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| Features |
Estates of Grace
Eryn Brown
06/01/2004
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Fine architecture is a
savvy investment because of the straightforward laws of supply and demand: There
are a limited number of architecturally significant houses in the world. When a
renowned name like Wright or Neutra is attached to a home, the price effect is
multiplied. “These houses are taking on a value that’s more in line with how art
gets priced than real estate,” explains Doe. Owners note that they have been
able to sell their architecturally significant houses at premiums ranging from
15 percent to more than 100 percent over houses of similar size in their
neighborhoods.
The decision to sell can be wrenching, but architecturally
significant houses still have to function as homes—and no matter how much we
love them, we can still outgrow them. Regas travels frequently, and his
increasingly mobile lifestyle no longer suits a life in Ryerson House. With
plans to spend more time at another home in Florida, he recently put Ryerson
House on the market for $12.5 million. Regas is convinced he will make a profit
on the sale, but he asserts his decision is not motivated by the potential for
capital gains. He says that owning the townhouse has been an investment in less
tangible assets—assets that he hopes the home’s next owner will also appreciate.
He has raised a young niece in the house, and has thrown dozens of parties and
fund-raisers in its halls over the years, garnering millions of dollars for
charity. He has also become an advocate for the work of Adler, whom he describes
as “a genius.”
Regas regards his stewardship of the house as an investment in
a lifestyle. “These houses—this house—is a Golconda diamond. It is not an
average space; it is not for average people. When I’m here, I’m in this
incredible Fabergé egg. When I walk out, I’m part of the human race
again.”
Photos by Tim Street-Porter
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