The recent bidding for the Laguna Niguel Ziggurat, spurred by the removal of preservation requirements, has pushed the price to nearly $152 million, more than double its auction start.
The auction has seen unprecedented activity, with 72 bids since opening on June 5, fueled by the waiver of a requirement to maintain the building’s Brutalist architecture.
The demand for the Ziggurat, which now allows for potential demolition, signals a shift in investor interest, with calls for residential development in a thriving California market.
The previous auction in late 2022, which mandated preservation of the building, was unsuccessful, highlighting how restrictions can impact market dynamics significantly.
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