Whether the house belonged to your deceased parents or Uncle Morty, dealing with inherited real estate can be both emotionally and financially complicated.

For one thing, inherited property often comes with a variety of state and federal taxes that, depending on the circumstances of the property and homeowner, can end up being a major burden on heirs. Second, even if the original homeowners paid off their mortgage, they may have had a reverse mortgage to cover expenses in their final years, which can't be assumed by heirs and must be refinanced if you're looking to rent the property. Finally, inheritance has a nasty way of creating conflict between even the closest of siblings, and a family feud can be "an expensive, time-consuming, hurtful disaster," as Kay Boyd, a senior vice president and wealth consultant at Sovereign Investment Group, told Bankrate.

How can you mitigate these potential pitfalls? MarketWatch's Amy Hoak advises doing a thorough, upfront assessment of the property with a financial advisor before making any moves and to carefully consider these factors:

1. The neighborhood going rate. "In areas with a hot rental market, it may make sense to keep the property and rent it out," Hoak says. Conversely, if the home is in really bad shape, consider marketing it to an investor who's looking to buy a property "as is" and flip it. An appraiser can help you figure out the fair market value of the home at the time of the homeowner's death (or when it was legally signed over to you) to determine whether renting or selling is the best option.

2. Condition of the home. If the previous owner had the house for a long time, it will likely require moderate to extensive repairs to bring it up to current aesthetic and safety standards. "From a financial perspective," Hoak writes, "it’s often best to do the minimum amount of repairs required to secure a buyer — and allow them to get financing." David Fairman, a real-estate agent with ERA Solutions Realty, tells Hoak that if a home’s major mechanical systems are old, sellers might want to pay for a home warranty instead of replacing them. 

Beyond the home's physical condition, Hoak advises heirs to clean out their relative's belongings — as painful as it may be — so potential buyers can see the home "as a blank canvas" instead of someone else's personal space.

3. Cost of a realtor. Finally, consider whether it makes sense to shell out cash for a realtor or if you feel confident selling the home yourself. A typical realtor charges a 6% commission fee, which can seem pretty steep if you think having a real estate agent won't necessarily result in a higher sale price. A Stanford case study did find that realtors help sell homes faster than owners, so it's worth deciding whether the financial cost or speed of the transaction is worth more to you in the long run.

SEE ALSO: I Just Inherited A Building In New York: How Can I Get More Money Out Of It?

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A 2.5-acre estate that once belonged to Eddie Murphy is now on the market for $12 million, according to The Wall Street Journal.

The Sacramento, Calif. home has 10 bedrooms (including one with Shrek-themed decor), 14 bathrooms, four wet bars, tennis courts, a swimming pool, and a 9-car garage. The Murphys sold it to real estate investor Patrick K. Willis back in 2007, when Eddie and his ex-wife Nicole were finalizing their divorce.

Willis paid $6.1 million for the house, which is still the largest residential purchase for the Sacramento area. It's currently listed with NRS Luxury Estates. 

Willis reportedly never moved into the house, and the decorations that the Murphys had originally chosen remain in place.

The mansion is situated on 2 and a half acres of land in the Granite Bay suburb of Sacramento.

The entrance is wide and dramatic on approach.

Inside, lots of purple details grab your attention.

Wealth-X and Savills are out with a new report showing how the super-rich (those with $30 million or more in assets) spend money on real estate.

There are a ton of interesting takeaways from the report, which is available here. The map below, which shows the flow of wealth around the world, is particularly telling. It shows where these ultra-high-net-worth individuals (UHNWIs) are most likely to purchase luxury real estate.

According to the report, "[the map] highlights not only where they like to live but also the geographies and jurisdictions that they might favour for other types of real estate holdings — and other investments — as well. Most notably, when it comes to residencies, UHNWIs may invest crossborder but they will tend to stick to destinations within their global region, to areas they call 'home'."

Some notable trends:

• North Americans are most likely to purchase luxury real estate within the U.S..

• Latin Americans also like the U.S., but will also buy in the Caribbean.

• Europeans are the most diverse buyers: "The more established wealth of Europe seems best versed in the notion of global home-ownership. Not only is Europe itself full of billionaire boltholes but Europeans themselves venture to many luxury island resorts in the Caribbean and the Far East as well as into parts of the US and Canada," the report says.

• London dominates when it comes to luxury real estate purchases by the super rich from all over the globe.

The following map is also revealing, It shows the total wealth of UHNWIs around the world, and what percent of that wealth is in real estate. The super rich in the Europe and the Middle East have a relatively high proportion of their holdings in real estate, while people in the U.S. prefer other forms of investment.

There were nearly 200,000 people worth $30 million or more globally in 2013, with a combined wealth of $27.8 trillion. Wealth-X predicts that figure will exceed $40 trillion by 2020.

SEE ALSO: 17 Crazy Hotel Suites You Have To Spend A Night In Before You Die

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Forget fame and glamour: The buyers of Manhattan’s most costly real estate are often not the boldfaced names that appear in the gossip pages.

Those spending $40 million or more on a home are seldom bankers, starlets, tech billionaires or Russian oligarchs and their children, brokers say. Instead, these big spenders often tend to have roots in the working classes, making their fortunes from manufacturing, inventions and sales.

“Everyone expects buyers at this price point to be extremely glamorous, but really they are the minority,” said Leonard Steinberg, who leads the luxury brokerage team at Douglas Elliman. “Ninety percent of buyers in the $40 million-plus range are just extremely clever people that have invested wisely, or invented something extraordinary.”

Steinberg is currently marketing a 7,250-square-foot condo penthouse at the Elad Group’s 250 West Street, for $39.5 million. And despite the apartment’s hefty price tag so far, the potential buyers coming to view the property have been largely under-the-radar players with unrecognizable names.

And while Steinberg stressed the growing influence of highly cosmopolitan foreign billionaires on the New York market —from places like China, Russia and Western Europe, as well as new wealth emerging in countries like Nigeria, South Africa and Mexico — he said Americans are still the primary buyers of this type of home.

For example, one potential buyer who recently viewed the property was a towel manufacturer. But the buyer’s fortune was not built on a recognizable name brand of bath or beach towel, nor through sales at big retail chains. Instead, she produced towels distributed exclusively at wholesale centers — hardly haute couture.

“You have to think, who invented the technology in your keyboard? Who manufactured the screws and hinges in the products all around you? Who innovated the latest medical device?” Steinberg asked. “Buyers in this market usually aren’t people who got rich raping the system. They tend to be either ingenious or rather lucky.”

While Wall Streeters, technology millionaires, heirs and TV, movie and sports stars obviously have millions to spend, brokers say those buyers usually top out below the $40 million price point. There are, of course, exceptions — like Leslie Alexander, the billionaire owner of Houston Rockets, who snapped up a $42 million unit at 18 Gramercy Park South last year (see “A drop at the top”).

But more often than not, the $40 million-plus buyers work in obscure fields. Indeed, while senior executives at the big global banks often earn total compensation packages that come in around $20 million, in many cases much of that headline number isn’t in cash. Typically, half or even two-thirds of their total will come from restricted stock awards or options that vest over time, making their fortunes less liquid.

There are, of course, exceptions — hedger funder Bill Ackman and a group of investors are reportedly in contract for a $90 million unit at Extell Development’s One57 — but there are also more than a few New York City trophy homes listed above $40 million. In fact, approximately 30 homes in the city are currently on the market for $40 million or more, according to real estate listings website StreetEasy.

Sotheby’s International Realty’s Elizabeth Sample, who along with partner Brenda Powers has four properties listed at $50 million or above, added that there are currently at least another five off-market “whisper” listings in the same price range.

But don’t expect Hollywood glitterati or high-visibility TV and music personalities to chase those properties. Stars typically buy at lower price points.

Continue reading at The Real Deal >

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Hunter Harrison, Canada's top-earning CEO, just put his sprawling Ridgefield, Conn. horse farm on the market for $55 million, according to The Wall Street Journal.

Harrison came out of retirement last year to head Canadian Pacific Railway and is ready to move on from Double H Farm, listed with Sally Slater, a horse property expert at Douglas Elliman Real Estate.  

Double H has three houses, one dating back to the 18th century, and sits on 87 acres. There are indoor and outdoor riding rings, two barns, 12 paddocks and three luxury staff apartments.

Double H Farm sits on 87 acres in Ridgefield, Conn.

The main house was built in 2009. It sits at the top of the property.

It has a large, formal foyer.

The Super Bowl is just a couple weeks away, and New Jersey is gearing up to host the Seattle Seahawks and the Denver Broncos at MetLife stadium. 

By default, New York City is also preparing for February 2. Though it would have been relatively wilder had either New York team made it to the game, Super Bowl Sunday is always a big deal.

This year, people will be flocking from near and far to get to the game. With hotels at sky high prices (the Hyatt Andaz on 5th Avenue has rooms going for $900/night that weekend, while the Waldorf=Astoria is currently sold out), many people will turn to alternative rooming options that weekend thanks to services like Airbnb.

This gives New Yorkers a unique opportunity to make a buck. 

Airbnb allows you to put a room or apartment or house up for rent for any price you choose. You put up a profile photo, lots of pictures of your place, and your asking price. People who stay leave reviews. It's like you're your own little hotel or bed and breakfast.

Corey Thibodeau says he didn't think twice when he listed his Chelsea apartment for rent on Airbnb over Super Bowl weekend.

The 29-year-old Director of Digital at Weber Shandwick told Business Insider that this was the first time he's put his apartment up for a weekend rental, but he didn't want to miss the opportunity to make some money.

"I can always crash on a friend's couch," he told us.

Right now, there are hundreds of listings on Airbnb for NYC apartments available for Super Bowl weekend, ranging anywhere between $160/night for a private room in a shared space to $6,500/night in a full apartment.

Yes, you read that correctly. Staying in this Soho apartment over Super Bowl weekend will set you back over $20k. 

Let's take a look!

The listing says the apartment is a three-bedroom, 2.5 bath with a jacuzzi tub and steam shower.

The owner boasts a large living room and kitchen with new appliances, and a washer/dryer in the apartment (a true luxury in this city).

It looks huge.

It also looks clean, which is important.

They weren't lying about the appliances.

And here are the amenities:

The apartment, which accommodates up to eight people if you're OK with sharing a bed, also seems to have plenty of couch space. 

And according to the listing, there's no extra fee if you have more than eight guests staying! So round up 20 of your best friends and you can get in and out for about $1,000 apiece. You just might have to sleep on the floor. 

Click here to see the full listing on Airbnb.

SEE ALSO: Airbnb is on track to be the world's largest hotelier

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Amazon.com's latest move—to anticipate what you want to buy and start shipping it before you even buy it—could be a big boon to a sector that is already seeing huge gains. Industrial warehouse space, once a dud in real estate, is now closing in on prom queen status, as more retail goes online and as the housing market recovers.

"Amazon is at the forefront of a larger trend that has seen demand for well-located logistics centers, very close to major urban centers increase sharply," said Sam Chandan of Chandan Economics. "It's some of the best performing space that we see in commercial real estate right now, across all property types."

Warehouses are the strongest prospect for both investment and development in 2014, according to the latest PWC Investor Survey. Two thirds of respondents deemed warehouses a "buy."

"That's the highest of all the real estate food groups," said PWC partner Mitch Roschelle. "The online retailers have struggled to figure out how to get the goods closer and closer and closer to where the people live."

As Amazon starts moving its products closer to its customers, others will likely follow suit, meaning more need for those smaller distribution centers that are closer to major metropolitan areas.

"They [Amazon] are probably the most creative and forward-looking people in this space, and seeing this type of thing doesn't surprise me," said Jack Cuneo, CEO of Chambers Street Properties. "It's a great model, so you're going to see more people emulating what they do and more need on their part for space."

Chambers Street, a real estate investment trust based in Princeton, N.J., owns six Amazon fulfillment centers, three in the United States and three overseas. While these are larger properties, Cuneo says a system like Amazon is proposing might move the retailer out of some of the larger facilities and into smaller ones.

(Read more: Construction up, but are we building too many houses?)

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Last October, Russian billionaire Roman Abramovich was in contract to buy three apartments in a gorgeous Fifth Avenue mansion for $75 million.

But a new report in The New York Post says that the deal may be in jeopardy since the seller supposedly wants even more money.

Abramovich originally wanted to purchase three of the five apartments in the building at 828 Fifth Avenue from the family of late British real estate developer Howard Ronson, which included the penthouse, a triplex, and a duplex apartment.

But Ronson's widow — heiress Angelika Ivanc — is reportedly holding out because she believes she can get more money from the mogul.

According to the Post:

Ivanc is challenging the executors’ approval of the co-op sale in court in the English Channel island of Guernsey, where Ronson’s company had offices.

While a European court ruling would not bar the sale in New York, legal experts say that the controversy would likely be enough to force the parties to hold off on the transaction until the court case is resolved.

Even if the deal closes at the current price of $75 million, it would still be the most expensive co-op ever bought in the city beating out the previous record of $54 million, according to The Real Deal.

Abramovich has reportedly bought another apartment in the building, and is trying to purchase the final unit so he can restore the mansion to its former glory, the Post reports.

The eight-bedroom co-op is an interesting mix of classic and modern with tall ceilings and eight bedrooms. There's even a rooftop terrace that looks out over Central Park.

The Manhattan townhouse sits directly across from Central Park Zoo.

It's currently divided up into five units. Abramovich has made an offer to buy three.

He's hoping to buy the other two and create a single-family mansion.

New York City is without a doubt one of the most expensive cities in the world to live in.

New Construction Manhattan, a luxury real estate company, put together a list of 2013's most expensive buildings based on closed sales and average price per square foot.

The most expensive building in 2013 was 15 Central Park West, at an average of $5,636 per square foot. The luxury building has stunning views of Central Park and is home to a laundry list of NYC's powerful bankers, celebrities, and big shots.

Still-under-construction One57, where a penthouse sold for a record-breaking $90 million in 2012, barely made the cut at $3,548 per square foot. Lincoln Square's Millennium Tower also made the list at $3,671 per square foot.

Here's the full list of buildings with square footage.

1. 15 Central Park West $5,636/sq. ft.

2. The South Tower of Time Warner Center $4,166/sq. ft.

3. Residences at Mandarin Oriental $4,044/sq. ft.

4. 18 Gramercy Park South $4,042/sq. ft.

5. Superior Ink $3,901/sq. ft.

6. The Hudson $3,714/sq. ft.

7. Millennium Tower $3,671/sq. ft.

8. The Mayfair $3,637/sq. ft.

9. 200 Eleventh Avenue $3,565/sq. ft.

10. One57 $3,548/sq. ft.

SEE ALSO: Meet The Big Shots Who Live At 15 Central Park West

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Even if you don’t have or never plan to have school-age children, the quality of nearby schools can have an impact on how much you pay, and how much you sell a home for later.

Here’s what you need to know about buying a home in a good school district.

1. You’ll pay more to live in a good school district.

A school’s Academic Performance Index (API), which goes up to 1,000, is usually a top factor for homebuying parents.

Buyers who have kids or are planning to have kids will likely use this type of criteria as the most important part of their search.

A school’s high API often drives up home prices in its school district. Even if you don’t have kids, you’ll still pay more to be near a good school. They establish an area as a good location, and as we all know, in real estate it’s all about “location location location.”

2. A good school district might insulate you from real estate market slumps.

Even in a down market, an excellent school can help protect your home’s value. It’s more of a ‘safe bet.’

Example: In 2007—when real estate values were faltering—the San Francisco Chronicle reported that the impact of an excellent school on home values can be dramatic.

“There could be two districts — one perceived as excellent, one mediocre — divided by a street,” the Chronicle reported. “The same hypothetical house built by the same developer on either side of that street could fetch $100,000 more if it feeds into great schools.”

3. It costs more to buy near a good school, but you’ll probably get more when you sell later.

Of course, real estate never comes with guarantees. But you can bet that parents will always want the best school they can afford for their kids. That gives your home’s value a bit more stability than it might otherwise have.

The right home at the right time

Though schools should factor into your thinking, don’t let them top your real priorities: to buy the right home for you, at the right time. The right home for you should be one where you feel comfortable, and it should be in a location that makes sense to you. Finally, it should be the best fit for you in terms of size, style, condition, and price.

SEE ALSO: 8 Ways To Score An Apartment In New York City

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At 1,396 feet, 432 Park will be the tallest residential building in the Western Hemisphere when it's completed in 2015 — but it's not just its size that's impressive. 

We recently saw renderings of the apartment building's interiors, and the designs are magnificent.

Designer Deborah Berke's says her focus was to make the most of the apartments' perch above the city. Double-height ceilings and beautiful oak flooring are highlights, while huge square windows provide an unparalleled view.  

This is just one in a series of super-tall buildings rising on the southern end of Central Park, an area that's already earned its "Billionaires' Belt" nickname. These skyscrapers are so tall they needed approval from the Federal Aviation Administration before construction could start.  432 Park, however, will be the tallest. 

The building has two penthouses, one on the 96th floor that sold for $95 million and another on the 95th, currently priced at $85 million. 

The building's architect Rafael Viñoly made news back in September when his Walkie Talkie building wreaked havoc on London's streets, emitting a reflection so hot it melted cars and literally fried eggs on the sidewalk. But if these renderings are any indication, this building should be more of a success. 

From the outside, rows of six 100-square-foot windows give the building the square look of a waffle iron. 

Inside, Berke's design is just as geometric. The huge windows are in a straight line from the front door, making the most of the apartment's perch above the city. 

According to Berke, the oak herringbone floors are a take on Park Avenue's more traditional apartment buildings.

The kitchens will be outfitted with sleek marble countertops and stainless steel appliances. 

But the kitchen's best feature has to be this 10-foot-long marble breakfast bar framed against the window. Just imagine enjoying your morning coffee here, with all of Manhattan sprawled out below you. 

The master suite's floor plan was designed so that the bed would be perfectly aligned with the window, offering the best views possible first thing in the morning. 

The master suite has separated his and hers bathrooms. Looking north from the marble-covered shower, you'll get a peek of Central Park and the Upper East Side. And to the south, views of the Chrysler Building, the Empire State Building, and the Freedom Tower can all be enjoyed from this free-standing tub. 

432 Park will dramatically change the skyline around Central Park once it's completed in 2015. 

Listen to designer Deborah Berke discuss her renderings and concept below.

SEE ALSO: The 70 Best New Buildings Of The Year

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For the past five years or so, millions of homeowners have been stuck in their homes, unable to refinance or sell because they were underwater.

That situation began to change in 2013 when the housing market finally began to show signs of life. Buyers across the country were back in the game and home prices rose in many communities.

For many sellers this meant they could finally move out of a small house, cut down on their commute time, or simply go on with their lives. Almost 2 million homeowners came out from negative equity positions in 2013.

If you plan to sell your home in 2014, be aware that buyers have changed since the economic downturn. They’re savvier than ever, and they’re not desperate. Many of today’s buyers are Millennials (also known as Generation Y) who’ve come of age with access to endless information via the Internet. It’s in their DNA to search, and they love photographs and sharing.

Here are three bits of advice that will make you a smart seller in 2014:

Take your photo shoot seriously

Today, many buyers get their first impression of your home online. Too often, listings go online with photos of a dark room, lights off or blinds closed. Even worse? A new listing without photos or that has only one. If your real agent isn’t hiring a professional photographer to take high resolution photos, then you should invest the few hundred dollars to do so. Have them taken at the best time of day. Clean the home in advance and put away clutter. Prepare for the photo shoot just as you would for an open house. If buyers don’t like what they see online, you may never get them in the door.

Have your home inspected before listing 

Nothing is worse than waiting months or even years for an offer, only to have potential buyers discover that your HVAC system is on the fritz or that there is dry rot. When that happens, you’re forced to reduce the price or give credits.

Even worse, you may scare off the buyer and be forced to go back on the market. Often when this occurs, buyers and agents think there’s a problem with your property—which can make it tough to sell. That’s why a few hundred dollars on a pre-sales inspection is the best investment you can make. If there are issues, you can price the home accordingly. More importantly, you’re providing the buyers with more information. You’ll be in their good graces from the start.

Throw buyers a bone

Receive an offer on your home at a good price? Have you been one of the lucky ones who received more than one offer over a short period of time? Good for you; you’re in the driver’s seat. Even so, you still want to be in the buyer’s good graces during escrow and even after the sale. If you have the opportunity, throw the buyer a bone. If they ask for an early closing and you can do it, give it to them. Negotiate to buy them a one-year home warranty or give them a small credit. These little offerings will go a long way toward a speedy and hassle-free escrow.

The most important thing to remember is that to be a smart seller, you need to put yourself in the buyer’s shoes. Remember that today’s buyers lived through one of the biggest housing and credit crises in generations. They’re motivated but cautious, and they have a wealth of information available to them online. Don’t take anything for granted.

Related:

• Why Buyers Should Consider Short Sales or Foreclosures
• Don’t Be Fooled By These 3 Real Estate Myths
• Tips for Gen X and Gen Y Home Buyers

Brendon DeSimone is a Realtor, a nationally recognized real estate expert and author of the book“Next Generation Real Estate.” His practical advice is regularly sought out by print, online and television media outlets including FOX News, CNBC, USA Today, Bloomberg, FOX Business and Forbes. An active investor himself, Brendon owns real estate around the U.S. and abroad and is licensed to sell in California and New York. Consumers often call on Brendon for advice and to help them find a real estate agent. You can follow him on Twitter or Google Plus.

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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Manhattan real estate has one constant, and that's change. You can tell by walking the streets or, for the data geeks among us, by checking out the 61-page survey of a decade in co-op and condo sales, released today by appraisal firm Miller Samuel and residential brokerage Douglas Elliman.

We’ve slogged through it for you to find these three tips that will give you a better idea of what to watch out for in today's market.

Buy co-op, not condo

If you’re in the market for an apartment, ask yourself how important it is to buy a condo rather than a co-op—because for the same chunk of change, you can buy about 30 percent more co-op these days. (That’s compared to about 25 percent more co-op in 2004.)

While co-ops have always tended to be cheaper than condos, in the last decade the average price gap between the two apartment types has grown even wider, from a difference of $177 per square foot in 2004 to $299 per square foot in 2013.

“It speaks to the changing housing stock in Manhattan,” says appraiser and market analyst Jonathan Miller, president of Miller Samuel and author of the report. “The new product entering the market is luxury, and it’s skewing higher.”

The average price for a Manhattan condo skyrocketed 56.8 percent over 2004, to $1,285 from $873 per square foot. By contrast, average co-op prices rose a not-too-shabby 41.7 percent, to $986 from $696 per square foot.

Stop counting bedrooms

We all know Manhattan apartments are teensy-weensy, but if you’re in the market for a three-bedroom or four-bedroom, you should pay attention to square footage as much as number of rooms to ensure you get the space you want.

That’s because in the last decade, these supposedly larger unit sizes have shrunk, with three-bedrooms slimming down by about 750 square feet (to 2,000 square feet on average) and four-bedrooms by about 1,000 square feet (to 3,170 square feet on average).

That’s in contrast to studios, one-bedrooms and two-bedrooms, which have stayed about the same size in the last 10 years. In 2013, the average Manhattan apartment was about 1,270 square feet.

Over the last decade, developers have built apartments geared towards the growing number of families living in the city, but they’ve downsized the units themselves to bulk up their profits.

“The developer is trying to maximize the price per square foot of the building,” Miller says.

You snooze, you lose

Today’s market for Manhattan co-ops and condos is moving faster than it has in years. That means that if you’re a buyer, you should be prepared to move on a home immediately if you like it. If you’re a seller, you can generally expect to sell your home much faster than you would have a year ago—if it’s priced right—so make sure to have your next place lined up.

You can see evidence of this in the data: In 2013, apartments took an average of 121 days to go into contract from the day of their last price cut, compared to 172 days in 2012. The number of homes on the market fell in 2013 to the lowest level in 14 years, with 4,164 available listings. And the time it would take to sell all the available units fell to 3.9 months from 5.4 months a year ago.

All that has meant booming sales activity. In fact, the number of sales in 2013 reached the second highest level in a quarter century, hitting 12,735. (By contrast, in the four years following the economic crisis, sales bumped along the 10,000 mark. The peak for sales was in the boom year of 2007, when 13,430 co-ops and condos traded hands.)

In short, get ready for the “insanity that is the current market,” says Miller.

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In what could be a real estate record for New York City, the nation of Qatar is in contract to buy an Upper East Side townhouse for $100 million, The New York Post reported earlier this week.

If the sale is completed in April, as expected, the 20,500-square-foot mansion, currently an art gallery, will become the priciest New York City commercial townhouse ever sold, according to The Real Deal. Qatar is expected to turn the townhouse, known as the Wildenstein Building, into a consulate.

Incredibly, the real estate agents who represented Qatar in the deal were not wizened New York brokers, but a pair of 20-something brothers who have made a name for themselves selling ultra-luxury homes from the Hamptons to Israel.

The brothers, Oren and Tal Alexander of Douglas Elliman's Alexander Team, are 26 and 27, respectively. The brothers were also behind the sale of Miami's most expensive mansion, and the team is currently marketing a $95 million apartment at New York's prestigious Sherry Netherland building.

In an email to Business Insider, Tal called the deal a "milestone transaction for New York City," adding "[we] were glad we were able to open the door for the next 9-figure sale in Manhattan." 

Even for brothers who are used to making headlines (The Real Deal dubbed Oren "the party boy" at age 23, and The New York Post has called him"the ultimate young gun") the Qatar deal is a major feather in their cap.

Oren posted about the news on his Facebook page:

Business Insider spoke to Oren last year, after he closed the $47 million deal in Miami. Despite his young age, he said he meets many of his wealthy clients — whom he likes to call "friends"— by living like they do. That means he spends New Year's in St. Barts, goes to the clubs they frequent, and dresses like them, too.

Alexander decided early on to focus on the luxury market and not rentals, a risky move that ultimately paid off.

"I knew who I wanted to be and to get there I had to be selling big product,"he told Business Insider. "It's the only way to get recognition. Otherwise, you're just another real estate broker. I didn't want to be another rental broker. It is almost a negative thing to be a broker, almost like being a club promoter. There are so many of them and it's hard to differentiate yourself. I wanted to bring a good reputation to the business and I felt I could only do that on the high end."

The Wildenstein family, prominent New York art dealers, were represented by the Corcoran Group’s Carrie Chiang in the deal. 

SEE ALSO: $100 MILLION: This Is The Most Expensive Townhouse Ever Sold In Manhattan

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The Residence at River House, which at $130 million is New York City’s priciest home listing, is being taken off the market, The Real Deal has learned. The move comes after the nonprofit River Club of New York, which operates a private club from a five-story, 62,000-square-foot space in the 435 East 52nd Street building, reached an agreement with the building’s co-op board to purchase the space.

“The River Club of New York, Inc. and River House Realty Co., Inc. are pleased to announce that they have signed a letter of intent regarding the River Club’s purchase of the premises that it has occupied since 1931,” the two parties said in a joint statement provided to TRD.

The sale is expected to close early in the summer, the two parties added.

The Art Deco building’s co-op board put the space, which is roughly the size of 10 typical Manhattan townhouses combined, on the market in September, while negotiations between the board and the club were still ongoing. It was being marketed as a palatial home boasting a massive entry foyer, a master suite with river views, a screening room, an indoor pool with a generous deck — and of course, an on-site tennis court.

Brown Harris Stevens superbrokers John Burger and Kyle Blackmon had the listing for the home. Burger told TRD that the duo was “discontinuing our marketing efforts and respecting the letter of intent” between the two parties, adding that he was “delighted that this wonderful New York institution” would continue to exist as a club.

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With all the attention being paid to the multitude of $1 homes in Detroit, it's easy to miss that the housing market in the area is actually bouncing back.

"Home prices have risen over the last two years pretty dramatically," Dan Elsea of Michigan real estate company Real Estate One tells us. "Probably about a 40-45%, in some cases up to 70%, appreciation off of the bottom."

With home prices finally on the rise, more and more people aren't afraid to buy anymore.

According to Detroit realtor John Lewis, "If you wait a week, they're gone. If you wait a day, they're gone. If you schedule a showing to see a property tomorrow, it's gone tonight."

We take a look at the bright side of Detroit real estate.

Produced by William Wei

NOW WATCH: This Detroit Neighborhood Is So Bad That $1 Homes Could Be A Rip-Off

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SP: Prices for land are fairly equal to if not surpassing pre-crash prices depending on location which has driven up the end user price, but we’ve been purchasing wisely and offering terrific product in very attractive price ranges.  The average size home currently is in the range of 5,000 to 6,000 square feet compared to earlier years where the average was 8,000 to 9,000 square feet.

Jeff Cully of EEFAS shot the video below highlighting some of Farrell's homes from 2013.

SEE ALSO: Architects Say These Are The 14 Best New Buildings Of The Year

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A New York townhouse is in contract to be sold to the nation of Qatar for $100 million, which, when completed, would make it the most expensive townhouse ever sold in the city.

We caught up with Tal Alexander, half of the 20-something sibling duo who represented Qatar in the sale, to find out how the record deal went down.

The story dates back to last year's United Nations Week, in late October, when representatives from Qatar reached out to Alexander, 27, and his brother Oren, 26, of Douglas Elliman's Alexander Team. Despite their age, the pair had made waves for the sale of the most expensive mansion in Miami, and had a number of other big-time deals under their belts.

Qatar had actively been searching for a location for their New York consulate for at least a year by the time they reached out to the Alexanders.

"I think they understood from day one that we were able to show them things they hadn't seen before," Tal Alexander told Business Insider. "We worked for our reputation of being able to make things happen. We have relationships with all the top brokers and focused on showing them off-the-market properties. They had been working with other brokers and they'd seen everything on the market, basically."

While identifying a suitable building for a consulate was a new experience, Alexander said he was used to dealing with similarly demanding clients.

Qatar had some particular requirements for a consulate building: The nations' Consul General Ahmed Yousef Al-Rumaihi sought a property that had substantial width — hard to come by in a city of slim townhouses — and a good set-up for security. Alexander reached out to the Corcoran Group’s Carrie Chiang, who he had worked with in the past.

As Chiang explained to The Real Deal, “I contacted my long-term clients, the Wildenstein family, to explore any possible interest in selling their mansion although the property was not on the market ... After reviewing the buyer’s request, my client agreed to the sale and the deal was consummated very quickly."

The five-story Wildenstein Building, formerly an art gallery at 19 E. 64th St., has a steel frame and reinforced floors built to accommodate the weight of vaults. It is ready for the consulate to open this spring, shortly after the deal is expected to close in April. 

"They jumped on it," Alexander said, "We got them to the right product in the right timing."

The sale will result in a loss of nearly $400,000 in annual taxes to New York City because foreign governments don't pay real estate taxes, the Olshan Luxury Market Report noted this week. Nonetheless, closing the record deal represented months of work for the Alexanders.

"It was very exciting, from the showings to being able to get the deal done," Alexander said. "Opportunities to work with a client like that, to find this type of property, don't come about every day in our business."

In part to celebrate the milestone sale, Tal and Oren accepted an invitation to spend five nights in Doha, the capital of Qatar, later this month. They'll receive a tour of the country and meet consulate members and their families.

"I'm sure now that we've secured this property for the state of Qatar, if any other consulates are in the market, I think they can consider us," Alexander said "Going through every single townhouse on the Upper East Side, our knowledge of that market is excellent, and if any other parties are interested in this, we have opportunities to present."

SEE ALSO: The Most Expensive Homes You Can Buy In New York City

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Filmmaker Spike Lee just put his Upper East Side townhouse on the market for $32 million, double the price he paid artist Jasper Johns for the property back in 2000, according to The New York Daily News.

The biggest selling point of the 9,000-square-foot home on East 61st Street is its huge courtyard, not usually seen outside of schools and churches in the city. Also known as Hatch House, the townhouse has five bedrooms, three fireplaces and a library.    

Sotheby's International Realty is handling the sale. 

Frederick Sterner designed the house in 1916 for Barbara Hatch, a great-granddaughter of railroad tycoon Cornelius Vanderbilt. 

It features a rare courtyard.

Hatch House has three fireplaces, including one imported from Europe in the 18th century.

The property is 32 feet wide, almost double the average width of a New York City townhouse.

A series of famous people have previously owned Hatch House. Modern artist Jasper Johns and burlesque performer Gypsy Rose Lee owned the home before Spike Lee.

The oak and mahogany floors have a herringbone and parquet pattern.

Here's a view of the stately townhouse from its front entrance.

SEE ALSO: Jay-Z And Beyoncé Reportedly Checked Out This $25 Million East Hampton Mansion

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As Mark Zuckerberg’s social networking company, Facebook, celebrates its 10th anniversary tomorrow and has worldwide usage by 1.23 billion people, the tech titan finds himself at the forefront of a real estate trend: tech bosses who are buying up their neighbors’ properties.

Zuckerberg made headlines last fall when he reportedly spent $30 million to purchase four of his neighbors’ homes. Not only were the homes not on the market, but Facebook’s chairman and chief executive officer turned around and leased them back to their original owners.

Two weeks later, Yahoo CEO Marissa Mayer reportedly bought a funeral home near her residence, with the Daily Mail proclaiming, “Yahoo! Marissa Mayer does a Zuckerberg and starts to buy up her neighborhood.” Three days later, the Silicon Valley Business Journal announced “Elon Musk pulls a Zuckerberg,” when news surfaced that the inventor and Tesla Motors CEO had purchased a home across the street from his Bel-Air pad.

While this tech titan home-buying spree was newsworthy in its own right, buying up neighbors’ homes is not a new phenomenon. From Brad Pitt to Reese Witherspoon, celebs long have been known for making multiple real estate moves in their neighborhoods. The question is whether tech titans have the same motives as Hollywood stars or if this new breed of celebrity is rewriting the high-end real estate playbook. To find out, we asked The Agency’s Kofi Natei Nartey, who helps celebrities and athletes buy and sell homes on HGTV’s “Selling LA,” and Silicon Valley real estate agents of theBoyenga Team to share their insight.

Privacy is paramount

According to Nartey, it’s common for Hollywood stars to purchase neighbors’ homes as a way of protecting their privacy.

“It’s a way to control who is your neighbor,” Nartey explained. “In the Hills, there are homes with amazing views, but with that comes limited privacy.”

Eric Boyenga says it’s the same for high-profile tech execs, who are increasingly becoming household names.

“It’s not uncommon for entrepreneurs to purchase neighbors’ property,” he said. “In the social era of today, those like Zuckerberg tend to be a mix of Hollywood star and tech titan, whereas a lot of execs in the past didn’t get a lot of fanfare.”

A normal quality of life

But unlike A-list celebs who are accustomed to dodging paparazzi, Boyenga says tech bosses are often in search of a more “normal” quality of life.

“We’re more engineer-driven here. Execs don’t want any news about them,” he said. “For a celebrity, that’s par for their course, but for a tech entrepreneur, they want the focus on their firm and [to have] a life outside of that.”

Younger tech company execs — including 29-year-old Zuckerberg — are drawn to the vibrant culture in Palo Alto.

“We have hills like the Hollywood Hills here that are more private, gated estates with views,” Boyenga said. “But, Palo Alto is where things are happening. It’s a very idyllic neighborhood and a great place to raise a family.”

He says most people who move to Palo Alto want to keep the neighborhood the way it is, and tech entrepreneurs are no exception. For instance, when Zuckerberg began buying additional homes in his neighborhood in December 2012, it was because he reportedly learned of a developer’s plans to capitalize on his residence in the area.

“These are tech titans that want to be part of their community but also want to make sure they don’t have someone move in next door that they don’t want there,” he explained. “It’s not a control thing as much as about quality of life.”

No way to buy bigger

Because Silicon Valley entrepreneurs are drawn to historic neighborhoods such as Old Palo Alto and Crescent Park, they’re subject to a competitive market.

“Inventory is so hard to come by,” said real estate agent Janelle Boyenga, Eric’s wife. “What we’ve seen is people are buying properties and keeping them to pass on to generations to come. Inventory is only going to get tighter as the years go by.”

And, unlike celebs who buy sprawling Beverly Glen estates or Manhattan penthouses spanning multiple floors, execs living in the Valley don’t always have the choice to buy a bigger home.

“In Old Palo Alto, there are not many large lots. Most are less than a quarter of an acre,” Eric Boyenga said. “Only a handful are half an acre, and they just don’t get sold off.”

Making room for friends & family

But when tech titans buy neighboring properties, it instantly raises questions about what they’re going to do with the lot and how it will impact the neighborhood.

“Marissa Mayer [buying the funeral home] — I’m curious about that one,” Boyenga said. “It could just sit there for years to keep a big development from coming near her property.”

He’s skeptical that Mayer can drastically change the property, even if she wants to, because of building restrictions. For this reason, Boyenga says most people tend to use neighboring property as a place to have friends come and visit.

“It’s not easy to buy a parcel and take the house down,” he said. “Most of these people are looking to use for guesthouse purposes or just for privacy.”

Rumors about high-profile real estate purchases are common — fashion mogul Kimora Lee Simmons’ reported 2009 purchase of her neighbor’s tennis court to build a pool is a good example. Nartey points out that often rumors are just because, frankly, it’s very difficult to drastically change a residence in L.A.

“You have to get permits from the city for any remodel or new construction — anything that might undermine the aesthetics of the neighborhood,” he said.

At the end of the day, whether celebrity or tech titan, it’s about finding a place to call home.

“More than anything else these buyers are buying for privacy and quality of life,” Boyenga said.

SEE ALSO: The Most Expensive Homes In Tech

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