Late fashion designer Gianni Versace's Miami mansion just took a huge 20 percent price chop, according to The Wall Street Journal. 

The home, which was put on the market earlier this year for $125 million, is now just $100 million.

 A special type of buyer will go after this place — it's truly wild.

Versace bought the home in 1992 for $10 million and then invested $33 million in the property, adding a 6,100-square-foot south wing, a 54-foot-long mosaic-tiled pool lined with 24-karat gold, a mosaic-covered courtyard, and frescoes on the home's walls and ceiling.

The house has 10 bedrooms and 11 bathrooms, and overlooks the ocean.

Called Casa Casuarina, it was transformed into a boutique hotel after Versace's death.

The listing agent told Forbes that they had already received about 15 calls inquiring into the property back in June, but clearly none panned out.

Jill Eber, the listing agent, told The WSJ that the seller, Telecom entrepreneur Peter Loftin, lowered the price "to open it up to more prospective buyers, just as Miami hits its busy selling season."

Welcome to 1116 Ocean Drive.

The listing agents, The Jills, produced a comprehensive video tour of the property.

A morbid fact: Versace was killed outside the house in 1997.

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It's slim pickings in New York City real estate right now.

The inventory of residential listings in Manhattan is the lowest it has been since the early 2000s, according to Stribling's latest State Of The Market report.

The current inventory of residential residences for sale is hovering around 6,000 units, according to the report.

That means demand is high, even in the down economy.

But low inventory doesn't necessarily mean that real estate prices will rise.

Elizabeth Ann Stribling-Kivlan, ECP and director of marketing and business development at the firm, explains inventory's effect on prices in the report:

This is difficult to predict. The voracious appetite of parents buying apartments for their college-age youngsters has fueled the volume of sales of studio and entry level one-bedroom apartments. With interest rates at record lows, it is a far better investment for this segment of the market to buy rather than rent apartments for their offspring.

At the same time, potential buyers for large apartments with three to five bedrooms are thwarted by the lack of inventory. As a result, bidding wars for properly priced apartments are on the increase again. This demand for inventory has equally fueled the rage for new condominium offerings.

The average apartment in Manhattan sold for $1.4 million in the third quarter.

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15 Central Park West, the ultra-luxury building that's home to Goldman Sachs' Lloyd Blankfein and Sting, among others, is a hard act to follow.

Acclaimed real estate author Michael Gross thinks another luxury tower, the much-hyped and still-under-construction One57, is going to have a hard time emulating 15 CPW's success.

"One57's marketing has clearly followed that of 15 Central Park West, but you're dealing with two different markets," said Gross, who wrote "740 Park Avenue: The Story of the World's Richest Apartment Building" and "Unreal Estate."

For one thing, 15 Central Park West, on the corner of West 61st Street and Central Park West, is set in a much more established residential neighborhood. It was always marketed as as "family building" and for "New Yorkers who lived here already," Gross said.

One57, on the other hand, is a few blocks to the south and east in a neighborhood that's not exactly known for its residential life. Buyers in this new glass building have admitted they plan to use it as a trophy home or crash pad when they are in Manhattan for business.

Foreign buyers have been dominating the New York luxury real estate market in the past couple years, and this is especially true in 15 Central Park West's re-sale market and for the first-time buyers at One57.

That's the main difference between 15 Central Park West and One57 right now: the type of first time buyers, according to Gross.

Gross acknowledged that it's hard to tell for sure what a new luxury building's story will be when it's still under construction, but it's hard not to pay attention to a building with so much hype.

"It's clear (Gary Barnett of Extell Development) is trying to take a past model and make it applicable to a new century," Gross said. "And to me that the fact that it is both modern and part of the continuum of luxury development in New York, That's what makes it fascinating."

Of course, it remains to be seen what effect the infamous "dangling crane" from Hurricane Sandy has on One57's construction timeline and prospective buyers. Forty percent of the building still needs to sell.

Now see what One57 will look like when it's finished >

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A gorgeous Newport Beach home on the water can be yours for $15.5 million.

The house is 9,400 square feet, and has six bedrooms, six full bathrooms, and two half baths.

It was designed by Brion Jeannette, an energy-conscious custom designer in the area. 

Perks include a terrace, a gym, and bay-front views.

Welcome to Newport Beach.

The home is selling for $1,649 per square foot.

When you enter, you'll immediately notice the double-height ceilings and sweeping staircase.

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Working in the luxury real estate market means high risk, but the potential for huge rewards.

We're reading "Selling Luxury Homes," by Jack Cotton, who founded Cape Cod's Cotton Real Estate (now part of Sotheby’s International Realty). He broke down how being an agent in the high-end market is different than in the regular market.

From his book:

"If you specialize in high-end versus low-end real estate, your fees are higher but most likely the number of transactions you complete is smaller. Plus if you list and sell dozens of less-priced homes, it's not as painful when one transaction fails.

On the other hand, if a $5 million sale falls apart, may months of hard work can be lost. To make matters worse, you might not have a significant number of other transactions in the pipeline to make up for the shortfall.

...

What benefit do most agents expect to gain by selling luxury real estate? Obviously, it's earning higher fees than for non-luxury homes.

I won't mention specific fees, but I assure you that, as a rule, selling fees for high-end homes tend to be larger — much larger — than most. Although many agents make $500,000 a year selling real estate, few have made $500,000 on one transaction. Holding that half-million-dollar commission check is exciting, I can assure you —if for no other reason than the well-earned extreme sense of accomplishment that far exceeds the dollar amount."

Cotton also writes about how it takes much longer to show a luxury home, purely because of its square footage, therefore limiting how many properties you can show in a day.

DON'T MISS: Some Real Estate Agents Will Go To Crazy Extremes To Sell A House

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It was no surprise that Hurricane Sandy hurt the luxury real estate market, two weeks ago when most of New York City was with out power.

But last week, the market made a strong rebound, with 20 contracts being signed on properties listed at $4 million and above, according to the Olshan Realty report.

Three properties sold for $20 million and above.

The biggest sale of the week was a townhouse on E. 70th Street, which was on the market for just three months. The house sold for $24.5 million. Real estate developer David Edelstein bought the house three years ago for $12.85 million.

The 20-foot-wide townhouse spanned 8,000 square feet and had an elevator.

DON'T MISS: See Why Buyers Are Going Crazy For The New Gramercy Park Luxury Apartments

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"Wake up and smell the coffee," writes Michael Corbett, real estate expert and host of NBC's "Extra's Mansions & Millionaires!" in his book Before you Buy! The Homebuyer's Handbook for Today's Market.

He's talking about big chains such as Starbucks and Whole Foods. If you see them opening in a new neighborhood, it's a sign that the neighborhood is up-and-coming, and therefore a smart real estate bet.

In his book he writes:

One of the best ways to stretch your buying dollar is to find a neighborhood that is in transition. Called fringe or transitional neighborhoods, they are typically close to major metropolitan areas and were once neglected and less desirable. Is there a trendy restaurant where a tattoo parlor used to be? These neighborhoods are now beginning to enjoy a new life and your goal is the find them.

...

Has a Starbucks just opened on the corner or maybe a Whole Foods Market? These are all good signs that a neighborhood is on the upswing. You can bet that big chains like Starbucks spend a lot of money and time analyzing neighborhood potential before they open up a new store. So go ahead, tap into their market research and be their neighbor.

DON'T MISS: The Most Iconic American Houses On The Market

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After a long day on the slopes, most luxury ski chalet owners want to relax in their own personal in-home spas.

In-home spas are among the biggest trends in newly constructed luxury ski chalets, according to Chris Pollack, president of high-end home design company Pollack + Partners.

The overall style and design of ski homes is changing as well, Pollack told Business Insider. The log cabin-style homes that once dotted ski towns are fading and glass homes are emerging.

"These are not the typical ski houses that have been built in years past," Pollack said of today's designs. "They are more modern and unique, and really are becoming more architectural than you would envision for a ski house."

Pollack ran down some other current trends for us.

• Security: Owners want protection from storms, terrorism, and other catastrophic events, he said. So the type of materials being used in construction is reflecting that.

• Technology: Before iPhones and iPads dominated the market, homes would use a Crestron system with big in-wall panels to control the lights and temperature in the home. Now, those panels are going away completely and everything is controlled from hand-held devices.

• Geothermal heating: Keeping these big ski homes warm can cost a fortune. While building, owners are requesting geothermal heating systems, glass windows that trap heat, and other environmental and budget-friendly options. "The price of a luxury home doesn't stop after construction," Pollack said. 

DON'T MISS: Presenting The 10 Most Outrageous Ski Homes Currently On The Market

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We stumbled across this funky playroom in the listing photos for a TriBeCa condo that's on sale for $15.9 million.

The playroom features a drum set, a chalkboard, two hanging chairs, and lots of storage for toys. But we can't figure out what is on the ceiling. It looks like paper mache, or streamers. Whatever it is, it definitely adds to the whimsical ambiance.

DON'T MISS: This $15.5 Million Newport Beach Pad Is Anyone's Dream Home

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One of the biggest perks of living in a luxury home is the walk-in closet.

Today's walk-in closets, sometimes called "dressing suites," can even have their own fireplace, sofa, and TV.

These 10 really made us drool. And most of these closets are in homes that are currently on the market.

This closet is inside actress Kate Walsh's Los Angeles home. The home is on sale for $4 million.

Click here to see photos of the rest of the house >

'Real Housewives' star Adrienne Maloof's former home had a dressing room just for shoes, complete with a television set. The house just sold for $20 million.

Click here to see photos of the rest of the house >

This house in Aspen has a massive closet. There's a great spot for the lady of the house to apply makeup. It's on sale for $20 million.

Click here to see photos of the rest of the house >

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There's a new most expensive home for sale in Sydney, Australia. For $58.5 million, the estate known as "Mandalay" in Point Piper can be yours.

The house is currently owned by William Webb, a former tobacco company CEO, and his wife Marijke, according to The Herald Sun. The couple bought the home in 2004 for $20 million.

The house has five bedrooms, six bathrooms, and 21,520 square feet of living space. 

Real estate agent Kevin Whelan of Coldwell Banker Double Bay told The Herald Sun he expected a wealthy Chinese buyer looking for a holiday house to snatch up the property.

Welcome to Mandalay, on the tip of Point Piper peninsula.

It's designed like a grand European mansion.

The walls are all white, but the home is hardly plain.

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It was in a cab driving down Fifth Avenue, passing an apartment building on E. 66th Street, that Michael Gross, author of a book about the rich and famous residents of 740 Park Ave., realized that the best way to write about aristocrats was through real estate.

"The whole idea that America has no caste system was the sub-theme of my eighth book, about Ralph Lauren," Gross told Business Insider. "And that notion, that there isn't one, is ridiculous."

When some people are living in $90 million penthouses and others are in 300-square-foot micro-apartments, it's hard to disagree with Gross.

"These buildings are a perfect way to tell a larger story," he said. "I wanted to write about the wealthiest, and most discerning people. ... Real estate is kind of the perfect vehicle to do that. Those buildings are natural. Only rich people can live there."

In the new documentary "Park Avenue: Money, Power, and the American Dream," a film directed by muckraking vet Alex Gibney and inspired by Gross' book on 740 Park Avenue, social disparity and the wealth gap are explored further. The documentary premieres Nov. 12 on PBS.

The film shows that those who live on the Manhattan's Park Avenue use their wealth and power to "manipulate the game" and "bend the rules" to help themselves get richer. In the documentary, experts talk about how presidential candidates would come to 740 Park Avenue to fundraise money for their campaigns.

On the flip side, Park Avenue in the Bronx is the poorest congressional district in the country.

In the opening scenes of the documentary, the narrator evaluates the rare chance that someone growing up on the Bronx's Park Avenue would end up living on Manhattan's. Geographically, they are close (about a 10-minute drive), but in terms of lifestyle, the two couldn't be more different.

Of the 700,000 people who live in this district in the South Bronx, 40 percent live in poverty. The average person makes less than $40 a day, according to the documentary.

"From here the view has looked very different the past 30 years ... it's looked very different than the other Park Avenue," the narrator says. "They've seen their wages drop, and the prices of almost everything else go through the roof. They've lost their jobs because of bankers across the river. ... They're even worse off than they were a generation ago."

After a discussion of income disparity, the film delves into how the super-rich are spending their money: on real estate. In many cases, their Park Avenue condos are passed down along family lines, assuring that the wealth stays within the family.

Now go inside 740 Park Avenue >

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740 Park Avenue. 15 Central Park West. The Park Imperial. One57.

Besides their extremely high listing prices, these Manhattan apartment buildings have one thing in common: celebrities and the super-rich all want to call them home.

In a documentary airing tonight on PBS called "Park Avenue: Money, Power, and the American Dream,"author Michael Gross talks about how the "1 percent of the 1 percent" have always flocked to buildings such as 740 Park Avenue.

"Birds of a feather flock together," Gross says.

Gross told Business Insider that the super-rich find comfort in being around other millionaires and billionaires. Established residential areas like the Upper East Side are also known for their schools, whereas schools in up-and-coming neighborhoods like TriBeCa may suffer from overcrowding.

Want proof that the rich and famous are all living in the same handful of buildings? Just look at their rosters.

In the days before the Great Depression, 740 Park was home to oil tycoons. Now, moguls like Steve Schwarzman and David Koch call the building home.

Russian billionaire Dmitry Rybolovlev recently dropped $88 million on an apartment for his daughter at 15 Central Park West. Designer Vera Wang, Goldman Sachs CEO Lloyd Blankfein, and Bob Costas also live there. One57 is also receiving a mass amount of foreign buyers.

The Park Imperial building has more of a celebrity crowd, including P. Diddy, Christoper Meloni of "Law & Order," and Deepak Chopra.

"If you can afford the best, why not have it?" Gross said.

Now see who lives inside 15 Central Park West >

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Aspen, Colo. is the most expensive place in North America to build a ski home, according to a recent study by high-end home design company Pollack + Partners.

If you're planning to build in Aspen, expect construction costs (materials) to average $950 per square foot and the project cost (materials + labor) to be $1,235 per square foot.

"Aspen is at the top of the list perennially because it is the most exclusive ski resort out west," Chris Pollack, president of Pollack + Partners, told Business Insider. "And that factor lets it demand the highest prices for construction costs. Everyone wants to be there."

Big Sky, MT came in second on the list, at $900 per square foot for construction and $1,170 per square foot for the total project.

Pollack said Big Sky's prices were so high because all of the workers and materials needed to be imported to the very exclusive mountain.

"Where the labor pool comes from is pretty far from Big Sky," Pollack said. "Getting people, equipment, and materials up there takes at least about an hour and a half, depending on what you are shipping up there, and that drives labor costs up."

Take a look at the top seven places on the list:

DON'T MISS: Presenting The 10 Most Outrageous Ski Homes Currently On The Market

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The Los Angeles estate known as the Robert Taylor Ranch, which was once on the market for $65 million, is hitting the auction block without a reserve price at the end of November.

Taylor was best known for his role as Billy the Kid, as well as countless other films he starred in during the 1930s and '40s.

The ranch, on 112 acres, is known for being the largest residential property in Los Angeles. The main home spans 11,700 square feet, and has 12 bedrooms and 4,000 square feet of office space.

It has been listed over the years for prices as high as $65 million, but recently had a sticker price of $19 million, according to The Los Angeles Times.

DON'T MISS: Buy The Most Expensive Home In Sydney For $58.5 Million

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The first lawsuit has been filed over the "dangling crane" incident that forced residents and businesses near under-construction luxury highrise One57 to evacuate during Hurricane Sandy, and more are on the way.

On Friday, two dentists filed a $5 million lawsuit in federal court blaming contractor Australia's Lend Lease Construction for the crane collapse, according to Yahoo News.

And now The Hurwitz Law Firm is seeking additional plaintiffs for a suit it plans to file against the city, crane operator, and developer —Curbed obtained a copy of a flyer it is circulating in the area on Monday.

We reached out to the firm's Michael Hurwitz to find out more. He told us via email:

It is too soon to put a dollar amount on the damages we are seeking from each defendant, but I can tell you many local residents and businesses have sustained a variety of damages and ongoing interruption in ways that may not be readily apparent.

As we continue our investigation into the cause(s) of the accident, and the overall construction permitting process (inclusive of the developer's acquisition of floor area development rights enabling them to build to such heights), we will be able to form an opinion as to appropriate monetary & injunctive relief to be sought.

The law firm filed a summons and notice with the NY County Supreme Court on Friday. It alleges negligence and gross negligence resulting in the crane collapse, and will seek compensatory and punitive damages from the defendants.

Below is the summons:

Now go inside the new luxury building >

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Have you got a cool million or two and a burning desire to live next door to President Barack Obama? You may be in luck.

The empty lot next to Obama's Chicago home is for sale.

"We reached out to the Obamas through his curator and the Secret Service to see if he wanted to purchase it first and they declined," said @properties agent Anthony Rouches.

While it's not been formally listed, Rouches said his clients are hoping to get $899,000 for the corner lot at 5050 South Greenwood Avenue, which they bought in March 2008 for $675,000.

"We're just testing the market to see what kind of interest there is in it," he told AFP. "There haven't been too many presidents with a piece of land next to their house for sale."

The house on the other side of the Obama home sold two years ago for $1.4 million, which was considered to be significantly higher than the market rate.

The empty double lot is currently being maintained by the Secret Service, which has also barricaded the street to prevent anyone but residents and their guests from entering.

Obama and his family rarely spend the night there.

Rouches noted the value will also be boosted by the fact that there are so few "buildable lots" in the historic Kenwood neighborhood on Chicago's South Side.

He thinks it will likely end up being purchased by someone who wants to build a single family home, but it could also be a good site for luxury townhomes.

The empty lot has caused controversy for Obama in the past.

Tony Rezko, a former fundraiser for Obama and other prominent Illinois politicians, purchased the lot after Obama bought his home in 2005 and later sold Obama a portion of the land.

Rezko is currently serving time in prison on fraud and bribery charges as part of the federal investigation which led to the conviction of former Illinois Governor Rod Blagojevich on corruption charges.

Obama was not implicated in the scandal.

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Live in a beautiful Tudor home on 20 acres of land in Tuxedo Park, GA for $14.9 million.

The home has 11 bedrooms, 10 bathrooms, and four half-baths.

The estate has a wine cellar and a grotto, a spa, guesthouse, and a theater.

Welcome to Tuxedo Park.

The home is two stories.

When you first walk in, you'll see this huge chandelier and double staircase.

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For hotshot real estate broker Oren Alexander, it's better to have "a piece of the pie than none of it."

That's why Alexander, 25, is never afraid to split a listing with a more experienced broker to help seal the deal.

When Alexander, a broker for The Alexander Group and Prudential Douglas Elliman, first came to New York City in 2008, he would loop in other agents he felt brought value to the listing.

"It's better to share the deal, than not get the deal at all," Alexander told Business Insider.

Alexander said that often people confuse age with experience, but having another broker who had been in the business for a few years by his side helped ease the minds of clients when he first started.

"I wasn't scared to bring in a seasoned broker when I just started," he said. "And that's an issue for most young brokers; they get caught up with the exact dollar amount of the commission. But you can get more deals when you use veterans to split it."

DON'T MISS: Some Real Estate Agents Will Go To Crazy Extremes To Sell A House

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Real estate prices in Hong Kong are sky-high.

Hong Kong is already one of the most overpriced markets in the world, according to buy-to-rent ratios, and home to the most expensive street in the world.

It's also the most expensive place to rent a luxury apartment, and Hong Kong's Causeway Bay just overtook New York City's Fifth Avenue to become the most expensive shopping street in the world.

We took a look at some of the most expensive homes currently on the market in this over-the-top city.

For $23.2 million, buy this home known as Strawberry Hill in The Peak, one of Hong Kong's most exclusive areas. The home has three bedrooms and one bathroom.

Click here to see more photos of the home >

For $24.3 million, buy this 3-bedroom, 4.5-bathroom home in Tai Hang. The house has a terrace and an elevator.

Click here to see more photos of the home >

For $28.3 million, purchase this nearly 4,000-square-foot home on Mount Kellett Road in The Peak.

Click here to see more photos of the home >

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