COMMENT OF THE DAY: LEASING THE SKY AND OTHER ACTS OF VANTAGE PRESERVATION 
“Only guarantee to protect your view is to buy the air rights. (Not sure it is possible, but you can buy mineral rights — why not air rights?) Maybe this will be a new trend in real estate, to protect and guarantee views. Otherwise, buy the land so you can determine what does and does not go up.” [HouCynic, commenting on Cosmopolitan’s Condo Association Preemptively Sued by Would-be Nextdoor Highrise Developer in Uptown] Illustration: Lulu
Sign up for the Newsletter
What happens if I want to buy the air rights over and all around my neighbor’s house? Didn’t Mr Burns block the sun over Springfield?
People buy air rights all the time. When Mike Atlas (RIP) was building that cantilevered condo on Kirby, he bought the old Oak Lane(?) Apartments and encumbered them with a height restriction before selling them. Nothing can be built on that site over x feet tall.
If you’re concerned about your neighbor doing something that you won’t like, get out your checkbook and go make a deal with him not to do it.
It is possible to purchase “air rights” in some cities where “Transfer of Development Rights” programs have been implemented. They are intended to provide an incentive for historic preservation, while accommodation newer high density development. Generally, the seller sells his “air rights” preventing future higher density development on their parcel, resulting in preservation of that structure. The buyer purchases said air rights for the ability to build their development at a larger height or more density than normally permitted under development regulations
There you go guys. Bernard and IR prove that “by the time you think about it, it’s been done”. So much for my plan to sell “shadow rights” to geosynchronous satellite companies. Damn!!!
The owner of the air rights would have to be willing to sell them, though. If I owned property in Uptown I don’t think I’d devalue it by selling the air rights.
The lesson here is to buy a condo in a building with sufficient open space around it. Think Central Park West in NY or Lakeshore Drive in Chicago. The inevitable loss of views will probably be a drag on future resale values at the Cosmo. The exterior design of the building is also quite tacky.
GL,
“The owner of the air rights would have to be willing to sell them, though. If I owned property in Uptown I don’t think I’d devalue it by selling the air rights.”
That is why your neighbors would have to pay you for your air rights. .
Imagine a situation where the gov’t is building a high rise for low income housing in a high opportunity area and uses Kelo v. London eminent domain to acquire air rights.