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Someone Is Paying Half A Million Dollars A Month To Live In This NYC Apartment

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HOTD: PIerre Hotel

The 39th floor of the legendary Pierre Hotel has been rented for $500,000 for the month of December, according to the Wall Street Journal.

The half a million dollar price tag makes it the most expensive rental unit in New York City

As part of the new Pierre Hotel Residences program, interested tenants can sign a lease for as little as 30 days, or as long as they need. 

“It’s hard to find a six-bedroom apartment with that kind of flexibility,” Therese Bateman of Town Fifth Avenue told The Wall Street Journal. 

But the best part of living in this swanky hotel has to be the many luxury services The Pierre offers. Guests are given complete access to the butler service, pet pampering, twice daily maid service, and the hotel’s chauffeur-driven Jaguar. 

Interested in renting it in the future? Bateman and Andres Perea-Garzon of Town Fifth Avenue have the listing

Welcome to the legendary Pierre Hotel, located in New York's Upper East Side. Former permanent residents of The Pierre include Elizabeth Taylor and Yves Saint-Laurent.



The rental offers all of the services of a luxury five-star hotel, including a 24/7 concierge service.



The property consists of the hotel’s two-bedroom Presidential Suite and several other hotel rooms.



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San Francisco Couple Builds Custom Glass House That Has A Ridiculous View Of The City

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Peter's House

Industrial designer Peter Russell-Clarke and Mechanical-engineer Jan Moolsintog commissioned architect Craig Steely with the difficult task of designing their dream home.

The couple wanted to build their house on a small 1,800-square-foot lot on a steep hill that Clarke had purchased in 2009, according to Dwell.

To take advantage of the limited amount of space, Steely decided to build up and create a tower type of home; and since the vacant site offered expansive views of San Francisco, he made the tower out of glass. 

But then the main issue was, “how to build a glass house to capture the view and sunlight that still allows for a level of privacy," Craig Steely told Business Insider. 

Peter's House

The solution was to build a system of moveable louvres made out of reclaimed cypress trees from San Francisco's Presidio park. The louvres, "are angled so the view can be seen from the inside but pedestrians outside cannot look in."

Some of the louvres are on fixed on the outside, and some are operable from the inside. 

Peter's House

The home has a "wonderful view to the east but is immediately adjacent to a public garden and walkway." Thus, the louvres that are fixed on the outside of the glass home basically work like a fence. 

Peter's House

But, in the bedrooms of the home, the louvers are inside the building, which allows the residents to adjust their expansive views of San Francisco. 

Peter's House

Steely also implemented beautiful porthole windows throughout the home as a, "simple and practical solution for ventilating the large expanses of glass at all the walls."

Peter's House

The kitchen plays with the notions of indoor vs. outdoor. Steely explained that he used only white marble slab countertops and reclaimed Cypress to build the cabinets, and that he wanted to bring "rougher materials indoors and more refined materials outside."

Peter's House

Half of the indoor/outdoor kitchen was left unroofed to resolve practical issues with space. The couple can enjoy the sunshine in the summer months, and then stretch a fabric roof cover over it in the wet season. 

Peter's House Rather than the typical foundations, the home is built on a cast-in-place concrete garage. The garage door uses an innovative scissor folding system, which is most often seen on airplane hanger doors.  The garage doors uses slats rather than the more common solid material. 

"The slats emphasis the dynamic quality of the door as it opens and maintains a level of privacy in the garage when closed," Steely told Business Insider.  

Peter's House

Here is a view of 'Peter's House' at night: 

Peter's House

The home was finished in 2012. For more of Craig Steely’s projects, check out his website here. 

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Architects Turned A Cramped Little Loft Into A Dream Home

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Untitled 1

New York City is chock-full of laughably small, awkwardly shaped apartments. Which is why it takes a good imagination to not only make them livable but actually desirable.

The designers at Specht Harpman Architects recently worked wonders on a 425-square-foot loft on the Upper West Side.

The space, at the top of a six-story brownstone, had 25 feet of vertical space and even access to a rooftop, giving the architects plenty to work with.

Check out the photos below to see the new microloft.

This was the space before. It was run down, with exposed brick walls and dated paint.Manhattan Micro Loft

The small space didn't have much room for storage.Manhattan Micro Loft The architects' solution was to create multilevel “living platforms" in order to squeeze everything in, but still make the space feel open.Manhattan Micro Loft One of their goals was to create a flowing interior "that dissolves the notion of distinct 'rooms.'"Manhattan Micro Loft  A cantilevered bed on steel beams floats over the main living space on the third floor.Manhattan Micro Loft And the tiny bathroom is tucked beneath the stairs ...Manhattan Micro Loft ... which now offer a ton of storage space. They feature built-in drawers and shelves, similar to Japanese kaidan dansu.  Manhattan Micro LoftThe roof garden at the top allows light to radiate throughout the apartment. Manhattan Micro Loft Pretty impressive. It's hard to tell that this was still the same apartment.Manhattan Micro Loft Compare it again to the new space:Micro Loft Rendering

Job well done.  

Alyson Penn wrote an earlier version of this post.

SEE ALSO: I Spent 3 Days In A 'Tiny House' With My Mom To See What Micro-Living Is All About

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London Bans Construction Of 'Iceberg Homes' For The Rich

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london mansionsThey emerged as a novel way for the rich and famous to expand their homes, but now multi-story basements are set to be outlawed in one of Britain's wealthiest areas.

The London borough of Kensington and Chelsea has become the first local authority in the country to introduce restrictions on controversial subterranean developments.

Basement extensions will still be permitted but the new rules will restrict how far they can stretch under a garden, limit them to a single story in most cases and ban developments under listed buildings altogether.

Council cabinet member for planning policy Tim Coleridge said: "Basements have been the single greatest planning concern our residents have expressed to us in living memory.

"Many have experienced years of misery from noise, vibration, dust and construction traffic."

Basement extensions several stories below the ground have become increasingly popular in some of the capital's most expensive neighborhoods as home owners attempt to increase their living space without infringing strict planning controls.

They have led to the creation of what are known as "iceberg homes", with the extra space earmarked to accommodate private cinemas, spas and swimming pools.

The trend has gathered pace in the last decade. In 2001 there were just 46 planning applications for basement developments in Kensington and Chelsea, rising to 450 last year.

Gert-Rudolf Flick, heir to the Daimler-Benz fortune, last year won permission to dig two stories under his £30 million South Kensington home, facing opposition from neighbours, including Julian Lloyd Webber, the cellist.

Proposals for the property included two rooms for clothes — winter and summer — along with a luggage store, a 50ft swimming pool, gym, cinema and beauty room.

Jon Hunt, founder of the Foxtons estate agency, won permission for a mega-basement with tennis court and car museum to store his Ferraris at his home in Kensington Palace Gardens.

Neighbor Lakshmi Mittal decided that his underground pool should be lined with marble from the same quarry as the Taj Mahal.

Residents complained that streets were being turned into 24-hour building sites and while dust, noise, traffic and vibrations were irritating, cracks were also beginning to appear.

The council said they have also increased in size, with two and three-storey basements "not uncommon".

They have drawn repeated complaints from neighboring residents about noise and dust.

Now after a two-year process, Kensington and Chelsea council has announced that a Government planning inspector has given the green light to its proposals to curb the scale of subterranean development.

Mr Coleridge said: "It hasn't been easy and basement developers have aggressively opposed us every step of the way. We are delighted that the inspector agrees that we have got it right while at the same time praising us for our extensive public consultation.

"Two years ago we started drafting a policy to try and strike the right balance between addressing our residents' concerns and the genuine need for people to expand their homes.

"This ruling is a victory not only for the council but also our residents who have been overwhelmingly supportive of what we have been trying to do."

The new guidelines are set to be formally adopted at the next full council meeting in January.

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What NYC's Most Famous Fictional Apartments Would Cost In Real Life

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This story originally appeared at Supercompressor.

tmg slideshow_xl

Big

$2.3 million
85 Grand Street, SoHo
The building: According to Streeteasy, this building was one of the first co-op loft conversions in the neighborhood. The residential lofts are mostly all full-floor units that were originally sold as raw space.

big

The apartment: "The property that every kid wants when they grow up is still pretty cool—13 foot-high ceilings which are perfect for trampolines and original SoHo cast iron features. The fourth floor, one bedroom, 1.5 bathroom sold earlier this year for $2.3 million." 

Waldorf Penthouse

Gossip Girl  (The Waldorf Penthouse)

$35 million
1136 5th Avenue, Upper East Side
The building: "There are 43 units in the building. If we assume Blair has the Park-facing Penthouse, we know it’s worth $35 million. It just sold for that amount."

gossip girl apartment

The apartment: According to Curbed NY, the duplex penthouse at that address that recently sold features four bedrooms, five-and-a-half bathrooms, a media room, and its own private gym.

sex and the city house

Sex And The City  (Carrie's Apartment)

$600,000
66 Perry Street, West Village
The building: "Great block, but that same New York story of compromising size for location. Here the compromise extends to the converted townhouse that Carrie calls home. I can’t imagine it’s comfortable without an elevator and wearing high heels so often, but you can’t expect much for $700 per month in one of the United States wealthiest zip codes. The façade in the show was actually at 64 Perry Street, which my team sold last year for $13.25 million. The interior needed to be gutted entirely."

sex and the city apartment

The apartment: "Great flow, huge closet and a floor plan that is well proportioned. From memory, Carrie was on a high floor, and what is rarely considered is that the ceiling heights generally get lower in NYC townhouses, so one can assume that if Carrie is comfortable living there, she is short. NYC studios (bedroom and living room combined) are generally between 400 and 700 square feet. This looks to be on the larger side."

 

Cosby House

The Cosby Show

$11 million
Brooklyn Heights
The building: "10 St. Luke’s Place in the West Village is actually the façade that was used forThe Cosby Show. That property was recently sold for just south of $11 million. The row of townhouses on that block actually had some entertainment industry pedigree, with Robert De Niro previously owning and living in 14 St. Luke’s, and Arthur Laurents (who wrote West Side Story), living on 9 St. Luke’s."

cosby house

The apartment: "Beautiful architecture and over 5,000 square feet of space. Over 12 foot-high ceilings on the parlor floor, 22-feet-wide (20 is considered wide in NYC), multiple fireplaces, substantial garden in the rear and unobstructed views and light to the south: a real gem. Dr. Cosby had a great broker and eye for real estate."

Valmont Mansion

Cruel Intentions  (Valmont Mansion)

$48 million
2 East 79th Street, Upper East Side
The building: "Busy intersection between the Park, 5th Avenue and 79th Street, but beautiful limestone mansions. A few doors east of Ralph Lauren’s flagship store, known as 'The Mansion'."

cruel intentions

The apartment: "The closest property presently available for sale for anyone wishing to mimic the lifestyle is 12 East 79th Street."

friends apartment

Friends

$2 million; $2.5 million
90 Bedford Street, West Village
The building: "The location is prime and pre-war architecture is always coveted, but your building is over Little Owl. Great food, but typically property owners in NYC don’t like the thought of having a restaurant in their ground floor space. It probably cuts monthly costs down in the building, but loud patrons, late operating hours, and the vermin associated will make it a tough sell. A few violations for no heat that are still open... I could see Joey getting cozy with Monica and Chandler to start a new story line."

friends apartment

The apartments: "Monica and Rachel get more light through the Western windows, but it’s basically confined to their bedrooms. That said, the double wide northern window and what looks like a second means of egress, rather than an awesome terrace, would definitely give the home a more open feeling than many comparable pre-wars of this size and type.
 
Joey and Chandler do, however, have the bigger bathroom. That their windows are less substantial and the foyer doubles as a kitchen is not ideal. The boys also look like they’re compromising on space slightly compared to the girls.
 
When you weigh them both up, a buyer would complain about the lack of closets and exposure, however that location and the efficient two bedroom layout would more than compensate for any complaints."

seinfeld apartment

Seinfeld

$900,000
129 West 81st Street, Upper West Side
The building: "Pre-war boutique building (only 20 units). Walk up, common laundry, no doorman, located off Columbus Avenue. If my memory of Seinfeld is correct, there is definitely a discrepancy between the real NYC building and the large elevator and doorman building in the show [Ed's note: there was no doorman in Seinfeld's apt]. Great street with little traffic, given the cars can go east or west if turning off Amsterdam Avenue, which is rare in NYC considering odd street numbers go west, even street numbers go east."

seinfeld apartment

The apartment: "Nicely proportioned one bedroom home, which includes home office, open kitchen (a rarity in pre-war one bedrooms), and enough space for living and dining. It is almost like this apartment layout is perfect for a TV show with its numerous sight lines and open loft-like interior. Don’t bank on the bathroom and bedroom windows looking into anything other than the building’s interior, but the large western window more than makes up for it…you almost wonder how a pre-war in a landmarked district can have such expansive windows."

wall street apartment

Wall Street  (Bud Fox's Penthouse)

$7 million
415 East 54th Street, Midtown East
The building: "Built in 1983, nothing was cooler than the St. James. Still boasting views that would make anyone feel like winning, the 103 units in this sleek black skyscraper (reminiscent of Olympic Tower) is a full service building."

The apartment: "If Bud’s apartment was on the top floor, he’d be feeling good. A river-facing five bedroom duplex on the 27th and 28th floors just sold for $6.99 million."

The Dakota

Rosemary's Baby

$3,222 per square foot
1 West 72nd Street, Upper West Side
The building: The Dakota, the legendary and historic Manhattan apartment building, has been home to everyone from John Lennon to Judy Garland.

"Average active sales are asking $3,222 per square foot, which is market standard for Park-facing luxury residential real estate amongst the Central Park West co-ops."

rosemary's baby

The apartment: "Hard to say what the exact Rosemary’s Baby apartment would reach on the market, but for Lauren Bacall’s three bedroom home they're currently asking $26 million." 

Will and grace apartment

Will & Grace

$700,000; $1.75M
155 Riverside Drive
The building: "Beautiful pre-war on an exceptional block."

will and grace

The apartment: "Jack’s is a spacious cave with a tiny bedroom. It’s incredible to think that the bathroom looks to have more square footage than the bedroom, but in studios which are converted to one bedrooms by using the “dressing room” as the bed space, this is completely plausible. It's also odd to think that the only windowed portion of the property was the dressing room, and this is not a loft, but an architecturally designed residence. I think it's proof that this is one of those impractical Hollywood floorplans.
 
Will and Grace’s is much more gracious and conventional, albeit annoying for the second bedroom to cross the living room in order to use the bathroom."

The Dakota

Vanilla Sky

$3,222 per square foot
1 West 72nd Street, Upper West Side
The building: Its second mention on this list, The Dakota was also home to Vanilla Sky's main character, David Aames (Tom Cruise).

The apartment: "I think Tom Cruise had a nicer apartment than Mia Farrow’s in this Henry J. Hardenbergh masterpiece."

HIMYM

How I Met Your Mother

$1.45 million
150 West 85th Street, Upper West Side
The building:
 "Interestingly the building is a walk up co-op, which is relatively common on the Upper West Side. I recently sold a property that was almost identical in criteria (two bedrooms, large living room, open kitchen, good condition, modern appliances) a few blocks north of Ted’s building for $1,390,000.00. I’d say if Ted asked $1,450,000.00, I’d be confident he would be putting that in his bank."

HIMYM

The apartment: "If Ted had ensuite bathrooms and less of a 'man cave' in the common space, one may actually believe this was designed by a qualified architect."

American Psycho Apartment

American Psycho

$1.24 million
W. 81st Street, Upper West Side (modeled after 114 East 13th Street, East Village)
The building: "The American Felt Building at 114 East 13th Street once supplied the hammer and brushing felt to Steinway pianos. Converted from a loft building to residences in the mid 1980s, the full service building set the precursor to much of what is considered desirable in downtown New York real estate today: high ceilings, large windows, having a raw loft character, many apartments having terraces.

If Bret Easton Ellis had this as his setting and used it to inform Patrick Bateman’s less socially sophisticated scene of business and ego on a more bucolic Upper West Side in the 80’s, then the fictional American Gardens Building could well be a condo like the Pythian at 135 West 70th Street. The Pythian’s location has more action than 81st Street, however the richly decorated old movie palace, with its decorative features, inlaid by the 1980’s minimally ornate and hefty glass and steel when the building was converted to residences is the perfect reflection of the Old World/New World Bateman in my opinion."

tmg slideshow_xl 23

The apartment: "All these desirable features were packaged in a friendly condo style that attracted highly recognizable residents, looking to be as close as possible to the artistic World of downtown New York, without compromising the comfort of a luxury home."

big daddy apartment

Big Daddy

$2.5 million
16 Mercer Street, SoHo
The building: "16 Mercer was originally built in 1863 to shelter Union soldiers returning from the Civil War. Today, it’s a boutique rental building with mint-finished interiors and all the authentic loft features one expects in SoHo—exposed beams, large windows overlooking cobblestone streets, high ceilings (12 ft). The prices, however, are affordable by prime downtown New York standards for two reasons: 1) the building has no luxury amenities (no doorman, gym etc.) and 2) the location is closer to Canal Street than ideally preferred. These two features aside, you have some wonderful properties that include a four bedroom on the fourth floor which was recently rented out for just under $24,000 per month (approximately $80 per ft).

Another building, located north of 16 Mercer, and including full “white glove” service could command over $130 per square foot, if price comparison is of interest. But to the Big Daddy/Adam Sandler in all of us, why pay the extra for something fancy when you get the essentials for less."

big daddy

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The New Most Expensive Apartment In New York City Will Cost $130 Million — See Inside

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520 park avenue building new york

Back in September, it was revealed that New York City’s new most expensive condo will be a $130 million triplex penthouse in the yet-to-be-completed 520 Park Avenue building.

And though the city’s real-estate community was all abuzz, there were no renderings available of what the aforementioned penthouse will look like.

Until now. BuzzBuzzHome reports that the 520 Park Avenue website is now live, giving all of us regular people a look at how the world’s billionaires will live.

520 park avenue building new yorkThis mansion in the sky will have over 12,000 square feet, a 1,257-square-foot terrace, and gorgeous views of Central Park. It will go on sale with other units beginning early next year, according to Bloomberg, and will be completed with the rest of the building in 2017.

The 54-story tower is being designed by Robert A.M. Stern Architects (RAMSA) and developed by Zeckendorf Development Co., the same firms behind the celebrity haven 15 Central Park West and 18 Gramercy Park.

520 park avenue building new yorkIt will be nearby other luxury high-rises on the so-called Billionaires' Row, sitting between 60th and 61st Street. That makes it close to all of the things wealthy New Yorkers love to visit, from the Metropolitan Museum of Art to Barney's.

520 park avenue building new yorkThere will be a total of seven duplexes in 520 Park Avenue, with over 9,000 square feet each and starting at $67 million. Twenty-three single-floor units will make up the rest of the building's condos and will be priced at a more modest $16.2 million with 4,600 square feet, according to the company press release.

520 park avenue building new yorkNeedless to say, the residences will have only the finest marble, wood, and appliances.

520 park avenue building new yorkAnd the view will be incredible.

520 park avenue building new york

The building itself will also have plenty of amenities, including a swimming pool, bi-level health and fitness center, sauna, children’s playroom, and screening room.

520 park avenue building new yorkThere will also be an airy "salon" for residents to relax in, and a garden area.

520 park avenue building new yorkBoth locations will be perfect for socializing with your wealthy neighbors.

520 park avenue building new york

The $130 million triplex will join the Woolworth Building’s $110 million penthouse and the $118 million trio of penthouse apartments at Battery Park City’s Ritz-Carlton Residences as some of the most expensive homes ever listed in New York City.

Looks like 520 Park Avenue will fit right in.

520 park avenue building new york

SEE ALSO: The New Billionaires' Row — See The Incredible Transformation Of New York's 57th Street

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HOUSE OF THE DAY: The Mansion Of A Houston Socialite With A 3-Story Closet Hits The Market For $12.9 Million

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House Of The Day: Mansion In Texas

Theresa Roemer first made headlines last summer when her 3,000-square-foot three-story closet was featured in Neiman Marcus blog

But all of that publicity might not have been a good thing for Roemer since she was robbed of a reported $1 million dollars of luxury good shortly after. 

So the Houston socialite, entrepreneur, and former Mrs. Houston Texas has decided to put her mansion and beloved closet (that she spent half a million dollars building by the way) on the market for $12.9 million, reports the Houston Chronicle

In addition to having the “largest closet in America,” the Woodland’s home has 10-bedrooms, floor-to-ceiling glass walls, two kitchens, a wine tasting room, and a in-home spa and movie theater. All of these amenities are spread across 17,315 square feet. 

Roemer already has plans for her next closet to be twice as big, according to Curbed. 

Welcome to 47 Grand Regency Circle.



Guests are immediately greeted by a towering entryway, complete with a Swarovski Crystal chandelier.



The home is covered in 25-foot, floor-to-ceiling glass walls.



See the rest of the story at Business Insider

10 Up-And-Coming US Housing Markets To Watch In 2015

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san francisco painted lady houses

First-time buyers will make a comeback into the housing market next year.

That's according to Realtor.com, which forecasts strength in the US housing market in 2015.

"The residual financial effects of recession-driven job losses and subsequent unemployment have impeded millennials' entry into the home-owning market," writes Jonathan Smoke, chief economist for Realtor.com. "In 2015, increases in employment opportunities will empower younger buyers to return to the market and fuel the continued housing recovery."

Realtor.com recently released its list of "Top 10 Markets for Housing Growth in 2015." These cities have a great deal of new construction, and their job markets are attractive to young professionals. They range from large metros like Los Angeles, forecast to see increased home sales, to small and affordable cities like Des Moines, Iowa.

 

Atlanta-Sandy Springs, Georgia.

Local Metrics: Household growth formation ranks seventh in forecast household growth over the next five years. Home sales are expected to grow 11%.

Comment: The Atlanta metropolitan area has the eighth-largest economy in the US and the 17th-largest in the world.

Source: Realtor.com



Dallas-Fort Worth-Arlington, Texas

Local Metrics: Household formation ranks first in forecast household growth over the next five years. The volume of home sales is expected to be up 7%.

Comment: Dallas has more shopping centers per capita than any city in the US.

Source: Realtor.com



Denver-Aurora-Broomfield, Colorado

Local Metrics: Growth in home sales is expected to be up 14%. Housing supply is tight.

Comment: Denver is the second-best city in which to launch a startup among the 50 most populated cities, according to a Forbes ranking.

Source: Realtor.com



See the rest of the story at Business Insider

Renting In The US Is Now Twice As Expensive As Buying

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Couple With New House

As rent soars across the US, Zillow found that renting a home is half as affordable as buying one.

In the third quarter of 2014, US renters could expect to spend about 30% of their incomes on rent, while those buying homes could expect to spend just 15% of their monthly incomes on their mortgage payment.

The report reveals a big shift from the years before the real estate bubble, between 1985 and 2000, when rent was typically more affordable in major metros than buying.  

Now, in most metros, those who can come up with a down payment are better off buying, in terms of affordability.

Even in the least affordable metros — like San Francisco, Los Angeles, Seattle and Boston — renting was a more affordable option before the real estate market crash. But since then, rent has increased while the cost of buying a home has fallen in many places, so that renting is now the less affordable option — sometimes by a large margin.

Younger buyers making smaller down payments spend slightly more than other buyers on mortgage payments — a median of 17% of their incomes — but buying is still more affordable for them on a monthly basis.

"Despite rising home values, home ownership remains very accessible for buyers that can scrape together a down payment — even a relatively modest one — find a home to buy and secure financing,” said Zillow Chief Economist Dr. Stan Humphries.

Humphries has said he expects 2015 to be a breakthrough year for younger buyers to enter the market, and many of those buyers will decide to buy because rent is so unaffordable. At the same time, some renters are spending so much on rent they will struggle to save for a down payment, even if they want to buy.

SEE ALSO: How The Costs Of Owning A Home Drove Me Back To Renting

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HOUSE OF THE DAY: Miami Penthouse With Two Jeff Koons Sculptures Lists For $29.5 Million

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HOTD: Miami Penthouse With Jeff Koons

A new ultra-luxury condo building under construction in Miami comes with a fractional ownership of two original works by the world’s most expensive living artist: Jeff Koons. 

The gorgeous top-floor penthouse that is asking for $29.5 million comes with a 1/240th stake in the Koons’s, according to the Wall Street Journal

The 19,321-square-foot Miami penthouse will also have five bedrooms, seven bathrooms, a sauna, an exercise area, two dens, and a massage room.

Plus, the condo is just a few steps away from the beach. 

The building is expected to be completed in 2016. 

Welcome to Oceana Bal Harbour in Miami’s Bal Harbour. The once-famous Bal Harbour Club is being redesigned to become the new Oceana Bal Harbour.



The new 240-unit ultra luxury condos will be home to two world-class works of art by Jeff Koons.



The five-bedroom penthouse on the top floor of the 28-story building will have a grand total of 9,950 square feet of outdoor space.



See the rest of the story at Business Insider

A Tycoon In Iraq Is Building A $20 Million Replica Of The White House Miles From ISIS Strongholds

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A Kurdish business tycoon is building a $20 million replica of the White House in a swanky neighborhood in Erbil, Iraq. The knockoff is situated not 50 miles away from ISIS-held Mosul.

Shihab Shihab, a Kurdish business tycoon, commissioned the mansion to be built with Greek marble instead of sandstone, and while it is smaller than the original White House at 32,300 square feet, the home comes complete with a 9-foot crystal chandelier, 21-karat gold ceilings, and a Turkish bath. 

Shihab dreams of Obama coming to visit the house in Kurdistan one day. "If Obama comes, I will invite him to come here," Shihab told NPR. "We will invite him to have Erbil kebab and fish."

Here's a peek inside the construction: 

The mansion is being built in Erbil's Dream City, a luxury neighbourhood in northern Iraq lined with million-dollar villas.iraq white house

The mansion is slightly smaller than the actual White House, measuring 32,300 square feet instead of 55,000 square feet. The home's columns have been finished with 21-karat gold leaf.iraq white house

The banister of the home's grand staircase, as well as the ceiling, have also been trimmed with 21-karat gold.iraq white house

A large swimming pool is just one of many features Shihab has made on his replica of the White House.iraq white house

A Turkish bath, decorated with intricate Turkish tiles, is another.iraq white house

Shihab hopes people will talk about his copy as much as they talk about the real White House. He plans to make this colorful room the gym.iraq white house

The home will have two master bedrooms, but Shihab doesn't remember how many rooms the mansion has total — he told NPR it's so big, he can't keep track.iraq white house

When a buyer offered to pay $17 million for the mansion back in October, Shihab reportedly refused, according to the NY Daily News.iraq white house

"I wanted a house people would talk about," Shihab told NPR. "I wanted to create a new landmark that rivals the Citadel. And I think if you have money you should live in luxury."iraq white house

SEE ALSO: A Look Inside The Abandoned Factory That Caused The Worst Industrial Disaster In History

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Google Lawyer Is Chased By Protestors (GOOG)

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Google Jack Halprin Running HomeJack Halprin, a lawyer that works for Google, ran from protestors Tuesday morning after getting off one of the company's buses.

San Francisco residents were protesting Halprin's Ellis Act eviction of four units on 812 Guerrero Street.

The Ellis Act is a 30-year old law that allows landlords to evict their tenants in and leave the housing market.

Recently the law has been used by real estate speculators who buy apartments and flip them a short time later.

The apartments Halprin is evicting tenants from are rent-controlled. Two teachers, a therapist, and a taxi driver are among the residents Halprin wants to evict, according to IndyBay.

Protestors followed Halprin back to his apartment and picketed outside. Ray Charles' "Hit The Road, Jack," plays as Halprin leaves his apartment later on.

Check out the full video:

SEE ALSO: A 30-Year-Old Law Is Creating A Crisis In San Francisco

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Is This New York's Next Great Neighborhood?

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hudson yards locationNEW YORK (Reuters) - Work crews are scrambling underneath New York City to finish the city's first major new subway stop in 25 years, a fast-track project intended to revitalize a long-neglected slice of Manhattan.

The city's transit authority has been working for seven years on the $2.4 billion extension of the Number 7 subway line, once known mainly for transporting fans to New York Mets baseball games and the U.S. Open tennis tournament.

Now the line will extend far west to 11th Avenue in Manhattan, a run-down neighborhood long known as Hell's Kitchen that is home to a major bus station and tunnel entrances to New Jersey.

Like most big infrastructure projects in U.S. cities, the extension has suffered some delays, but it has moved along far faster than a Second Avenue subway that is still under construction after more than 80 years of planning.

The project was sped along by former Mayor Michael Bloomberg, who came up with a novel financing structure that allowed the project to avoid the time-consuming process of seeking federal funding but has drawn some critics who contend it leaves local taxpayers on the hook for decades.

Problems with a fire alarm and security system have pushed completion until April 2015, said Kevin Ortiz, a spokesman for the Metropolitan Transit Authority, which runs the city's subways, buses and some commuter rail. Previous delays were blamed on mechanical failures of two inclined elevators to carry passengers to street level.

"It's a very, very important subway extension. It's going to be huge," said Kenneth T. Jackson, who teaches history and social sciences at Columbia University and editor of The Encyclopedia of New York City.55 Hudson Yards before and after

The new station is intended to be the linchpin of the Hudson Yards development, with more than a dozen skyscrapers, a cultural center and parks replacing a neighborhood once dominated by rundown industrial buildings.

Key to the project's success is its route, through the city's busiest transit hubs of Grand Central and Times Square, opening up the far west side to the entire mass transit system, said Mitchell Moss, professor of urban planning at New York University. It will also serve as an entry point to the popular High Line elevated park.

The Hudson Yards station is expected to see 200,000 daily riders by 2025, according to MTA projections, on a system that sees 5.8 million riders each day. By way of comparison, the busiest station, Times Square, today sees 197,696 daily riders.

SPEED AT A PRICE

The speed comes at a cost to the city. Bloomberg pushed through an innovative financing scheme that leap-frogged federal rules that can slow the development of transit projects, but means it has no financial support from Washington.

"The only way this was done is that the City of New York had the vision and took the initiative to finance it rather than to wait for the U.S. Department of Transportation processes, which would mean a terminal death," NYU's Moss said.

Critics said bypassing those federal hurdles also meant missing federal aid. The city's offer of steep property tax breaks to Hudson Yards real estate developers left a greater burden for taxpayers, they said.

10 Hudson yards before and after"For city taxpayers, it's a horrendous deal," said James Parrott, chief economist of the Fiscal Policy Institute, a non-profit research organization that opposed the financing plan. "It's costing city taxpayers money now, and will cost them for the next two or three decades."

Charles Brecher of the Citizens Budget Commission, a civic organization that has not taken a stand on the financing, said it will be long time before the Hudson Yards buildings are valuable enough to pay off the city-backed bonds.

"In the short run, the city has had to subsidize it," said Brecher, CBC's consulting director of research.

To extend the line, the MTA bored a 1.5 mile (2.4 kilometer) tunnel from West 26th Street and 11th Avenue to Times Square, said Michael Horodniceanu, the MTA's head of capital construction. The station itself will occupy a 1,212-foot (369 meter) cavern.

"If you take the Empire State Building and put it on its side, it would probably fill that," Horodniceanu said.

The new station could transform its neighborhood by drawing in new residents and businesses in the way a decision a century ago to bury a surface rail line that left a sooty trail north from Grand Central Terminal changed that stretch of Manhattan, observers said.

That street, Park Avenue, is now synonymous with luxury.

"This is the equivalent," NYU's Moss said. "We're taking an area that people avoided, and making it an area that people want to go to."

(Editing by Scott Malone and Nick Zieminski)

SEE ALSO: This Is The $20 Billion Future Of Manhattan's West Side

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HOUSE OF THE DAY: Stunning Chelsea Townhouse Sells For Nearly 4 Times What Owners Paid Just 3 Years Ago

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460 West 22nd Street house

Bill White, the chairman and CEO of consulting firm Constellations Group, has sold his renovated townhouse in Chelsea for an even $16.25 million, according to Curbed.

He originally bought the townhouse with his husband Bryan Eure, senior vice president for business development at brokerage firm Willis and Global, for $4.6 million back in 2012.

Barring renovation costs, that means they made roughly $11.65 million in just three years.

According to an Instagram post from estate agent Fredrik Eklund (who shared the listing with colleague John Gomes), the townhouse was visited by Barack Obama, Jennifer Lopez, and Mark Wahlberg.

An anonymous LLC known as DRGB Y Asociados bought the home, according to property records.

The townhouse has six floors and four bedrooms, and comes with 6,000 square feet of indoor and outdoor space. Douglas Elliman had the listing.

Originally built in 1840, this townhouse in Manhattan’s Chelsea neighborhood went under a multi-million dollar construction.



The house sold for $16 million after the owners bought it for $4.6 million back in 2012.



The townhouse has six floors in total, as well as 5,000 square feet of space.



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Why Most Buyers Should Plan To Live In A New Home For At Least Five Years

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Man in Front of Home

With renting now half as affordable as buying a home in the US, it may be time to move out to the burbs and put a down payment on a house.

Here's one thing to keep in mind though: It takes time for homes to appreciate in value, so if you're not planning on staying there for several years, don't buy.

Just how long is several years?

According to Manisha Thakor and Sharon Kedar, authors of "On My Own Two Feet," five years is a good rule of thumb to stick you when buying a home.

According to Thakor and Kedar, staying less than five years in a home you've bought can be very risky.

If you buy a house that you plan to live in for less than five years, it is important to understand that what you are doing is essentially betting on the short-term direction of property prices. This kind of bet is an awful lot like gambling in Vegas. Things may go in your direction, but then again they may not.

Over the long run, housing prices have gone up. However, you typically need at least five years to have reasonably high odds that your home will appreciate enough in price to offset the additional costs of home ownership.

There is an exception to this rule of thumb. Home flipping — buying a home and then selling it quickly for a profit — has become popular in recent years, and it can be very lucrative. In the second quarter of 2014, 31,000 single-family homes were flipped for an average gross profit of $46,000.

Flipping a home is expensive, time consuming, and requires a fair amount of skill and knowledge, though, so most buyers are best-served planning to stick around for a while.

SEE ALSO: Here's The Salary You Have To Earn To Buy A Home In 15 Major US Cities

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Here's Video Of That Bonkers $70 Million Mansion That The Minecraft Creator Bought, Outbidding Jay Z And Beyoncé

HOUSE OF THE DAY: Comedian Dennis Miller Is Selling His Gorgeous California Beach Home For $22.5 Million

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dennis miller houseComedian Dennis Miller, known for his years on "Saturday Night Live," is selling his renovated beachfront home in Carpinteria, California, for $22.5 million, nearly double what he paid for it in 2003, The Wall Street Journal reports.

Miller and his wife bought the home for its prime location on one of California’s most pristine beaches and its exceptional sense of privacy, according to The Journal. 

The 6,000-square-foot beachfront estate sits on more than a half-acre of land with 63 feet of beach frontage on the Pacific Ocean. 

Riskin Associates with Village Properties has the listing

Welcome to 3333 Padaro Lane. Located in California’s Santa Barbara County, this charming seaside home was designed by architect Don Nulty.



The five-bedroom mansion was recently renovated and filled with Scandinavian antiques.



The quintessential beachfront home is decorated with a light color scheme.



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15 Predictions For NYC's Housing Market In 2015

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520 park avenue building new york

MANHATTAN — The rise of glittering new condos for billionaires and the decline of homes priced under $1 million set the tone for New York's residential real estate market in 2014

Now, there's a slowdown in sales for the pricey new condos, while the appetite for lower-priced apartments has only grown stronger. Expect a shift in the strategies of developers in 2015, including a focus on all things smaller, whether in the luxury market or in the rental market, with buzz about micro units and shared suites for roommates.

We asked some real estate experts to share their 2015 forecasts:

1. Price growth cools in Manhattan

Prices are still expected to increase in Manhattan, but at a slower pace: rising a "healthy" 4 percent, which is roughly half the growth the market saw in 2014, StreetEasy data scientist Alan Lightfeldt predicts.

2. But not in Brooklyn and Queens

As many New Yorkers embrace Crown Heights, Bedford-Stuyvesant and Long Island City, prices are set to continue rising at faster rates.

"There's still such an influx in new demand pushing prices, so the story might be a little different there," Lightfeldt said.

3. More inventory is expected in those boroughs

Inventory is expected to rise with new development — condos and rentals — in Brooklyn and Queens, along with an uptick in apartment owners looking to downsize or trade up.

"We have a lot of owners looking to put their homes on market in first quarter," said Corcoran's Leslie Marshall, who specializes in Brownstone Brooklyn. "Owners see that prices are good, they've been good for a few years now and who knows where they’ll go, so why wait. They're saying, 'let's get on the bandwagon.'"

4. But developers might also pause before building new rentals

A state program, known as 421a, that gives tax breaks to developers is set to sunset on June 15, 2015, spurring many developers to rush and file plans before the deadline, since they are not sure what to expect next.

"There is nothing scarier than uncertainty," said Drew Fletcher, of theGreystone Bassuk Group, a leading provider of multi-family mortgage loans. Many rental developers are taking a pause until there's more "clarity on what the ground rules are."

5. Amenities get 'cool'

Developers are creating events and programs to ensure amenity spaces get used, especially for high-end rentals.

At Downtown Brooklyn's 42-story 66 Rockwell Pl., the developer hired a full time "amenity manager" to oversee the 10,000 square feet of common spaces, Dermot Company's Andrew Levinson said.

The building is partnering with the nearby Mark Morris Dance Group to offer classes onsite and talking to other local arts organizations like Brooklyn Academy of Music to create some "cool" events, like film series.

"We want to inspire people to stay in our buildings for a long time. This is one way to do that," he said. "And, quite frankly, rents are very expensive in New York City, and we want to make sure people are getting value for what they're paying for."

6. Developers will focus on roommates

Paying $3,000 a month for a one-bedroom is too burdensome for many New Yorkers, especially the coveted group of young professionals, so developers are eyeing the "micro-suites" model where up to three tenants, each with their own small room, share a kitchen and bathroom.

"You have to find alternatives," said Greg Katz, a partner of Sterling Equities, which shifted some attention this year from Manhattan to Brooklyn, snatching up Williamsburg rentals.

The company is discussing how "young professionals can have a clean, safe place" and perhaps "split up an apartment where they're paying less than $1,500 a month," Katz said.

7. Manhattan's ultra-luxury market shifts to smaller units

With the uptick in new condos priced above $10 million, brokers have seen a slowdown in sales. Feeling less urgency, wealthy buyers are becoming choosier, many said.

Reversing the recent trend of sprawling units, developers are eyeing new strategies like creating smaller apartments that have the luxurious touches and still command $2,500 to $3,000 a square foot, experts predict.

"Now, instead of palatial, we have clients taking a slightly more conservative approach to what they're building," Fletcher said. "They're trying to do more modest-sized units, priced at $2 million to $4 million, to appeal to a broader market."

8. China will lead the foreign buyers

Foreign buyers from politically or economically unstable parts of the word  will continue viewing New York real estate as "the most safe and lucrative investment," said Corcoran's Tamir Shemesh.

Chinese buyers will dominate, especially as its government loosens investment restrictions, he added.

9. Local elites want smaller buildings and more privacy

High net-worth locals — those in finance and entertainment who are raising their families here —  want smaller, private-feeling buildings, said architect Nancy Ruddy, of Cetra Ruddy, who worked on 443 Greenwich St. in TriBeCa, where a driveway goes into the building so residents never have to touch a sidewalk. Elevators open onto apartments — and won't stop until you've reached the lobby so there's no need for elevator small talk.

"The issue of privacy and exclusivity has become a new touch point," Ruddy said.

10. Neighborhood undergoing most massive transformation: Hudson Yards

With the No. 7 train extension on track to open in February and the early phases of the $20 billion Hudson Yards project to begin opening over the next few years, the spotlight will be on the far West Side, many said.

"That 7 line is going to be amazing," said Karen Kelley, of Corcoran. "Everything is going to converge and make that area a great value now for people who have foresight."

11. Queens will have its day

Newly-minted as the nation's No. 1 tourist destination by Lonely Planet,Queens is on many developers' radar. Besides big projects in Long Island City and Astoria, new development is rising in other areas, from Forest Hills to Flushing.

"Queens is the next frontier," said Barry Brandt, director of sales at Argo Real Estate, a real estate owner and property management company.

A lot of "established development money" is now being funneled into Queens, he said noting, for instance, Vornado Realty Trust's 314-unit luxury apartment tower above its Rego Park shopping mall and Lincoln Equities Groups' $1 billion Hallets Point project expected to bring more than 2,000 market rate and affordable units to Astoria.

12. The Bronx is next

As Queens and Brooklyn become pricier for house hunters — and developers — the next stop is The Bronx, several experts said.

Bronx neighborhoods including Tremont, Pelham Parkway and Mott Haven, in the South Bronx, are expected to see revitalization, Brandt noted.

13. Project people will be talking about: MyMircoNY

Expect buzz around the end-of-summer opening of the city's winning micro-unit project on East 27th Street.

In the spring, developer Monadnock will be hosting a "stacking event" for the 9-story prefabricated building — when cranes stack the units made in a Brooklyn Navy Yard factory. When the building is ready, Monadnock plans to invite the public to peak into the 55 units, ranging from 250 to 370 square feet.

"A 260 square foot unit that has big windows and tall ceilings and nice design is a very nice place to live in," said project manager, Tobias Oriwol. "Until someone walks into a unit like this, they’re not going to realize that everyone knows someone who lives in a smaller, but worse situation than what we have. I think it will be really eye opening that the stereotype of the tiny dark musty room doesn’t really apply to small living spaces."

14. A focus on kitchens for foodies

Apartment dwellers building trophy kitchens are now actually using those spaces, said architect Lee Skolnick.

"Because of people eating well and eating local and cooking at home, we find people more interested in what's really going to work for them," he said.

They're looking at restaurant-quality Wolf ranges and want counters that won't leech chemicals, so more people are going back to butcher blocks for islands, he said.

Kitchens are also looking more like built-in furniture, opened up to living/dining areas. But since many apartments don't have room for islands, architect Marc Spector said designers have to get more creative with storage space.

15. "Mud rooms" are the rage

Apartment dwellers want "dumping grounds" for coats, shoes and backpacks, so besides building vestibules inside apartments for residents, Spector is working with several clients who are buying the rights to use part of their building's corridor space — at the end of hallways where it won't create egress issues — to build such spaces.

People want the "luxury of having a space to take off and then go in," Spector said.

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Why It Will Be Easier to Buy a Home in 2015

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new house

Housing economists and would-be homebuyers are finding reasons for optimism as 2015 nears.

To be fair, the bar's set pretty low after a tough year for housing.

However, there are some genuinely encouraging signs that next year will be better for prospective buyers.

Economic recovery and an improving job market will go a long way to boosting affordability for buyers in many markets.

Here's a look at four reasons why the upcoming year might be a difference-maker for would-be homebuyers.

1. Looser mortgage credit 

After years of hyper-cautious lending, more mortgage lenders are starting to relax credit and underwriting requirements, which are also known as "overlays."

A big push in that direction came earlier this month when new guidelines from Fannie Mae and Freddie Mac took effect. These government-sponsored mortgage giants purchase about two-thirds of all new home loans.

The new policies were aimed at clearing up confusion about when lenders must buy back loans that go sour. Economists and industry insiders expect the newfound clarity will lead to broader access to mortgage credit.

"I've been told with absolute confidence that some lenders are lifting almost all of their overlays," David Stevens, president of the Mortgage Bankers Association, told the Wall Street Journal.

The Urban Institute estimates more "normal" lending requirements could mean an additional 1.2 million home loans every year.

2. Lower down payments

Prospective buyers have another reason to high-five Fannie and Freddie: They've recently agreed to get behind loans with just 3% down. That lower benchmark, coupled with loosening credit standards, will likely help more first-time buyers enter the market.

Buyers will need at least a 620 FICO score and be on the hook for private mortgage insurance. Requirements for the 3% option vary between the two agencies. Depending on their path, buyers may need to complete a homebuying education program or show they haven't recently owned a home.

"Our goal is to help additional qualified borrowers gain access to mortgages," Andrew Bon Salle, a Fannie Mae executive vice president, said in a statement. "We are confident that these loans can be good business for lenders, safe and sound for Fannie Mae and an affordable, responsible option for qualified borrowers."

FHA loans currently feature a 3.5% down payment requirement, but the accompanying mortgage insurance premiums have become increasingly expensive for many low- and middle-income borrowers. On a typical $200,000 loan, an FHA buyer might pay an extra $200 per month in mortgage insurance costs.

new house charlotte

3. Cooling home prices

Some housing markets are still hotter than others. But the overall pace of housing price growth has slowed considerably. Freddie Mac's housing price index soared 10% from September 2012 through September 2013.

Over the last year, the index is up just 5%, and Freddie Mac economists expect only a 3% increase for 2015.

Increases in housing inventory may also help to push down prices in some places.

4. Rates still low

Heading into 2014, most economists and housing wonks expected mortgage rates to top 5% by year's end.

Last week, the average rate on a 30-year fixed mortgage didn't even top 4%, according to Freddie Mac's weekly lender survey. The 3.89% average rate marked an 18-month low.

A host of economic and geopolitical factors combined to keep rates lower than anticipated this year. They're almost certainly going to rise in 2015, maybe even into that long-predicted 5% range, but they'll still remain far below historical averages.

Before you buy a home, it's important to check your credit to get an idea of whether you'll meet lenders' requirements. You can check your credit reports — you can get them once a year for free, and you can also get a free credit report summary on Credit.com — to see where you stand. You can also use this calculator to see how much home you can afford, which can help you target your search to a price range that is right for you.

More from Credit.com

SEE ALSO: How To ID The Next Hot Neighborhood Before Everyone Else

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HOUSE OF THE DAY: An Extremely Ornate Mansion In South Florida Lists For $30 Million

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Palm Beach Garden Mansion 3

A Palm Beach Gardens mansion with Italian Renaissance- and French Baroque-revival details just listed for $30 million, according to Curbed Miami.

That makes it the most expensive property for sale in the neighborhood.

The home is quite ornate — it has marble floors, hand carved ceilings, and a whopping 40 chandeliers, not to mention six bedrooms and a ballroom.

The Palazzo Grande Mansion was built in 2005 to mimic the romance and luxury of a 16th Century Italian Renaissance-style villa. The land was sold to the builders of the house in 2002 for a measly $111,600.



The exterior was made with a cast-stone marble veneer. The front portico features Corinthian columns meant to emulate the east side of the Louvre in Paris.



The luxury doesn't stop as you enter the house and make your way to the kitchen. Limestone walls, cherry cabinetry, granite countertops, and the very top-of-the-line appliances, including two Sub-Zero refrigerators and two dishwashers. A Venetian-style ceiling completes the look.



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