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The latest news on Real Estate from Business Insider

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    H&M

    H&M's largest store is currently in Las Vegas. 

    But that's about to change, according to Izzy Grinspan at Racked. The fast-fashion retailer just signed a lease for a 57,000 square foot property at 5th Avenue and 48th street. 

    The location is close to the shops on 5th avenue that are constantly inundated with tourists. H&M already has a store in the area, and it's constantly packed. 

    Racked offers some insight into why the brand is making the move: 

    "Why does H&M need a monster store just three blocks from its current location at 640 Fifth Avenue? Well, there's the question of storage. This new space will carry all of the brand's collections, including lingerie, baby clothes, and housewares. The company also believes opening multiple stores near each other "increases foot traffic," as one spokesperson told Women's Wear Daily. Then there's the possibility that 640 Fifth won't be around much longer. Last month, we heard a rumor that H&M would be moving out once the rent goes up in 2014."

    Did you know that H&M has housewares? We didn't. 

    We'll follow up with a full tour when the store opens. 

    DON'T MISS: How Urban Outfitters Surprised Everyone And Dominated This Quarter >

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    A former correctional facility in New York state is for sale for only $390,000. 

    Camp Georgetown Correctional Facility in Madison County, New York, will be auctioned in September, the state announced. 

    Here's the state website advertising the property, which includes 44 buildings. 

    The facility includes cell blocks, a pavilion, a mess hall and a gym. There are three dormitories and 75 bathrooms. 

    Its not clear when the prisoners last lived there, but the state is now advertising to hunters because of the surrounding woodlands. 

    Here are some photos from the state's brochure: 

    new york prison

    new york prison

    new york prison

    new york prison

    new york prison

    DON'T MISS: Planned Condos Have Suspended Pools A Hundred Feet Up >

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    jackie gleason miami beach house

    The Miami Beach home that Jackie Gleason once owned is on sale for $2.399 million.

    The eight-bedroom, 7.5-bathroom home spans nearly 8,000 square feet.

    The home sits on 1/4 of an acre, with fruit trees on the property.

    The listing describes the home as "great for someone who likes to throw big parties."

    Welcome to Alton Road.



    The home was built in 1959.



    Taxes on this estate are about $38,782 a year.



    See the rest of the story at Business Insider

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    jennifer lopez former $40 million miami beach home

    Jennifer Lopez's former Miami Beach home, which she sold in 2005, is back on the market.

    The seven-bedroom home has been relisted for $40 million—a 28 percent increase over its previous asking price of $29 million when the current owners first listed it in 2010, according to The Wall Street Journal.

    The owners, healthcare entrepreneur Mark Gainor and his wife, purchased the home from J-Lo for $13.9 million, and then put $11 million worth of work into the house.

    The home spans 12,152 square feet, has eight full bathrooms, and three half baths.

    The house was built in 1929.



    The mansion sits on about an acre and a half of land.



    Taxes are $191,367 a year. But for some people, a closet like this is worth that price.



    See the rest of the story at Business Insider

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    brad pitt malibu houseAfter purchasing Brad Pitt's Malibu estate in Dec. 2011, Ellen DeGeneres and wife Portia deRossi are already selling the place, real estate blogger The Real Estalker is reporting.

    The couple is trying to sel the home for $13 million.

    DeGeneres picked up the pad for $12 million last year. It was a loss for Pitt, who originally bought it for $13.75 million. 

    The 4-bedroom, 4-bathroom home faces Point Mugu State Park on one side and the Pacific Ocean on the other, and features spectacular ocean views all around.

    The gated home also has beach access to a private cove, three fireplaces, and a tennis court.

    The property sits beachfront.



    The house has an outdoor fireplace to keep cozy at night.



    And views of the ocean and a state park.



    See the rest of the story at Business Insider

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    dubai apartment $19.98 million

    A very fashionable high-rise apartment in Dubai is on sale for $19.98 million.

    The apartment has four bedrooms and seven bathrooms, and is 11 miles from downtown Dubai.

    The listing describes the apartment as "the most luxurious high rise development in Dubai with stunning views over the sea and Palm Jumeirah."

    The apartment has a long great room and an entire wall of windows.



    The kitchen is very sleek and modern.



    The office has a luxurious plush couch and a built-in shelving unit.



    See the rest of the story at Business Insider

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    las vegas welcome sign woman ed hardy shirt

    I wrote an article (link below) about cashing out of the NYC housing bubble and moving to Reno, NV. No one knows when the bubble will end, but when house prices exceed fundamental rents and wages, watch out!

    This article focuses on Las Vegas because it is a very interesting city with lots of bad press, much of it unfairly gained.

    Anyway, Reno is great for outdoor types and I don't regret defending that city every chance I get. However, I have since relocated to Las Vegas and am enjoying the mild and warm weather here. Las Vegas is a great place so when I saw this quote at this Patrick.net blog post, I had to share it with all you guys who are pondering a lifestyle change. Apparently you are not the only ones:

    "I was born and raised in Manhattan in a neighborhood that became more and more crime ridden every year. We gave up and moved to Yorktown Heights in Westchester. The utilities, mortgage and prop taxes ($10K for prop taxes alone) were a sleigh ride to hell. We stuck that out for 13 years and moved to Las Vegas in 2006. Life is easier here, more affordable. You can park anywhere. The people I've met are friendly (much more so than in Westchester.) I guess it depends on what you're used to. I like the weather here. I don't miss snow. I would not walk around at night in the area we rent in now. But I wouldn't do that in NY either, if I had any qualms about it. When I first got here I rarely met another NY refugee. Now they're coming in droves."

    To be fair, not all responses to my article have been positive, but this quote pretty much sums up how I feel. And you poor New Yorkers, you can't park anywhere you want? Who can go through an entire lifetime not being able to park where you want?

    And think about it New Yorkers, no snow! There is virtually no snow in Las Vegas. Can you grasp living where there isn't any snow, and no major humidity in the summer to boot? You can't even imagine it can you, unless you hop down to Florida now and again.

    The summers in Las Vegas are warm, but they are not as stuffy as Palm Springs, another place I really like. That sea level heat can be quite "close", if you know what I mean. Las Vegas, on the other hand, sits above 2000 feet above sea level on the strip and west of it is even higher. Obviously Lake Las Vegas and most of Henderson are lower than the strip but are beautiful. Just a little hotter there.

    There are a lot of misconceptions about Las Vegas. It is a lot nicer than many folks think. Not all of Las Vegas. But I bet there are well over 100 square miles of pretty nice living in Las Vegas. There are 35 square miles in Summerlin alone. Las Vegas totals about 300 square miles for two million people. 300 square miles crams 8+ million people into New York City proper. Wow, what a difference.

    As I was driving down Tropicana Boulevard looking at the New York skyline, I was thinking to myself, at least here you can visit NYC, eat the good food, and go home in 15 minutes! What a hoot.

    So far, the hottest day I have spent in my new city was 115. It felt like 109. But the heat generally is intense in two weeks in July and in two weeks in August. Global warming does impact some summers, and makes things a bit hotter. But if you don't get snow your body adjusts to warm just fine. I have been more miserable in the east with 95 degrees and 90 percent humidity. Talk about close.

    And, as I write in my article about the pros and cons of living in Las Vegas, parts west of the strip have a rise in elevation. It makes a large difference, and cools down more at night.

    We had a weird rain on August 22 and I thought I would need a jacket walking my dog through a trail in Summerlin. It is close to where I live, so I try to go up the plateau just a bit for cooler weather for a dog built for cool. But to almost need a jacket on August 22 was nice.

    It won't get much cooler than that in January people!

    I happened to be talking to a server at the Agave restaurant in Summerlin and he told me that Brooklyn was high crime and not so clean as he remembered it. I don't know since I have only driven through Queens a long time ago. But he said Las Vegas was clean and in his area there was little crime. He loved it. Las Vegas was his second favorite place to live, the first being San Diego. But San Diego is stupidly expensive, and it doesn't have the strip.

    So anyway, I hope I have been able to show you a glimpse of Las Vegas absent a bunch of negatives that are most certainly exaggerated. Check it out sometime, New Yorkers, and you could improve on your lifestyle. If it is good enough for Pia Zadora, hey, it has to be great right? 

    For further reading:

    Pros and Cons of Living in Las Vegas

    Prostitution is Illegal in Las Vegas and Reno: Funny Stories

    New Yorkers: Escape that Housing Bubble and Move to Reno, Nevada

    Pros and Cons of Living in Los Angeles

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    nantucket $59 million estateLots of factors can affect the price of a home, from location and acreage to amenities and even the number of bathrooms.

    Think you can figure out the sticker price of a home just by looking at it and knowing a few key specs?

    We've picked out a range of mansions currently on the market in the U.S. See how good your appraisal skills are in our quiz.

    HINT: This 70-acre estate in Nantucket has nine bedrooms, 9.5 bathrooms, and sits on the harbor.

    Sotheby's



    LISTING PRICE: This estate, called "Swain's Neck," is on sale for $59 million.

    Sotheby's



    HINT: This stone mansion in Dallas has five bedrooms, five bathrooms, and two half-baths.

    Sotheby's



    See the rest of the story at Business Insider

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    The Opus Hong KongA luxury Hong Kong apartment has recently sold for HK $470 million ($61 million USD), AFP reports. The unit has exceeded the previous record price of HK $360 million, making this condominium the priciest apartment in Hong Kong.

    The 6,200-square-foot unit takes up the entire eighth floor of the 12-story Opus Hong Kong, designed by renowned architect Frank Gehry. The anonymous buyer will enjoy sweeping views of Hong Kong's financial district from the hillside vantage point of The Peak, a long-time property favorite of Hong Kong's most affluent homeowners.

    The new record price follows the recent upward trend of Hong Kong's real estate market. The city not only reported a drastic rent increase of 15%, but has earned the title of most expensive high-end residential property globally. The reason for the surge stems from an influx of companies from Korea, Japan, and mainland China, in addition to the city's high population-per-square-foot ratio, according to the Wall Street Journal.

    And with rent more than five times the average Hong Konger's salary, that means fewer and fewer residents are able to afford decent accommodations—even those in the upper middle class.

    There are no listing photos of the apartment available but you can see from the floor plan that this pad is one-of-a-kind:

    opus hong kong

    Now learn the 15 most expensive places to rent a luxury apartment >

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    camille grammer $17.9 million malibu home

    "Real Housewives Of Beverly Hills" star Camille Grammer has listed her grand Malibu mansion for $17.95 million, according to celebrity real estate blogger The Real Estalker.

    The nine-bedroom, 12-bathroom home sits on 4.75 acres of land.

    Camille Grammer is third ex-wife of sitcom star Kelsey Grammer. As Trulia points out, the couple owned the home through a trust and since their divorce settlement is sealed, it's unclear whose name is actually on the title.

    The gated home has ocean views and a five-car garage.

    Welcome to Serra Road in Malibu.



    Camille and Kelsey Grammer purchased the home in 1998 for $4.5 million.



    The main mansion was designed in 1969.



    See the rest of the story at Business Insider

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    w 77th street apartment

    It's not enough that the living room inside the apartment at W 77th Street has views of the American Museum of Natural History and Central Park. It also has 24-foot ceilings and is as long as half a basketball court.

    The living room is the centerpiece of a 4,200-square-foot apartment that is on sale for $20 million.

    It might be hyperbole, but we see what the New York Daily News means when it writes of the apartment "with the exception of where kings and queens live, this might be the greatest salon of any city apartment in the world."

    The apartment has three bedrooms, two bathrooms, and one half bath.

    Welcome to W 77th Street.



    The living room has ceilings that are 24 feet high.



    The steel-cased picture window is movie-screen-sized, and takes up almost an entire wall.



    See the rest of the story at Business Insider

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    jane marvel's upper west side penthouse in new york

    Inside a Riverside Drive penthouse, where a music studio used to be, there is now a family room filled with children's artwork.

    The penthouse, which was once music producer Andy Marvel's bachelor pad, has been converted into a family home where his wife cooks dinner and their two sons do homework.

    Click here to tour the home >>

    Marvel and his wife, Jane Saidenberg, are a New York power couple. Marvel is best known for writing Celine Dion's "Treat Her Like A Lady," and Jessica Simpson's "With You." Saidenberg is the founder and CEO of Jane Marvel, a handbag company that sells affordable, fashionable totes.

    Marvel purchased the main floor of their current home in 1995. In 2002, after he and Saidenberg had wed and were expecting a second child, the couple purchased the upstairs penthouse and redesigned both apartments into a two-story home.

    The total cost of renovations, which included knocking down walls and building a staircase, cost around $800,000. Their "dream home" spans nearly 2,800 square feet, not including out door space. It has three bedrooms, and three bathrooms, and has even temporarily served as office space for both Marvel and Saidenberg.

    "My entire family, we all know how lucky we are and how rare this space is," Saidenberg said.

    We recently stopped by to meet Saidenberg and take a tour of her Upper West Side home.

    The living room is just to the right of the entrance on the bottom floor of the apartment. Saidenberg has no formal interior design training, but loves DIY projects. She decorated the entire home herself.



    Architect Peter Pawlak, who originally worked for Gwathmey Siegel Architects, took the home on as his first personal project.



    The floors in the main living room and eating area are all birchwood. Saidenberg posed for us in the room.



    See the rest of the story at Business Insider

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    Whistler vancouver $14.65 million home

    A mountain estate that looks like a luxury lodge in Whistler, Vancouver is on sale for $14.65 million.

    The six-bedroom, seven-bathroom estate sits on one acre of land, and is surrounded by five acres of untouchable park land.

    The home is gated, and spans about 4,800 square feet. There's an additional guest house on the property.

    Welcome to Crabapple Drive.



    The kitchen and living room have a big, open floor plan.



    The two islands in the kitchen make the space perfect for entertaining.



    See the rest of the story at Business Insider

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    heath hall

    At £100 million ($158 million), Heath Hall on London's super-exclusive The Bishops Avenue is the new most expensive home for sale in Britain.

    Built for sugar magnate William Tate Lyle in 1910, the home had fallen into disrepair in recent years.

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

    The Ability Group shared some photos of the restored estate.

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

    Source: The Ability Group



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

    Source: The Ability Group



    Let's step inside.



    See the rest of the story at Business Insider

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    alpine, nj $18.5 million house

    If your home was in the most expensive zip code in America, you'd probably want to show off to your neighbors by having an in-home bowling alley, a backyard that resembles Disneyland, and 12 bathrooms.

    Well this massive home in Alpine, NJ—America's most expensive zip code—has all of those and is on sale for $18.9 million.

    The home has seven bedrooms, nine full bathrooms, and three half-bathrooms. The house spans 22,000 square feet and sits on four acres of land.

    The listing calls this home "The Ultimate Gated Estate."



    This is the first time the home has ever been on sale.



    The two-story foyer has a beautiful chandelier.



    See the rest of the story at Business Insider

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    singapore sky garage

    Singapore has become a haven for millionaires, and is on track to become the world's wealthiest country by 2050.

    But in the densely populated capital city, there's not much space to build, even for the super rich.

    That's why a new ultra-luxury apartment building called Hayden Scotts is sure to be a hit, especially among supercar collectors.

    The 56-unit high rise, unveiled this week, features an elevated-parking concept that transports cars directly to glassed-in "sky garages." Yes, that means you can now park your Lamborghini in the living room.

    Apartments in the building are priced between $9.5 and $24 million, according to The Daily Mail.

    Hamilton Scotts has 54 apartments and two penthouses. Each comes equipped with two en-suite sky garages (but the penthouses come with four).



    What better way to relax after a long day of work than to gaze at your $300,000 supercar?



    Unites come with a Poggenpohl kitchen. But of course you can rip it out and replace it with your own design.



    See the rest of the story at Business Insider

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    newport rhode island house

    A mansion known as Fairholme in Newport, RI is on sale for $17.9 million.

    The house has 16 bedrooms, 12 bathrooms, and sits on 4.3 acres. The main house spans 20,000 square feet, and the carriage house is another 4,000 square feet.

    The home was originally commissioned as a summer cottage for Fairman Rogers of Philadelphia, a wealthy arts patron and engineer.

    Twenty years later, the Drexel family of Philadelphia purchased the house. The Vanderbilts, the Astors, and Jack Kennedy have all been guests of the home.

    Welcome to Fairholme.



    In its heyday, the home hosted summer parties that neighbors like the Vanderbilts and Astors would attend.



    The entrance hall has silk-covered walls, molded plasterwork, and a limestone fireplace.



    See the rest of the story at Business Insider

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    malibu $40 milolion house

    A $40 million mansion in Malibu has hit the market.

    The home has seven bedrooms, nine bathrooms, and spans 11,741 square feet.

    The home boasts a professional screening room, top-of-the-line chef's kitchen, travertine flooring, and spectacular master suite.

    Welcome to Cliffside Drive.



    The pool is 62 feet long and tiled with Italian glass.



    The home also has an 18-foot hot tub.



    See the rest of the story at Business Insider

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    $100 million city spire penthouse

    At $100 million, an octagon-shaped penthouse in Midtown is the most expensive apartment currently for sale in New York City. But that doesn't mean the apartment doesn't have its critics.

    When Steven Klar, the real estate developer selling the property, spoke to the New York Times in July, he proudly proclaimed that the interiors were designed by famed interior decorator Juan Pablo Molyneux.

    But after seeing photos of the finished apartment, Molyneux is distancing himself from the design, telling the NYT's Alexei Barrionuevo that he only drew up the original plans for the apartment, but did not carry them out.

    Writes Barrionuevo:

    Mr. Molyneux reached out to me from Paris recently and downplayed his involvement in the classical decoration of the 8,000-square-foot octagonal apartment. He noted he had prepared only the original plans for the layout of the residence, but then was dropped from the project by Mr. Klar before he could implement his vision.

    The photos of the apartment Mr. Molyneux saw circulating on the Internet did not look like his work, he said. “The way he did the curtains, the moldings, the type of furniture, it is not me,” Mr. Molyneux said. “To a point where it is almost funny.”

    For his part, Klar insists that he followed Molyneux's plans to a tee, even if he did not keep the designer on board to oversee their implementation. Writes Barrionuevo:

    Mr. Klar insisted that he hewed almost religiously to the decorator’s plans, down to the style of curtains, use of marble and columns — even, in one case, the exact placement of a painting in his office.

    “We used his decorating designs totally,” Mr. Klar said. “It was all his plans.”

    Klar's only regret? That he didn't invite the designer up for cocktails and a tour of the finished apartment, he told Barrionuevo.

    Click here to tour the $100 million apartment >

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    love kiss partner

    A full 25 percent of New Yorkers say they would not travel to another borough to date someone, according to a recent survey from Rent.com.

    Unsurprisingly, Manhattanites were the least likely to want to leave their borough, with 28 percent declaring they wouldn't travel for love. 

    Of the renters surveyed, 24 percent of Brooklyn responders wouldn't leave, and 23 percent of those in Queens wouldn't travel either.

    "NYC is a tough place for singles to find a solid connection," Psychologist Shamir A. Khan told AM New York. "It's possible Manhattanites would have certain stereotypes about someone living in Staten Island, possibly, the other way around too. But people need to remain flexible and open and not stereotype or exclude based on borough."

    City dwellers also prefer not to travel for friendship, either, with 33 percent saying they wouldn't visit friends if the subway ride is too long or there is a transfer involved.

    If this sounds like you, it might be why you're still single in the city.

    DON'T MISS: How 15 Niche Dating Websites Are Helping All Sorts of People Find Love >

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