Oddest homes in America

October 30, 2023

THE BIG SPLASH

Oddest homes in America

What you can’t miss today

Spanning across the United States, America's real estate landscape boasts an eclectic collection of over 10 homes that defy convention, turning heads and raising eyebrows with their unique and sometimes baffling features.

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  • A Michigan man cave redefines multitasking with urinals installed right in the kitchen, challenging the norms of domestic life.

  • In Washington state, dinosaurs roam the yard of a "Jurassic Retreat," bringing prehistoric vibes to the neighborhood.

  • The "Skinny House" in Illinois takes space-saving to the extreme, tapering to a mere three feet in width at its narrowest point.

  • Ohio hosts a home with two jail cells, a nod to its connection with 1930s gangster John Dillinger, blending history with domesticity.

  • The "Smurf House" in Michigan, with its blue Cotswold cottage-style roof, offers a whimsical escape from reality.

These homes, from the quirky to the bizarre, showcase America's penchant for the unconventional, proving that when it comes to real estate, normal is just a setting on the dryer.

A SCOOP OF MARKET DATA

The number you should know

562,556

While the inventory of available homes experienced a noticeable bump, rising from 554,350 to 562,556 in a mere week, it’s hard to ignore that this is just the market’s way of reacting to the staggering 8% mortgage rates, which have effectively put the brakes on sales and forced an increase in inventory.

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  • The weekly active inventory’s year-over-year numbers are still in the red, a testament to the fact that we’re working off a higher inventory base than last year, making any growth appear less impressive.

  • Last year’s inventory peak hit on October 28, but with mortgage rates now flirting with 8%, this year’s peak is fashionably late.

  • To put things in perspective, the inventory’s low point in 2022 was a paltry 240,194, while 2023 has managed to crawl up to a peak of 562,556 so far.

  • A trip down memory lane to the same week in 2015 shows a robust 1,169,130 active listings, making today’s numbers look rather anemic in comparison.

  • Despite the high mortgage rates, new listings are showing a stubborn resilience, although they are still at historically low levels. The real test, however, will be whether we see any meaningful increase in listings during the spring and early summer of 2024.

A SCOOP OF INSIGHTS

Something you’ll learn

The Flatiron Building, once a symbol of New York's architectural innovation, is now succumbing to the city's relentless luxury housing trend, as its new part-owners, The Brodsky Organization, plan to convert it into high-end living spaces.

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  • The Brodsky Organization, a residential developer, has grabbed a stake in this 22-story iconic building, aiming to turn it into either condos or rental units, because apparently, Manhattan needs more of those.

  • Macmillan Publishers, the building's last office tenant, cleared out before the pandemic, leaving the space conveniently available for this upscale transformation.

  • The redevelopment, pending city planning approval, is expected to drag on for about three years, because what’s the rush when you’re altering a piece of history?

  • Retail will continue to grace the ground floor, with T-Mobile holding onto its long-term lease, ensuring at least some part of the building remains accessible to the public.

  • Nestled in one of Manhattan’s priciest residential districts, the Flatiron Building’s upper floors have been collecting dust since 2019, but soon, they'll likely be collecting hefty rent checks instead.

A SCOOP OF CONTROVERSY

Everyone will talk about it

In a surprising turn of events, Compass, a real estate brokerage firm, is demanding the return of $100,000 signing bonuses from its agents, showcasing the financial strain in the real estate sector.

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  • Compass, once a high-flying startup, is now facing financial turbulence, as it asks agents to return their hefty signing bonuses.

  • The company, which went public in April 2021, has seen its stock price plummet by over 80%, reflecting broader market challenges.

  • Agents are left in a bind, with some having spent the bonus or facing financial difficulties, making the repayment demand a tough pill to swallow.

  • The move has sparked outrage and disbelief among the agents, with some questioning the legality and ethics behind the demand.

  • This incident highlights the volatile nature of the real estate market and raises questions about the sustainability of aggressive recruitment strategies in the industry.

How was today's shake?

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