With the housing recovery now well underway — housing starts are up; builder confidence is at a 7-year high; there are fewer foreclosures; and home prices continue to rise — you may be inspired to get off the fence and buy that dream home.

But are you really prepared? Here are a few things you may not know — and what you don’t know could potentially cost you.

Credit score

When was the last time you checked your credit score? Any idea how good or bad it is? Are there any errors on your report that need to be fixed? Long before you begin to house hunt, you need to know where you stand. The higher your score, the better your interest rate. Get a copy of your report — for free — at www.annualcreditreport.com.

Mortgages

An astounding one-third of home buyers surveyed by Zillow are ill-prepared to get a mortgage. Among the findings: 34 percent of first-time home buyers are not aware that it is possible to get a home loan with a down payment of less than 5 percent; 26 percent of home buyers incorrectly believe that they are obligated to close their loan with the lender that pre-approved them; and 24 percent incorrectly believe that the best interest rates and fees can always be found through the bank where they currently do business. You have to shop around! Get multiple quotes, understand rates and fees, and read lender reviews online.

Competition

With the number of homes for sale at historically low levels, all-cash buyers — typically investors eager to renovate and resell or rent out homes — are jumping into this rapidly rising market. And they’re swooping up homes like there’s no tomorrow!  Don’t underestimate this deep-pocketed competition, but don’t take unnecessary risks (such as waiving inspection contingencies, for example), either, simply for the sake of getting your piece of the American Dream. You may be inviting trouble, and that trouble could be costly.

Price

Yes, you guessed it. Because there’s not much to look at these days (just a few months’ supply in some markets!), and you’re up against stiff competition, you could easily end up paying more than you bargained for. Don’t bust your budget! Your monthly mortgage payment should be 25 percent or less of your monthly take-home pay. Run the numbers using Zillow’s mortgage calculators.

Related:

• 4 Real Estate Trends for Summer 2013
• Remodeling? Avoid These Costly Mistakes
• Fatten Up Your Wallet This Summer

Vera Gibbons is a financial journalist based in New York City and is a contributor to Zillow Blog. Connect with her at http://veragibbons.com/.

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Michael Jordan put his Chicago mansion on the market in February 2012 for $29 million and hasn't been able to get it off his hands.

Jordan must really want to sell the place, because according to Realtor.com, he just dropped that asking price to $21 million.

As you would expect anything Michael Jordan, the place is awesome. There is a gorgeous basketball court, a full weight room, a tennis court and a huge outdoor patio. There are three climate controlled garages with space for 15 cars, a pool and a three-bedroom guest house.

The view out front

A reminder of the former owner

Basketball court

The youngest daughter of Uzbekistan president Islam Karimov is supposedly the new owner of an extravagant Bel Air mansion that was listed for $58 million last June, celebrity real estate blogger The Real Estalker reports.

There's no word yet on the final price Lola Karimova-Tillyaeva paid for the over-the-top abode, which was designed by celebrity designer Mohamed Hadid and is registered to a corporate entity, according to the Real Estalker.

Hadid, known for developing Ritz Carlton Hotels and his appearances on Bravo's "The Real Housewives of Beverly Hills," originally designed the home — called Crescent Palace — for himself, but later decided to sell it. The mansion has seven bedrooms, a 90-foot art gallery, and a subterranean mecca with a screening room, a ball room, and a Mediterranean-inspired indoor pool.

Welcome to the Crescent Palace, on Crescent Drive in Beverly Hills.

The home took designer Mohamed Hadid 15 months to create.

The home was built for entertaining.

You wouldn't know it from looking at all of the glass towers going up across Manhattan, but the city is running out of penthouses and other ultra-luxury apartments.

Sales of multi-million-dollar properties in New York City fell dramatically in the second quarter, due in large part to lower inventory, according to real-estate firm Brown Harris Stevens. Sales of properties priced at $5 million or more fell 25 percent to $679.3 million in the second quarter compared to the same quarter in 2012.

Sales of homes priced at $10 million or more fell by nearly 50 percent to $241.9 million, according to Brown Harris Stevens.

Granted sales were up over the first quarter. But brokers say the year-on-year decline in sales volume is largely due to a lack of supply. The number of properties priced between $5 million and $10 million in New York fell 15 percent between the second quarter of 2012 and the second quarter of 2013.

(Read More: Sales Soar as Manhattan Condos Kick Co-Op Prices)

But brokers and real-estate executives said the decline in current inventory is actually much greater since much of the inventory added in the second quarter is made up of apartments in buildings still under construction.

"It's the lack of inventory more than anything else," said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales. "It's just so tight."

The inventory problems are made even worse by pricing. Brokers say a large number of the apartments for sale at the very high end are overpriced based on comparable sales. While overpriced real-estate is common throughout the country, executives say it's an especially acute problem at the top of the New York market. They say supply is especially tight and wealthy sellers aren't under much pressure to sell.

(Read More: Turmoil Abroad May Hit US Luxe Housing)

"Many sellers are stretching their asking prices," Willkie said. "But if those prices aren't justified by comparable sales, the buyers won't buy. So many things at that end of the market are overpriced."

I. Dolly Lenz, the New York mega-broker, said the millionaires and billionaires buying at the top of the Manhattan market may be rich—but they are also highly discerning when it comes to price. And they're not willing to overpay.

"The overwhelming majority of buyers in this segment of the market are value buyers," Lenz said. "Value could mean $60 million. It's not about a low price. It's about what you're purchasing and what you're getting for your money. A lot the available inventory is overpriced and somewhat stale."

(Read More: As Supply of Cape Cod Mansions Shrinks, Prices Soar)

Many brokers pointed to the $125 million penthouse of the Pierre Hotel as one apartment with an optimistic price. The $95 million apartment on the 18th floor of the Sherry Netherland and a $44 million apartment downtown on Hudson Street also have aggressive price tags, brokers said.

The mismatch between a lack of supply and buyers who aren't willing to pay the much higher prices has led to a standoff that could continue for the rest of the year. And that could hurt sales—and the New York economy.

"The question is what will free up supply," he said.

Especially, supply at a fair price.

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With the U.S. housing market continuing down the road to recovery, inventory remains tight as home sellers are waiting it out, hoping to regain some of their home equity lost during the downturn. One buying and selling option often overlooked by consumers is property auctions.

Because property auctions are not considered a traditional method of selling or buying, misperceptions and myths abound about the auction process. Here are several myths debunked.

Myth No. 1: I won’t get the price that I want

Truth: Home auctions allow interested buyers to compete with one another for the home they want. It’s this competition that brings out the true market value of a home. On auction sites, bids are placed in a transparent marketplace, so buyers can see offers and interest in real time. Additionally, sellers set a reserve price, which is the minimum amount of money they will accept for their home. Meanwhile, buyers benefit by seeing exactly how much money it will take to be the “highest bid” instead of wondering why their offer wasn’t accepted in a traditional process.

Myth No. 2: Auctions are complicated

Truth: While the auction process may be unfamiliar, it is actually geared toward transparency and simplicity. On most auction sites, pertinent property information, disclosures and auction terms are provided to buyers weeks before bidding starts. Open houses are held on many properties, and buyers are often able to complete a home inspection before bidding. Having a set auction date also reduces the uncertainty that buyers and sellers face with a traditional real estate transaction. Many auction sites are available to answer questions from home buyers and sellers.

Myth No. 3: Auctions don’t benefit agents

Truth: Auction companies often work with agents to generate more listings and sales. Agents can focus on building their network of prospective clients, listings and industry contacts while the auction site handles the property marketing and auction logistics. Agents conduct open houses, upload quality photographs and answer questions about the home and neighborhood. Listing agreements between sellers and agents and commissions stay intact during the auction process.

Myth No. 4: Auction fees are expensive

Truth: There are different types of fee structures for property auctions, depending on the auction house. In many cases, a fee equal to a small percentage of the winning bid is charged to the buyer. Some auction companies may charge the seller a nominal fee to market their home. On Auction.com, there is no cost to homeowners or agents to sell properties, and there is no cost to bid. There is a buyer’s premium (5 percent of the winning bid price), which is paid when the transaction closes.

Myth No. 5: Buyers have to pay cash

Truth: While paying in cash is certainly an option, many homes can be financed through a traditionalhome loan. Buyers are usually only required to put down a deposit, which then gives them between 30 and 45 days to close the loan and the deal.

Myth No. 6: Auctions are only for distressed properties

Truth: While auctions have been a beneficial way to buy and sell bank-owned homes, they are also commonly used for non-distressed properties, short sales, commercial properties and luxury homes. Any individual looking to buy or sell a home would be wise to explore their options when it comes to property auctions. Transparent and streamlined procedures, far-reaching marketing and the simplicity of online bidding make auction sites an additional choice for buying and selling.

Related:

• How to Avoid Seller’s Remorse 
• Why Buyers Should Consider Foreclosures and Short Sales
• How to Buy a Home Below Current Market Value

Auction.com is the nation’s leading online real estate auction marketplace. At Auction.com, we believe that bringing buyers and sellers together with an easy, transparent platform yields the true value of any real estate asset, whether it be a luxury home, a multi-story Class A office building, an entry-level foreclosed home, or a self-storage facility. – See more at: http://www.auction.com/blog/

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

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Google Chairman Eric Schmidt is on the hunt for a new home in London and he's tapped one of Prince William's old school chums to help him, reports Ed Hammond from the UK business publication Financial Times.

Schmidt is in the market for an abode that costs around the £30 million ($44 million) and is reportedly looking at a family-sized properties in the upscale Chelsea or Holland Park neighborhoods.

He's hired realtor Thomas Van Straubenzee, a former classmate of Prince William who recently married the daughter of the Duke of Northumberland, reports Hammond. As you might imagine, Van Straubenzee specializes in exclusive real estate listings in cities like London, Dubai and Hong Kong.

Although these areas are some of the most expensive in the world, often priced above £3,000 per square foot, £30 million still buys quite a lot, such as the 6,725 square-foot town home with 5 bedroom suites pictured below. It includes another six bedrooms for servants/staff and comes complete with an elevator.

This town home may not be private enough for a celebrity billionaire like Schmidt, but it gives you a flavor of the type of abode he could be looking at.

SEE ALSO: Marc Benioff Loves Wrist Computers So Much He's Wearing Two Right Now

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Not content to simply break the record for the tallest residential tower in New York City, the developers of 432 Park Avenue are seeking to further capitalize on the project’s height.

Macklowe Properties and California-based CIM Group, which are jointly developing the luxury condominiums, want to slice the top-floor penthouse into two units atop the 1,396-foot-tall building, according to plans filed with the New York Attorney General’s office.

Additionally, the developers plan to cut the number of apartments to 125 units from 141 units, while increasing the total sale price to $2.892 billion from $2.875 billion, the plans show.

Macklowe and CIM filed the proposed amendment June 20, as developers are required to do when revising an offering plan. The AG’s office is currently reviewing the proposed revision — the seventh amendment to a plan first approved in July 2012, and the most recent since this past April.

The new 96th floor unit has an offering price of $95 million, while the 95th floor unit has a price tag of $85 million. It’s possible that the new penthouse is already spoken for, since an unidentified buyer reportedly signed a $95 million contract in May for the top penthouse.

The overall height of the Rafael Vinoly-designed tower, which is still under construction, remains the same — albeit with an additional floor. The total amount of residential space will grow to 412,637 square feet, up from 405,190 square feet in the April filing, the latest amendment reveals.

The developers created the new 96th floor by apparently using extra high ceilings in the former 95th floor unit.

“The addition of floor slabs within Residential Unit 95 has created a new floor 96… making Residential Unit 95 single height,” the filings said.

The new unit 96 received its floor area from two units on the 45th floor, which will now be used for mechanical purposes, the filing says.

The developers have two methods for counting floors: “construction,” which is the true number of stories, and “marketing,” which is the number associated with the apartments being sold. For example, there is no 13th floor. Currently, 432 Park Avenue is slated to have 84 construction floors; the top floor for marketing purposes is 101, according to the most recent offering plan. But the amendment shows 85 construction floors and identifies the top marketing floor as 102.

The developers did not immediately respond to a request for comment.

In addition, the plans reveal for the first time that the upper nine apartments — floors 85, 86, 88 and 91 through 96 — will have wood-burning (as well as gas) fireplaces, a rarity in new high-rise construction.

The plan calls for other creative adjustments to the building, including removing floors 72, 82 and 87. That gives double-height ceilings to the two apartments each on floors 71 and 81, and the five-bedroom floor-through unit on the 86th floor, priced at $73.5 million.

More from The Real Deal:

1. Kushner, Rosen in $375M deal with Jehovah’s Witnesses 
2. The Closing: Ziel Feldman on Gary Barnett, roller coasters and the Jewish singles scene 
3. Sitt flips Tribeca office condo, makes $7M in two months 

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A "log cabin-style" home on Lake Tahoe that once belonged to famed aviator Howard Hughes is on the market in Crystal Bay, Nevada for $19.5 million, according to real estate blog Curbed.

The 2,518-square-foot "Summertide" is being sold by Chase International, and it remains very much as it was when Hughes owned it. The property has only changed hands once — Bruce James, former Public Printer of the U.S., and his wife Nora purchased it in 1995 and have made very few changes to the home since then.

Hughes, once one of the richest men in the world, was reportedly something of a recluse and bought the cabin in the 1950s to use as an escape. 

SEE ALSO:  This Tommy Hilfiger Co-Founder's Lake Tahoe Estate Can Be Yours For A Cool $75 Million

The 5.5 acre estate is situated just on the edge of beautiful Lake Tahoe and has panoramic views of the water and surrounding mountains. Also on the property are a 1,343-square-foot guest house and separate 4-car garage.

Both the main cabin and the guest house have beautifully finished beams, large windows and stone fireplaces.

Hughes entertained many famous guests at the Summertide, including President Kennedy and Marilyn Monroe.

Another week and another raft of house-price data. Everyone now agrees that prices are going up. What they don’t agree on is by exactly how much – and whether it’s a problem.

There is excited talk in some quarters about a boom and risks of overheating. George Osborne was accused by MPs on Thursday of implementing policies which were “inflating another bubble”. Naturally he dismissed such fears. Other, less partisan, commentators agree with him: they say rising prices (which in any case lag well behind inflation) are nothing sinister, just a normal sign of confidence returning in the wider economy.

Trevor Greetham, who is responsible for asset allocation at fund group Fidelity and is a widely-followed commentator, was among those flagging a warning. “You might well ask how a recovery based on pushing house prices even higher is going to create sustainable growth,” he said, adding a “housing-led recovery” was Britain reverting to “pre-bubble form”. Current policies will spell a weak pound, he said, coupled with a wage squeeze for lower earners and “a period of chronic overvaluation in housing.”

That last point is chilling, because it touches keenly on most families’ wealth. If you share Greetham’s view and are already a property owner it is clear what to do to limit risk: pay down associated housing debt and build non-property assets like equities.

But what about your children?

Do you want them mortgaged up to the hilt buying something your gut tells you is already ridiculously overvalued (and the big mortgages enabling them to do this, by the way, are back)? Absolutely not.

But then, my God, consider an alternative scenario: house prices soar on and on, meaning your children won’t be able to own even a shoebox in hell, and instead must spend their lifetime – and a fortune – renting the shoebox from a landlord. Which is worse?

It’s a dilemma, but there are some practical solutions.

One is to delay buying and instead to invest in a vehicle that mirrors house-price growth. Castle Trust, for instance, is a new company offering accounts where returns are promised to exceed average property inflation because they are calculated as multiples of the Halifax House Price Index. For instance, a three-year investment pays 1.25 times the index’s rise; the ten-year deal pays 1.7 times.

These proxy-property investments are not perfect. They pose institutional risk and their terms are inflexible. There is also downside if the index falls, albeit limited. But they do offer protection from house price inflation and, also hugely useful, they allow the buying decision to be deferred, perhaps to a later period when risks clarify or other factors – marriage, children – tip the balance.

Another possible solution is for parents to release equity from their own homes through some form of mortgage.

This might sound extreme and unappealing. In fact it is already a noticeable trend, according to specialist adviser Key Retirement Solutions, and one which is taking hold. KRS, which regularly polls its client base, says it is like an “accelerated form of bequest, made while parents are still living.” In other words, with today’s elderly dying in their 90s instead of their 70s, they part with a chunk of their estate “ahead of time”.

In theory, at least, the notion of older generations borrowing more in order for younger generations to borrow less makes sense. The parents give up some of the capital gains they have made through owning property over the years, and share some of the risk their offspring must now take on as they in turn buy their home.

In practice, however, as with so much in our personal finances, these decisions are difficult and wrapped up in emotion.

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Jaws dropped when a triplex penthouse at the Pierre Hotel hit the market for $125 million, the highest-ever asking price for a New York City home. But believe it or not, that’s nothing compared to trophy home prices in cities like Monaco, London and Hong Kong, which are also setting new records for residential real estate.

The current record-holder for the world’s highest total sale price is billionaire Rinat Akhmetov’s 2011 purchase of a penthouse at London’s One Hyde Park condominium for a reported £136.6 million, or $219 million — approximately $8,774 per square foot. And a 35,500-square-foot penthouse at the under-construction Tour Odéon condominium in Monaco is now reportedly on the market for £250 million, roughly $391 million, or $11,000 per square foot.

“New York real estate today is still undervalued on the global stage,” said Stan Ponte, a Manhattan broker at Sotheby’s International Realty. “If you walk through properties in London and you hear the prices they’re getting on the simplest apartments, it’s shocking.”

Knight Frank, the London-based real estate consultancy and brokerage, recently ranked New York City at No. 8 on a list of the world’s most expensive cities. In New York, according to Knight Frank, $1 million buys approximately 474 square feet of luxury real estate. The tiny principality of Monaco, where $1 million buys only 172 square feet, was ranked No. 1, followed by Hong Kong, London, Geneva, Paris and Singapore (tied for fifth place), Moscow and, finally, New York.

These discounts are one reason deep-pocketed global investors — such as Russian billionaire Dmitry Rybolovlev, who famously purchased a 15 Central Park West penthouse for a New York City record of $88 million — have been so quick to snap up properties here, brokers said. And while industry observers said they initially expected international buyers’ feverish interest in Manhattan real estate to fade, economic turmoil in Europe over the past few years has prevented that from happening.

Yolande Barnes, director of residential research at the London-based real estate brokerage Savills, said she had anticipated interest in global real estate “would cool this year.” Instead, “the world economy continues to suffer setbacks,” she said. “People like real assets in those situations, and the U.S. looks like a very good value.”

And despite the ongoing inventory shortage here, New York actually has more housing available than some other cities around the world, said Andrew Hay, the global head of Knight Frank’s residential division. Construction costs and land prices are more affordable in New York than in some other in-demand cities, Hay explained.

“New York’s supply has been quite generous, whereas in other locations [the] amount of product is incredibly limited,” said Hay, who is based in London.

The famed resort destination of Monaco, for example, borders the Mediterranean Sea on a tiny strip of land about the size of Central Park. Not only is space for building in the principality limited by nature, but then-ruler Prince Rainier III banned construction of new high-rises in the 1980s.

Back in the U.S., the Pierre’s $125 million penthouse isn’t even the most expensive property in the country. Copper Beach Farm, a waterfront estate in Greenwich, Conn., hit the market in May for $190 million with David Ogilvy & Associates. The Owlwood estate in Los Angeles, which sits between Sunset Boulevard and the Los Angeles Country Club in Holmby Hills, is on the market for $150 million. And in Dallas, the Crespi Hicks estate was listed in January for $135 million by broker Douglas Newby of Douglas Newby and Associates.

Newby said the Crespi Hicks estate, which comes with a guesthouse and pool, is the largest residential property located in any U.S. city. The mansion is located in the exclusive Mayflower Estate area of Dallas, which is also home to former President George W. and Laura Bush, and Newby estimates that the land alone is worth some $50 million.

Yet Dallas real estate doesn’t have the same kind of international appeal as New York, he said, noting that most of the out-of-town potential buyers so far have hailed from California and other parts of the West Coast. And neither the 25-acre Crespi Hicks estate nor the 50-acre Copper Beach Farm are nearly as expensive as New York City when it comes to price per square foot.

European palaces

European cities boast some of the most expensive real estate in the world.

Take Monaco — home to the glamorous casino and resort destination of Monte Carlo — which has long attracted vacationing celebrities.

The royal ban on new construction there was lifted in 2008, and the first high-rise to be built since then — the under-construction Tour Odéon — may soon surpass One Hyde Park as the most expensive condo development in the world. The building, which will offer residents an in-house caterer and chauffeur, is being developed by Monaco-based Groupe Marzocco, designed by architect Alexandre Giraldi and marketed by Fred Schiff of Knight Frank. A spokesperson for the project said prices at the building start at $9,215 per square foot.

As for the $391 million penthouse: It has five floors and an infinity pool overlooking the Mediterranean Sea.
At London’s One Hyde Park, units for sale in the building are priced at an average of £7,000, or $11,240, per square foot, according to Knight Frank. When it hit the market in 2007, One Hyde Park “redefined the market in London and globally,” Hay said.

Developed by British developer Christian Candy and Waterknights — a company owned by the Prime Minister of Qatar — One Hyde Park is adjacent to, and managed by, the Mandarin Oriental Hotel, and offers a private squash court, spa facilities and valet services. The eponymous interior design firm Candy founded with his brother Nick is the project manager and interior designer.

A spokesperson for Candy & Candy said that there are three sponsor units still available at the property, where 82 apartments, worth some $2.9 billion, have been sold so far.

In London overall, the average price per square foot for a high-end residential condo is about £4,000, or $6,122, per square foot, Hay said. By contrast, the average price for the top 10 percent of all Manhattan apartments sold in the first quarter was $1,925 per square foot, according to a market report from New York City brokerage Douglas Elliman.

And the average price per square foot of closed sales at Manhattan über-condo 15 Central Park West was $5,009 as of mid-June, according to real estate data provider CityRealty. (At Extell Development’s hyped One57 in Midtown Manhattan, two penthouses are in contract for between $90 million and $100 million, a spokesperson said, but those units haven’t yet closed.)

Other superpricey London listings include a 50,000-square-foot mansion at 18 Carlton House Terrace, which is reportedly owned by a member of a Saudi Arabian royal family. The home, located near Buckingham Palace, is asking £250 million, or $7,675 per square foot. And last year, a 45-room mansion in Hyde Park reportedly hit the market for £300 million, or some $483 million. That 60,000-square-foot home belonged to the late Crown Prince Sultan bin Abdul-Aziz of Saudi Arabia.

London prices are so high due to a combination of factors, including its strict regulations for new building, England’s reputation for political stability and the city’s location between Asia and North America, which makes it attractive to wealthy Middle Eastern and Asian buyers looking for stable investments, according to Lulu Egerton of London-based brokerage Strutt and Parker, the U.K. affiliate of Christie’s International Real Estate.

“A lot of the Mideast and Far East regions, which have got huge bursts of wealth, they’re looking for wealth preservation and they’ve happened upon England,” she said.

“If you’re going to have a trophy asset — if you’re very rich — to add to your portfolio, owning a piece of London real estate is like gold,” she added.

Geneva, where $1 million buys just 344 square feet of property, is also one of the most expensive cities in the world, according to Knight Frank. Located high in the Alps and renowned for its ski resorts, the exclusive vacation spot measures only six square miles. In 2011, a home just outside of Geneva was listed for $12.2 billion, setting a new world record for most expensive residential real estate listing. Dubbed the “Gold House,” the home was supposedly decorated with some 440,000 pounds of solid gold and platinum. Owned by British designer Steven Hughes, it is no longer available for sale after many alleged that the listing was a fake.

In Paris, the sought-after French capital, $1 million fetches 409 square feet of space, according to Knight Frank. The 12-bedroom Palais Montmorency mansion on Avenue Foch hit the market in 2010 with an affiliate of Christie’s for a reported $140 million — at the time, the second-most expensive listing in the world. The 28,000-square-foot home, which still appears to be on the market, was built in 1912 and boasts a ceiling painted by French artist Henri Rousseau.

In Russia, real estate prices have skyrocketed since the real estate market was privatized in 1991, after the collapse of the Soviet Union. In Moscow today, there is not nearly enough luxury development to satisfy the country’s many billionaires. Many of the city’s high-end homes are concentrated in the coveted Golden Mile neighborhood, which has a number of new upscale residential developments alongside historic mansions.

This combination of strong demand and limited supply has driven prices up — $1 million buys only 463 square feet of real estate in Moscow, according to Knight Frank — as well as sending rich Russians in search of real estate in cities like New York.

Keep reading at The Real Deal >

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Architect Zaha Hadid is known for her modern, curving designs, like the aquatics center she conceived for the 2012 London Olympic Games.

Hadid, who became the first woman to win the Pritzker Architecture Prize (the Nobel Prize of her field) in 2004, has designed everything from a metro station in Saudi Arabia to a city center in downtown Belgrade.

But until now, she's never been commissioned to design a building in New York City. Today, developer Related revealed renderings for an 11-story condominium Hadid designed near Manhattan's posh High Line park. The boutique condo will be made of steel and glass, and incorporate a chevron pattern.

The apartment exemplifies Hadid's aesthetic, from the flowing curves to the freeform shape. Click through to see how her style has evolved over time.

Meredith Galante contributed to this story.

Completed in 2003, the Rosenthal Center for Contemporary Art in Cincinnati was Hadid's first project in the United States. It was a huge critical success.

Source: New York Times

After the success of the Rosenthal Center, Hadid was hired for several other projects. The BMW Central Building in Leipzing, Germany was among the first. It was completed in May 2005.

Source: New York Times

And she designed the Phaeno Science Center in Wolfsburg, Germany, which was also completed in 2005. The New York Times called it "the kind of building that utterly transforms our vision of the future."

Source: New York Times

314 acres of nearly untouched land on Martha's Vineyard just hit the market for $118 million, a record price for the area. 

Dubbed Homer's Pond, the expansive piece of land includes a 5,600-square-foot home that's supremely private. It's one of the largest coastal properties for sale in the United States, and Charles Carlson of South Light Properties, one of the property's listing agents, called it a "private kingdom."

A lucky buyer can purchase the entire property for the full $118 million, but it's also possible to buy a smaller piece. A buyer might choose a 100-acre parcel of land for $31 million, a 164-acre parcel for $43 million, or the two together for $74 million.

Welcome to Homer's Pond. This secluded and ultra-serene property includes 1,200 feet of private oceanfront beach and a 35-acre freshwater pond, perfect for swimming, boating, or horseback-riding.

A huge percentage of the property is undeveloped and is graced by tranquil woods and grasslands.

The main home has floor-to-ceiling windows, four bedrooms and 180-degree views of both the pond and the Atlantic Ocean.

Twitter co-founder Evan Williams and his wife have just listed their home in San Francisco's Noe Valley for $2.995 million, Curbed SF reports (via Trulia).

They purchased the four-bedroom, 4.5-bathroom Victorian home back in 2009 for $2.4 million, and completely remodeled it.

The property has a guest house, and lots of outdoor space with expansive views of the city.

Williams left Twitter in 2011; last year he launched a new publishing platform, Medium, along with Biz Stone and Jason Goldman.

The Noe Valley home has a restored Victorian facade from the 1880s.

It has around 3,200 square feet of living space.

And an open floorplan that spans three floors.

A humongous house known as Copper Beach Farm in Greenwich, Connecticut went on sale in May for $190 million, making it the most expensive home on the U.S. market.

After seeing images of the property, there's no doubt it's incredible. But the $190 price tag is still surprising — that's nearly $60 million more than the current record price for a private home.

Now The New York Times' Elizabeth A. Harris reports that the waterfront estate's high price tag isn't because of its acreage and 15,000-square-foot living space, but because the home carries with it more than $120 million in debt.

According to Harris, the current owners — timber magnate John M. Rudey and his wife Laurie Rudey — have taken out a series of mortgages on the property through companies they own:

By the end of 2010, companies owned by the Rudey family had a $59 million mortgage on one portion of Copper Beech Farm and a $79 million mortgage on the forestland in Washington, both with Bank of America. Those loans were cross-collateralized and personally guaranteed by Mr. and Mrs. Rudey, meaning that if they fell behind in payments, the bank could force the sale of either property and, if they still came up short, the Rudeys would be personally liable. They also had $65 million worth of mortgages, again through a corporation, on another section of Copper Beech with M&T Bank, effectively bringing the total debt associated with the property to as much as $203 million.

In 2011, Bank of America started foreclosure proceedings on its portion of Copper Beech Farm. The Rudeys, meanwhile, had filed a suit against the bank, alleging “predatory lending practices,” among other accusations. The following summer, those two lawsuits were dropped.

The Rudeys have since struck a deal for the 50,000 acres of Washington forestland with Washington State Department of Natural Resource for $97 million, according to the Times, and have sold their Fifth Avenue apartment for $16.5 million.

Now, it's Copper Beech Farm's turn on the market.

Time will tell if the Rudeys get their price. But to put the astronomical $190 million asking price in perspective, the most expensive property ever sold in Greenwich was a $45 million estate that changed hands in 2004, and the most expensive home ever sold in the U.S. is believed to be a $132.5 million Montana Ranch that reportedly sold to real estate mogul Stanley Kroenke in November 2012.

Meanwhile, Mr. Rudey’s real estate broker David Ogilvy told the Times that this is just the way real estate planning works for wealthy families.

SEE ALSO: Tour The Most Expensive Mansion For Sale In America

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East Farm Estate, a majestic 32-acre property in the village of Head of the Harbor on the north shore of Long Island, is currently on the market for $26.5 million. 

Just a little over one hour from Manhattan by car, East Farm is a historic property with a private beach on the Long Island harbor, two fully functional vineyards, and a wine-tasting house constructed in 1690. 

The home has seven bedrooms and nine bathrooms. A lighthouse-shaped rotunda serves as an astronomical observatory and gives the home a distinctive look.

Outside there are two expansive East and West Lawns, as well as a tennis court, boat house and in-ground pool.

SEE ALSO: Buy 314 Acres On Martha's Vineyard For $118 Million

Welcome to the centerpiece of East Farm Estate: the main home. This is only the back entrance, if you can believe it.

At 26,500 square feet it dominates the landscape and includes an astronomical observatory, greenhouse, rooftop deck and billiard room.

The main staircase adds to the drama and splendor of the entranceway.

Pocket listings might be the hottest controversy in real estate today. That's because many home sellers are attracted to the perceived benefits of selling a house outside of the brokers' multiple-listing service, or MLS. But the practice has some significant downsides for sellers as well.

Traditionally, the term "pocket listing" referred to a situation in which a property seller and real estate broker signed a listing agreement that allowed the broker to offer the property for sale, but keep the information out of the MLS and, figuratively, keep the information in his or her pocket. Nowadays, the term is sometimes used more broadly to refer to properties that are offered for sale without a listing agreement or use of the MLS.

Privacy or price?

A pocket listing can be attractive to sellers because it potentially offers greater privacy, convenience and flexibility than an MLS listing, according to Alexander Clark, an agent at Zephyr Real Estate in San Francisco, and founder of PocketListings.net, a website that promotes pocket listings.

"Most of the people who go the pocket listing route do so because of privacy. That's why a lot of movie stars, wealthy people and high-profile people sell their property without sharing it on the multiple-listing service," Clark says.

A pocket listing also can allow sellers time to repair and stage their property, resolve personal concerns they may have about selling their home and even price-test the market before they commit to a sale, explains Wendy Furth, a Realtor and assistant manager at Rodeo Realty in Calabasas, Calif.

"One reason a seller might want to stay as a pocket is because they figure (the broker) can just fish for buyers. It's perceived as being no-muss, no-fuss, no for-sale sign, no open houses, just find a buyer," she says.

The main reason for not doing a pocket listing

The downside -- and it's a big one -- is that a pocket listing loses exposure to other real estate brokers, and oftentimes the public. MLS exposure can mean multiple offers, a bidding war, a higher price, more attractive terms or a buyer who's better positioned to close the deal.

"The more people who see the house, the higher the price will go," Furth says. "By having it be a pocket listing, no one will know anything about it. That's a great way to not have a huge audience for the property."

Commission savings

Still, sellers might be tempted by the lower commission brokers typically accept for a pocket listing. Rather than 5 percent or 6 percent of the sale price, the seller might pay something more like 4 percent. However, remember that commissions are always negotiable.

A lower commission for a pocket listing might seem like a considerable saving for the seller, but it's the broker who stands to reap more benefit, says Douglas R. Miller, an attorney and executive director of Consumer Advocates in American Real Estate, a nonprofit group in Navarre, Minn., that seeks to educate consumers about conflicts of interest in real estate.

That's because brokers typically split commissions between the seller's side and the buyer's side of the transaction. A pocket listing means the seller's broker is more likely to retain the full amount, rather than a portion. Sure, 4 percent is less than 5 percent or 6 percent, but it's also more than 2 percent or 3 percent.

Miller takes an especially dim view of pocket listings, which he describes as "self-serving,""self-dealing" and "one of the worst business practices in residential real estate." He says these deals don't work out financially for sellers because what's saved in a lower commission might well be lost -- and then some -- in a lower price.

Is anyone looking?

Miller disagrees with the notion, espoused by some brokers, that other marketing strategies can make up for keeping a listing out of the MLS and even nab a higher price.

"Social media? Exclusive website? Who cares, if no one is looking in those places to buy homes? They aren't," he says. "The first thing sellers should be demanding of their broker is a marketing plan that includes not only the MLS, but also the top buyer-frequented national websites."

Assess the broker's motives

The bottom line is that homeowners should be wary of any hard push to offer their home as a pocket listing, potentially giving one broker control over both sides of the transaction and a good shot at what's known in the real estate business as a "double end" or "double pop" commission.

"If someone is coming up to you to try to get a pocket listing, you have to ask, 'What are your intentions? Are you going to offer compensation, commission, to another agent if they bring a buyer? Are we going to sign a listing agreement?'" Clark says. "If they want to say, 'If I find you a buyer, will you pay me this amount and not sign anything?' Then watch out."

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Ever since financier Sandy Weill’s apartment at 15 Central Park West hit the market — and quickly sold — for a record-breaking $88 million in December 2011, a $90 million New York City listing no longer comes as a shock.

In fact, some 16 New York City homes in the $90 million-plus range — including 10 penthouses at new construction condo 432 Park — are now on the market or in contract.

“What the 15 Central Park West sale did was catapult the market into uncharted territory,” said Nick Jabbour, a broker at Nest Seekers International. “[It’s] a market where anything is possible.”

Just what qualities does a NYC home need to justify a $90 million-plus price tag? For starters, brokers recommended proximity to Central Park, more than 10,000 square feet of space, and a prestigious address, such as Park Avenue or Central Park West.

We asked a panel of experts to weigh in on the city’s recent high eight-figure listings and tried to find out (when brokers were forthcoming) what they might sell for.

The Pierre Hotel

795 Fifth Avenue, PHE – PHW

Asking price: $125 million

Status: Listed in April with Elizabeth Sample, Brenda Powers and Serena Boardman of Sotheby’s International Realty

Square footage: Undisclosed

Current owner: The estate of financial expert Martin Zweig

Features: Co-op units at the Pierre offer residents a 24/7 on-call physician, twice-daily maid service and elevator attendants. This triplex penthouse, once the ballroom of the hotel, features 360-degree views of Manhattan.

Expert opinions: Part of the unit’s value is its “iconic” location inside an internationally recognized luxury hotel, said Stan Ponte, a luxury broker at Sotheby’s.

Plus, “anyone who looks at those pictures and looks at that space — if you could afford that, you would buy it,” he said.

But would-be buyers have to get past the stringent co-op board, and that shrinks the pool of potential purchasers, explained Max Dobens, a broker at Douglas Elliman. “It’s not [just] a matter of having the money,” he explained. “Co-ops are like country clubs. They’re exclusive and prestigious. Not everybody will get in.”

One Beacon Court

151 East 58th Street, PH51W

Asking price: $115 million

Status: Listed in April with Deborah Grubman of the Corcoran Group

Square footage: 9,000

Current owner: Hedge fund founder 
Steven Cohen

Features: This duplex penthouse features 24-foot ceilings, two walls of windows, Venetian plaster, maple floors and a security system, according to the listing. One Beacon Court, also known as the Bloomberg Tower, offers concierge services, a children’s playroom, and business and fitness centers.

Expert opinions: Several brokers told TRD that they are skeptical that this apartment will fetch its hefty asking price. “I would be very surprised if it sold for that price,” said Richard Steinberg, a broker at Warburg Realty, who estimated that the unit will eventually trade for $75 to $80 million. “Nothing in the building has even rivaled that [$115 million sum]. The location is not prime — it’s not on Fifth; it’s not on Park.”

CitySpire

150 West 56th Street, PH

Asking price: $100 million

Status: Listed July 2012 with Raphael De Niro of Douglas Elliman; taken off the market in January 2013; relisted in May with Colleen Brooks of Klar Realty.

Square footage: 8,000

Current owner: Real estate developer Steven Klar

Features: This triplex penthouse has the highest terrace in the U.S., some 73 to 75 stories up. The 3,000 feet of exterior space has 360-degree views of the city. The apartment also includes a private elevator, a wine cellar and separate maid’s quarters. The CitySpire condominium, built in 1987, has a 50-foot pool and a parking garage.

Expert opinions: This apartment “definitely is not worth” $100 million, said Frank Ragusa, an independent broker who has had listings in the building. Based on the unit’s 8,000 square feet and CitySpire’s amenities and age, he predicted the unit will sell for $30 to $40 million.

Klar told TRD: “I will admit it’s not a new building like One57, and it may not have the cachet of 15 Central Park [West], but what it has, which they don’t have, is the outdoor experience. I can walk outside and I can see every part of New York City.”

But he added: “Will I say it’s going to be $100 million or nothing? No.”

Two penthouses at One57

157 West 57th Street

Price: $90 million to $100 million each

Status: In contract

Square footage: 10,923 and 13,554

Features: When complete, Extell Development’s 1,000-foot-plus One57 condominium, above a Park Hyatt hotel, will include an indoor pool, a fitness center, a performance room, a private dining area and a library. These two duplex penthouses are each in contract for more than $90 million (although Extell declined to give the exact pricing). The 13,554-square-foot “Winter Garden” penthouse is on the 75th and 76th floors, while the 10,923-square-foot unit is on the 89th and 90th floors.

Expert opinions: The “worldwide renown that Extell was able to create [around One57] was very effective in making it a brag-worthy acquisition,” Nest Seeker’s Jabbour said.

Sources have said One57’s one-of-a-kind Central park views — due to its height — contribute to the building’s cachet. “When you’re in the building and you see the views, you get a sense of ownership of the city,” Sotheby’s Ponte said. “That’s what people are buying. And they’re also buying an asset to protect their wealth.”

Keep reading at The Real Deal >

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The Versace mansion will go to bankruptcy auction on Sept. 17, listing broker Jill Eber told The Real Deal.

Bidders will need to deposit $3 million into escrow and show proof of funds of $40 million, confirmed Eber, of the Coldwell Banker team The Jills. The estate, where fashion Gianni Versace was gunned down in 1997, has been listed for $75 million; the property had an original listing price of $125 million.

Fisher Auction Co. will handle the sale along with The Jills, according to Eber, confirming information first reported by the South Florida Business Journal.

The sale will take place at 10 a.m. at the storied mansion where Madonna was a frequent guest, now known as the Casa Casuarina.

The majority owner, telecom mogul Peter Loftin, has battled a foreclosure action by a company owned by the Nakash family, the founders of Jordache jeans.

Convicted Ponzi schemer Scott Rothstein admitted to funneling millions through his firm to acquire a 9.99 percent stake in the 19,000-square-foot property in 2009 and more to later keep the property running, wiring the money to Loftin’s Luxury Resorts LLC.

Nakash family investment vehicle VM South Beach bought a note from Loftin’s original lender, which makes them the stalking horse at the upcoming auction. They will be entitled to a credit bid of $32.7 million, Eber said, or whatever the value of the existing mortgage as determined by U.S. Bankruptcy Judge Laurel Isicoff.

More from The Real Deal:

1. Buffett’s Berkshire Hathaway expands real estate arm through Florida brokerage
2. Echo Brickell land nears $25M sale
3. Related unveils rendering for Zaha Hadid’s spacy High Line condo development

SEE ALSO: Tour The Legendary Versace Mansion In South Beach

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Yesterday, I told you about the big news on Nantucket Island this summer, which is that beach erosion is threatening to cause some $5-$10 million houses to fall into the Atlantic.

The owners of these houses have been trying for years to persuade the Town of Nantucket to let them spend their own money to enact various erosion-control measures, including "de-watering" systems, "beach nourishment and replenishment" programs (barges dumping sand), and, most recently, a "hard armor" seawall. 

For more than a decade, however, the Town has resisted, arguing that these measures might threaten fragile ocean fisheries and ecosystems, increase erosion elsewhere, and have other nasty unintended consequences.

(The year-rounders who control the Town, it is also suspected, may quietly enjoy the spectacle of watching summer residents get ever more animated as their houses get closer to falling into the Atlantic. Nothing, after all, will turn you into a devout environmentalist and preservationist than a good case of schadenfreude.)

This summer, however, the threatened homeowners on Nantucket's Baxter Road have finally softened the Town's resolve.

How? 

By hiring a lawyer to point out some things.

The homeowners' lawyer has pointed out, for example, that, if the erosion next winter is as bad as the erosion last winter, a stretch of Baxter Road itself might fall into the Atlantic. And if that happens, the water, sewage, and electric services that the Town is legally required to provide to more than a dozen houses at the far end of Baxter Road will get cut off. And since the Town is legally required to provide these services, the Town will have to acquire some new land through which to provide them. The cost of this land acquisition and construction, the lawyer has estimated, might be, say, $10-$15 million.

And, of course, for every additional $5-$10 million house that plops into the Atlantic, the Town will lose significant tax revenue. And then there are the legal fees and penalties the Town might incur defending itself against a lawsuit that the lawyer might file--in which the Town might be held liable for the loss of tens of millions of dollars of property value by refusing to allow the homeowners to build erosion-control measures with their own money. This loss of tax revenue, legal fees, and lawsuit could get pretty expensive.

The lawyer's observations have apparently been heard.

Because suddenly the Town is considering a proposal by the Baxter Road folks to hard-armor the bluff with a rock "revetment" that will eventually be nearly a mile long.

No one knows whether this seawall will stop the erosion and prevent the $5-$10 million houses from falling into the Atlantic (the Atlantic's a powerful beast, especially with the climate changing and sea levels rising).

And no one knows whether this seawall will ruin fisheries, starve fragile ecosystems, accelerate erosion for the poor unprotected slobs who live on either end of it, or have other unintended consequences.

But the Town, it seems, is finally ready to let the Baxter Road homeowners give it a try.

And that, interestingly, is creating an opportunity for some real-estate speculation.

You see, there are two sides of Baxter Road.

There is the ocean side, with the direct ocean views and gorgeous $5-$10 million houses that are threatened by the bluff erosion.

And then there is the inland side, which has indirect ocean views and gorgeous $2-$5 million houses that are not (yet) threatened by the bluff erosion.

The only difference between these two sets of houses is the direct vs. indirect ocean views.

But when the house across the road that is blocking your view of the Atlantic falls into the Atlantic, well, then, your indirect ocean view becomes a direct ocean view.

And if the natural force that caused your neighbor's house to fall into the Atlantic and give you a direct ocean view were to be suddenly subdued by, say, a seawall?

Well, then, you might just get to keep that direct ocean view.

And that would add millions of dollars to the value of your house!

Depending on what happens with the bluff erosion and seawall, we might have some serious swings in some Baxter Road house prices over the next couple of years.

We have already seen some serious swings, of course. Over the last several years, a handful of the once- $5-$10 million houses on the ocean side have sold for big discounts, on account of the fact that they appear to be about to fall into the Atlantic.

One beautiful house, for example, which might have fetched $6 million if it had been located only a quarter mile south, sold last year for about $600,000.

The buyer of the house, presumably, figured that there was some possibility that the Town might relent and let the community build a seawall, or that the erosion might just stop of its own accord (this happens sometimes). And if either of those things happened the $600,000 house might suddenly be worth $6 million again. Or, the erosion might continue and, in two years, the house might fall into the Atlantic, taking the buyer's $600,000 with it.

Que sera sera.

Today, there is a house on the market at the northern end of Baxter Road.

It's a small house (by Nantucket bluff house standards), and it is located on the inland side of the road.

A few years ago, this house, which is called "Windy Moor," used to have only indirect views of the Atlantic Ocean, because the two houses across from it on the ocean side would have made Jay Gatsby proud.

But the owners of one of the two house blocking Windy Moor's view disappeared a couple of years ago when the owners gave up on defending it and cut it up into four sections and trucked it off to Monomoy on the other side of the island. (One of the sections fell off the truck en route, which created quite a scene. But that's a different story.)

And the owners of the other house blocking Windy Moor's view, sadly, got a telephone call this winter saying that three successive storms had consumed a staggering 30 feet of bluff and that their house's time had come. (You can see excellent pictures of the demolition and bluff erosion here.)

So now little Windy Moor, which, for most of its life, has been a small house on the wrong side of Baxter Road suddenly has a gorgeous unobstructed direct ocean view.

Windy Moor is for sale. With an asking price of $950,000. A price that is likely less than half of what it would be if Windy Moor itself were not threatened by the same bluff erosion.

This sets up some interesting speculation opportunities.

(Before going further I should confess that I have a small emotional attachment to Windy Moor. Thirty years ago, when I spent my teenage summers here, Windy Moor was the home of a family named Whittemore ("Whittemore" - "Windy Moor") who had a daughter named Alison (sp?) who pretty much every guy in town had a crush on. Sometimes the whole gang would be invited to hang out in Windy Moor drinking beer and playing a card game called Egyptian Rat Screw. The game was fun, but it wasn't the main attraction. I never so much as held hands with Alison Whittemore, and I haven't seen or heard of her in decades, but I recall fond memories of ancient summers every time I pass by.)

(This, by the way, gets at why the homeowners on Baxter Road have tried so hard for so long to persuade the Town to let them try to save their houses. For them, the houses aren't speculations. Or shelter. Or a view. They're personal history and family memories. And in that sense they really are irreplaceable.)

Anyway, the speculation possibilities on Baxter Road are this:

If the Town allows the Baxter Road homeowners to build their seawall and it works, the erosion of the bluff might stop forever.

If that happens, Windy Moor will be left with a permanent, direct ocean view. 

And if that happens, Windy Moor will suddenly be worth, say, $3 million ($4 or $5 if you did a bit of expansion and renovation).

Of course, if the Town refuses to allow the Baxter Road homeowners to build their seawall, or it doesn't work, well, then, Windy Moor's front yard is already only 50 feet from the edge of the Atlantic.

So, two years from now, Windy Moor might be worth zero.

In fact, given that the Town probably wouldn't let you just let Windy Moor fall into the Atlantic, it might be worth less than zero. It might actually have a negative present value, on account of the money you will have to pay the demolition crew to destroy it and truck it away.

Que sera sera.

So if you have a couple of million burning a hole in your pocket and you want to play the Bluff Erosion Roulette Wheel, come on up. Whatever happens, you'll enjoy your time here.

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