When we walk into an office tower, rarely do we think about how the paintings in the lobby got there.
But behind the scenes, real estate firms put significant work into finding artists and curating their own spaces to add a splash of creativity to an otherwise drab corporate arena.
“A lot of thought goes into it,” said Bryan Ezralow, the CEO of the Ezralow Company in Los Angeles. “We’re always thinking about how art can help our spaces.”
The same thought goes for living spaces, like sculptures in apartment foyers or paintings on the walls of market-ready apartments.
With the pandemic keeping artists busy in their studios, there could be no better time for artists to rent, lend out, or sell their artwork directly to real estate firms.
“We hire local artists. It’s something we do all the time,” said Ezralow. “We always try to create cool spaces and try to bring in cutting-edge contemporary art into our buildings.”
Ezralow’s building LA 1446, a boutique apartment community in Hollywood, features swirly wall sculptures and paintings in its apartment living rooms. His nearby residential property, Qwil, showcases framed watercolors. And, at the Madison Bellevue apartments in Bellevue, Washington, colorful paintings adorn bedroom walls.
Ezralow works with local artists from the ground up, forming organic partnerships. “We want to start with the community, so we start there to find artists,” said Ezralow. “I’m a big believer in art.”
He sometimes uses art consultants or referrals from friends and other artists to bring something unexpected and dazzling to each of his buildings, whether commercial or residential. “We try to do things with a twist,” said Ezralow. “For urban markets, we want people to walk into one of our spaces and say: ‘Wow, I didn’t expect that.’”
“Art and architecture are always intertwined,” said Ezralow. “Some of the greatest architecture comes from the minds of artists.”
He also asks the architects for their advice on ushering in artworks into properties. “We try to go for more modern art in our buildings,” he said. “We bring in top architects to talk about the art we’re going to show in the buildings because art is going to stay there for a long time. We go for public art sculptures too, as it gives an artistic touch to our properties.”
The draw for a building could be the art on it’s walls. “When people move to a neighborhood, it’s because they like the community and want to be part of it,” he said. “Why not bring a local artist’s vision into the walls of where someone lives?”
“There’s a lot about soaking up the history and the culture in a place that you’re in,” said Ezralow. “Why not do something for locals in the area?”
When placed right and curated well, artwork can potentially inspire the sale or rental of an apartment or building, bringing a splash of warmth and character to otherwise stale white walls.
“We’re in buildings every single day, day in, day out,” said Ezralow. “But what spaces make you feel good? When we show people our spaces, and if something grabs their eye, then they feel good.”
The best kind of contemporary art for real estate is abstract art. “It definitely works better in modern spaces,” he said. “Abstract art with lots of bright colors is ideal, and so is the size—the larger, the better. We always try to incorporate art into everything we do.”
He adds: “Sometimes text-based art is perfect because all it takes is one word on a wall to inspire people.”
“When you see a nice design space, a lot of planning goes into that,” said Ezralow, who is also an art collector himself, owning works by Ed Rusha, Richard Prince, and Wolfgang Tillmans. “It’s the developers who are creative, they’re the ones creating spaces for people, they’re always seeing where art can fit.”
“Nothing else is like it,” he said. “We try to do things that nobody else has seen or done before.”
Benefit from a booming real estate investing market with these five master classes – MarketWatch
MarketWatch has highlighted these products and services because we think readers will find them useful. This content is independent of the MarketWatch newsroom and we may receive a commission if you buy products through links in this article.
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While this is good news for young families looking to purchase their first home, it’s also good news for those looking to invest in this new real estate boom. As MarketWatch states, “the underlying need for new homes is still there, which should keep the building sector busy for some time to come.”
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All five courses are taught by Symon He, a real estate investor and business consultant based in Los Angeles. He is also a co-founder of LearnBnb, a boutique blog that specializes in the home-sharing economy.
If you’d like to dip your toe into real estate investment, now is the time, and The Real Estate Investment Master Class Bundle is the how. For a limited time price of $29, you can become a full-fledged investor and benefit from this recent surge in real estate development.
Prices subject to change.
Kamloops real estate saw average prices jump, and it doesn't look like they will fall in the near future – Kamloops News – Castanet.net
The real estate market is staying very hot, and it doesn’t appear to be trending down any time soon.
For February 2021, the Kamloops And District Real Estate Association (KADREA) reported a total of 283 residential unit sales by the Kamloops & District Multiple Listing Service (MLS). That is a 37.4 per cent increase in sales from last February.
In addition, the average price of houses went up, as did the total sales dollar volume. February saw a 65 per cent rise in total sales dollars over 2020, recording $145.8 million. 2020 was $88.3 million.
Typically, February is a slow month for Realtors, as usual trends have the market slow.
“That’s a trend I used to look at. They look at what they call the ‘seasonally adjusted average’ but because of last year with the pandemic, March until end of May things shut down,” Aaron Krausert, a Director on the Board of KADREA, told Castanet Kamloops. “So all those typical trends on the graphs I like to nerd out on, everything is out the window it seems.”
“It doesn’t matter what month it is, buyers are just jumping.”
There were 349 new listings recorded by the Kamloops MLS last month and as of March 3, there were 587 active listings in the Kamloops and district region.
And still, it doesn’t seem to be enough.
“Literally everything is selling at all time record pace. There is something called the absorption rate, which is the idea of if there were no new listings starting today, how long would it take at the current rate of sales for all the inventory to be absorbed (sold) into the market,” Krausert explained. “And right now it’s under four months.”
“That means, no new listings, everything in the market will be done in just over three months.”
Even with the construction on new builds and plots, in this sellers market, there don’t seem to be enough residences to go around, with many seeing multiple offers.
And so if you are looking to buy at this time, there are four things you absolutely need when bidding on a house.
“Buyers need a pre-approval, in writing, down payment on hand, short subject removal period and hopefully not subject to sale, because that’s not attractive in a multiple offer scenario.”
Ottawa's hot housing market becoming unaffordable for some – CTV Edmonton
There has never been a more intense housing market in Ottawa than there is today.
Prices are through the roof; which is great for sellers, but buying a house in today’s market might not be as simple as you think.
Tanya Trevors and Chris Armstrong were lucky enough to purchase their dream home just before COVID-19 hit the capital last year, but that doesn’t mean it was any easier.
“Couple hundred thousand dollars I would say, more than our budget,” says Armstrong.
Trevors adds, “Yah, we did get into a bidding war. There was one other person bidding on the house. So we did end up overpaying for the house.”
The market was just starting to heat up to what we see today. They avoided the spike, but still spent about $50,000 over asking.
“We were looking for almost a year,” says Trevors. “And we’re really happy with what we got. So my advice would be to be patient.”
Dominique Milne is a real estate broker in Ottawa. She says low interest rates, combined with the government and high tech sectors in the capital, have created a perfect storm for sky high prices in Ottawa.
“We have record low interest rates, which are certainly funnelling some fire,” says Milne. “It’s a fantastic time to sell. Everything is selling. We’re down to 16 days on market for February. We haven’t seen that ever. But for buyers, it is hard. The competition is fierce. You have to have your ducks in a row. Conditions? Forget it.”
Andrea and Scott Martin have put down nine offers on nine houses, each time being outbid by other buyers.
“We’ve been looking for almost two years,” says Andrea. “We’ve gone up to almost $170,000 over and still not gotten the house.”
Over the course of two years, prices have risen so high, the Martins say it’s near impossible to get what they were originally hoping for.
“When we started looking for houses, we were looking in a range of around $400,000, and they were nice properties,” says Scott. “And now when we look at anything of the same quality, it’s almost double the price.”
They say they are quickly running out of hope, and options.
“Eventually we’ll be priced out of the market if the prices keep going up the way they are,” says Andrea.
The pandemic has had a lot to do with people’s lifestyle change and working from home, causing a supply and demand issue. It’s changing the way people work, and what most families need during these times.
“Suddenly you have two people working at home. Two kids at home on and off. And we’ve gone from needed three bedrooms to needing five bedrooms and an extra space for people to separate from themselves,” says real estate broker Daria Kark.
Kark adds a lot of homebuyers are being squeezed out of the market by investors.
“Current rates of two per cent or so for a five-year fixed mortgage, you know, you can’t make that much on a regular investment. So people are just investing in their mortgages. They’re investing in their real estate.”
But as frustrating as it is to be a home buyer today, the Martins have not lost all hope just yet.
“We’re offering on another house tomorrow,” says Scott. “Offering over asking, no conditions. Same as every house we’ve bid on. We’ve never had a condition and it never seems to matter. So we don’t get our hopes up anymore, but we keep trying.”
The Ottawa Real Estate Board reported record sales in February.
A total of 1,390 residential properties were sold in Ottawa last month, up from 1,134 in February 2020. The average sale price for a residential-class property was $717,914, an increase of 27 per cent from a year ago. Condominiums sold for an average of $407,671, an increase of 17 per cent from February 2020.
The sales volume for residential properties and condos in Ottawa was $885,592,105 in February, 54 per cent higher than the same month last year.
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