Despite earlier news stories that indicated architecturally significant homes would remain popular in an economic downturn, the LA Times reports that these homes are taking a hit. For example, the Richard Neutra-designed Kaufmann Palm Springs house deal fell through, while that John Lautner home in Glendale has been reduced twice and is now listed at $1.573 million, down from its original asking price of $1.958 million. More via the Times: "'In earlier downturns good architectural properties saw an increase in price,' said Crosby Doe, the listing agent for the Kaufmann house and an instrumental figure in fostering the market for homes by California's Modernist masters. 'This is the first time I can recall prices going down and inventory, select though it may be, increasing.'" Additionally, Mike Deasy, another local real estate agent specializing in architecturally significant homes, tells the paper that even before the current market downtown, he "predicted that the love affair with Modernist homes was likely to wane." [LA Times]
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