photo credit: Blue Heron
Built by Blue Heron’s BH Elite custom home division, the Ora House, as the property has been named, is a true architectural marvel.
The stellar design team incorporated the same innovative biophilic design and advanced Savant technology used in Blue Heron’s flagship home, VM001 in Las Vegas, to “enhance the flow of life while creating an overall sense of peace and natural wellbeing.”
The cliffside estate is set in La Jolla’s exclusive Bird Rock Waterfront enclave and totals 8,878 square feet of living space.
Photo credit: Blue HeronPhoto credit: Blue HeronPhoto credit: Blue Heron
The architectural marvel has five bedrooms and eight baths across its four levels, with each level embracing the outdoors with spaces tailored for both entertaining and private moments.
A striking celebrity compound with a modern heptagon-shaped house
Check out this contemporary compound in La Crescenta, Calif.
Photo credit: Cameron Carothers courtesy of Compass
Designed by AD100 architect Michael Maltzan, this dramatic, heptagon-shaped house has spaceship vibes, is surrounded by seven exterior walls (some made out of glass), and is anchored by an open-air courtyard that sits right at the center.
Nearly all the rooms of the house come with sliding floor-to-ceiling windows that open up to either the serene courtyard or beautiful mountain and city skyline views.
Some of the stand-out features of the modern mansion include a primary suite with an entire wall of glass that opens up to a generously sized balcony and a particularly unique bathroom with a blue curved penny-tiled wall surrounding the shower.
Photo credit: Cameron Carothers courtesy of CompassPhoto credit: Cameron Carothers courtesy of CompassPhoto credit: Cameron Carothers courtesy of Compass
This unique home was owned by Red Hot Chili Peppers bassist Michael Peter Balzary, known professionally as Flea.
A $25 million Napa Valley glass house with killer views
Surrounded by over 40 acres of lush grounds set amidst California’s world-class wine country, this striking architectural home goes by the name of Karinya.
The highly suitable moniker originates from the Australian aboriginal culture and is simply translated as “peaceful home.”
Image credit: Adam Rouse courtesy of Coldwell Banker
Built in 2017, the stunning estate is nestled in the small community of Deer Park right next to St. Helena in Napa County.
Spanning 8,837 square feet, the impressive residence was built with natural materials, a deep connection to the valley’s views, and a design that boasts both beauty and luxury.
Not a detail is spared at Karinya, with many luxurious features such as endless walls of glass, a 2,000-bottle wine room, and an acoustically-designed media/ theater room.
Image credit: Adam Rouse courtesy of Coldwell BankerImage credit: Adam Rouse courtesy of Coldwell BankerImage credit: Adam Rouse courtesy of Coldwell BankerImage credit: Adam Rouse courtesy of Coldwell Banker
Fitting a modern dream house, it also comes with a detailed smart home system with mobile phone control access that controls the music, air conditioning, security and programmable LED recessed lighting in 11 separate zones and a fire sprinkler system.
See more of this lovely Napa Valley home here.
A modern mansion that was once featured in the Oscar-winning “La La Land” movie
Set in the popular Encino neighborhood of Los Angeles, this modern mansion offers an impressive cutting-edge design.
Photo credit: Compass
The six-bedroom home wows with its soaring ceilings and walls of glass that bring the outdoors in.
Complete with an infinity pool and spa (with a cascading waterfall) and a nifty pool/guest house with a sundeck for outdoor entertainment, the home is peppered with outdoor spots to relax and enjoy the lovely Cali weather.
In case you’re getting a strong sense of deja vu, this beautiful home was featured in the popular film, La La Land.
As the story goes, Mia (played by Emma Stone) and her friends attend a lavish party hoping to meet influential people in the business and finally get their lucky break.
You guessed it, this memorable movie scene was filmed at this gorgeous Los Angeles estate.
A celebrity chef’s former home with a massive kitchen anchored by a 24-foot stone island
Located in the coveted Via Bluffs enclave of Pacific Palisades, this modern mansion spans 6,500 square feet of luxurious living.
Photo credit: credit: Smith Cho / Compass
Offering massive sliding windows that open up to beautiful views of Potrero Canyon and beyond, the sumptuous five-bedroom, five-bathroom home is filled with natural light streaming in from the surrounding floor-to-ceiling windows and sliding glass doors, while the skylights pour even more light onto the main and top floors.
The Pacific Palisades property also flaunts features like a dual-faced fireplace, a nearly 24-foot kitchen island, and a distinct living room that’s pouring out onto the outside deck overlooking the pool.
A large open-layout living area is anchored by an impressive dream kitchen.
Photo credit: credit: Smith Cho / CompassPhoto credit: credit: Smith Cho / CompassPhoto credit: credit: Smith Cho / CompassPhoto credit: credit: Smith Cho / CompassPhoto credit: credit: Smith Cho / Compass
This beautiful home was once owned by celebrity chef, Everyday Italian, and Giada At Home star Giada de Laurentiis.
A beautiful modern mansion tucked in the Hollywood Hills
Built in 2019, this Marc Whipple-designed home is a true Hollywood gem.
Located on the glamorous Sunset Strip, in the Hollywood Hills West neighborhood of Los Angeles, this home oozes that clean-lined modernist approach, while still offering warmth and comfort.
Photo credit: credit: Jonathan Ducrest and Tom Hunter
The posh property incorporates five bedrooms, six bathrooms, as well as two half-bathrooms, all with breathtaking views spreading from the Hollywood sign right to the Pacific Ocean.
The main entrance offers an open-concept kitchen and three terraces that total 5,000 additional square feet of outdoor living space.
And, the middle level features a second living room and a luxurious ‘floating glass box’ master suite.
Photo credit: Tom Hunter Photography.Photo credit: credit: Jonathan Ducrest and Tom HunterPhoto credit: credit: Jonathan Ducrest and Tom HunterPhoto credit: Tom Hunter Photography.Photo credit: credit: Jonathan Ducrest and Tom Hunter
All the bedrooms offer easy access to the infinity pool, which provides stunning views of the surroundings and a perfect setting to enjoy summer nights and sunsets in complete privacy.
A Malibu gem that’s often rented to high-profile celebrities
This Malibu celeb magnet is the epitome of indoor-outdoor Cali living, featuring large glass walls that seamlessly blend the interior with the grounds.
Perched above the Pacific Ocean, the three-bedroom, three-bathroom, 2,100-square-foot Malibu mansion is every bit the modern gem.
Photo credit: Hagai Aharon
It’s the perfect property for entertaining, as it includes an infinity pool with fabulous ocean views, a spa, and a fire pit.
The entertainment continues inside, as the house includes not one, but three indoor fireplaces, as well as a media room, making sure you stay entertained throughout the entire year.
Amenities include everything you could possibly need, from in-unit laundry and air conditioning to five parking spaces, an outdoor patio, and a cabana.
The house not only rents out to celebrities such as Matthew Perry, Cardi B, and Taraji P. Henson, but it’s also owned by one.
Betty Moon, a celebrated Los Angeles musician, songwriter and producer, currently owns the plush property which she recently renovated before listing it for rent.
An impeccably designed modern mansion that embraces indoor-outdoor living
Located in the upscale neighborhood Pacific Palisades in Los Angeles, this three-story home was designed and built by renowned developer/designer duo David and Eliana Rokach.
Photo credit: The Agency
This multi-million dollar mansion offers a sprawling 13,543 square feet of modern living space and packs nine bedrooms and twelve bathrooms.
Boasting unobstructed views of the Pacific Ocean and the Santa Monica Canyon, the stunning estate offers an open-concept living/dining room finished in a chic, contemporary style.
The living room features custom-made electronic sliding steel doors that open to a beautiful outdoor area, which features a barbecue area, a grassy backyard, and an infinity-edge swimming pool opening up to views for miles.
Photo credit: The AgencyPhoto credit: The AgencyPhoto credit: The Agency
A modern hillside lair with canyon views
Situated in Los Angeles’ coveted Brentwood neighborhood, this hillside lair with expansive living spaces, eco-friendly details, and ultra-high-end finishes gives us serious dream house goals.
Photo credit: Noel Kleinman courtesy of Compass
The main entrance features a Japanese-imported Yakisugi front door and bonsai adorned atrium that leads to the open-concept living space.
Here, a chic palette of luxurious stone and reflective glass is accented by unique designer details, and floor-to-ceiling windows provide natural light throughout the day.
Photo credit: Noel Kleinman courtesy of CompassPhoto credit: Noel Kleinman courtesy of CompassPhoto credit: Noel Kleinman courtesy of Compass
Offering sweeping views of the canyon, the four-bedroom home comes equipped with the latest technology for entertainment, comfort, and sustainability.
This includes a full automation system, Lutron Solar System lighting, home theater and surround sound from Bang & Olufsen, a home gym, and much more.
More stories you might like
The One mansion saga: from a $500M listing to its $141M auction sale The Architect of Hollywood: the Irresistible Appeal of Paul Williams-Designed Homes What Are Spec Homes? A Recent History & the Biggest, Boldest Spec Mansions to Come to Life Massive Home in the Sky Above MoMa Asks $46.7 Million
If you visit personal finance or investing blogs on a regular basis, you’ve probably read countless articles on the virtues of passive income. After all, many personal finance experts believe that passive income is the key to early retirement, financial independence, and permanent wealth. But, what is it exactly?
A Definition:
Investopedia describes passive income as “earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.”
In addition to rental property, typical sources of passive income can include money earned from investments such as mutual funds, dividend-paying stocks, Real Estate Investment Trusts (REITs), and asset-backed securities. Unconventional forms of passive income can include earnings from copyrights, patents, and licenses or even royalties. The birth of the Internet also created a generation of entrepreneurs forging their own path toward passive income via the Internet, including Pat Flynn from Smart Passive Income. Except, according to Flynn, blogging is just part of the game.
“Although a blog isn’t passive in nature, it’s one of the best platforms for launching other passive income opportunities.“
-Pat Flynn
Simply put, passive income is the opposite of active income. The money you earn at your 9-to-5 job is not passive income, nor is the money you earn through your side hustle or garage sale. Real passive income is earned in your sleep and regardless of the amount of effort you put into it. And that’s why the idea of passive income has always been so popular. J.D. even wrote about passive income back in 2006, which seems like a lifetime ago.
“Passive Income is money that you earn without having to work for it. When you earn interest on a savings account, you are earning money passively; it accrues whether you’re working or not.”
-J.D. Roth
The pursuit of passive income through rental property: Is it the right time?
One of the most popular ways to generate passive income is to buy (or finance) an income-producing rental property and become a landlord. And, according to a recent study from the Joint Center for Housing Studies at Harvard University, now may be the perfect time.
According to Harvard researchers, the percentage of households that rent is on the rise, up from 31 percent in 2004 to 35 percent in 2012. That may not sound like a giant surge, but it is when you’re dealing with the entire population of the United States. To keep things in perspective, the Harvard study claims that the total number of renting households surpassed 43 million in 2013.
Researchers blame the increase in renters on a convergence of factors, including a record number of foreclosures in 2008 and economic troubles caused by the Great Recession. However, it also points to certain benefits that make renting a popular option. Some of the benefits of renting named in the study: greater mobility, protection from fluctuations in the housing market, and freedom from home maintenance and repairs.
The fact is, renting has simply become the best option for many. In fact, recent reports show that rents have skyrocketed in many parts of the country due to increased demand, so much so that the cost of renting has moved out of reach for many middle-class families. And while that’s bad news for those who simply want an affordable place to call home, it’s a real estate investor’s dream.
My Experience as a Landlord
Becoming a landlord might sound tempting, but — trust me — it’s not as glamorous as it seems. It’s also not nearly as passive as many think it to be, despite what Investopedia or others claim. As someone who has owned and managed two single-family rental properties for almost a decade, I must confess that the income I’ve earned has been anything but effortless. The truth: It’s actually been a lot of work.
For example, we’ve spent far too many weekends painting and cleaning our properties in between tenants. We’ve driven to and arranged countless meetings to discuss remodeling projects and repairs. We’ve had to deal with a whole host of random issues such as late rent payments, feuding neighbors, and secret pets. Once, one of our properties was even left in total shambles — with oil-stained carpet, missing doors, busted windows, and broken everything.
Using Passive Income for Early Retirement and Financial Independence
On the other hand, we do expect all of our hard work to pay off sooner or later. The fact is, both of our properties should be completely paid off in about 12 years. By then, we’ll be 46 years old and (hopefully) on the homestretch of our journey to retirement. Since we’ll have two children nearing college around that time, we plan to use our monthly rental income to help pay for their higher education. After that, we’ll keep it for ourselves and use the earnings to supplement our own income and early retirement plans. Our properties currently rent for around $1,800 total, but that’s only because I’ve promised not to raise rent on either of our long-term tenants. But they’ll move out eventually. And when they do, we hope to pull in at least $2,200 per month or more.
Want to Become a Landlord? Consider This
Since real estate markets are vastly different in different parts of the country, I couldn’t possibly write something that applies to everyone. On the other hand, if you’re considering purchasing an income-producing property to secure your own stream of passive income, there are certain things you should know:
You need plenty of cash — Banks have tightened lending standards significantly over the last decade, which means that a down payment of at least 20 percent is almost always required. If you can’t afford to come up with the down payment, then you probably can’t afford to own rental property in the first place.
You are taking a risk — Many people think owning rental property is always a money-making endeavor. However, that couldn’t be further from the truth. Investing in rental property has plenty of risks including nonpayment, property damage, prolonged vacancies, and more.
Bad things do happen — When you’re a landlord, “no news” is typically good news. However, there’s a reason why so many people are hesitant to get into the game. We’ve all heard rental horror stories and the fact is that many of them are true. You’d be amazed at the kind of damage people can leave behind, and how much of a headache it can cause. You know the saying, “Hope for the best, but prepare for the worst.”
Before you jump in head first, it’s important to understand what you’re getting into. That typically means researching the rental market in your area and gaining an understanding of current and past trends in rents and occupancy.
It’s also important to figure out what you need to earn in order to cover your expenses and turn a profit. And if you don’t like dealing with people or doing repairs, you can also research property managers in your area. For a monthly fee, they’ll do most of the heavy lifting for you — including finding tenants, hiring out repairs, and more.
Becoming a landlord isn’t for everyone, but it is a great way to earn (somewhat) passive income. And if early retirement, money for college, or financial independence are your goals, it’s just another way to make them happen.
Have you ever considered buying rental properties as a source of passive income? If so, why? If not, why not?
If we were to ask you to imagine your dream home, what would your mind conjure up?
Perhaps you’d love a penthouse in the skies or a palatial property with sweeping gardens. What about a lush forest paradise away from civilization or an opulent oceanfront property?
Maybe a hillside mansion with an infinity pool or a good ol’ swanky apartment in a coveted address is more your style.
What if we told you that you no longer need to choose just one view or destination because you can have it all?
A luxurious penthouse on the NJORD Superyacht. Photo credit: Ocean Residences
Welcome aboard the NJORD, a one-of-a-kind superyacht that redefines luxury living as we know it.
Aptly named after the Norse god of the wind and seas, NJORD is being developed by Ocean Residences Development and German shipyard, Meyer Werft.
A look at the luxury homes aboard the NJORD Superyacht
Once completed, NJORD will offer 117 private residences that range from 1,500 to 9,000 square feet with two to six bedrooms. There will also be 16 duplexes and triplexes that have their own private elevators.
The prestigious homes will be priced from $8.5 million to $70 million.
The project is expected to be completed by 2026, but the first ten homes aboard the NJORD Superyacht are already up for grabs. And they’re quite spectacular!
Bedroom of a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean Residences
To add a personalized touch, the developers have brought many interior designers and architects on board including Kelly Hoppen and David Linley who have worked on the first 10 units as well as Jean-Michel Gathy, Francesca Muzio, Sabrina Monteleone, Taylor Howes, and 1508 London.
Inside a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean ResidencesInside a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean ResidencesInside a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean ResidencesInside a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean Residences
Future residents can choose from 15 different floor plans and — while each residence is intended to be unique — there are also certain similarities like floor-to-ceiling windows, smart home technology, Gaggenau appliances, and of course, private balconies with spectacular views of the ocean.
Inside the luxury homes of the NJORD Superyacht. Photo credit: Ocean Residences
The epic 948-feet superyacht also includes other features like gourmet kitchens with custom cabinetry by Studio Becker, walk-in closets, ensuite bathrooms, personalized housekeeping, laundry, and tailoring services.
The luxury doesn’t end there though.
The vessel comes with a travel and excursion concierge for the more adventurous residents, a Eurocopter 160, four superyacht limo tenders, two dive and fishing boats, a dive center, and an excursion lounge.
The deck of a penthouse aboard the NJORD Superyacht. Photo credit: Ocean Residences
All of the residents’ culinary requirements will be taken care of in the six world-class restaurants and bars on board.
For the health and mental well-being of residents, there’s the Chenot Spa and Wellness Center and a Chenot Gym and Fitness Center.
Other than that, there’s also a telescope space observatory, a golf simulator and pro shop, a gourmet market and shops, a kids club, outdoor terraces, and multiple pools.
Lastly, the party never has to end thanks to the onboard nightclub, jazz lounge, and 10,000 -bottle wine cellar.
The first 10 private NJORD residences are now on the market
While the groundbreaking residential project is only slated for completion in 2026, the first private homes aboard the superyacht have recently been listed for sale.
The living room of a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean Residences
The sales and marketing for the first ten residences aboard NJORD will be led by global real estate brokerage The Agency, with CEO/founder Mauricio Umansky and principal & managing partner Santiago Arana at the helm.
“We are proud to represent the sales and marketing for the first ten incredible residences aboard NJORD, one of the most innovative and exclusive residential offerings in the world,” says Mauricio Umansky.
“With its thoughtfully designed residences, endless array of amenities and philanthropic and scientific purpose, buyers have the unique opportunity to live aboard one of the finest vessels to ever be built,” Umansky added.
Bedroom of a luxury residence on the NJORD Superyacht. Photo credit: David Linley | Ocean Residences
If Mauricio Umansky’s name rings a bell but you don’t know where from, you might know him from The Real Housewives of Beverly Hills (he’s Kyle Richard’s husband).
You’ll also be seeing a lot more of him on Netflix’s Buying Beverly Hills, which follows him and his stellar team of real estate agents. And we’re kind of hoping the new reality series will also give us a closer look inside the NJORD Superyacht and its luxury residences.
“We’re delighted Mauricio Umansky and Santiago Arana of The Agency will be at the helm of sales and marketing for the first ten luxury residences aboard NJORD,” said Kristian Stensby, Founder and CEO of Ocean Residences Development.
“With their combined record-breaking career success, global reach and white-glove service, we can’t think of a better team than The Agency to represent NJORD, the finest address everywhere in the world.”
Luxury meets sustainability
NJORD is more than just a collection of upscale residences.
The NJORD Superyacht. Photo credit: Ocean Residences
It’s an adventure around the globe and, according to Alain Gruber, COO of Ocean Residences Development Ltd, residents can choose to either completely relax or participate in the activities and expeditions planned by the concierge.
The best part about NJORD (other than the fact that you will get to circumnavigate the planet) is that you will do so sustainably.
The developers aim to build it under strict environmental regulations to minimize its carbon footprint.
The vessel will not only use carbon-neutral fuel but also include a professional oceanographic laboratory, a cloud computing system, multibeam echo sounders, and other resources to help the scientific community tackle environmental issues like climate change.
Talk about a new wave of residential living!
More stories you might like
Five-star living: The private residences at the Four Seasons in Los Angeles 18 modern mansions that redefine house goals A striking $150M modern mansion could set a new record for Bel Air $10M ‘House of Sin’ party pad in Hollywood Hills has its own nightclub, casino
If you’re not familiar with John Lautner’s iconic Beverly Crest mansion, or with the estate’s flamboyant owner, then you’re definitely missing out. This 1963-built mansion is an architectural gem and one of Hollywood’s best-kept secrets.
The Sheats Goldstein residence: John Lautner’s organic architecture dream
The 4,500-square-foot Sheats-Goldstein residence was designed by John Lautner (one of the most noteworthy American architects of the twentieth century) and built between 1961 and 1963, in Los Angeles’ Beverly Crest neighborhood.
The concrete-and-wood house was built into the sandstone ledge of a hill, and it’s a testament to the connection between man and nature.
Each space is open and offers stunning views of downtown Los Angeles and the Pacific Ocean, with glass walls throughout that serve to blend the indoors with the outdoors.
View from the bedroom of the Sheats-Goldstein residence in Los Angeles, California. Photo credit: Grueslayer, CC BY-SA 4.0, via Wikimedia Commons
John Lautner designed the American Organic Architecture house for Helen and Paul Sheats and their three children. After going through a couple of different owners, it was acquired by James F. Goldstein, a businessman, real estate investor, and fashion designer, in 1972.
At the time, the house had fallen into disrepair and was in dire need of a makeover, so Goldstein reached out to Lautner to help bring the residence back to its former glory.
SEE ALSO: 18 modern mansions that redefine house goals
What emerged was a two-decades-long partnership to remodel the house, which ended when John Lautner passed away in 1994. However, Goldstein never stopped tweaking and upgrading his Beverly Crest dwelling, even adding a nightclub to the list of amenities.
The James Goldstein house turned museum in 2016
The Sheats-Goldstein Residence, as the property is now known, still maintains all the original designs and touches that John Lautner carefully created.
Living room of the Sheats-Goldstein residence, Los Angeles, California. Architect John Lautner reportedly added the glass walls to the living room at owner Jimmy Goldstein’s request. Photo credit: Grueslayer, CC BY-SA 4.0, via Wikimedia Commons
His work is not limited to just the architecture of the house; Lautner also designed the interiors, the windows, lighting systems, all the furniture, the rugs, and other details.
James Goldstein worked with the designer for years to ensure every little detail was in tune with the overall theme of ‘organic’ architecture.
The result is a house so unique, so carefully crafted and fresh, that Goldstein wants everyone to be able to tour it and be inspired by it.
That’s why, in 2016, he decided that he would donate the house, with everything in it, to the Los Angeles County Museum of Art.
Kitchen of the Sheats-Goldstein residence, featured in Charlie’s Angels: Full Throttle. Photo credit: Grueslayer, CC BY-SA 4.0, via Wikimedia Commons
James Goldstein entrusted the home, its surrounding estate, as well as a 1961 Rolls-Royce Silver Cloud and his eclectic wardrobe to the museum. This way, his and Lautner’s legacy will continue to inspire and attract curious minds and aspiring architects and designers. And let’s not forget about the celebrities.
Why Jimmy Goldstein’s house is Hollywood’s best-kept secret
The James Goldstein house, besides serving as home to the elusive businessman, has also been used by various showbiz producers and directors.
If you thought the house seemed familiar, you might have seen it in The Big Lebowski, as the home of porn merchant Jackie Treehorn, or in Charlie’s Angels: Full Throttle, where it played the part of Alex’s house (Lucy Liu).
The house has also served as a setting for fashion ads and commercials, glamorous events, and, well, porn flicks. James Goldstein has always kept an open mind, apparently.
Then there’s the nightclub. Dubbed Club James, for obvious reasons, the venue was Goldstein’s idea, to keep Hollywood parties out of his house, but still close by.
Club James inside the Sheats-Goldstein Residence in Los Angeles. Photo credit: Grueslayer, CC BY-SA 4.0, via Wikimedia Commons
Exclusive parties and events are held at Club James round the clock; Rihanna celebrated her 27th birthday party here, with Jay Z, Mick Jagger, and Leo DiCaprio in attendance. Needless to say, Goldstein wants the good times to keep rolling at Club James even after he’s gone.
Movies filmed at the Sheats-Goldstein residence
James Goldstein’s unique house is one of the most popular filming locations in Los Angeles, for obvious reasons. There’s just no other place quite like it, and its intricate design and stunning architecture draw celebrities like a magnet.
Various Hollywood movies and TV shows were filmed at the Sheats-Goldstein residence, including the now-iconic The Big Lebowski.
It’s by far the most recognizable house featured in the movie, set up as the home of adult film producer Jackie Treehorn, which earned Jimmy Goldstein’s house the moniker of ‘the Big Lebowski house’.
Scene from The Big Lebowski showing Jeff ‘The Dude’ Lebowski inside Jackie Treehorn’s house (The Sheats-Goldstein Residence).
The other striking property in the movie is Lebowski’s opulent mansion, which is actually another popular filming location, namely the Greystone Mansion in Beverly Hills. This is where movies like The Social Network, Eraserhead, The Witches of Eastwick, The Prestige, and X-Men were filmed.
But while the Sheats-Goldstein residence is known by many as Jackie Treehorn’s house or the Big Lebowski house, it’s been featured in quite a long list of other movies, including Charlie’s Angels: Full Throttle (2003), Star Time (1992), and Bandits (2001, starring Bruce Willis, Billy Bob Thornton, and Cate Blanchett).
It was also featured in music videos, including Doja Cat’s Say So, Nelly’s The Fix, Babyface’s We’ve Got Love, and Snoop Dogg & Pharell’s Let’s Get Blown.
SEE ALSO: Casa Loma in Toronto, another Hollywood favorite
The house is so impressive that in 2021, Kanye West aka Ye enlisted James Goldstein to help him design and spruce up his newly-purchased Malibu mansion.
The rapper was reportedly impressed and fascinated with the architecture of the Sheats-Goldstein house, and wanted to do something similar with his $57 million new home.
Unfortunately, those plans were put on hold, according to The Sun, after the star lost billions due to some very controversial remarks.
In the meantime, the residence is available for rent for photoshoots, and we’re willing to bet we’ll be seeing more of it in upcoming movies, TV shows, and music videos.
Decoding the mystery: Who is James Goldstein?
If you’re wondering, who the hell is this James Goldstein and why haven’t I heard of him before, unfortunately we don’t know a whole lot about him either.
Despite his flamboyant style and constant public appearances (he’s an avid NBA fan and attends as many matches as he possibly can), James Goldstein still remains somewhat of a mystery.
James ‘Jimmy’ Goldstein attends the Playboy App Kick Off Launch Celebrating Eugenia Kuzmina at The Godfrey Hotel Hollywood, in Los Angeles, on August 18, 2022. Photo credit: Eugene Powers / Shutterstock.com
We know he grew up in Milwaukee and then moved to California to attend Stanford University, after which he got into real estate and started investing heavily in developing Century City in L.A. He’s always been into fashion, constantly in the front row at glamorous fashion shows, and he even has his own fashion line.
Back in the day, he’s also said to have had an affair with American actress, singer, and Playboy Playmate Jayne Mansfield, who was married to someone else at the time. Still, he never married, and he has no children, which is why the decision to donate his unique home to LACMA came naturally.
This is the first-ever architecture donation made to the Los Angeles County Museum of Art, and it’s surely one that will continue to inspire young architects, interior designers, and art and fashion aficionados for many years to come.
For now, James Goldstein is living his best, most glamorous life up in his hillside mansion overlooking the City of Angels.
What’s more, James Goldstein’s net worth is reportedly around $350 million – not a bad way to live life in your 80s, is it?
If you want to see more, take a virtual tour of the residence with Goldstein himself below:
[embedded content]
All image credit goes to James Goldstein.com
Frequently asked questions
Who lives in the Sheats Goldstein residence?
Businessman James Goldstein has been the sole owner of the Sheats-Goldstein house since he purchased it in 1972. He continues to spend time at the residence, but also often rents it out for photoshoots or as filming location for Hollywood movies or TV shows.
Where is the Goldstein residence?
The Sheats-Goldstein house is located in the Beverly Crest neighborhood of Los Angeles, California, just up the hill from the Beverly Hills city limit. Due to its location, the house offers amazing views of the city, but is also very secluded.
How much is the Goldstein house?
The James Goldstein house was in a state of disrepair when the businessman purchased it in 1972 for $185,001. Nowadays, the property is reportedly worth roughly $75 million or more.
Can you visit the Sheats-Goldstein residence?
Unfortunately, the Sheats-Goldstein house is a private property, so it’s not open to the public. But, you can rent it out for photoshoots.
Where is the Jackie Treehorn house?
The Jackie Treehorn house from The Big Lebowski is, in fact, the Sheats-Goldstein residence, owned by elusive businessman James Goldstein. It’s located in L.A.’s Beverly Crest neighborhood and it’s a private property.
More stunning homes
Frank Lloyd Wright’s Ennis House (Featured in Blade Runner) is a True Architectural Marvel The House that Zaha Hadid Built: The Story of the Only Residence Ever Designed by “The Queen of the Curve” The Chemosphere House and 6 other striking John Lautner-designed homesAlicia Keys’ house is a Modern Architectural Masterpiece
The Green Mountain State’s most expensive listing just hit the market for $20 million.
The 15,774-square-foot megamansion sits on a 110-acre lot in the rolling fields of Stowe, VT.
“To have that kind of acreage in a most desirable neck of the woods as Stowe is certainly one of the things that makes this property stand out,” says listing agent Geoffrey Wolcott, of Four Seasons Sotheby’s International Realty.
Plus, that immense acreage provides significant opportunities for an ambitious buyer.
“The 110-acre parcel size qualifies it to permit for a PUD (Planned Unit Development) commercial development,” Wolcott says.
Exterior
(Realtor.com)
Solarium
(Realtor.com)
Standout estate
The stone, slate, and copper, European-style country retreat was built in 2004 and features six bedrooms and 10 bathrooms.
“The quality of the home is second to none,” Wolcott notes. “There are wall coverings that are made of sculpted suede, and Italian crafted interiors found throughout. Most of the woodworking was done by a crew from Italy.”
A cozy solarium with a fireplace is surrounded by a wall of windows, offering a breathtaking mountain views.
Kitchen
(Realtor.com)
Living room with fireplace
(Realtor.com)
The stylish, gloss-black and stainless Boffi kitchen features a concealed, walk-in pantry. The listing says the cabinetry shows more like “a work of art.” There are four distinct prep stations here and plenty of dining space in the breakfast room.
A remarkably designed living room has a soaring ceiling and another fireplace.
“It’s a very dramatic room with ceilings that are about 2.5 stories high,” Wolcott says.
The library features built-in bookcases and handsome, wood-paneled walls.
Posh pool
One of the most impressive amenities just might be the mosaic-tiled, indoor pool and spa. It’s surrounded by loads of limestone, along with a coffered ceiling overhead and walls of windows that overlook the property.
There’s also an adjoining gym.
And when it comes to entertaining, the home is fully quipped. There’s a circular wine cellar with a tasting area, a dumbwaiter that serves three levels, commercial laundry, and a “self-contained guest suite.”
Pool
(Realtor.com)
Wine cellar
(Realtor.com)
Bedroom
(Realtor.com)
Patio
(Realtor.com)
An enormous primary suite boasts a soaring ceiling and a sitting area in front of arched windows that offer pristine outdoor views. The spalike primary bath has built-ins and many windows to soak in the scenery.
The property also comes with a four-car, heated garage and extensive woodland trails.
So who will move in next?
“It’s very difficult to speculate who will be the next buyer, as buyers come from all over the world—and often where you least expect it,” Wolcott says. “It will certainly be someone who is looking for a second home, with that kind of acreage, and the ability to turn it into a family compound.”
Some reader stories contain general advice; others are examples of how a GRS reader achieved financial success or failure. These stories feature folks with all levels of financial maturity and income.
Mark Ferguson has been a Realtor since 2001 after graduating from the University of Colorado with a business finance degree. He runs a real estate team of 10 that sells over 200 homes a year, fix and flips 10 to 15 homes a year and owns 11 rental properties. Mark also runs www.investfourmore.com, a blog that discusses Mark’s fix and flips, rental properties, becoming a real estate agent and everything real estate related.
Many television shows portray fix and flipping as a very profitable business that can easily be done in your spare time. Sure there are usually a few contractor problems, but in the end the house sells for a lot of money and the owners make a killing. In reality, you can make money fix and flipping homes, but it takes a lot of hard work and a lot of flipping to make a lot of money. It is also very easy to lose a lot of money if you do not account for all the costs or overestimate the value of your flip.
I have been a Realtor since 2001, and I have fix and flipped close to 100 homes over the last 10 years. I have 10 fix and flips going right now, and I can tell you it is not easy managing one fix and flip let alone 10! It takes a lot of money to fund fix and flips, more time than you think to sell a flip, a lot of experience to deal with repairs and contractors, and expenses are almost always more than you figure.
If you buy houses cheap enough with enough of a margin for error, you can make good money fix and flipping homes — but don’t expect to be a millionaire after a year or two in the business.
Are the Television Shows Accurate in Their Portrayal of the Flipping Business?
Most fix and flip television shows love to show the before and after pictures of a flip with the initial purchase price and the selling price at the end. There are a couple of shows that portray the expenses accurately, but most leave out many of the costs that flippers encounter. In the fix and flip business, many investors use the 70 percent rule to determine if they can make a good profit when they flip a home.
The 70 percent rule states the purchase price should be 70 percent of the after-repaired-value (ARV) minus the cost of any repairs. For example, if a house will be worth $150,000 after it is repaired and it needs $30,000 in repairs, the 70 percent rule states an investor should pay $75,000 for that house. Buying a house that will be worth $150,000 for $75,000 seems like a home run, but it is really just an average deal because there are so many costs associated with flipping.
What Costs are Involved in Fix and Flipping Homes?
The obvious costs involved in flipping are the purchase price of a home and the repair costs. In our example, there appears to be $45,000 in profit once you include the selling price and the repairs but there are many more expenses that many beginners do not consider.
Financing costs: Most people do not have $75,000 plus the costs of repairs and carrying costs to buy a flip. It is more expensive to finance a flip because banks make their money off interest paid on loans. The shorter time you hold a loan, the less money a bank will make. Most large banks will not finance flips, but some local lenders will. Hard-money lenders will fund flips, but they are very expensive, charging 12 to 16 percent interest rates plus 2 to 4 percent of the loan amount for origination fees. A hard-money lender is a not a bank but a company that takes money from investors at a given interest rate. The hard-money lender then lends that money to fix and flippers at a much higher interest rate.
Carrying costs: When you own a house, you have to pay for the lawn care, heating, insurance, taxes, HOA and more while you own the home.
Purchasing costs: Besides the loan origination costs, there are some other costs to consider when buying a flip. A home inspection will run $300 to $800. Some lenders will require an appraisal, which is $400 to $600. There will be a closing fee, recording fees, tax certificates and much more.
Selling costs: When you sell your house, you will most likely have to pay a real estate agent to sell the flip and possibly cover closing costs for a buyer. The real estate commission and closing costs can add up to be 10 percent of the sale price.
Miscellaneous costs: Depending on where and how you buy your property, it may have a tenant or the previous owner may still be living in it. You could have eviction costs or costs to pay the occupants to leave.
Here is an example of what the total costs would look like on a typical fix and flip I buy and sell. I have a great lender who charges me 5.25 percent interest rate and 1.5 percent origination, but they only lend on 75 percent of the purchase price. My loan costs are much lower than most flippers’.
Purchase price: $75,000
Loan amount: $56,250
Costs:
Loan costs: $2,500
Carrying costs: $1,600
a. Insurance: $400
b. Lawn maintenance: $300
c. Taxes : $400
d. Utilities: $500
Buying costs: $1,000 (I usually do not do an inspection or have an appraisal)
Repairs: $30,000
Selling costs: $7,000 (Since I am a Realtor, I only pay the buyer’s agent commission. I list the house myself and do not have to pay a listing agent.)
Miscellaneous: $5,000
Total costs: $47,100
If I sold the house for $150,000, my profit would be $27,900. That is a decent profit, but I want to make at least $25,000 on each flip because of the risk involved and the money I put into them. On this flip, I would need at least $50,000 of my own cash for the down payment, carrying costs and repairs. Beginning flippers could easily spend three times as much for financing costs and another $4,500 to pay a listing agent. That cuts the profit to under $20,000 for a house that sells for twice as much as it was purchased for. The next time you watch a fix and flip show, see how many of these costs they actually tell you about!
Will You Make More Money Fix and Flipping More Expensive Homes?
It is true that the profit potential goes up when you flip more expensive homes. However, there are many more risks involved when flipping expensive houses.
The repairs will be much more expensive because buyers will demand higher quality.
It takes longer to sell more expensive houses and your carrying costs will be higher.
The carrying costs will be higher due to HOAs, more maintenance needed, higher taxes, etc.
You will need more cash because down payments, carrying costs and repairs will be higher.
All your money is in one house instead of multiple homes, increasing the risk if something goes wrong.
The biggest problem with flipping more expensive homes is that the difference between the buy price and sell price is massive. Using the 70 percent rule, a house with a $500,000 ARV would have to be bought for $300,000, if it needed $50,000 in work ($500,000*.7-$50,000=$300,000). It is very hard to find a deal that has such a large difference between the ARV and the purchase price because an owner-occupant buyer would be willing to pay much more for the house. The owner-occupant can pay $400,000, put $50,000 into the house and still have a great deal. In the more expensive market, it is much more likely owner-occupants will have the cash to put into homes.
How Long Does it Take to Fix and Flip a House?
From start to finish, my goal is to have a flip for four months from the time I buy it to the time I sell it. I almost never hit that number because there are so many unknowns. The biggest delay I have is finding good contractors, especially when I have 10 properties at once. It takes me a couple of weeks to get a contractor started on the work, about a month for the work to be done, about three weeks for the home to be on the market before a contract is accepted and yet another month for the escrow/closing process — if everything goes perfectly.
Unfortunately, it often takes longer for the contractor to make repairs. We inevitably see a few things the contractor missed and they have to go back to the home to take care of those items. Then we have to line up cleaners and get the home listed. Sometimes it takes three weeks to get a good offer; sometimes it’s just one week, but it could just as easily be two months. In addition, the escrow process can vary from one month to sometimes two months. Now that I have so many houses and not enough contractors, I am looking at almost nine-month turn times on some of my properties.
Is All the Hassle Worth it When Fix and Flipping Homes?
After looking at all the costs and everything that has to be accounted for, it may seem a bit intimidating to flip a home. Especially when you consider we have not even talked about how to find a fix and flip that can be bought cheap enough to make money. Just like anything in life, it takes time to learn what you are doing and feel comfortable. I still am learning new techniques to find properties and finding better ways to fix and flip homes.
After you learn the business, it can be a lot of fun. I still get excited whenever I get a new deal under contract, almost as excited as when I sell one for a nice profit. Over the last two years, I have averaged about a $35,000 profit on each of my fix and flips. I completed 10 flips last year and should complete (buy, fix, sell) over 10 this year. On most flips, I make around $30,000 in profit; but once in a while, I will make more, like this property that I made over $50,000. In the last 13 years of fix and flipping homes, I have made over $100,000 twice on a single flip. My success has not come from making a huge profit on one or two flips a year, but on consistently making modest profits on multiple homes. There is much less risk flipping many lower priced homes than flipping one expensive home.
The best part about this business is that I do not flip full time. I run a real estate team of 10 and my primary job is running that team and selling houses. Once you set yourself up correctly with the right contractors, the right financing, enough of your own money and experience, the business does most of the work itself. It is not easy to get to that point and it takes a lot of time and reinvesting money back into the business.
How Do You Find a Great Deal to Fix and Flip?
Finding a great deal is the key to making money in the fix and flip business. I used to buy 90 percent of my fix and flips at the public trustee foreclosure sale. These houses were sold in as-is condition for cash, and many times the inside of the house could not be viewed or homes were occupied. When I bought a home at the trustee sale, I had no inspection period and no way to back out once the property was purchased. In the last two years, the competition at the trustee sale has increased and I have not purchased any homes from that sale in over a year. In fact, I do not even go to the sale anymore because people are paying close to the amount you could buy a house for on the MLS. When I buy on the MLS, I get to have an inspection done, I can use a loan to buy the property, and I don’t have to deal with any occupants.
Almost all of my deals are bought on the MLS now. There are a few tricks to getting a great deal, but it is not easy with rising prices and competition.
Act fast: I make offers within hours of homes being listed.
Become an agent: One of the reasons I can act so fast is that I write the offer, set up a showing and I do not have to wait on an agent.
Look for properties that need work: The more problems a property has, the more potential profit there is. Make sure you know how to fix the problems and how much it will cost!
Look for properties that have been on the market over 90 days. The sellers are more likely to accept low offers on these homes. If they are grossly overpriced, I do not even bother.
Make offers on homes that come back on the market quickly. I can set up MLS alerts to tell me when a house in a certain price point comes on the market or comes back on the market after a contract falls apart. Many times the great deals that need work have contracts that fall apart because buyers don’t realize how much work is needed until their inspection.
There are other ways to get great deals such as direct marketing to sellers who do not have their properties for sale or finding wholesalers who sell cheap properties to investors.
What Should You Avoid if You Decide to Start Flipping Homes?
If you have decided you want to give flipping a try, here are some tips to keep you from losing too much money on your first try.
Only do the repairs yourself if you know what you are doing and have time to complete them. Many flippers try to save money by doing the work themselves. They don’t realize how long it takes to make repairs, especially in their spare time. It ends up taking months to fix the property and the extra time will eats up the money you thought you saved by doing the work yourself. To make the situation even worse, the work won’t be as good as if a professional did it.
Do not overestimate the value of a home or rely on values to increase to make money. Many markets have increasing prices, but that doesn’t mean they will keep increasing. A lot of flippers went bankrupt during the housing crisis because they assumed the market would keep going up. When prices stopped increasing and then decreased, they lost everything. I kept flipping right on through the housing crisis because I based values on the current market and left myself room for adjustment.
Do not overprice a home when you list it. To make money flipping, you have to sell quickly and keep your money moving from property to property. If you have a house sitting on the market that won’t sell, it is most likely overpriced. I have found that the sweet spot for a house to be on the market is three weeks and then I usually get an offer. If I don’t get an acceptable offer after 30 days, I lower the price 5 to 10 percent, depending on the activity.
Don’t try to sell a house yourself unless you are an agent. If you sell a house for sale by owner, you lose market exposure by not being in MLS. Ninety percent of buyers use a real estate agent to represent them and those agents look on MLS to find properties for their buyers. If you use a limited service company that puts the home on MLS, you still have to pay for the buyer’s agent. You are saving very little money and the buyer has representation while you do not. Who will get the better deal?
Always assume your repairs will be more expensive than you think and the flip will take longer than you think. Even if you get a bid for all the work before hand, things always pop up that you didn’t see or you couldn’t have known about.
My Worst Flipping Experience
There is a lot of information in this article and I didn’t even come close to covering every topic involving flipping houses. I hope it gives you an overview of what it is like and what it takes to flip houses. It is not about hitting a homerun on every flip, but hitting a lot of singles over and over again. I have lost money on flips before, sometimes because of things I have no control over. Since I had many flips going at once, losing money on one flip did not destroy my business — but this was the worst experience.
A couple of years ago, I bought a flip at the trustee sale. I saw the interior of the home through the windows but never got inside the house before I bought it. It was a good deal on a newer house, with little work needed and I thought I would make some easy money. After I bought the house and got the locks changed, we found a brand new BMW in the garage. I knew something very odd was going on, so we tracked down the previous owners in California (I am in Northern Colorado). They claimed the bank had foreclosed wrongly and they were going to get the house for free. They ended up filing a lawsuit against the bank a week later and we had a house we could not sell because it was involved in litigation.
The previous owners had been convinced they would get the house for free by a legal aid. We offered them $5,000 to drop the case and they would not even think of it, because they knew they would get the house for free. Long story short, the lawsuit was frivolous and thrown out by a judge as soon as he saw the case. The problem was that it took the court almost a year to look at the case even after we had hired lawyers and paid them almost $10,000 to speed up the process. After carrying costs and lawyers fees, I lost about $15,000 on that house. There was no way to know that would happen, but sometimes that’s how it works when buying houses at the foreclosure sale. That is why I prefer to have multiple low-value houses at the same time, instead of one expensive house. I was still making money and turning other properties while that house was tied up. If all my money was tied up in one house that I could not sell for a year, I could have been in serious trouble.
Conclusion
I have been in the fix and flipping business for a long time and it has been very good to me. It is not easy to get started, to find great deals, find great contractors or to get all the money needed to flip. It is not impossible either, but it does take a lot of planning and education to get started. If you want to ask any questions in the comments, I’ll try to respond as quickly as possible.
Save more, spend smarter, and make your money go further
After a brutal winter, many of us are ready to embrace spring with open arms! The arrival of spring also signals seasonal cleaning duties such as cleaning windows, putting away the winter wardrobe and breaking out the flip flops.
But don’t forget to include your personal finances in your spring cleaning “to do” list! Spring is the perfect time to tackle financial clutter–from refreshing budgets to going paperless to cleaning up your credit score.
Here are 5 tips that make it easy to do a financial clean sweep this spring:
1. Refresh your budget
Kick off your financial spring cleaning by refreshing your budget. Revisit the financial goals you set January 1. How are you doing so far? If you’re over budget, look at where you can make changes and cut back on spending. Remember to adjust your budget to satisfy current needs as well as long-term savings goals.
2. Reduce financial clutter – go paperless
You know that amazing feeling when you get rid of clothes you haven’t worn in years? Getting rid of that filing cabinet filled with old bills and credit card statements can feel just as freeing. A good way to cut down on clutter is to opt for electronic bill payments using a free bill-paying app like Mint Bills – which allows you to pay all your bills and schedule bill payments via an easy to use web and mobile platform.
3. Check your credit score
If you haven’t checked your credit score, now might be a great time. This number is a critical part of a consumer’s financial portfolio. Understand your score and the factors impacting it so you can learn how to improve it. If your credit score is low, commit to making your payments on time and focus on chipping away at large balances on your credit cards.
4. Pay off holiday debt once and for all
Cleaning up this debt quickly can put you in a much better financial position for the rest of the year. Start by clearing up your credit lines and pay off the purchases you made over the holiday season. If you have to, put yourself on a stricter debt payoff plan specifically focused on paying off the debt you accumulated over the holidays.
5. Sell unwanted items
Instead of throwing away your belongings to reduce clutter, consider selling your stuff to help boost your savings goals or earn extra money. Getting rid of old furniture? Try Craigslist. Cleaning out your closet? Try selling your clothing and accessories on Threadflip, a site that helps list, price, and ship the items for you.
Save more, spend smarter, and make your money go further
Previous Post
4 Ways to Preserve Your Pot of Gold
Next Post
Raising Kids Who Are The Opposite of Spoiled: An Interview…
Mint is passionate about helping you to achieve financial goals through education and with powerful tools, personalized insights, and much more. More from Mint
The ongoing pandemic has thrown the real estate market off balance, and New York City took the brunt of it. Office spaces throughout the city are left empty as companies embrace remote work, while many renters chose to flee the crowded city and head to quieter — and perhaps safer — places.
However, we must not forget that NYC is resilient. Its charm cannot be easily replicated and its unique appeal continues to draw people in, even in the most dire of circumstances.
The city’s real estate market, one of the priciest and most coveted in the world, has definitely taken a hit, but don’t be fooled, it’s still going strong.
The proof is in the pudding, and in this case, the pudding is real estate listings. We found a few amazing homes for sale in NYC that will remind you of the best this city has to offer.
They are luxurious, exuding timeless elegance, and conveniently located in probably the most desirable place in the world — Manhattan. Let’s check them out.
#1 130 West 30th Street, Apt 3B | Chelsea | $2,495,000
All the properties we’re looking at today are unique, but this one is truly something else.
The two-bedroom, three-bathroom apartment is located at 130 West 30th Street, also known as The Cass Gilbert. If you’re at all passionate about architecture, that name will likely ring a bell.
The building was designed by the same architect responsible for the Woolworth Building, the New York Life Building, and the United States Supreme Court Building in Washington, D.C., among many others.
Unit 3B is selling for $2,495,000, and is currently listed with Marilyn Blume of Warburg Realty. The price tag is worth it just for the chance to own a piece of historic NYC architecture, but there’s much more to it than that.
Image credit: Warburg Realty//Marilyn Blume
This sun-flooded home is a corner unit with 11-foot ceilings, which means it offers plenty of natural light and nice views. Adding to that are hardwood floors, present throughout the loft-like home, and an additional office perfect for a work-from-home situation.
The large master bedroom has a seating area and a custom-fitted walk-in closet.
Image credit: Warburg Realty//Marilyn Blume
#2 110 West 25th Street, 3rd Floor | Chelsea | $3,285,000
This gorgeous three-bedroom, two-bathroom Chelsea gem is another unique property that you’re unlikely to find anywhere else outside of NYC.
Nestled within a historic prewar building completed in 1901, this 2,500-square-foot home works perfectly as a live/work/play space, which is exactly what most people are looking for right now.
Image credit: Compass//Michael J. Franco
The full-floor apartment is listed with Michael J. Franco of Compass. It is accessed via its own private, key-locked elevator, which leads into a massive, 38-foot living room with 17 (!) windows that offer unrivaled views of the city.
If you lived here, you probably wouldn’t feel the need to go out too often.
The apartment features a spa-size master bath adorned in floor-to-ceiling marble, a full library spanning over 20 feet in length, as well as a home office/third bedroom with sunny garden views to the east.
Image credit: Compass//Michael J. Franco
If you do feel the need to go outside, there’s no better place to be. 110 West 25th Street is just steps away from the High Line, Madison Square Park, and Hudson Yards.
This home basically offers the best of both worlds: the historic architecture of Chelsea, mixed with the modern, state-of-the-art developments of the Hudson Yards neighborhood.
#3 130 East 67th Street, Apt 3C | Lenox Hill | $2,995,000
A chic modern renovation meets classic details and grand prewar proportions in this lovely three-bedroom residence.
With its bright, sun-flooded living room, oversized windows overlooking a tree-lined East 67th Street, decorative crown molding and beam ceilings, this apartment oozes elegance and comfort.
All three bedrooms are generously sized and have plenty of storage options, not to mention custom millwork, and outfitted California Closets.
There are two windowed full bathrooms, including a spa-like primary bath with a double vanity and an over-sized seated shower.
Other features of this beautiful home include a lacquered powder room, wide plank oak herringbone floors, 9’4″ high beamed ceilings, and generous wall space for displaying art. It’s currently listed with Allison Chiaramonte and Tania Isacoff Friedland of Warburg Realty.
#4 465 West End Avenue, Unit PH | Upper West Side | $2,775,000
Our list wouldn’t be complete without a staple penthouse unit; and we found one of the best ones out there.
This 2-bed, 2-bath penthouse at 465 West End Avenue is perched atop a 12-story pre-war building built in the Italian Renaissance style. Its design bears the signature of acclaimed architect D. Everett Waid, who also lent his creative genius to the MetLife building at 1 Madison Ave.
Image credit: Compass//Martin Eiden Team
Priced at $2,775,000, the penthouse has striking features, including a solarium that’s currently used as a dining room but that can easily be converted into a second bedroom.
There’s also a 2,900-square-foot wraparound terrace with plenty of space for gatherings and views that rival some of the best buildings in the city. And the terrace is accessible from every room in the property.
Image credit: Compass//Martin Eiden TeamImage credit: Compass//Martin Eiden Team
The stunning views have everything to do with the unit’s location — as the penthouse sits on West End Avenue’s coveted Gold Coast (between 82nd and 83rd Streets), which places it near Riverside Park, the Hudson River Greenway, excellent shopping and dining, as well as the Children’s Museum of Manhattan. The property is listed with Compass’ Martin Eiden.
#5 611 West 138th Street | Hamilton Heights | $2,195,000
Nowadays, Manhattan is famous for its state-of-the-art, glossy skyscrapers. But the property we’re about to look at offers something completely different, and it stands as a veritable piece of NYC history in itself.
The five-bedroom, two-bathroom brownstone has 3,150 square feet of living space, all lovingly restored and preserved.
Image credit: Warburg Realty//Samantha Rose FrithImage credit: Warburg Realty//Samantha Rose Frith
One of the highlights of this property (it’s hard to pick just one) is the kitchen, which features perfectly preserved, wall-to-wall, original wood cabinetry dating from the late 1800s. That’s not something you’ll find too often in the city, and it’s truly something special.
Image credit: Warburg Realty//Samantha Rose Frith
Another highlight of this home, listed with Warburg Realty’s Samantha Rose Frith, is a 750-square-foot, impeccable landscape private garden.
The home is currently being used as a single-family dwelling, but it can also be split into a three-bedroom, one-bathroom duplex with two-bedroom, one-bathroom rental on the third floor. There is also a 1,050-square-foot basement level that’s being used as a laundry room and storage space.
More luxury homes in the city
443 Greenwich St. building & the 12 biggest celebrities that lived here
The San Remo building and its famous residents
The Dakota, New York’s first luxury apartment building
Full-Floor Residence at the Newly Built Flatiron House