The LA Times has a great article talking about the falling housing prices for modern masterpieces around California. For instance, last year the famed Kaufmann house in Palm Springs sold at auction for more than $19 million, but that deal has since fallen through and the new price is just under $13 million. Still out of reach for most Americans, it's a huge drop in value from one year to the next. Plus it's not the only modern home to be selling for less than it sold for just a couple of years ago. Lautner's Gantvoort home in La Canada has been on the market for almost a year and has slashed prices twice to no avail.
While this might mean that big name houses are no longer immune to the swings of the housing market, and that they might be accessible to, say, Joe the Plumber, others are arguing that it's momentary and that modern homes by established architects will ultimately retain their value after this hiccup. Image via LA Times, Tim Street Porter