SOMETIMES NOT BUYING IS THE BEST MOVE |
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But sometimes, NOT buying is the best investment. |
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I look at a lot of property every day—on the market, off-market, in New York and across the nation. It's not just a profession; it's a passion. I LOVE REAL ESTATE. I LOVE DEALS. I LOVE FINDING VALUE. And I found something that shook me to my core. You see it, and it's striking. It's nostalgic. You're transported to a different time. The materials, the intention, every decision has its purpose. This is more than a home. This is a piece of art. Architectural history. This fantasy started as just "eye-candy home scrolling" and then morphed into a playful visit over the holidays as we would be in the area. Sometimes not buying is the best investment; We said NO to a Louis Kahn Home. |
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You approach, and it feels like you are discovering a hidden gem. Plopped down in Penn Valley, the house and ol' mother nature seem to be one. They are meant for each other. I'm a minimalist. I love nature. I am a softie for towering trees and Midcentury architecture. This was trouble. |
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This home was a time machine. The living area upstairs was perfect—large-format floor-to-ceiling windows act as frames to the panoramic views outside. All the Bamboo trees and lush vegetation feel like they are an extension of your living room. The wood accents add warmth to the cement and modernist design. Downstairs is serene. Cleverly designed to blur the line between indoors and out, so you're always connected to nature. Spatially, the space feels monstrous and airy. A respite from our "efficient NYC home". Ok, I'm in. Where do I sign? |
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When we saw it, it was listed for $870,000 (it ultimately trades for $790,000). We'd buy it, rehab a bit and use this as a 2nd home + short-term rental. My sister lives 1 mile away. Closer to family and a chance to own a piece of history. So, we run the math. Conservative inputs. The model backs out. It cash flows, but does it fit into your bigger picture plan? What are the opportunity costs? Does it fit in your life? How does this perform in the short-mid-long run? Do you want to own an illiquid asset in Penn Valley? Is this a passion project? A revenue generator? A value-add? A getaway home to simply be enjoyed? What are we doing? |
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After a few separate visits with family and a General Contractor, we decided…we needed to pass. I say it often, "trust your gut; it has a lifetime's worth of learnings". Our gut was essential in our decision that right now was not the right time. I still look at the listing sporadically. I think about what could have been. What we could have built. I fantasize and visualize, and then I realize…there will be another one at another time. The right time. |
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To learn more about one of my favorite Architects, please watch the Oscar Nominated, "My Architect" film about the life of Louis Kahn. |
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MKAHLER.CO WEBSITE UPDATE |
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We've just updated our site, including new properties, testimonials, resources and all things real estate - check it out here |
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Big Living: Mikhail Budhai's Design Icons |
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People & Places is a hub that includes curated series featuring passionate individuals who inspire M.Kahler, as well as The Big Sit, where we hype restaurants, bars, and other businesses you need to know about. |
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Missed any of The Riff newsletters? Read any of them below: |
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Thanks to everyone who participated. The answer was: “Cash Out Refinance” If you got the answer - get in touch, you've got a coffee on me. |
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575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. |
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