‘Whiteboxing’ is picking up lots of steam in the luxury market

More sellers are gutting their properties to make it easier for buyers to customize spaces

May.May 04, 2018 10:16 AM
Evan Metropoulos and the whiteboxed penthouse at Sierra Towers

What’s better than a luxury piece of real estate you can buy one day and move into the next? Apparently, one completely stripped down to the sheetrock.

More and more luxury sellers are “whiteboxing” units — gutting everything possible — to ready them for a custom build-out, according to CNBC. The practice caters to buyers who want to build a unique space, and who probably would have gutted everything to start anew anyway.

Billionaire heir Evan Metropoulos is one of the more recent high-profile sellers to do so. He listed his white-boxed 7,000-square-foot penthouse atop the famous Sierra Tower in West Hollywood in March for $58 million.

“There’s no appetite for ‘off-the-rack’ with this demographic; it’s all about uber-customization,” Josh Greer of Hilton & Hyland told CNBC. “As recently as a few years ago, it would be relatively rare for a seller to go to market with unfinished luxury space, but now there’s increasing recognition that ‘designer-ready’ is exceedingly more attractive than ‘move-in ready’ to the ultra-wealthy.”

Greer and Jade Mills of Coldwell Banker are marketing Metropoulos’ bare penthouse.

Buyers don’t have to go through the trouble of doing the gutting themselves and they don’t have to watch a demolition team rip out luxury kitchen cabinets and finishes.

“A property is definitely more valuable stripped out,” said DOMVS Creative Director Gavin Brodin, adding that buyers clear out spaces in “nine out of 10 projects,” anyway. [CNBC] – Dennis Lynch 

Related Articles

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M

Andy Reid, the President of MetroStudy

The great SoCal slowdown: Homebuilding drops 18%