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Apartment buildings—the nicer ones—and condo towers often decorate their walls with art. Azzurra, a high rise condo complex in the Los Angeles neighborhood of Marina del Rey, took that idea a step further, giving three creative types studio space in the building. The three “Artisits in Residence” are Dennis Hopper, Peter Alexander and Joe Goode. Hopper, the well-known star of Easy Rider and Blue Velvet, is also an accomplished photographer. He uses the condo space to do his digital printing while gazing out at the boats in the nearby harbor.
In addition to the studios, the common areas on each of nineteen floors at Azzurra are devoted to a specific artist. Among them are contemporary art luminaries Andy Warhol, Roy Lichtenstein and Ed Ruscha. Prices for the 450 units at Azzurra aren’t cheap. They range from the $700,000s for a one bedroom to $4.5 million for a penthouse suite. But you can presumably get a good deal on a print from your neighbor Dennis.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.