Oaktree Capital chairman Howard Marks has brought his eight-bedroom, 4,536-square-foot apartment back to the market.  

The spread is available at a much lower price point this time around: $27.5 million. 

It's the third time he's listed the full-floor unit, located at New York's 50 Central Park South and designed by Michael Smith, who also led the 2010 Oval Office makeover.

Marks, who reportedly paid close to $19 million for the apartment back in 2007, originally listed it in 2012, then again in 2015. He asked $50 million for it both times.

The luxury condo, which some have dubbed "Versailles in the Sky," has a 92-foot expanse overlooking Central Park. It's one of only 12 large condos located above the Ritz-Carlton, and resident amenities include a private lobby and an on-site gym and spa.

The apartment is now listed with Deborah Grubman, David Adler, and Paul Albano of Corcoran. 

Portia Crowe contributed reporting to an earlier version of this article.

SEE ALSO: Report: 'Trump whisperer' Kellyanne Conway just bought an $8 million DC mansion

First, here's the floor plan.

The living room has Venetian plaster walls and German silver floors.

Each room boasts 10-foot ceilings.

The 25 most expensive ZIP codes in the US are unsurprisingly concentrated on the coasts.

Real estate listings site Property Shark recently used data from all residential transactions closed in 2016 to determine which ZIP codes across the US were most expensive for buyers.

California dominated the list with 17 cities represented, including well-known places like Beverly Hills and its famous 90210 ZIP code.

New York also claimed six spots, with pricey Hamptons favorite Sagaponack coming in at No. 1.

Only ZIP codes containing more than five sold properties were considered for the list. Property Shark helped us find listings that were close to each of the ZIP codes' median sales price. Check out the full list below:

SEE ALSO: Here's how much you need to earn to be in the top 1% for the 15 largest cities in the US

DON'T MISS: 9 hidden costs that come with buying a home

25. 95030: Los Gatos, California

Median sale price: $2,180,000

This two-bedroom, two-bathroom Los Gatos home will run you around $2.3 million, but it comes complete with hardwood floors, a detached guest house, and four private acres of wooded land. 

24. 94123: San Francisco

Median sale price: $2,210,000

In San Francisco, $2.27 million will get you a home like this one, which packs three bedrooms, two and a half bathrooms, a wood burning fireplace, stainless steel appliances, and a formal dining room into 1,900 square feet. 

23. 94306: Palo Alto, California

Median sale price: $2,227,500

This three-level home in Palo Alto, on the market for $2.25 million, features quartz countertops, abundant natural light, and a fenced-in patio. 

In the final quarter of 2016, home prices in the US climbed past expectations as the housing supply reached record lows, according to the National Association of Realtors (NAR).

On average, 87% of the 150 housing markets tracked by NAR experienced rising home prices in 2016, up from an average of 75% in 2014. More than half of the markets (52%) now have a median sale price either at or above their previous record high.

"Buyer interest stayed elevated in most areas thanks to mortgage rates under 4% for most of the year and the creation of 1.7 million new jobs edging the job market closer to full employment," said Lawrence Yun, NAR chief economist. "At the same time, the inability for supply to catch up with this demand drove prices higher and continued to put a tight affordability squeeze on those trying to reach the market."

The group reports that while the national median family income rose to $70,831, increasing mortgage rates and home prices will affect Americans' ability to buy a home, specifically in the country's most expensive housing markets.

Using NAR's data on housing affordability, we gathered a list of the US metro areas where the minimum salary required to qualify for a mortgage, with 20% down, is the highest. NAR assumes a mortgage rate of 3.9% for all areas, with the monthly principle and interest payment limited to 25% of income.

For the US as a whole, the average qualifying income is $42,962 and the median home price is $232,200.

Notably, the salary needed to qualify in the top-five metro areas — four of which are located in California — exceeds $100,000.

Below, check out how much you need to earn to buy a home in the most expensive housing markets, and what the median home will cost you.

The following markets are based on metropolitan statistical areas, with the exception of Anaheim-Santa Ana-Irvine and Los Angeles-Long Beach-Glendale, which are metropolitan divisions.

SEE ALSO: The 25 best places to live where the average home costs less than $250,000

DON'T MISS: Home prices are soaring — here's how much the average home costs in the 15 most popular big cities

23. Salt Lake City, Utah

Population: 1,170,266

Median home cost: $282,100

Salary needed to buy: $51,572

22. Austin-Round Rock, Texas

Population: 2,000,860

Median home cost: $287,600

Salary needed to buy: $52,578

21. Burlington-South Burlington, Vermont

Population: 214,363

Median home cost: $291,300

Salary needed to buy: $53,254

The so-called formerly homeless billionaire has scored himself yet another L.A. home.

Nicolas Berggruen, the notoriously nomadic investment titan who was once known for his lack of a permanent address, has shelled out more than $40 million to buy the former home of socialite Edith Mayer Goetz in Holmby Hills, The Real Deal has learned.

The seller is Gary Wilson, the former chairman of the board of Northwest Airlines, who put the 2.2-acre property on the market for $45 million earlier this year.

Wilson acquired the main property from the Goetz estate in 1990. The 11-bedroom, 20,000-square-foot Georgian Revival-style main house dates back to the 1930s and features a screening room where Goetz, daughter of Metro-Goldwyn-Mayer co-founder Louis B. Mayer, debuted movies to her friends pre-release. She and her husband, movie producer William Goetz a hosted a blowout party there celebrating his acquisition of Universal Studios.

Jeff Hyland and Drew Fenton of Hilton & Hyland shared the listing with Aaron Kirman of John Aaroe Group.

The house was designed English architect Gordon Kaufmann and later revamped by celebrity designer Billy Haines.

When contacted by The Real Deal, Hyland said he was delighted to have sold the property to someone who shared Goetz’s love of art and architecture and would carry on the social tradition of the house.

Meanwhile, Berggruen is reportedly in the midst of building a new headquarters for his international think tank, the Berggruen Institute, in the Santa Monica Mountains. He purchased 450 acres of land west of the 405 Freeway in the Sepulveda Pass for $45 million from community developer Castle & Cooke.

Though he once eschewed a permanent home in favor of staying in hotels, Berggruen has since acquired homes in New York and L.A.

Join the conversation about this story »

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President Barack Obama's bachelor pad in Park Slope is now on the market.

The brownstone at 640 2nd Street — where the former president lived in his pre-Michelle days — is asking just shy of $4.3 million. Commissioned in 1903, the three-story house has five bedrooms and four fireplaces. At approximately 3,860 square feet, the asking price works out to around $1,113 per square foot.

Obama and his then-girlfriend shared a top-floor apartment in the mid-1980s, after he graduated from Columbia University.

In "Barack Obama: The Story," author David Maraniss said the brownstone was owned by an employee of the Brooklyn Friends School in Park Slope, where his girlfriend worked as an assistant teacher. Current owners Claire and Michael Robinson have owned the house since 1994, public records show.

Charles Ruoff and Alexis Kravitz from Brown Harris Stevens have the listing.

SEE ALSO: Report: 'Trump whisperer' Kellyanne Conway just bought an $8 million DC mansion

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Atlasssian co-founder Scott Farquhar has set a new record for Australia’s most expensive house, buying the 1863 mansion Elaine in Sydney’s Point Piper.

The sale is ripe with symbolism for a changing of the guard between the old and new business dynasties. Elaine has been owned by the Fairfax family since 1891. The house was on the market at $75 million (£44 million) after John B Fairfax decided to sell the family property in 2013.

Four generations of the Fairfax media family called it home, but the property has been rented out for the last 20 years. The historic residence spans 6,986 square metres, and has seven bedrooms and seven bathrooms, a grass tennis court and ballroom.

After the Fairfax family lost control of its media empire in the 1990s, John B Fairfax went on to found Rural Press, which he then sold to the company bearing his family name in 2006 in what subsequently became a reverse takeover of Fairfax. He sold off his 9.7% stake in Fairfax Media in 2011.

Farquhar, who is in Barcelona this week for the annual Atlasssian summit, is now a billionaire after floating the company he started 15 years ago with Mike Cannon-Brookes on the Nasdaq in 2015. Atlasssian’s market capitalisation is now around $10 (£6) billion.

The purchase rescues the historic property from JB Fairfax’s plan to build three luxury waterfront houses in Elaine’s gardens. After the property was subdivided into six lots 1996, the businessmen gained development approval for the new housing in 2015, saying he’d been unable to find a buyer for Australia’s most expensive house.

Farquhar confirmed his purchase to Fairfax’s real estate site, Domain, on the weekend, saying he was honoured to be the new owner.

“It would have been a great loss to see this rare property sold to developers and carved up,” he told Domain.

“When we heard of the plans, we just couldn’t let this beautiful piece of Australian history be turned into a development site.

“There is a certain nostalgia in knowing that multiple generations of an iconic Australian family have grown up on these lawns and we very much look forward to raising our family here.”

Ken Jacobs, of Christie’s International, handled the sale and at this point the purchase price is unknown.

Farquhar, 37, still lives in the Pyrmont apartment he bought in 2006 with his wife Kim Jackson.

The sale beats the 2015 record set when James Packer sold La Mer in Vaucluse for $70 (£41) million to Dr Chau Chak Wing, following the end of his marriage to Erica Baxter.

Here’s a closer look inside the exclusive residence.

Fairfax announced his decision to sell the property in September 2013 after it had been left vacant for many years.

George Fairfax and his wife, Lena, moved into the Victorian style mansion in 1891 when it was still known as 'Elaine'.

Since then, the estate has been host to a number of events and gatherings which have seen to high profile guests including politicians, businessmen, sportsmen, entertainers and dignitaries.

'It was a very special site on Sydney Harbour, a beautiful, generous site. And the house was really arranged to be a sort of hub for Sydney society,' said architect Howard Tanner.

The residence has seven bedrooms and seven bathrooms and even features its own ballroom and grass tennis court.

It spans across 6,986 square metres and comes with 3.5m frontage on Seven Shillings Beach.

The asking price of $80 million makes it the most expensive home in Australia, surpassing the sale record of $70 million for La Mer.

Join the conversation about this story »

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As every prospective homebuyer knows, there's a lot that goes into buying a new home beyond just its listing price. You have to ask yourself: Does this city have a strong education system? Is the neighborhood safe? How much will my property taxes be? Will my home become more valuable in the future when it's time to sell?

To help out those who are house hunting, GOBankingRates.com determined the best city to buy a home in every state, taking into account various factors, including school districts, property tax bills, home prices and incomes.

Whether you're looking to start a family or make money off investment property in the near future, check out our picks of the best places to live.

Methodology: In order to source list, GOBankingRates identified the three cities in each state with the best-ranked school districts, according to Niche. Then, GOBankingRates used the following factors to determine the best city in each state: 1) median property tax bill, sourced from the Tax Foundation; 2) median home listing price, sourced from Zillow; 3) median household income, 2010-2014 (in 2014 dollars) sourced from U.S. Census Bureau. Based on those three factors, the study selected the best city out of three cities for each state. States left out due to insufficient data include: Alaska, Montana and Hawaii.

SEE ALSO: The most expensive housing market in every state

DON'T MISS: 10 of the best American cities to live comfortably on $40,000 a year

Alabama: Madison

Median property tax bill: $763
Median home listing price: $228,775
Median household income: $92,965

Madison is located in the Huntsville Metro Area, which has been experiencing economic prosperity due to its growing research, technology and manufacturing industries, according to Sperling's Best Places. In fact, Alabama as a whole is the best state for your money in 2017, according to another GOBankingRates study.

The median home value in Madison is $196,500, which is about $74,000 higher than the median home value in Alabama. According to Zillow, home values are expected to continue increasing in the Madison area.

Arizona: Tucson

Median property tax bill: $1,701
Median home listing price: $179,000
Median household income: $37,149

The housing bubble hit Arizona particularly hard, but some housing markets have rebounded. Home prices in Tucson are affordable, especially compared to prices in Phoenix ($250,000) and Scottsdale ($564,000). Take note, however, that incomes in Tucson are low. But, if you can find a higher-paying job in this city, your paycheck will likely stretch further.

Arkansas: Jonesboro

Median property tax bill: $698
Median home listing price: $172,500
Median household income: $40,583

Jonesboro has a low median home listing price on top of relatively low property taxes. Memphis, Tenn., is actually located close to Jonesboro and boasts cheaper homes. However, homebuyers — especially families looking to settle in and start a new life — might be turned off by Memphis’ high crime rates.

Keep Portland weird – code for keeping it a well-kept secret – might become a challenge for locals as population soars in this Pacific Northwest metropolis.

Despite an influx of newcomers, Portland retains its small town feel and still takes pride in its hipsters, breweries, bike-friendliness, and general quirkiness.

The media tends to poke fun at Portland’s laid back artsy lifestyle, like in the popular television show Portlandia, but prospective movers are beginning to see it as more than just a “weird” place.

“Portland has a lot to offer within city limits,” says Danny Martin, marketing manager at Urban Works. “While downtown is always a great destination for shopping and nightlife, what really makes Portland thrive are its many neighborhoods, each with an individual downtown-like Main Street community with growing retail and restaurant offerings.”

All the rumors about Portland’s craft beer, coffee, and food scenes are true. With more than 500 food carts, 1,080 coffee shops, and 132 breweries (the most in the country), Portland is a millennial’s Mecca. And there’s more than just an appreciation for food and drink. “Portland is great because there’s literally something for everyone,” says Brianne Limani of Everyday Runaway. “If you like the outdoors there’s mountains, beaches, vineyards, rivers, and hiking trails all within a short drive.”

The offbeat way of life and beautiful outdoors scene are two of the biggest draws for transplants, but those aren’t the only reason people are flocking here. Portland’s alluring lifestyle happens to coincide with its booming economy, and relative affordability  — a formula for mass migration. 

Skilled workers in traditional tech hubs like the Bay Area and other pricey metro areas view Portland as the ideal place to find a job without having to make huge adjustments to their lifestyle.

“Although prices have gone up – for housing, for food, for entertainment – our costs are still lower than any other west or east coast with a population of 600,000 or more,” says Rachel Freed, managing broker of Urban Nest Realty.

Diala Taneeb of Mashvisor, an investment real estate site, says millennials are choosing Portland not only to get away from other competitive markets on the West Coast, but for the availability of jobs with comparable salaries.

What’s spurring job creation? “Growth,” says Martin. “The city is growing rapidly and many industries have expanded hiring to be able to keep up.”

With an estimated population of more than 630,000, Portland is now the 26th largest city in the country. The population has increased 148% since 1968, and 9.2% in the last year. “This influx of people means an increase in neighborhood revitalization directly strengthening the neighborhood communities, resulting in more retail and service industry needs, thus, more jobs,” says Martin.

Rapid growth also means housing inventory is tighter than ever in Portland. As of the first quarter in 2017, there were only 4,016 homes on the market in Portland, OR, which is 4,445 less than Q1 in 2012 when the market bottomed.

“Portland will be short tens of thousands of housing units over the next twenty years, but … prices aren’t likely to drop,” says Charles Turner, principal broker at Turner Team Inc. “Now is still a great time to buy — not as good as it would have been in 2011 — but who wouldn’t love to buy at the bottom of the market?”

Portland city officials project a 42% growth in population over the next 20 years. Prior urban growth restrictions made adapting to the growing population difficult, but the Portland City Council unveiled plans last year to address major changes in the Portland, OR real estate market. This means taller towers downtown, more apartments in single-family neighborhoods, and perhaps even a new streetcar line by 2035.

Advice for buyers

Tight inventory and rapid appreciation tend to result in increases in price and the number of offers. Population continues to rise, so getting in sooner rather than later is likely the best strategy. “If you can swing it, bid as much as you are comfortable with over asking,” says Martin. “In this market, offering the minimum will likely cause you to miss out on your dream house.”

Thinking of moving to Portland? Use our affordability calculator before you start looking.

SEE ALSO: Home prices are soaring — here are the 20 places where owners are reaping the biggest profits in 2017

DON'T MISS: The top 15 cities in America to buy your first home

Join the conversation about this story »

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It turns out that a modern California masterpiece of a mansion is a harder sell than previously thought. 

First listed back in 2015 for $88 million, this home in the Silicon Valley town of Los Altos Hills just got a $20 million price cut.

That original number made it "one of the most expensive properties ever to be publicly listed in the area," listing agent Michael Dreyfus of Sotheby's International Realty told The Wall Street Journal. It's important to note, however, that homes in the area have changed hands privately for more.

The home is owned by tech entrepreneur Kumar Malavalli, founder of Brocade Communications Systems and current head of venture capital firm VKRM.

The $68 million compound includes two structures: a 20,400-square-foot main house and a 1,024-square-foot "executive center." Malavalli uses the compound for both living and working, ensuring a commute as easy as a walk through the property's meditation gardens.

He and his wife are now selling the home to be closer to their grandchildren.

Michael Dreyfus of Sotheby's International Real Estate has the listing.

SEE ALSO: Report: 'Trump whisperer' Kellyanne Conway just bought an $8 million DC mansion

Hidden in the Silicon Valley enclave of Los Altos Hills, California, lies a huge, eight-acre estate.

This is no mere cookie-cutter McMansion.

The grand entryway is framed by lattice and guarded by a lion statue.

Contrary to what many have believed to be true about millennials, those between the ages of 18 and 34 are indeed choosing to buy homes. 

According to Zillow Group's Consumer Trend Report, which was based off of a survey of a group of 13,000 homeowners, sellers, buyers, and renters, millennials make up 42% of all buyers today. Additionally, more than half of first-time buyers — 56% — are millennials. 

These young new buyers have concerns that are distinct from those of generations before them. They're entering a market with record-low inventory and high price appreciation, and many millennials don't end up getting the first home they make an offer on. 

Keeping all of those findings in mind, Zillow Group is launching a new site that's geared towards the first-time homebuyer, called RealEstate.com. 

"[First-time homebuyers] were way more likely to go over budget, "Jeremy Wacksman, CMO of Zillow Group, told Business Insider. "Budget is the primary way of navigating the site."

RealEstate.com is unique in that it allows buyers to clearly see their all-in monthly cost, which you can adjust according to your budget and how much you've been able to save for a down payment. Each listing shows a list of fees that first-time homebuyers may not have known to factor into their monthly cost, like PMI and homeowners association fees.

"We see nearly half of first-time homebuyers consider renting as well, so [this makes it so they're] really thinking of them side by side," Wacksman said. "As a renter, you're usually thinking of one cost per month."

Millennials are also different from past generations in that they see home purchases as reflections of who they are as people. In order to achieve their ideal living situation, many are skipping the "starter home" and waiting longer to buy and move into their "forever home."

The idea is that since buying a home is harder to do now than it has been in the past, it benefits the millennial buyer to get it right the first time around. This involves spending more time on research, usually using high-tech tools to do so. 

"We know they're going to do the most shopping around. Millennials, more than anyone else, are looking at more agents before picking one," Wacksman said. "They have a close-knit group to share listings with, whether that’s a spouse or a family."

"They also want speed and want tools that work on their time ... They are buying homes — they're just waiting to do it on their terms. They're more careful, and they're doing it a little bit later."

RealEstate.com has all of the traditional homebuying tools — photos, maps, and filters by square footage and bedroom count — in addition to the all-in monthly cost tool. There are first-time buyer's guides that detail all of the steps you'll need to follow to be prepared for the purchase. 

The site also has functionality in Mandarin and Spanish. 

SEE ALSO: It's especially hard to find a home to buy right now — and it could get worse for millennials

Join the conversation about this story »

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A good broker should be honest, realistic, and encouraging, but that doesn’t mean they should be a truth-bending ‘Yes Man.’

Within the NYC real estate industry, the latter seems to be the norm, which makes sense when you consider that turnover is one of the primary drivers of most brokers’ success.  

There are several straightforward, informative tips that a traditional broker probably won’t tell you, but a great one will, such as:

1. There are at least 100 more apartments that fit your criteria.

If you are a real estate romantic who has found ‘The One’ and the deal falls through, it’s easy to get discouraged. You feel like you let the perfect apartment slip through your fingers and there’s no possible way your broker will find you a place that will compare, but that’s not the case.  

If your requirements are a doorman building with an elevator and in-unit washer and dryer, an experienced broker will easily find a whole range of options to meet your criteria. If your broker isn’t providing you with an array of apartments to view, then you may need to consider whether you’re with the right broker.  

2. You are being unreasonable

The other end of the spectrum is managing your expectations.

While missing out on one perfect property is not the end of the world, seeking a literal perfect property in an imperfect market (and world) is also a recipe for dissatisfaction.

Picky clients may need reassurance that there will be more opportunities for them in the future, and high-maintenance clients may need a dose of realism delivered in a jovial, polite package. A good broker can provide both with tact and professionalism, without being dishonest.

Your broker’s job is to optimize the buying, renting, or selling experience for you given the current market climate and what your needs are. Be reasonable and the process will be smoother for both yourself and your broker.

3. Markets go down as well as up.

There is no yin without yang, and for every action there is an equal and opposite reaction. Yet, when it comes to real estate, traditional brokers are quick to crow over market peaks and downplay market lulls.

It is a broker’s job to see the silver linings for you and to make the most of the market. With that said, if your broker is not being transparent with you regarding market conditions, it should signal some red flags.

4. This area smells in the summer.

This one is pretty self-explanatory. New York has a very particular odor in the summer, and in some areas more than others.  

The most important takeaway here is that you want your broker to be a straight shooter. Omitting the harsh realities of NYC life, especially when directly prompted, is less indicative of an optimistic broker who sees the world through permanent rose-colored glasses, and more indicative of someone who wants to paint a particular picture in their client’s head, whether that’s grounded in reality or not.

5. The street can get noisy at night.

If you’re looking to purchase or rent in a neighborhood that’s notorious for its hard-partying demographic, or is lined with pubs and cocktail bars, don’t expect quiet, tranquil Friday and Saturday nights.  

Your broker should be discussing these details, especially when prompted.

David Walker is the CEO and cofounder of Triplemint. Working with his cofounder Philip Lang, David drives Triplemint’s goal of creating the best possible client experience when buying, selling, or renting a home.  

SEE ALSO: The top 15 cities in America to buy your first home

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The world's most debt-ridden real estate developer will soon be without its biggest driver of share gains, and investors are ready to pounce.

China Evergrande Group has been relying on its massive debt pile to repurchase stock in an attempt to boost its share price. The company has bought back $880 million of its own stock in the last month alone, according to data compiled by financial analytics firm S3 Partners. The problem now is that they're almost out of shares to buy.

That has short sellers smelling blood. Short interest in Evergrande is now $726 million, more than double the total at the start of the year, S3 data show.

Heavy shorting activity in Evergrande comes at a time when the company's stock has been surging, likely because of the buybacks. It's up 144% in 2017, but that hasn't stopped short sellers from going about their business and consistently selling into the rally throughout the year.

Their persistence finally paid off this past week. After hitting a year-to-date high on April 25, Evergrande's stock has tumbled almost 15%, translating to $74.5 million in mark-to-market profit for short sellers, S3 data show.

"With Evergrande out of buyback bullets, it will be up to shareholders to keep its stock price at historical highs,"says Ihor Dusaniwsky, the head of research at S3. "As we saw in the last week, they were not up to the task as long and short sellers drove Evergrande’s stock price down unimpeded."

US investors who want to make speculative bets on the Guangzhou, China-based company — which is listed on the Hong Kong stock exchange — will need to enlist a broker who can funnel trades through a local market maker or affiliate firm. Even then, access to shares may be restricted, requiring the trader to try and set up a brokerage account with a foreign firm.

Still, existing short sellers look likely to derail the progress Evergrande has made to increase its valuation — a plan analysts believe is intended to help the company obtain a backdoor listing on the Shenzhen Stock Exchange. Now, stuck with a $77.1 billion net debt burden and marked as a wildly popular short target, Evergrande has its work cut out for it.

Not that speculators are particularly sympathetic. S3 forecasts $250 million of new shorts on the company in May. And with minimal shares left to buy back, the company is afloat without a crucial life raft.

SEE ALSO: Traders are looking at a popular stock market measure all wrong

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Celine Dion can finally relax.

Her extravagant Jupiter Island property, which has been on the market since 2013, has found a buyer. It is under contract and is expected to close this year, the agent handling the sale told Mansion Global.

The price for the lavish house stood at $38.5 million at the time of the sale, though the ultimate price has not been disclosed.

That price was arrived at after a series of price chops over the last four years. It originally asked $72.5 million in 2013.

The singer had previously lowered the price to $45.5 million after her husband, René Angélil, died last year. Dion and her late husband bought the lot the house sits on for $12.5 million in 2005, then the adjacent mansion for $7 million in 2008. They then razed the existing home to build the current spread.

Dion sold the property because she now spends most of her time in Las Vegas, where she lives with her family. Her residency at Caesars Palace will continue until 2019, according to the Wall Street Journal.

Cristina Condon of Sotheby's International Realty had the listing.

Megan Willett contributed reporting to a previous version of this article.

SEE ALSO: This VC's mansion just got a $20 million price chop, but it's still one of the most expensive homes in Silicon Valley

Welcome to Celine Dion's 5.5-acre compound on Jupiter Island in Florida.

The property is currently under contract for $38.5 million and is expected to sell this year.

Source: Sotheby's International Realty

Dion and her late husband custom-designed the property themselves after buying two lots and razing one of the existing homes.

So you've decided to buy a home — congratulations! The first step? Linking up with a real estate agent. Ideally, it's someone who can get you a good deal on your dream home and make the process enjoyable.

"People want to find an agent or broker who's honest and trustworthy, because it's likely the largest purchase they're going to make in their life," Jessica Lautz, managing director of survey research and communications at the National Association of Realtors (NAR), told Business Insider.

Below, Lautz shares four important tips for finding the perfect real estate agent.

1. Narrow down the neighborhood(s) you want to live in

Knowing what part of town you want to live in can help immensely with your agent search, and ultimately, your home search, Lautz says. The more specific you can be in what you're looking for, the better chance you have of finding someone whose experience in a particular market aligns with your desires.

2. Ask friends or family for referrals

According to NAR's 2016 Profile of Homebuyers and Sellers report, 42% of buyers used an agent referred to them by friends, neighbors, or relatives. For first-time buyers specifically, 52% relied on referrals.

Lautz says a referral from someone you trust can go a long way and eliminate time spent vetting someone on your own.

3. Figure out their level of experience

If you're considering an agent who was referred to you, you can easily vet their experience and reputation by asking their previous client about the pros and cons of working with them. For first-time homebuyers, Lautz said, it's a good idea to find someone who is willing to "show you the ropes," since the homebuying process can be complicated and overwhelming at times.

An agent should also be thorough, she said. "Make sure there is someone with you who can see the big things — like, the kitchen is nice, but maybe the roof is leaking," Lautz said. In other words, you want to make sure your agent is detailed and upstanding, not simply trying to close the deal or take advantage of your inexperience.

4. Determine whether they're a realtor

Of course, you'll want an agent who's working in your best interest. "Many agents pride themselves on being community experts, posting on blogs and on social media," Lautz said.

While that's one way to assess their standing in the industry, she continued, the best way to determine whether an agent is on your side is to ask if they're whether they belong to the National Association of Realtors, the largest group of real estate professionals in the country with more than 1.2 million members. Agents who belong to NAR have "realtor" status and are bound by a code of ethics, says Lautz.

SEE ALSO: 7 pieces of homebuying advice you can't afford to ignore

DON'T MISS: A realtor who works with first-time homebuyers reveals a common mistake millennials make when they're house shopping

Join the conversation about this story »

NOW WATCH: Here's a month-by-month timeline of the best time to buy almost anything in 2017

When an apartment or penthouse isn't big enough for wealthy New Yorkers, they get creative.

In recent years, several have combined multiple townhouses or building floors to create supersized homes — or Frankenmansions, as New York magazine's S. Jhoanna Robledo calls them.

To construct these Frankenmansions, some prospective buyers purchase multiple buildings at once, while others approach their neighbors to offer multimillion-dollar buyouts. (In either scenario, they need the city's approval before combining properties.)

Check out these 12 Manhattan Frankenmansions owned by big names — including Madonna and Sarah Jessica Parker — outlined below in red.

SEE ALSO: 7 billion-dollar mega-projects that will transform New York City by 2035

Former New York City Mayor Michael Bloomberg's Frankenmansion is nearly complete.

Bloomberg has bought five of the six apartment units in the building next to his 7,500-square-foot townhouse over the last three decades. After connecting four units in 2009, he grew his home to 12,500 square feet, according to the New York Post. The buildings are steps from Central Park.

A $19.8 million pair of townhouses is currently on the market.

The Missionary Sisters of the Immaculate Heart of Mary, an NYC-based convent of nuns, acquired the townhome on the right in 1948. Four years later, the group bought the one next door and connected them via a doorway on each floor.

Throughout the years, the order has rented some of the complex's 25 bedrooms to other congregations or young women in need. But the Frankenmansion may soon find a new owner — the 15,600-square-foot space went on the market in 2016 for $19.8 million, according to The New York Times.

Sarah Jessica Parker lives in a pair of twin townhouses worth $34.5 million.

The star of "Sex and the City"snatched the two brick townhouses above from the nonprofit United Methodist Women, then fused them. The organization listed the pair of buildings (which were not connected) for $44 million in 2016, but Parker paid $34.5 million, according to The Real Deal.

The 13,900-square-foot mansion includes nine bedrooms, eight bathrooms, a 2,100-square-foot private garden, and five floors.

Homes across America continue to list for eye-popping prices. 

America's most expensive home is currently a 38,000-square-foot spec home in Bel Air. Listed for $250 million, it also comes outfitted with furniture, but it's far from standard: think decommissioned decorative helicopters, gigantic Leica camera sculptures, and velvet-roped lounge areas.

In Connecticut, you can buy "Great Island" for $175 million. 

Our friends at Trulia have helped us compile a list of the most expensive homes currently for sale in every state, plus Washington, DC. They're listed here alphabetically by state.

From a Dallas estate with its own helipad to a historic Hamptons mansion, these homes are certain to suit the lifestyles of the rich and famous.

SEE ALSO: Celine Dion has finally found a buyer for her lavish Florida mansion that has gotten $34 million in price chops since 2013

ALABAMA: The White Oak Valley Plantation is a five-bedroom hunting lodge in Jemison. The more than 2,800-acre property has two lakes and a barn.

Price: $11.9 million

ALASKA: Located on what was once a gold mining site in the late 1890s, this five-acre property offers direct access to the water for fishing and boating. It has five bedrooms across 4,322 square feet of space.

Price: $3.9 million

ARIZONA: This seven-bedroom home on Mummy Mountain Road in Paradise Valley has a whole slew of amenities: a professional recording studio, private poker room, pool with water slide, and an enormous walk-in closet. It reportedly belongs to baseball Hall of Famer Randy Johnson.

Price: $19.995 million

Source: AZ Central

Joe and Ali Olson spend their days traveling around the world with their one-year-old daughter, Annabelle.

Each in their early 30s, the couple were able to quit their jobs as public school teachers in August 2015 and retire after just eight years in the workforce.

How do you retire early as a public school teacher? The key: minimizing cost of living and finding a good side hustle. 

The Olsons met in 2004 when they were both college students, and got married during winter break of their senior year. Straight out of college they moved to Las Vegas, where Joe had accepted a teaching position with Teach For America. Ali started as a substitute teacher and eventually joined TFA as well, teaching English at a local high school.

"Luckily, Las Vegas has a really low cost of living — but it also has a low teacher pay," Ali told the Mad Fientist on an episode of his "Financial Independence Podcast."

So they took on any extra jobs they could — teaching summer school, running clubs, after-school tutoring — to bulk up their salaries. "It's a big difference percentage-wise because if you're making $35,000, and you teach summer school for $3,500, it's like, 'Wow, there's a 10% boost in my salary,'" Joe explained.

Some years, they were able to boost their income by as much as 50% through these supplemental positions.

Eventually, the couple realized they wanted to achieve financial independence and have the freedom to pursue whatever dreams they wanted, whenever they wanted. They continued to live frugally, saving around 75% of their teaching incomes, and in 2008, they bought their first rental property in Vegas.

In the following couple of years, the couple scooped up 14 more rentals. Though they lost money on these during the financial crisis, the market eventually turned and their properties starting bringing in steady profits, eventually pushing their net worth over $1 million.

Now, they're completely financially independent, traveling the world with Annabelle in tow, and occasionally sharing their experiences on their blog, Adventuring Along. Read on to see how they did it. 

SEE ALSO: A man who retired at 34 explains one bad savings habit that everyone should avoid

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The Olsons graduated from college with a combined $30,000 in student loans to pay off — no small amount, but not as much as it could have been, thanks to the low tuition costs of their public, in-state college and assistance from relatives. But they lived frugally and made consistent payments, quickly watching that number shrink.

In 2007, Joe and Ali bought their Las Vegas condo at a steep discount. At the end of 2008 — amid the financial crises when housing prices were battered — they also purchased a rental property nearby and started trying to turn a profit. It didn't work out at first, and they took a financial hit.

"It seemed like a good deal because the price of the property was $120,000, and at the peak, it had sold just two years before for $360,000," Joe said. "But then the prices kept falling. And it kept falling in 2009 in 2010. And that property actually bottomed out being worth around $80,000. So we were under water on it, but we were still making money every month because the rent was higher than the mortgage payment by a decent amount."

It's common practice for high-end condo buildings to tout all kinds of amenities to attract buyers. But 443 Greenwich, a luxury building in the Tribeca neighborhood of New York, claims to have an entirely different perk: it's apparently "paparazzi-proof." 

While the building's management can't comment on the identity of its residents, it has been reported that the building's "paparazzi-proof" architectural features — such as its lower-level parking and interior courtyard garden — have proved attractive to high-end clients who value their privacy.

Most recently, singer Harry Styles is said to have purchased a $8.71 million condo in the building, joining rumored neighbors Justin Timberlake and Jessica Biel. Other big names like Jennifer Lawrence, Ryan Reynolds, and Blake Lively have reportedly looked into buying property there. Earlier this year, actor Mike Myers purchased a $14.65 million loft in the building, but just a week later, he put it back on the market. It later sold for $14 million.

As for the eight penthouses, one is still available for $55 million. Prices for the available lofts range from $3.9 million to $14.5 million.

Ahead, take a look inside one of the building's gorgeous four-bedroom condos.  

SEE ALSO: Go inside the stunning French bistro that was just named the best new restaurant in America

Built in 1882, the 443 Greenwich building was originally a book bindery. Today, it's a landmarked building with 53 residential condominiums, including eight penthouses.

Calling itself "paparazzi-proof," the building's privacy has been a big draw for celebrity buyers. Jennifer Lawrence considered a space here, and actor Mike Myers reportedly purchased — then put back on the market — a $14.65 million condo in January.

Source: Curbed

One of the building's major privacy-geared benefits is its lower-level lobby and parking space, guarded by wrought-iron gates. The building has on-site valet parking.

Trump is looking to get rid of his luxurious St. Martin estate.

The home, which he purchased in 2013, is called Le Château des Palmiers. It's a walled estate across nearly five acres, with both a main house and a guest house. In total, the compound has 11 bedrooms.

While the official listing states that the price is available only upon request, another listing aggregator pins the property's asking price at $28 million. Records show that it was listed for just under $20 million when Trump purchased it.

According to disclosure filings obtained by the Wall Street Journal, Trump owns the property through two shell companies called Excel Venture I LLC and Excel Venture Corp II.

Trump typically uses the Caribbean escape as a rental property, and, according to the disclosure, he gets between $100,000 and $1 million a year from it.

Lesley Reed of Sotheby's International Realty has the listing. 

SEE ALSO: Report: Trump's New York penthouse is actually a third of the size he says it is

Though Trump didn't develop the house himself, he added his own flair to it after purchasing it in 2013.

Plenty of light shines through the main house.

The front doors bear his family crest.

Chad Carson has been in real estate for the past 13 years, but he didn't find success as an investor overnight.

In fact, the former Clemson University football player graduated college in 2003 with just $1,000 in the bank, he said on a recent episode of the Mad Fientist podcast, (thanks to his football scholarship, he carried no student debt).

After spending the next year scouting properties for seasoned investors to buy and flip, Carson saved up enough cash to buy his own property. Soon, he started growing his wealth through a strategy he calls "house-hacking."

"I bought a house, a quadruplex that had four units. I lived in one unit, and then I rented the other three units out. And so I was basically living for positive $100 a month by getting $400 in rent for my three tenants. So that's $1,200 coming in. And my mortgage, taxes, and insurance were about $1,100," Carson, now 37, explained on the podcast. "So, I was living positive by using my skills as a real estate investor, and by living in an apartment that kept my overhead super low, even when I went and bought my own property."

This real estate strategy — along with another of Carson's favorites called "live-and-flip," where you buy a home, fix it up over a few years, and then resell it for a nice profit — are the best ways to increase savings and maximize earnings when you're young, he says. The key is to treat your first home as an investment and avoid settling down too early.

He explains:

"Particularly, in your first 10 years, if you make mistakes of buying emotionally on your residence as opposed to buying in a very calculated manner by making your residence a house-hack or a live-and-flip, or just renting and investing that somewhere else, the magnitude of that mistake is huge 20 to 30 years from now.

"It's like $700,000, [or] a million-dollar difference, for somebody 20 to 30 years later who made the choice to make their first home a nice home, a great neighborhood, and being in the top high school as opposed to making a decision to treat your home like an investment or just rent. It's a major, major difference."

Still, Carson said, before you start buying up rental properties, make sure you have a nest egg.

"Rental properties are wonderful for building wealth ... [but] they're not going to produce a lot of income on the front-end — at least not consistently — because you might make $200 a month on a rental property, but then what happens if a year and a half from now, the heating and the air system goes out on that rental property? That's a $4,000 to $5,000 hit," Carson said. "And so really, the rental property game, as opposed to flipping properties, is all about generating big chunks of cash that you can use to pay your bills, and hopefully, to save money."

For his part, Carson was able to take the money he earned from house-hacking and flipping and use it for down payments on rental properties and to build up his nest egg.

Today, he and his business partner manage 90 rental properties, mostly in and around his hometown in Clemson, South Carolina. Carson now lives off passive income from those properties, affording him the ability to spend this year living in Ecuador with his wife and two young daughters.

"In my mind, the game of rental properties is eventually getting it free and clear of debt, so that you have a very low risk, high income investment that allows you to go to Ecuador and do whatever else you're going to do with your life — leave your job or have a little independence to do other things," he said.

Ultimately, Carson said, "my main recommendation to everybody, whether you get into real estate investing or not, is if you're early in your career, or if you're growing your wealth ... you either need to do the house-hack, do a live-and-flip or rent somewhere because those are your three most financially viable ways to treat your residence."

Check out CoachCarson.com for more of Carson's tips on buying and selling property for profit.

SEE ALSO: 21 simple ways to earn passive income

DON'T MISS: The 12 key differences between buying and renting a home, in one chart

Join the conversation about this story »

NOW WATCH: Here's a month-by-month timeline of the best time to buy almost anything in 2017