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See All The Players Powering The Real Estate Industry Online

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The residential real estate industry has moved online  real estate-related searches on Googlehave grown more than 250 percent in the past four years, and 90 percent of house hunters now look online, according to a recent report from the National Association of Realtors.

As a result, there are now more than 130 companies creating technology intended to make the process easier for buyers and sellers, from online brokerages to home-showing tools.

Paul Knegten of Amitreecategorized these companies into a cool graphic on the company's Fixing Real Estate blog, which you can see below (he notes that the ecosystem around mortgages is not included).

He told us that while the field is still messy, fragmented, and behind the times, the fact that companies are popping up to try and "fix" the real estate process is a positive sign.

"For the first time, there is starting to be a healthy M&A market for new startups as a result of the IPOs and growth of Trulia and Zillow," Knegten wrote to us in an email. "This chart is going to grow and multiply as more of these deals get done, more VC funding flows into the space, and more innovation spurs real change in real estate tech."

fixing real estate chart

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HOUSE OF THE DAY: Nantucket's Most Expensive Estate Gets An $11.5 Million Price Chop

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nantucket $59 million estate

The owners of the most expensive estate on Nantucket are having a tough time selling.

They have dropped the price tag on the property from $59 million to $47.5 million, Curbed Cape Cod reports.

The 70-acre property, called Swain's Neck, is being sold by the estate of the late Russell Dale Phelon, who made his fortune in the engine electronics business.

It was briefly taken off the market over the winter, and is now listed with Great Point Properties.

In addition to a 7,800-square-foot mansion, the estate has two moorings and two gated horse pastures.

Welcome to the most expensive estate on Nantucket.



It's totally secluded on a private peninsula.



The late owner purchased the home in 1997 for $7.15 million.



See the rest of the story at Business Insider

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12 Architecturally Stunning Mansions You Can Rent For Your Next Vacation

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vacation rental 3

While five star hotels offer great amenities, vacation rentals can provide a more exclusive and unique experience.

And some of them are entirely out of this world.

We're taking a look at 12 architecturally stunning rentals available on Luxury Retreats, a luxury villa vacation company with more than 2,000 properties.

Villa Sapi, in Lombok, Bali, has nightly rates starting at $950. With a main house, guest house, and five bedrooms in total, Villa Sapi is perfect for a large family or group of friends. It has beautiful landscaping with fishponds and gardens leading down to a white beach.

Click here to see the listing.



Tranquility Villa in Providenciales, Turks and Caicos, has nightly rates starting from $4,700. This property has three free-standing pavilions, each with its own master suite. It comes with an on-site cook, infinity-edged pool, and is only a five-minute walk from the beach.

Click here to see the listing.

 



Casa Kimball, in Cabrera, Dominican Republic, starts at $2,400 each night. It has eight bedrooms, 8.5 bathrooms and is great for a group of up to 20. It has its own swimming pool and a chef to prepare delicious meals every day.

Click here to see the listing.



See the rest of the story at Business Insider

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Manhattan's 10 Most Distressed Properties

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stuyvesant town peter cooper village nyc

Real estate investors are complaining that distressed opportunities in Manhattan have become much harder to find in recent months.

Of the $29.9 billion in distressed assets identified in Manhattan after the financial crisis, 74 percent have been worked out, according to data from Real Capital Analytics. Just $3.3 billion in Manhattan assets went into distress in 2012, while $6.1 billion in distressed assets was worked out.

However, there is still debt to be found in Manhattan. The borough’s 10 most distressed properties account for more than $4 billion in debt, according to data provided to The Real Deal by analytics firm Trepp. Among those 10 properties are longtime distressed apartment complexes, such as Stuyvesant Town-Peter Cooper Village and Harlem’s Riverton Apartments. But the list also includes owners whose portfolios are usually associated with profit, such as Gary Barnett of Extell Development and SL Green. Read on for the full list.

Stuyvesant Town-Peter Cooper Village: $3B

A distressed first mortgage at Stuyvesant Town and Peter Cooper Village in the East Village accounts for a significant chunk of Manhattan’s distressed property debt all on its own. Holders of the senior mortgage at the rental complex, formerly owned by Tishman Speyer and now controlled by CWCapital Asset Management, are owed $3 billion, according to Trepp’s data, while another $1.4 billion is owed to the holders of the mezzanine debt. Tishman paid a record $5.4 billion to Metlife for the complex in 2007 and defaulted on the mortgage in 2010.

The mammoth affordable housing compound was reportedly valued at $3.2 billion late last year, a $400 million improvement over its last appraised valuation, but the property’s bondholders need to sell the property for a minimum of $3.4 billion to break even.

CWCapital may be getting closer to selling the property, thanks in part to the recent settlement of a lawsuit brought by tenants of the complex against Tishman and MetLife in 2007. Tenants claimed the owners improperly deregulated the rent-stabilized apartments while taking J-51 tax benefits. The deal is worth an estimated $147 million but must still be approved by a state judge.

The Belnord at 2360 Broadway: $375M

Extell Development’s 215-unit rental property, which spans the entire block from West 86th to West 87th streets between Amsterdam Avenue and Broadway, has been in financial trouble since the company stopped making loan payments on the building in May 2011. The $375 million loan on the property is currently more than 90 days delinquent, according to Trepp’s data.

The building’s problems stem from a decision made by Extell in 2006 to consolidate the property’s existing debt into a $375 million interest-only loan, which was then sold to investors as part of a package of commercial mortgage-backed securities, as previously reported. Extell’s debt service soon far outpaced the building’s revenue, which was held back by a 2009 state appeals court ruling forbidding landlords from raising rents above certain levels if they had participated in the city’s J-51 tax abatement program. The loan was transferred to a special servicer in 2011.

In response to an email from The Real Deal, Barnett said only that he was “hopeful that [the company] will have a mutually satisfactory conclusion with the lender.”

Riverton Apartments at 2171-2200 Madison Avenue: $225M

When a joint venture between Laurence Gluck’s Stellar Management and private equity giant the Rockpoint Group bought this Harlem apartment complex in 2005 for $132 million, they secured a $105 million mortgage. When they refinanced that mortgage with Deutsche Bank in 2006 — with an eye toward renovating the complex — they more than doubled the debt on the property to $250 million.

Despite converting more than half of the units from rent stabilized units to market rate rentals, the owners struggled to match their rental income to debt service payments, ultimately defaulting on the loan. Deutsche Bank then sold the loan as part of a CMBS package. CWCapital took over ownership of the complex in 2010. The delinquent loan currently totals $225 million, Trepp’s data show.

119 West 40th Street: $160M

This 340,000-square-foot Garment District office building — known as Mendelssohn Hall — has been in financial difficulties since December 2009, when CWCapital filed to foreclose on a $160 million senior mortgage on the property held by owner, billionaire Leon Charney.

L.H. Charney Associates acquired the property for $182 million in 2007 in partnership with George Comfort & Sons and Fortis Property Group, angling to renovate the building and sign on new tenants at higher rates, as previously reported. But plans went awry in 2008 when the company failed to make payments towards an unpaid mechanic’s lien, and construction work on the building stalled.

Malkin Holdings, which held the $22 million mezzanine loan on the property, called in a default in 2009. Under a deal reached later that year, Charney agreed to sell the loan to Malkin for $7 million, but he reneged after he fell ill in 2010, it was previously reported.

The $160 million loan on the property is currently more than 90 days delinquent, according to Trepp’s data.

90 Fifth Avenue: $62.34M

Aby Rosen’s RFR Holdings, the owner of 90 Fifth Avenue, reportedly lost out on a $115 million deal to sell this distressed building last year after it was revealed that the building’s main tenant, Forbes, had ceased to pay rent at the property. Jamestown Properties, the reported buyer of the building, walked away as a result of Forbes’ missed payments, it was previously reported. Forbes leases 110,000 square feet of the building’s total 140,000 square feet.

Meanwhile, RFR is more than 90 days late on making its own loan payments, according to Trepp’s data for the month of February. Lender Wells Fargo appears to be owed a principal balance of $62.34 million secured by the property, made up of a $33.29 million gap note and a $33.7 million original mortgage. The loan was 60 days delinquent in January, according to Trepp. A spokesperson for RFR was not immediately available for comment.

369 Lexington Avenue: $59.19M

A foreclosure action is pending on the $59.19 million loan secured by the 28-story tower at 369 Lexington Avenue, on the corner of East 41st Street, according to Trepp’s data, but the total unpaid balance owed by the property’s owners actually amounts to $76.7 million, including interest and accrued charges.

The building, which includes 108,000 square feet of office space as well as 20,000 square feet of retail, is subject to the same action as a building lower on our list, at 2 West 46th Street. Both buildings are owned by Joseph Stavrach’s Manhattan-based Triangle Assets and Freddy Srour of Atlas Ventures. A person who answered the phone at Srour’s office said he would not be available to speak this week. Stavrach was not immediately reachable for comment.

The loan was reportedly cross-collateralized with another loan at the building at 2 West 46th Street. When the borrower failed to make payments on the loan for 2 West 46th Street, the loan for the Lexington Property was also thrown into default. An attorney for the borrower said the owners are working to have portions of the complaint against both properties dismissed. He disputed the fact that the borrower had failed to make the necessary payments.

The Time Hotel at 224 West 49th Street: $53.9 million

Vikram Chatwal’s 192-unit Time Hotel is still battling a foreclosure suit from special servicer LNR Partners after his company, London-based Hampshire Hotels, failed to make any interest payments on $55 million in loans from January 2012 onwards. The suit followed the end of the two-year forbearance agreement between the owner and the lender. The loan was sold to LNR in May 2012.

The hotel owner reportedly took out a $43.1 million mortgage loan on the property from Lehman Brothers in 2005 and an $11.9 million gap mortgage loan; the loans were then combined into one $55 million loan. The loan is currently classed as 90 or more days delinquent, according to Trepp.

The hotel has become known as a hotspot for celebrities, such as supermodels Naomi Campbell and Kate Moss.

At the Dream Hotel at 210 West 55th Street, Chatwal has refinanced a loan which until last month had an outstanding principal balance of $97.25 million, a spokesperson told The Real Deal. He declined to provide details on the refinancing by press time.

17 Battery Place North: $53M

Moinian Group President Joseph Moinian is currently negotiating a refinancing of 17 Battery Place North, a Financial District office property where the debt is currently classified as non-performing beyond maturity, a spokesperson for the developer told The Real Deal. The loan, which has an outstanding balance of around $53 million, matured in 2009, Trepp’s data show.

Moinian informed lenders in 2009 that he expected to default on the loan, after the credit crunch made it more difficult to refinance debt. His office towers 17 Battery Place North and South have an estimated combined annual pretax net operating income of $13 million, The Real Deal previously reported. Moinian bought 17 Battery Place North from SL Green in 2004 for $70 million.

At another of the buildings in Moinian’s portfolio, 245 Fifth Avenue, the deadline for payment of a formerly distressed loan has been extended, the spokesperson said. A $140 million loan on the property, which Moinian owns with Thor Equities’ Joseph Sitt, was transferred into special servicing because of default concerns last year.

2 West 46th Street: $46M

As previously noted, Triangle Assets, the owner of the office tower at 369 Lexington Avenue, is also facing a foreclosure action against 2 West 46th Street, where their principal outstanding balance is $46 million. The total balance of the loan is $51.9 million, including default interest and accrued charges, The Real Deal previously reported.

The mortgage on the property appears to have been granted to the owners by Deutsche Bank at the end of 2006, records show. LNR is the special servicer on the loan. The building was listed for sale by Eastern Consolidated in 2011, asking $80 million.

Mitchell Haddad of the law firm Sills Cummis & Gross, who is representing the owners in the foreclosure suit, told The Real Deal they are working to have a portion of the lender’s claims dismissed and to reach a settlement. In the meantime, the litigation is ongoing.

1604 Broadway: $25.69M

As reported by The Real Deal yesterday, the ground lease holders on this large Times Square retail building, formerly home to the Spotlight Live Club, are currently falling behind on the $27 million dollar loan attached to the property. The loan, granted to the operators SL Green and Onyx Equities in 2007 by Deutsche Bank, was transferred to special servicer LNR in 2009, according to Trepp’s data, and is secured by the partnership’s leasehold interest in the 29,875-square-foot property. The loan is currently being monitored by LNR while discussions with the borrower continue, according to a servicer’s report provided to The Real Deal by Trepp.

Meanwhile, the SL Green partnership has filed suit against lender U.S. Bank, claiming that the bank declined to provide a necessary stamp of approval for a new tenant to move into the building in 2009, in an alleged effort to keep the building in a distressed state as fodder for a separate legal action against Deutsche Bank.

The retail property, best known as the site of a murder at rapper Lil’ Kim’s birthday party in 2008, is currently only about 25 percent occupied and has been listed for lease by Newmark Grubb Knight Frank since Spring 2012, The Real Deal previously reported. The land beneath is owned by Farmore Realty, who has also filed to evict the leaseholder from the site.

Correction: In a previous version of this story, The Real Deal incorrectly stated that a judgment of foreclosure had been issued at 369 Lexington Avenue. The foreclosure action is actually still pending.

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Ray Lewis Is Selling His Gorgeous Oceanfront Home In Palm Beach For $5 Million

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ray lewis' florida house

Super Bowl champion Ray Lewis is selling his oceanfront home in Palm Beach for $5 million, according to Realtor.com.

The home has seven bedrooms, nine bathrooms, a sports room with a bar, and a chef's kitchen.

Perhaps the best part of the property however, is the backyard, which is right on the beach. There's also an infinity pool, an outdoor kitchen, and a giant patio perfect for summer parties.

The front of the home has a lot of palm trees



Here's a view from the back, it's right on the beach



The beach side of the home is awesome, starting with this private, tucked away pool



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Property Tycoon Buys One Of London's Biggest Homes For A Record $120 Million

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one cornwall terrace londonNearly a year and a half after it hit the market for a whopping $160 million, London's One Cornwall Terrace has sold to British property tycoon Marcus Cooper, according to The Sun.

He reportedly paid $120 million for the home, significantly less than its asking price. Even with the discount, it's a record price for a terraced home, The Sun reports.

The 21,500-square-foot mansion, near Regent's Park, is named after King George IV, who was originally the Duke Of Cornwall. It has seven bedrooms, nine bathrooms, and 11 reception rooms.

It was the official London residence of the New Zealand High Commissioner from 1955 until the 1970s, and was later occupied by squatters, according to The Sun.

But it later went a full restoration, and now includes a sports complex with an indoor swimming pool, iPad-controlled lighting, and a 40-meter landscaped garden.

Cooper, founder of Marcus Cooper Group, is a property developer in London whose portfolio includes residential and commercial properties throughout the city.

SEE ALSO: Nantucket's Most Expensive Estate Gets An $11.5 Million Price Chop

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HOUSE OF THE DAY: Insane Southampton Estate Returns To Market For $45 Million

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Linden Estate Hamptons

Southampton's Linden Estate is back on the market, this time for $45 million through Corcoran Real Estate Group.

According to Curbed Hamptons, it was previously listed for four long years before supposedly being sold to James H. Clark, co-founder of Netscape, and his Australian swimsuit model wife last summer for an undisclosed price.

But it seems the title never changed hands, as Curbed reports the home is still registered to the original owners — former Esprit executive Juergen Friedrich and his wife. And now the 18,000-square-foot estate is up for grabs once more.

Originally built in 1915 by architect Grosvenor Atterbury, the house has both an indoor and outdoor pool, a grass tennis court, gym, carriage house, and an impressive 12 bedrooms.

The mansion was available to rent for $850,000 a month last year,and was listed in July for $49 million.

Welcome to the gorgeous Linden Estate.



The house sits on nine acres of land.



The property has its very own grass tennis court.



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HOUSE OF THE DAY: Miami's Priciest Condo Sells For $34 Million — And It's Not Complete Built Yet

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JPN026 Miami Edition view04 bedroom copy

The Miami real estate market has been on a tear lately, and a South Beach condo just broke a new record.

The condo — actually a pair that sold to the same buyer — is in the Miami Beach Edition, and went for $34 million.

At that price, it's the most expensive condo ever sold in South Florida, according to Curbed Miami. And at $3,800 a square foot, it was nearly three times as expensive as typical luxury real estate in Miami.

The building is not even complete yet; it's slated to open in 2014. The Ian Schrager-designed residence and hotel will have 26 apartments and 250 hotel rooms.

These renderings are for a range of residences in the Edition, but they'll give you a good idea of what Miami's new most expensive condo looks like.

Here's a panorama of the living room, which has floor-to-ceiling windows and unbelievable Atlantic Ocean views.



Here's another view of the penthouse living room. It flows right into the kitchen.



The kitchens are stark and modern.



See the rest of the story at Business Insider

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Park Avenue Apartment Hits The Market For The First Time In 70 Years With A $22.5 Million Price Tag

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778 park ave

A full-floor apartment at the Rosario Candela-designed 778 Park Avenue has hit the market for the first time in 70 years with an asking price of $22.5 million, according to listings website Streeteasy.com.

The 10-room apartment, on the 17th floor, has three bedrooms and three bathrooms; other features include five terraces, a library with a wood-burning fireplace, a breakfast room and a double staff room.

Voting records indicate that the apartment belongs to the estate of noted philanthropist Celeste Bartos, who passed away in January.

The building is located at East 73rd Street and neighbors 720 Park Avenue and 784 Park Avenue on a stretch that is dubbed “Candela Alley.” Sotheby’s International Realty’s Roger Erickson had the listing. “It’s one of the all-time greatest apartments on Park Avenue,” Erickson said.

In 2011, legendary socialite Brooke Astor’s 14-room duplex at the building, once listed for $46 million, sold for about $21 million, after the famously stodgy co-op board rejected an earlier $19.9 million offer from a Swiss investment banker.

Other current and former residents of the white-glove building include fashion magnate Estée Lauder, the late legendary broadcaster Roone Arledge and the late Peter Sharp, former owner of the Carlyle Hotel.

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Security Is Extreme At The World's Most Expensive Apartment Building

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one hyde park

One Hyde Park  the London residence that's also the world's most expensive apartment building  is shrouded in secrecy.

Of the dozens of apartments that have sold there, only a handful are registered in the names of actual people. The rest are held in the names of corporations.

And most of the apartments, which belong to Arab sheikhs, Russian oligarchs, and other secretive billionaires, are not even considered primary residences. The place has been called a "ghost town" and is pitch black at night.

Vanity Fair's Nicholas Shaxson recently wrote a great feature about the building and its shadowy residents. While he had a hard time finding out about many of the owners, and could not even get inside the building, Shaxson reported some crazy tidbits about One Hyde Park.

Even for the world's most expensive apartment building, the security is extreme. Shaxson writes:

In fact, the emphasis everywhere is on secrecy and security, provided by advanced-technology panic rooms, bulletproof glass, and bowler-hatted guards trained by British Special Forces. Inhabitants’ mail is X-rayed before being delivered.

There are also slanted vertical slats on all the windows to prevent people from peering in.

For a place where barely anyone lives full-time, that's a lot of security.

SEE ALSO: The Incredible Success Story Of The World's Most Expensive Apartment Building

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Meet The Billionaires Who Live In The World's Most Expensive Apartment Building

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one hyde park naomi campbell vladimir doronin

London's One Hyde Park is one of the wealthiest and most secretive residences in the world.

Apartments in the Knightsbridge complex cost more than $11,000 a square foot, nearly three times the typical price of luxury London real estate.

But relatively little is known about the people who own homes there. Of the 76 apartments sold in the 86-unit building, 64 are registered to corporations and just 17 are listed as primary residences, according to Nicholas Shaxson, who wrote a great exposé of the building in this month's Vanity Fair.

Even so, Shaxson and others have found out who some of One Hyde Park's owners are. Get to know some of the sheikhs, oligarchs, and global rich who own apartments at the world's most expensive apartment building.

One Hyde Park, located in Knightsbridge, is adjacent to Hyde Park and the Mandarin Oriental hotel.



The per-square-foot price of a unit at One Hyde Park is 10 TIMES the price of average residential real estate in London, and nearly three times more than luxury real estate in the city.



Among other perks, there's a stainless steel ozone pool, an entertainment suite, a golf simulator, and a spa run by the Mandarin Oriental.



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Late Investor Martin Zweig's Legendary Penthouse Could Sell For $120 Million

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Pierre_Hotel_from_Central_Park_South

The penthouse apartment that belonged to late investor Martin Zweig could soon hit the market for between $100 million and $120 million, sources told The New York Post.

The penthouse, inside The Pierre on Fifth Avenue and Central Park, is a 12,000-square-foot triplex with a ballroom, four terraces, and views of Central Park, according to Curbed NY.

Zweig, a stock investor, investment advisor, and financial analyst, died in February.

He paid $21.5 million for the penthouse back in 1999, setting a real estate record at the time. He tried  but failed  to sell it for $70 million several years ago, according to Curbed.

The apartment has not yet been officially listed. But if it is listed for more than $100 million, it will become the most expensive apartment for sale in New York City.

Ex-Citigroup CEO Sandy Weill's penthouse at 15 Central Park West sold last year for a record $88 million.

Now Watch: Real Estate Legend Barbara Corcoran Takes Us On A Tour Of Her NYC Apartment

 

SEE ALSO: Meet The Billionaires Who Live In The World's Most Expensive Building

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This Futuristic Korean Real Estate Project Is On The Verge Of Collapse

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South Korea Seoul Dream hub

The "Dream Hub" in Seoul was supposed to be a "city within a city"  home to a dozen skyscrapers, waterfront parks, and business and residential facilities.

But the $28 billion project, officially called the Yongsan International Business District, is on the line after developers defaulted on a major loan repayment amid a real estate slump, AFP reports.

We won't know whether the project will go bankrupt until June, when another round of loans matures.

While ground has been broken on the project, it's still a far way from the gleaming city pictured in the Dream Hub's promotional materials.

The ambitious 'Dream Hub' development plan is conveniently located near the airport. Promotional materials go so far as to call it "Center of the World."



The $28 billion development will be situated by the Han River, one of the most important in Korea.



The layout of the buildings is supposed to resemble the Golden Crown of Shilla, an ancient treasure of South Korea.



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Bubba Watson Bought Tiger Woods' Infamous 'Scandal House'

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In an interview with Golf.com, Bubba Watson revealed that the home he bought in the summer of 2012 in Florida was Tiger Woods old house in Orlando, Fla. Yes, the house where the Woods scandal all began to unfold when he crashed his car into the fire hydrant.

Watson didn't say how much he paid for the home but Woods bought the house in 2000 for $2.45 million, and it was assessed at $2 million in 2012, according to The Real Deal.

Watson and his wife remodeled the entire house. Watson told Golf.com:

"I looked at probably 50 houses before I looked at Tiger's. A lot of the houses there are old, and we ended up changing everything. We probably saved maybe five percent of it. We built it all around Caleb. There are like three playrooms."

Here's an overhead view of the house:

tiger woods house

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Wealthy Apartment Buyers In NYC Want To Keep A Low Profile

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15 central park west penthouse

The wealthy have flocked back to the Manhattan luxury market, spending even more than they did in the pre-crisis highs, but are doing so more discreetly, a new report seen by the Wall Street Journal shows. 

The report, by Stribling & Associates, found that Manhattan co-op and townhouse sales in the high-end $5 million-or-more market hit record levels in 2012, exceeding even the levels seen in 2008, which was the peak year for the borough.

“While there is no law of nature requiring that what comes down must go back up, the luxury residential $5 million plus market in Manhattan certainly has done just that,” Kirk Henckels, an executive at Stribling who prepared the report, told the Journal.

Condominium sales did not enjoy the same levels, but brokers said this was partially due to a rush of signings for still under-construction new luxury condo developments.

Henckels added that after the Lehman Brothers Holdings collapse in 2008, wealthy buyers were apprehensive of making big-ticket purchases and only swooped in at the sight of a real bargain. Now, however, though buyers want to maintain a low profile, they are willing to splash out money for the right homes, “even at full asking price,” he said.

Pamela Liebman, the president of Corcoran Group, told the Journal that wealthy foreign buyers were increasingly looking at New York not only as an investment, but also as a desirable city for a pied a terre.

“Many of them are not just looking at this as a place to dump their cash,” Liebman said. “They want a place they can use and enjoy when they come to New York.”

Indeed, some of the biggest sales in the luxury market have come from foreign buyers, including the record-shattering $88 million purchase of the penthouse at the Zeckendorf’s 15 Central Park West, as The Real Dealpreviously reported.

The pre-construction sales market is also very robust, and is targeting very wealthy buyers. Roughly $2.5 billion worth of deals in this market may be in contract,according to reports from developers, but it could be several months or years before they close.


Alexico Group, the developer of the 57-story white-glove condo tower at 56 Leonard, said the building is already half sold, with contracts worth over $450 million.

“I’ve never witnessed so much pent up demand,” Kelly Mack, president of Corcoran Sunshine Marketing Group, which is marketing the building, told the Journal. [WSJ]

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HOUSE OF THE DAY: Britain's Most Expensive Home Gets Price-Slashed By $52 Million

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heath hall

After more than a year on the market with a price tag of £100 million ($158 million), the London estate called Heath Hall has failed to sell.

Now the owners have chopped £35 million ($52 million) off the price in hope that a wealthy royal or tycoon will bite, according to The Daily Mail.

Built for sugar magnate William Tate Lyle in 1910, the super-exclusive home on The Bishops Avenue had fallen into disrepair in recent years.

It was purchased in 2006 by property tycoon Andreas Panayiotou, whose development company The Ability Group restored the 40,000-square-foot mansion and surrounding gardens to their former glory. He poured some $63 million into the home before putting it on the market, according to The Daily Mail.

The Ability Group shared some photos of the restored estate.

Heath Hall is set on two acres on one of the most exclusive streets in London.

Source: The Ability Group



Built for a sugar magnate, the home has 17 bedrooms and garage space for 10 cars.

Source: The Ability Group



Let's step inside.



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Architecture Fans Say These Are The Coolest Buildings In The World

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Architizer Awards 2013

Online architecture database Architizer has just announced the winners of its first annual "A+" awards, meant to "break architecture out of the echo chamber" and into the public eye.

There were 52 categories in total, ranging from Best Memorial to Best High Rise Office Building.

Buildings could win in one of two ways: 1) Jury Award - chosen by an international panel of over 200 architects, cultural leaders and people who hire architects, or 2) Popular Award - a public vote with people from over 100 countries.

The winners are unique designs from every corner of the planet. We're highlighting some of our favorites here; click over to Architizer to see the full collection of winners.

BEST SINGLE FAMILY HOME (Jury): The Daeyang Gallery and House in Seoul, South Korea, Steven Holl Architects.



BEST SINGLE FAMILY HOME (Popular): The House In Travessa Do Patrocínio in Lisbon, Portugal, Luís Rebelo de Andrade, Tiago Rebelo de Andrade, and Manuel Cachão Tojal.



BEST RESIDENTIAL LOW RISE (Popular): The Dolomitenblick in Sesto, Italy, Plasma Studio.



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Jon Bon Jovi Just Listed His Manhattan Duplex For A Whopping $42 Million

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bon jovi soho apartment

Want to live like a rockstar? Well if you have $42 million, now you can live like Jon Bon Jovi.

After more than a year of speculation that it would hit the market, the rockstar has listed his duplex apartment in Manhattan's SoHo neighborhood for a sky-high price, celebrity real estate blogger The Real Estalker reports.

The duplex, listed with Corcoran, has a massive great room, five bedrooms, and 5.5 bathrooms. Even better, the apartment comes fully furnished, and as you can see from the listing photos, the crooner has great taste.

Bon Jovi bought the place for $24 million back in 2007, according to Curbed NY: if he sells for anywhere near the current asking price, he'll make a tidy profit.

The apartment is located on Mercer Street, in NYC's trendy SoHo neighborhood.



It has 11 rooms in total, including a great room with 11-foot ceilings.



Floor-to-ceiling windows mean every corner of the apartment is filled with light.



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HOUSE OF THE DAY: Producer Jerry Weintraub Has Finally Sold His $42.5 Million Malibu Estate

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jerry

Jerry Weintraub, producer of box office hits like The Karate Kid and Oceans 11, has finally sold his 6.25-acre Malibu complex after nearly two years on the market, the Los Angeles Times reports.

It was apparently purchased by fashion mogul Serge Azria. The home had been listed for $42.5 million, but the sales price has not been disclosed.

Weintraub bought the property in two pieces, four acres in 1978 for $950,000, and 2.25-acres in 1980 for $450,500. Several years ago, he listed it for $75 million before lowering the price.

The beautiful property is located just south of Paradise Cove and features private beach access, two guest homes, a deluxe equestrian center, tennis courts, and a pool.

Here's the main home, with 7 bedrooms and 11 bathrooms



Tons of property and plush green grass



The equestrian stables



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See A Former Yahoo Executive's $3.45 Million Home In Menlo Park

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Brad Garlinghouse

The outspoken CEO of YouSendIt, Brad Garlinghouse, just put his Menlo Park house on the market.

He's asking $3.45 million.

Garlinghouse first landed in the limelight in 2006 when he was a Yahoo exec. That's when he penned the famous memo known as the "Peanut Butter Manifesto" that accused Yahoo of being unfocused and spread too thin.

He's been the CEO of file-sharing service YouSendIt since May 2012. Revenues about doubled from $35 million in 2011 to about $55 million in 2012. To celebrate, Garlinghouse bought every employee an iPad Mini as a holiday gift.

Menlo Park is very close to AOL's West Coast office in Palo Alto, Calif., where Garlinghouse worked until late 2011. But YouSendIt is based in Campbell, Calif., south of San Jose, which is a solid 30-minute drive from Menlo Park.

According to property records, Garlinghouse bought another house in Atherton, a leafy suburb favored by Google executives, in 2010.

 

The house is in the upscale Felton Gables neighborhood, known for its Craftsman-style homes.



The entryway reveals the home's Craftsman aesthetic, with wood-coffered ceilings.



The gorgeous ceilings extend into the formal living spaces.



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