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Business Insider is hiring a real estate editor

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aerial view long islandAre you obsessed with real estate listings, the housing market, and home design trends? Then we may have the perfect job for you.

Business Insider is hiring a real estate editor to cover the global real estate market, with an emphasis on high-end locations and properties.

Coverage areas would include:

  • Trends in the global real estate market, with a focus on major US and international cities
  • Notable properties coming on and off market (including our House of the Day series)  
  • Practical advice for home buyers, sellers, and renters
  • The latest trends in home design and construction
  • Cool spaces (tiny houses, micro units, green homes, before- and after- renovations)

The ideal candidate has:

  • Excellent writing skills
  • Familiarity with a broad range of real estate-related subjects
  • Demonstrated presence on social media
  • Ability to be creative and package stories in a exciting ways
  • A journalism background

Apply here with a résumé and cover letter if this sounds like your dream job.

This job is full-time and based in our New York City headquarters. Business Insider offers competitive compensation packages complete with benefits. 

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Billionaire hedge funder Howard Marks just listed his 'Versailles in the Sky' NYC condo for $50 million – again

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Oaktree Capital chairman Howard Marks has listed his 8-bedroom, 4,536-square-foot Central Park South apartment for $50 million.

It's the second time he's listed the full-floor unit, located at 50 Central Park South and designed by Michael Smith, who also designed the 2010 Oval Office makeover.

Marks, who reportedly paid close to $19 million for the apartment back in 2007, originally listed it in July 2012 and asked for $50 million at that time too.

The luxury condo, dubbed "Versailles in the Sky," has a 92-foot expanse – spanning 5 separate rooms – overlooking the park, according to the listing.

It's one of only 12 large condos located above the Ritz-Carlton, and includes a private residential lobby and an on-site gym and spa.

The apartment is listed with Roberta Golubock at Sotheby's International Reality.

First, here's the floor plan.



The living room has "stucco veneziano" walls and "parquet de Versailles-patterned" German silver floors.



Each room boasts 10-foot ceilings.



See the rest of the story at Business Insider

Tech companies push Midtown Manhattan real estate prices to new highs

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MasterCard NYC Sign Midtown Manhattan OfficeNEW YORK (Reuters) - The Dutch, it is said, bought Manhattan Island in 1626 from its native American inhabitants for about $24 in trade goods. Half a millennium later, that sum wouldn't buy a square foot of office space in New York City's trendiest real estate market, the area below 34th Street known as Midtown South.

Fueled by an influx of workers from the Internet economy and a record 17 consecutive quarters of rising prices, the average cost per square foot of office space in Midtown South hit an all-time high of $62.02 in the first quarter, according to Colliers International. At 6.1 percent in the first quarter, the area had the lowest vacancy rate of any U.S. central business district, real estate firm Jones Lang LaSalle said

With New York's pace of job creation at its fastest in 65 years, what's driving the real estate activity is the attraction of living in the city and the desire to be close to peers in technology, advertising, media and information, or "TAMI," employers said.

"We wanted to be right in the heart of things where we could both attract top digital talent and also work with other technology companies that are right in the area," said Kim Slate, a senior vice president for MasterCard's tech hub at 114 Fifth Avenue and 17th Street, where last month it leased additional space.

The increased presence of the online industry coming out of the financial crisis has lifted the cost per square foot of Midtown South offices over the downtown financial district and cut the gap with Midtown in half: prices in Midtown South are now just $14 a square foot less than Midtown, compared to about $30 less in late 2009, data from real estate sources indicate. Midtown is the area between 34th  and 59th streets in Manhattan.

Technology companies have added about 80,000 new jobs in New York City since the end of 2009, a rate of job creation more than double the 30,000 jobs created in financial services, an analysis of Bureau of Labor Statistics data by Moody's Investors Service show.

Leasing in Midtown South by TAMI firms jumped to 37.5 percent last year, up from 14.6 percent in 2004 when financial and legal services, accounting and insurance made up 53 percent of the area's leases, Cushman & Wakefield research shows. Leases from that sector accounted for just 29.5 percent last year.

Google Inc, Facebook Inc and other Silicon Valley companies have boosted their presence in the area, turning the former district of storage and showcase buildings into a warren of technology companies.

Google New York City office campus

GOOGLE'S BIG MOVE

When Google first leased space in 2006 at 111 Eighth Avenue, which houses one of the city's major fiber-optic hubs, it paid in the mid-to-upper $30 a square feet, said Robert Tunis, the agent at Colliers International who arranged the deal. Space in the building, which Google bought in 2010 for almost $1.9 billion, would rent at more than $90 a square foot if available today.  

"Google was the boulder in the pond, that was the revolution," said Tunis, referring to the ripple effect Google's move had in the local market.

For real estate people, Midtown South covers pretty much everything in between Midtown and Canal Street. So that includes not only Chelsea, where Google is located, but also the Flatiron District, where 20 years ago a colony of tech companies spawned the name Silicon Alley, and the Astor Place neighborhood that's home to Facebook and IBM.

So far this year, IBM's Watson division, Adobe Systems and Facebook have increased their leases in Midtown South, JLL data shows. Smaller companies such San Francisco's digital marketer Amobee Inc and foreign companies like France's digital performance tracker Criteo SA, among others, also inked new leases this year in the area, according to JLL.

Jesse Keenan, director of research at Columbia University's Center for Urban Real Estate, said the district's unconventional building stock, with its open layouts and high ceilings, gives those start-ups clustered around the tech icons proximity to Midtown, but with greater appeal to the loosely organized companies than the rigid and vertically structured firms in Midtown.Tenants at 100-104 Fifth Avenue, at the corner of 16th Street, include Apple, Adobe Systems, Yelp, Knewton and Net-a-Porter. Inside the open-layout floor plans where cubicles once defined the office are foosball and air hockey tables, kitchens full of snacks and the ubiquitous espresso machine.

"The problem of finding and compensating talent is immense; they just don't want to live in (California's) suburban Silicon Valley," Keenan said. "Many of these companies found a foothold in New York simply as a mechanism of attracting talent and maintaining the talent."

(Reporting by Herbert Lash. Editing by David Gaffen and John Pickering)

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A 24-year-old college dropout explains how he went from $10,000 in savings to $4 million in real estate

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In 2010, Mike Henkel dropped out of college after only two years at Central Michigan University.

"It was always in the back of my mind that I never wanted to work for anyone else," he explains. "I was going to college and doing what everyone else was doing, and one day I stopped."

Henkel got his real estate license in only eight days and, two weeks later, he started looking for properties to buy with the $10,000 in his bank account saved from years of summer jobs.

At 20 years old, he bought a five-bedroom condo for about $60,000 near the college campus, and rented the four spare bedrooms to friends for $300 a month.

The income provided him with a free place to live while he spent his time replenishing his bank account by holding three jobs: a morning position as a realtor, an afternoon gig as a leasing agent at an apartment complex, and another night and weekend job working at a combination bowling alley/golf course.

In the spring of 2011, the opportunity arose to buy two more five-bedroom units in the same area. "I had saved barely enough to put down a down payment, and I didn't have enough money to close," Henkel remembers. "I have three credit cards, and I took out three cash advances and went to a payday loans place and bought five $800 loans. As soon as I closed, I used every dime I got to pay off those little loans." He estimates it took him about 2-3 months to eliminate about $6,000 of debt, and that fall, he bought another unit.

Henkel turned his attention to making the units easier to rent to local college students. "The units were five bedrooms, two bathrooms, 1,700 square feet, near the university — it was strange they weren't renting out well. I went in there and said 'Ok, if I was going to live here — and I did live there! — what would I want done?'"

He ended up spending about $5,000 per unit ("I put it on the credit card and then paid that off as soon as I could") to replace the flooring with laminate and new carpet, coat the walls in fresh paint, and bring in new appliances.

chip villageOver the next few years, Henkel kept acquiring new properties near campus. In 2012, he got a deal to buy six new places for only 5% down, which ended up costing him about $14,000. That year, he bought a total of eight units.

"At that point, every time I bought something, my bank account would go to zero or pretty close, and then I would build it up and do it again," he remembers. "I know it was risky, but I was 21 and 22 and I wanted to just go."

He admits that taking on so much risk made him uneasy. "It used to really get to me," he says. "I'd get really stressed. With the first couple of units I was taking a leap of faith. I would puke every other day, and I wouldn't sleep. But I think there's something about working in the business and doing it, you get to the point where stressing out isn't going to do anything about it. Now I feel like I react. Like I told a friend: If someone chucks a ball at you, you're not going to freak out about that ball coming — you're going to get the hell out of the way. Worrying about the ball won't stop it from coming."

In 2013, he bought another 15 (14 of which he purchased with a partner), and in 2014, another group of 15. The units now sell for closer to $80,000, and he puts about $8,000 into renovating each one before renting them to local students for about $300 per bedroom each month. He slowly phased out his three jobs, and now devotes his full time to managing his properties out of his three-bedroom apartment in one of the bigger buildings, which he turns into a leasing office in the afternoons. 

broomfield frontRenting to college students comes with its own set of challenges. Henkel says he's seen his properties completely trashed, and makes a point of doing joint leases that make every roommate responsible for the unit.

He estimates he has to take one out of every 10 groups of renters to small claims court for unpaid rent, and he sends damages to collections. However, he explains, so far he's been able to work out payment plans with errant tenants and not had to go so far in the process that their delinquency appears on their credit reports.

"When I was 19 or 20, so many people I looked at that did what I was doing — pinching pennies and trying to save and spend this much — that wasn't for me," he shares. "I want more in life. I don't want to be tied down to a job. If my units are filled, I want to get to the point where I can hire other people, so if I want to go to Vegas next week, I can go. If I have kids someday, I can go places with them without worrying about work."

Henkel now owns a total of 42 units (177 rentable bedrooms) worth about $4 million. "My goal is to get enough units to where I can have a team," he continues. He explains that his strengths are filling the rooms and figuring out what's needed to attract tenants, but says he struggles with remaining organized. "My first employee will be someone really organized so I can worry about filing the units, then I'll get another person to rent the units and slowly take myself out of the equation."

SEE ALSO: How teaching online courses helped one entrepreneur put a down payment on a house

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Dome homes are the cool new summer rental for outdoorsy types

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For anyone tired of the traditional ceiling in their vacation home, these geodesic dome homes offer a retro alternative. Most of these domed homes were built in the 1960s and 1970s, especially in ski and resort towns.

And according to Curbed, a few have recently popped up on Airbnb and VRBO.  

This dome is set on a secluded farm in the southern Catskill Mountains. It features an outdoor kitchen, grill, fire pit, outdoor showers, and a claw-foot bathtub.

dome home

dome home catskills

Dubbed “Cedar Creek Hideaway,” this 2,000-square-foot home near Mt. Hood, Oregon, features a vaulted great room, wrap-around deck, and pool table.

dome home cedar creek

This relatively smaller dome only has one bedroom and one bath. But it’s located on five acres and is next to thousands of acres in Colorado’s Mt. Evans Wilderness.  

dome home colorado

 

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

SEE ALSO: The 20 best US towns for outdoor adventure

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The market for $25,000-per-month-and-up luxury condo rentals is stronger than ever

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The luxury condo craze is a familiar concept, but what’s not talked about as much is the growing market for luxury rentals of the $25,000-per-month-and-up caliber.

During the first quarter of 2015, there were 82 rentals listed for over $50,000 a month on StreetEasy, more than triple what you could find in the first quarter of 2008, Bloomberg News reported.

Rentals over $25,000 made up almost 1 percent of listing inventory on the site.

Real estate agents and wealth managers say that the trend is related to the luxury condo boom, but is also a sign of the shifting preferences of the global elite, who might want a luxurious home without the commitment. When you reach a certain level, securing a home as an asset is not necessarily a concern.

Furthermore, some who think New York City property values have reached their peak might find it prudent to rent rather than buy.

“There’s an antiquated mentality that a primary residence has to be an investment property. That’s changing,” said Thorne Perkin, president of Papamarkou Wellner Asset Management

SEE ALSO: Bloomberg TV star Stephanie Ruhle is selling her marvelous Tribeca condo for $5.2 million

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There are only 3 important numbers to look at when you're considering a mortgage

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If you want to compare loan offers side-by-side, you'll need to pay close attention to three items: the interest rate, the lender's breakdown of loan fees, and the Annual Percentage Rate (APR), say the experts.

The most important loan term is the interest rate, which is the rate you'll be charged for borrowing the money.

It's a single number that does not reflect the lender's fees or any other costs associated with the loan.

The APR is a broader measure of the cost of borrowing the money, reflecting not only the interest rate you'll be paying, but also some of the other fees you'll be charged for the loan (more on this later).

Lenders calculate APR by adding their fees for the loan into the interest rate.

This is done by amortizing the fees out over the life of the loan as if they were additional payments, and then calculating a new rate, explains Nate Moch, group manager for Zillow's Mortgage Marketplace.

The disclosure of the APR is mandated by the Truth in Lending Act, or TILA, to help you understand the tradeoff you're making between paying a higher interest rate for the loan and fewer upfront fees, or paying upfront fees such as points, or prepaid interest (one point equals 1% of the value of the loan), to secure a lower interest rate.

The APR is most useful for borrowers shopping for a fixed-rate mortgage, doing a cash-out refinance, or a low- or no-cost mortgage who expect to hold the mortgage a long time.

The APR of adjustable-rate loans does not reflect the maximum interest rate of the loan, notes the Consumer Financial Protection Bureau.

So be careful when comparing the APRs of fixed-rate loans with adjustable-rate loans, or among different adjustable-rate loans. The APR is calculated somewhat differently for different loan types, so it's best to only compare APRs across similar products.

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Between the lines

Don't just use the APR to select your loan.

While the fees for your loan are paid upfront, the APR calculation assumes that the fees will be paid over the life of the mortgage in the same manner as the interest. Since most borrowers do not keep their loan for the full period (they typically refinance or move), the APR can make some loans look artificially better, says Jack M. Guttentag – a.k.a., The Mortgage Professor, a nationally syndicated columnist and Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania.

Determining which fees go into an APR can be a complicated task for a lender, more art than science. As a result, it's possible for two loans to have the same interest rate and fees, but different APRs depending on what fees the lender includes in the calculation.

To look at the fees side by side, you'll need to compare the interest rate, the APR, and the costs to make sure it's an apples-to-apples match. "If it appears that everything about the loans is the same except the APR, ask the loan officer why the APR is different," says John Downs, a mortgage officer with Caliber Home Loans in Washington, D.C.

"You shouldn't choose a loan based on the APR alone, but how well the lender explains all of the loan terms, and how comfortable you are doing business with that lender," Downs says.

SEE ALSO: This couple set aside half of their income to pay off their entire mortgage in only 5 years

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Paul McCartney just bought this penthouse overlooking Central Park for $15.5 million

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Rock legend Paul McCartney has purchased a New York City penthouse across the street from Central Park. The price is a cool $15.5 million – not too much of an outlay for a man who is reportedly worth over $1 billion.

The three-floor penthouse is part of a 12-unit building. It sports over 3,500 square feet of living space, four bedrooms and five bathrooms. Windows abound, offering stunning views of the famed New York skyline.

Other highlights include a private elevator, a terrace that spans the width of the building, a marble staircase and high floor-to-ceiling windows.

McCartney, who rose to fame as part of the Beatles, continues to tour, raking in millions for each of his shows.

Here’s an inside look at his New York City penthouse.

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SEE ALSO: The most expensive apartment ever sold in downtown Manhattan is back on the market

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My life inside the luxury real estate bubble

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The section of the magazine was called Real Escapes and in 2005 I was in charge of it, despite having never owned any real estate in my life.

This meant that all the renovated castles in Scotland, subdivisions of modernist prefabs and Tuscan villa communities that crossed my desk looked pretty seductive.

I would paraphrase press releases at a length of 1,500 words, and the magazine – a bimonthly lifestyle supplement to a major national business publication – would run enticing photography or renderings supplied from the developers.

Was this journalism? Not even close.

What it was was junkets galore. I traveled to places where wealthy businessmen might want a vacation house, often on a developer’s dime, sometimes on a modest allowance from the magazine.

This was 2005 and 2006, the tail end of an exuberant time. Loans were cheap and money was everywhere: a kind of ubiquity of wealth that didn’t yet seem foolish, sinister or unreal. Or it didn’t to me.

It does now. Ten years later, amid warning signs of another housing bubble, I can see that the hints were everywhere: deserted developments, half-built luxury condo towers, empty construction sites. There was the private island off the coast of Antigua where the developer showed me new house after new house, all apparently sold to wealthy buyers. Five million, ten million, twelve, he said. Not one of them looked as if they’d been ever been inhabited.

An economic disaster was under way, but I sensed nothing amiss. The descriptions of full service amenities, butlers on call, stocked fridges and high thread count sheets simply washed over me. If anything, my attitude was one of low-key bemusement – which is a kind of entitlement, it seems to me now.

It was before people started talking about the “1%” but I, foolishly, might have sworn the number was higher. I envisioned a vast group of people, men mostly, who pursued a particular kind of frictionless life. Not that I met any of them.

luxury cars beverly hills

Apart from the illustrious and rather well-heeled editor-in-chief (rarely in the office), my colleagues at the magazine were solidly middle class, fretting over mortgages and school tuition and credit card bills like everyone else. The younger staffers were barely making rent and everyone picked over the bounty of free stuff sent to us: watches, golf equipment, tennis rackets, cuff links.

I took my girlfriend on a trip to Lausanne, Switzerland, to see a grand 19th-century hotel undergoing renovation (I occasionally wrote about hotels too). She stepped into the suite they’d given us with the antique furniture, the giant bed, and the balcony with its view of shimmering Lake Geneva and she couldn’t hide her dismay. “You realize all of this is gross, right?”

I shrugged. We had a little fight. It wasn’t so much the lavishness that bothered her – Liz had been in nice hotels before – but the way it had been simply given to us. As if we deserved this treatment. As if we’d done anything to earn it. She’d seen me oooh and aaah at the rooms the hotel’s PR representative had shown me on a tour that morning. So what? I said. The hotel was beautiful, had real history. Sure they were tearing up the century-old garden out front to build a spa, but mostly the establishment would remain as it had always been.

Palais Namaskar Marrakech

Our fight went nowhere – we were two fortunates sparring in a palace. Liz retired to the giant tub, and her irritation went away.

I traveled to Siena, Asheville, Costa Rica, Bermuda, St Moritz – sometimes with Liz, sometimes on my own. After a trip to St Lucia, Liz and I had dinner at the house of one of my colleagues, a veteran in the luxury magazine trade. He was 20 years my senior and married with two kids.

Liz complained about what we’d seen: this beautiful stretch of coastline ripped up to make way for concrete luxury condos with granite kitchens and central air. My colleague responded angrily. Would St Lucia be better off without development? These were local jobs. This was progress for a poor island. Who was she to stand in judgment? Who was I?

My mother, a subscriber, faithfully praised my columns at first. They sounded like me, she said. Sometime in my second year at the magazine, the praise dropped off. Then she emailed to tell me that I was in a rut.

I deleted my mother’s email and told myself this was not what a rut looked like. It was June and Liz and I were headed to the Turks and Caicos. There was this unspoiled island to see that developers were turning into a community of Hamptons-style homes. A quick Caribbean vacation – why not?

Sunset Plaza Beach Resort and Spa

We flew into Providenciales and I remember the modern airport, the intense heat and in baggage claim the smell of a pet that had been in its crate too long. June was not high season, but arrivals was packed.

A sandy-haired man with a broad smile and sunglasses strung around his neck routed us away from the tourists. He was wearing white shorts and a polo shirt with the name of the development stitched on the right breast. I was wearing the wrong clothes. My pants clung to my legs; my shoes were like furnaces. Wait till we see the island, he said. An unspoiled paradise. Liz and I nodded.

The plane could seat eight, but there were just four of us, including the pilot. The man who’d met us took the co-pilot’s seat. As the propellers snapped into life, he shouted that the island had the longest paved private airstrip in the Caribbean. Almost 6,000ft. You can land a G5 on that thing, he told us. It was a short flight – within minutes I could see it: a sprawling, dune-colored island surrounded by sparkling reefs and rimmed by white beaches.

As we dropped in for a landing, I spotted a mess of construction along the southern coast of the island – trenches, a foundation bristling with rebar, trucks parked every which way.

Beach construction

The construction materials were for the marina, clubhouse and spa complex, the man told me. Not much to see yet, but it was going to be spectacular. Homesite sales were brisk, he promised. No hotel was planned or fractional ownership offered; this wasn’t a timeshare community. It would be much more exclusive.

We would be staying in a safari tent on the north end of the island, where prospective buyers were put up. It had a king-sized bed, real linens, running water, a chemical toilet. Luxury bath products. Lizards scattered everywhere, inquisitive, utterly unafraid.

Suburbs

The island was beautiful, lonesome and uninhabited. I drank chilled water and gazed over promontories and imagined the three- and four-bedroom homes that would soon be built. Each one would diminish the island’s drama, and my 1,500 laudatory words would only help that process along. I didn’t dwell on it.

Later, we passed the airstrip and a group of men on radios flagged us down. My tour guide had a pointed exchange with them out of earshot. He spoke furiously on his cellphone as the men piled into trucks and raced away. He eventually returned to the ATV, distracted, and said we’d look at a few homesites on the west coast, but his attention kept straying to his flip phone. Was everything OK? I asked. He didn’t answer.

Back at the safari tent, the staff who had been sent up to cook us dinner were noticeably disturbed. Liz and I asked them if something had happened they said they couldn’t talk about it.

Providenciales beach

The chef came out to pour us some wine and Liz, more ingratiating than I, got the story out of him. A backhoe had tipped over at the construction site. Was anyone hurt? The driver, the chef said. Then the chef had tears in his eyes. He said he couldn’t talk about it, but it had been a terrible accident.

Liz turned ashen. The man had been killed. We tried to absorb the news. What could we do? Nothing. Should we leave? No, that would be worse.

I was an editor from an American magazine and the developers had flown me here because they wanted a story. The fish was fresh and the wine was cold. Have a drink, he said. You can go snorkeling in the morning.

The staff busied themselves with the dinner and Liz and I sat in silence in front of a formidable sunset. I thought about what I wasn’t supposed to know: that in the scar of construction along the perfect beach, a man was dead.

Liz and I couldn’t talk about it and the sense of disassociation became extreme. Trying to sleep that night, I tried to imagine what I would write. I pictured the next day. The morning of perfect weather. The waters teeming with parrotfish and snapper and barracuda.

I wrote about all of that, about the island, the safari tent, making no mention, of course, of what had happened. It is one of those pieces that has thankfully never made the internet.

Market crash 2008

Meanwhile, a shakeup was under way at the magazine. My illustrious boss was sidelined in favor of an ambitious new editor-in-chief who was a true believer in luxury, who wore tailored suits every day and had been on junkets his entire life. He fired most of my colleagues. He kept me on but said he wanted me to rethink Real Escapes. He wanted lists that could be branded – the most exclusive zip codes in the country, that sort of thing. The luxury market was strong, he said. We needed to capitalize on it.

But the market wasn’t strong. By mid-2008, half the projects I’d covered were suspended or abandoned. The Turks and Caicos island development went bankrupt, with only a handful of houses built.

I found another magazine job and quit. I’d like to say this was a canny move and that I was out of my rut and on to better things. But in fact, I was laid off from my new job within four months. The economy was in full retreat.

The Great Recession had begun.

Taylor Antrim’s second novel, Immunity, is out now

This article originally appeared on guardian.co.uk

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Being underwater on your home isn't always a disaster — here's when it might be OK

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In the last decade or so, it's become quite common for people to find themselves underwater on their home loans.

When real estate values plummeted around 2008, millions of people ended up owing more than what their properties were worth.

This led to mass foreclosures and big financial problems throughout the country.

Being underwater on your home is rarely a good thing, but there are some cases when homeowners can get through unaffected as long as they are responsible and otherwise in good financial shape.

Here's a look at some cases when owing more than you own is not the worst thing in the world:

1. If you have no immediate plans to sell.

The best advice for anyone who is underwater on their home is to stay put.

It's obviously hard to predict what life may throw at you, but if you've purchased a home with the intention of staying in it for a long time, being underwater on your mortgage doesn't matter too much.

This is especially true if you have a fixed-rate mortgage and are making the monthly payments without trouble. Someone who continues to live in a home really doesn't need to worry about its value. If you keep making payments, you'll eventually own the home free and clear, no matter what happens to real estate values.

House Tree Lined Neighborhood

2. If you're working to make your house more valuable.

You might find yourself underwater, but if it's because you've spent money to boost the overall value of the home, it's probably okay. Maybe you renovated the entire kitchen or even added a family room or bedroom. Maybe you spent money to finish the basement. This money should be viewed as an investment that will pay off down the road. Just make sure you continue making payments on the mortgage in the meantime, as you wait for the value of the home to shoot up.

Sarao house flash crash

3. If the home is generating healthy rental income.

If you're renting out the home and have tenants with good credit, being underwater is OK. If you're lucky, the rental income will meet or even exceed the mortgage payments. Be sure to have a plan if the rental income goes away, however.

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4. If you want to offset capital gains.

Generally speaking, selling a house for less than you paid for it isn't a good thing. But if the house is not your primary residence, there may be ways to save on your taxes by selling at a loss. If you own a rental property for more than a year, you may be able to sell it at a loss and have this count as a reduction of your income.

This is called a section 1231 loss, according to the IRS. You can also use a capital loss to offset a capital gain, if you made a profit on another property. Note that this only works for investment properties, not for properties serving as your primary residence.

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5. When your property taxes will be reduced.

One of the silver linings about seeing a house decline in value is that you might pay less in property tax. If you're paying 1.25% annually in property tax, and your house has declined in assessed value by $50,000, that's a $675 savings.

If your plan is to stay in the house for a long time, then you should be pleased to pocket a little bit of extra savings. Note that in these cases, there may be a difference between the home's market value versus the local government's assessed value for tax purposes, so check with your municipality.

house

6. If you are getting a good return on your money elsewhere.

These days, interest rates are so low that there's less of an incentive to make extra mortgage payments. You may feel tempted to boost your payments to ensure that your equity is more than what you owe, but if you have no plans to sell immediately, you may be better off placing that money in the stock market or other investments.

As long as you continue making payments on the house, you may find that earning a 9% return from an index fund is a better deal than pumping the mortgage.

SEE ALSO: The Nation's Most Affordable Homes Are The Most Likely To Be Underwater

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Real-life 'Wolf of Wall Street'-er is having a tough time selling his $38.5 million Tribeca townhouse

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3 Hubert St Alan Wilzig $43.5 million

Alan Wilzig, a real-life inspiration for a character in “The Wolf of Wall Street,” has dropped the price of his self-listed Tribeca condo from $43.5 million to $38.5 million.   

The 7,500-square-foot townhouse at 3 Hubert Street has a 2,500-square-foot roof deck, backyard, six bedrooms, and an attached garage where Wilzig currently stores his motorcycle memorabilia. It also has bulletproof windows and a lighting system that would give Miami clubs a run for their money.

In the film, Wilzig inspired the character at the pool party scene who introduced Leonardo Di Caprio’s character to his future wife.  

Entrepreneur and semi-professional race car driver Alan Wilzig is selling his townhouse for $38.5 million — with no broker.



In total, the home has 7,500 square feet of space.



It also has a 2,500-square-foot roof deck.



See the rest of the story at Business Insider

Young people are investing in real estate — just not the same kind as their parents

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apartment building fire escapes

Millennials and younger members of Gen X appear to be delaying the financial responsibility of homeownership.

But it's hard to blame a group who watched the housing market skyrocket and plummet just as they were entering college or becoming young professionals gearing up to buy a starter home.

As the economy improved, and financial arrested development started to end, some 20- to 30-somethings have started to invest in real estate, but not in the traditional sense. 

Many have turned to turnkey properties, which offer the opportunity to become a homeowner while adding another revenue stream to an investment portfolio. 

Jay Dao, a 30-year-old engineer who lives in Santa Clara, California, felt priced out of the market in the Bay Area, so he turned to investing in more affordable regions and now owns properties in Chicago and Indianapolis. 

"Turnkey investing is a much more passive form of real estate investing for busy professionals or investors who simply don't want to put in that much work themselves, but still would like to own rental property," says Dao, who chronicles his adventures in real estate on the blog FIFighter.com.

Buying for short-term housing, long-term investment

Unlike house-flipping that might require significant repairs to make a home livable, a turnkey investment is typically ready to rent the day it's purchased.

Mario Bonifacio, 34, used a turnkey investment initially as a place to live when he arrived in Fort Hood, Texas, as a young soldier, but he bought with the forethought of renting it out in the future. 

"I figured out that the best way to take advantage of high rent and low real estate prices wasn't just to own a home to live in; it was to own a building with enough units to rent out to others," Bonifacio says. 

Today, Bonifacio owns turnkey properties in Foot Hood and Killeen, Texas, as well as Des Moines, Iowa, while he lives in New York City.

Apartment Buildings

How to buy a turnkey property 

Buyers can go through a real estate agent or a turnkey company. Just note that the process is research heavy and requires a lot of time upfront. 

Investors identify where they plan to purchase property and then contact a company to get a properties packet listing the available homes in an area. An investor should do due diligence and actually visit the area, properties and the turnkey company itself.  

Once an investor finds and vets a property, he or she can either enter into negotiations with the turnkey company or move straight into the closing process.  

"With turnkeys, a standard condition to closing is to have the property leased up with a paying tenant in place before the buyer closing escrow," Dao says. "In other words, the property should be ready to generate cash flow for the owner as soon as day one." 

Apartment Building Fire Escapes

Making a property turnkey on your own

Going directly through a turnkey company may be the simplest way to invest in real estate, but it isn't the only option for owning a turnkey property. 

"I actually purchased each home on my own and then went about the process of making them as turnkey as possible," says Sandy Smith, 37, who lives in Queens, New York. 

Smith purchased two properties in Wilkes-Barre, Pennsylvania, and then went through a number of management companies in order to find one that suited her needs. Her current management company handles almost every aspect from cutting the grass to ensuring mortgage payments are made. 

"I am only ever involved if a repair will cost more than $500," says Smith, whose rentals make up about 30 percent of her total investment portfolio. 

Brownstone Apartments

Any investment comes with an element of risk.

Turnkeys sound like a dream investment with a guaranteed return, but no investment is foolproof. 

Smith is experiencing taxes rising at a rate faster than she can increase rental rates to offset the cost. 

Dao has experienced the typical loss of money that's part of owning any rental property: vacancies, maintenance and tenant turnovers. 

Bonifacio dealt with being underwater on one property for a few years after 2008, but he held on to the place and it continued to bring in rent while the property lost value. 

Any turnkey investor should have an emergency fund buffer to handle the potential financial strain of owning multiple properties.  

And keep in mind there are no magical investments. Buying a turnkey property requires a lot of research, a significant chunk of money and a most valuable commodity — time. Anyone interested in investing in a turnkey property needs to be on the lookout for scam artists and perform their due diligence before taking the keys. 

"Rental property is highly illiquid, and it can be much easier to buy than it is to sell," Dao says. "The only way to really minimize risks is to invest in quality."

SEE ALSO: How I went from being homeless to making real estate deals worth millions

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The allure of 'no ownership' for Millennials is moving beyond housing and cars

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millenialAllison Armour loves fashion, but doesn't need to keep it in her closet.

The 24-year-old frequents privately-held chain Crossroads Trading Co, where she buys brand-name goods secondhand at a discount, then sells the items back when she wants to refresh her look.

Armour, a marketing manager for a nonprofit in Oakland, California, has picked up skirts and shirts, Oxford shoes for $30, a J.Crew trench coat for $40 and a Dooney & Bourke satchel for $150, less than half its retail price. "When I get tired of certain things, I put them aside and sell them back," she said.

For Millennials – the roughly 77 million Americans born between about 1980 and 2000 - the allure of "no ownership" is moving beyond housing and cars.

A new industry based on sharing or renting clothing, electronics and small appliances is springing up from nothing about five years ago, posing a disruptive force to traditional retailers.

Battered by student loan debt and the Great Recession, Millennials place less emphasis on owning and more on sharing, bartering and trading to access coveted goods. These behaviors have propelled businesses such as car rental service Zipcar, taxi service Uber and home rental site Airbnb.

People TextingWhat Millennials do buy, and keep, is their smartphones.

About 85 percent of people aged 18 to 34 own them, according to Nielsen research, and the devices are the doorway to the sharing economy.

Now these "NOwners," as Jamie Gutfreund, chief marketing officer for Deep Focus, calls them, are propelling a new wave of privately-held companies such as children's resale marketplaces Kidizen and Yerdle, which allow customers to swap or buy smaller-ticket items like used clothes and household goods.

Deep Focus does market research on youth trends.

While their parents may have frequented thrift stores to save money, Millennials who have the income to buy new goods also see sharing and re-using as a way to promote environmental benefits such as reducing landfill waste.

"Instead of paying for something and getting rid of it with no value when you are done – swap and resale gives Millennials the ability to extend the value," Gutfreund said. "It's efficient and it's green."

Indeed, 59 percent of Crossroads shoppers said "being an environmentally friendly way to shop" was one of their favorite things about the store.

music festival, gen y, millenials, concert, happy"A lot of people can't afford the timeless brands new but they still appreciate the quality," said Erin Wallace, director of marketing for Crossroads Trading and its sister store Fillmore & 5th, which has opened six boutiques since 2012.

Many of these new businesses are getting funding from traditional sources like individuals and private equity firms including Bain Capital Ventures but also from startup platforms such as Onevest.

"Just about every major industry is likely to experience disruption (because of the sharing economy)," said Joe Atkinson of accounting and consulting firm PwC, whose April report that found that Millennials are among the most enthusiastic about sharing and account for almost 40 percent of those who have provided something. 

FLOW OF STUFF

millenials young people girlsDriven by demand and technology, membership at Kidizen is growing 40 percent to 50 percent a month. The company was founded by two mothers with retail and marketing experience who wanted to share the endless flow of "kidstuff" that arrived with parenthood.

Members post photos, blog about their families, even send notes and lollipops in shipments to the next family.

"It is a community where people have gotten to know each other," said Dori Graff, 39, a co-founder. "That makes it sticky. People keep coming back."

Yerdle estimates that American closets and garages contain $100 billion in unused clothes, tools and other items, which it wants consumers to acquire from the site rather than buying new.

"They shopping with things they don't need any more," said co-founder Andrew Ruben, 42, who previously led sustainability efforts at U.S. discount retailer Walmart. Yerdle now has more than 300,000 members, and is growing 30 percent month over month. He said the ultimate goal is to get people "to buy 25 percent fewer new items."

It has no inventory costs because members post a photo of an item, and keep it until someone else wants it. Ruben said about 40 percent of the items go in their first day.

The company has received $10 million in funding, including about $6 million from The Westly Group, which includes former eBay executives. The Menlo Park, Calif., firm focuses on making money while solving social issues by investing in everything from Good Eggs, which delivers fresh food from local producers, to Greengate Power, a wind farm in Canada.

"It's about how do you take all these assets and get them used over and over by other people," said Gary Dillabough, a Westly managing partner, who now sits on Yerdle's board. And that appeals to Millennials. "They want to use things that are already in the economy." 

WORN WEAR

millenials skater boiSome established retailers have taken note. Patagonia, already popular with Millennials because of its quality and environmental reputation, has offered free repairs since the 1970s. More recently, it launched a program encouraging customers to trade in used clothing in good condition. They are resold at its Portland, Oregon store for about half the original price.

"We found that it encourages new customers to come to our brand," said Nellie Cohen, 32, environmental marketing manager at Patagonia. "People come to see what is on the Worn Wear rack."

Highland Capital Partners, which has more than $2 billion under management, has invested in a number of businesses including Rent the Runway and ThredUp, an online fashion resale shop, which focus on Millennials and the shared economy, said Dan Nova, a partner. He likes Rent the Runway's leadership and business model.

Rent the Runway, founded in 2009, allows users to rent couture for special occasions. Not yet profitable, the company, which says it's raised $116 million and is worth $600 million, now has almost 5 million members, including celebrities and billionaires, and $1 billion in inventory. It describes its typical client as a well-educated 29-year-old female professional.

"In the age of Facebook, people don't want to be photographed more than once or twice in the same dress," Nova said.

SEE ALSO: How millennials are changing the real estate business

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Silicon Valley is unaffordable even for software engineers

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Aspiring entrepreneurs and coders have been moving to Silicon Valley in droves for the past half-century.

But home prices are rising so rapidly that Bay Area residents are increasingly looking to go elsewhere.

According to a recent study by the real-estate brokerage Redfin, one in four people based in the Bay Area are searching for homes in other regions of the country. In 2011, it was one in seven.

Where are they going? Mostly to Seattle; Portland, Oregon; and Southern California.

"It's possible that these people are searching for second homes, but given that they're looking in big cities like Seattle and Portland, that doesn't seem too likely," Redfin CEO Glenn Kelman told Business Insider.

Seattle — a tech hub in its own right — has seen the biggest increase in searches by Bay Area Redfin users, rising from 1.2% in 2011 to 5.1% in the first half of 2015.

redfin silicon valleySilicon Valley home prices have risen astronomically in the past decade. The median sale price for a home in Silicon Valley is $1.05 million — for comparison, it's $565,000 in Seattle and $375,000 in Portland, according to Redfin's analysis.

This means all but the wealthiest of the wealthy are being priced out of the Valley.

It's even expensive for software developers, the very talent that Silicon Valley has attracted. According to PayScale, the median software developer salary in San Jose is $112,000 a year.

That's significantly more than developers make in other cities. In Seattle, the median salary for software developers is $100,000, while in Portland it's $79,700.

Given the median sale price, however, you'll need to make about $212,800 a year to afford a mortgage on a Silicon Valley home.

"They're still writing code, still building products, but they're doing it in Boulder instead of San Francisco," Kelman said. "They're trying to re-create that same culture of innovation outside of the Bay Area."

redfin silicon valley

As these high-salaried tech workers move to other cities, a new set of anxieties arise. Kelman calls these imminent changes the "Valley-fication of America."

"They're coming in to these new markets with a lot more money, and everything becomes more expensive," Kelman said. "Some might see this as the apocalypse — and there will be more gentrification — but some will see it as a benefit to the culture. It invigorates the economy. With good leadership, you can balance wealth creation with being a good influence on the city you're building you company in."

Still, is it possible to build a really successful tech company outside Silicon Valley?

"The Valley is still the best place in the world to start a company, but the next steps can be harder, as there's so much headhunting and so few companies have money like Google and Facebook," Kelman said. "It used to be that you really needed proximity to a natural resource to be successful in business. Now that resource is software developer talent, and you have to consider, 'Where do software engineers really want to live?'"

SEE ALSO: San Francisco judge rules against the Googler who bought an apartment building and forced all of the tenants to move out

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Michael Jackson's restored Neverland Ranch has hit the market for $100 million

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Neverland Ranch train stationMichael Jackson's famed Neverland Ranch has hit the market for $100 million. 

Now called "Sycamore Valley Ranch," the 2,700-acre ranch in Los Olivos, California was bought by private investment firm Colony Capital in 2008 for $23.5 million. 

With millions put into its restoration, the listing is being split by Sotheby's broker Harry Kolb and Hilton & Hyland's Jeffrey Hyland.

Hyland told The Wall Street Journal that they're "not encouraging a lot of showings." Added a representative from Sotheby's, "We’re not going to be giving tours."

Alyson Penn contributed to an earlier version of this story.

Welcome to Neverland Ranch, the famed 2,700-acre property that once belonged to the late Michael Jackson.



Passing through the gates into the driveway, visitors will see a bronze statue of children playing in front of the main house.



Here is a full view of the front of the Normandy-style mansion.



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This tiny triangular house with no garden in London is selling for £495,000

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small london house

It’s unclear whether it really was built to replace a house damaged by a car veering off the road as its occupants had a row, but the man who created this tiny detached home in north London is taking no chances. The property, which is on the market for £495,000, features downstairs windows that echo the chevrons nearby and light up at night.

There’s no garden and if you support Spurs you might want to give it a miss, as when Arsenal are playing at home you may be surrounded by their fans. But if you are looking for a freehold house in zone 2 for less than a top footballer earns in a month this one-bedroom home might just fit the bill.

small house london

Built 15 years ago and in the same hands ever since, this detached pad offers 422 square feet of living space over two floors. There’s a guest cloakroom and outside space in the form of a balcony.

The agent handling the sale, Daniel O’Brien, associate director of the Islington branch of Hamptons International, said it was the smallest freehold house he’d ever had on his books.

small house london

You can probably listen to the football live from the balcony.

“We’ve had a steady stream of viewings,” he said. “People look at it and they either say that’s not for me, or they go ‘wow’ and want to see it.”

The Land Registry puts the average price in Islington at £668,825. O’Brien said this property had been priced at a 10% premium to flats in the area because it was freehold and detached.

 

Floorplan of Gillespie Road home

Floorplan of the Gillespie Road home.

“It would suit someone downsizing, first-time buyers who don’t want an apartment, or someone who wants a bolthole in London – the tube is nearby and you can be in the west end in 15 minutes,” he said.

If the thought of a leasehold flat drives you round the bend or you’re taking downsizing seriously, this could be one for you.

This article originally appeared on guardian.co.uk

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CASTLES FOR SALE: 18 homes for millionaires with dreams of royalty

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15.Chateau esque home in Dallas, TX designed by the architectural team of Lloyd Lumpkins, Jeff Salmon and Harold Leidner

Ever wanted to live like royalty? 

Well, you absolutely can — for a price. 

Our friends at property search site Estately.com, rounded up some of the best castle-like homes in the US. 

Complete with secret wine cellars, custom indoor lap pools, rose gardens, multi-floor libraries, and stone walls, these 18 castle homes are available for purchase right now. 

This 240-room castle in Connecticut comes with 75 acres of land and a moat.

Built by Christopher Mark, the great-grandson of Chicago steel tycoon Clayton Mark Senior, this impressive gothic structure took seven years to complete.

Known as Chrismark Castle, the home has eight bedrooms, a moat, and once housed exotic animals including a zebra, emus, and camels

Address: 450 Brickyard RD, Woodstock, CT

Price: $45,000,000



A 28,000-square-foot castle in Virginia has an indoor lap pool.

This castle in McLean, VA looks more like a university library than it does a private home. 

The 28,000-square-foot estate has eight bedrooms and 12 baths. The home also has an indoor lap pool, a sophisticated library complete with spiral staircase, and is filled with exquisite chandeliers. 

Address:7201 Dulany Drive, McLean, VA 

Price: $28,800,000



This stunning French Chateau in Napa Valley has its own conservatory.

This elegant French Chateau sits on over 46 acres of picturesque land in the Napa Valley. 

The Chateau has an incredible mosaic tile floored foyer, an elevator which takes you up to the conservatory, a state-of-the-art entrainment pavilion, and an outdoor kitchen with a pizza oven.

Address: 256 N Fork Crystal Springs Rd, St. Helena, CA

Price: $16,996,000

 



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The Mexican president's reputation just took another big hit

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Pena Nieto Mexico

The controversy surrounding the finances and business dealings of Mexican President Enrique Peña Nieto deepened on Thursday, when a Reuters report showed that he allegedly misrepresented how he had acquired property he owned on official disclosure documents filed in 2013.

The Reuters examination of documents found that the president had purchased the land, roughly a quarter of an acre in Valle de Bravo, an upscale area several hours south of Mexico City, from a third party in 1988.

The finding seems to contradict official asset declarations made and subsequently updated by Peña Nieto. The first filing, made at the beginning of 2013, described several of his properties as gifts without naming the givers, the locations or the values. In mid-2013, he amended the filings to give the properties' values and to say that he had received the “donated” property as a gift from his parents. In neither the first two filings nor one made in 2014 did he list the locations of the properties.

The documents uncovered by Reuters, however, show that Peña Nieto had actually bought the property in 1988 for 11.2 million "old" pesos, or about $5,000 at the time. This amount far exceeds what Peña Nieto declared on separate wealth-declaration forms: 11,200 "old" pesos, or just $5 at the time of the purchase.

Reuters noted that the value of the property listing was declared in "old" pesos, the designation for Mexico's currency before it was revalued in the 1990s. This, according to lawyers, might have been an effort to understate its worth.

Read the full Reuters report here »

While government officials in Mexico are not obligated to explain how the gifts they receive were originally purchased, they are required to disclose truthfully how they got the property, according to Reuters. 

Though Peña Nieto amended his disclosures twice since their original filing, several legal experts who spoke with Reuters said the improper declaration could cause legal problems for the president. 

Under Mexican law, a public official can be suspended or removed from office for a false declaration of assets. While some of the experts suggested the president should be audited, others cautioned that there was little precedent for prosecuting officials under these laws, according to Reuters.

Peña Nieto, his family, and members of his government have been at the center of several scandals involving conflicts of interest that have tarnished the president’s reputation.

In November 2014,  journalist Carmen Aristeguirevealed that Peña Nieto’s wife, Angelica Rivera, bought a luxury home in an exclusive Mexico City neighborhood from a subsidiary of Grupo Higa, a company that had garnered state contracts worth $652 million while Peña Nieto was governor of Mexico state from 2005 to 2011. The home, allegedly designed for the family, was reportedly worth $7 million.

pena nieto and wife

According to The Wall Street Journal, the first lady, a former soap-opera star, put a down payment on the home several months before her husband won the presidential election. After Peña Nieto became president, however, Grupo Higa continued to receive government contracts. The company was part of a Chinese-led consortium that won a $3.7 billion high-speed rail project, which was canceled around the time Rivera’s home purchase was revealed.

The revelation about the home came as Peña Nieto was dealing with the fallout from the disappearance and suspected murder of 43 students in southwestern Mexico. The poorly handled investigation into the incident led victims’ relatives to denounce the president as “a donkey.”

Shady property dealings are not limited to the first family. According to documents seen by The Journal, Luis Videgaray, Mexico’s finance minister, also purchased a home from Bienes Raíces, a contractor that had won hundreds of millions of dollars in contracts from the government during Peña Nieto’s time as state governor and president. Videgaray reportedly paid $581,000 for the home in late 2012, taking out a loan from the contractor to make the purchase, according to The Journal.

Luis Videgaray Mexico finance

The home purchases by the first lady and Videgaray were technically legal, and Videgaray held that since he bought it prior to the Peña Nieto administration taking office there was no conflict of interest. But the appearance of impropriety has stoked public criticism.

The transactions also led many to recall the corruption and influence-peddling that marked the seven decades of Institutional Revolutionary Party (PRI) rule in Mexico until the party’s defeat in 2000, according to The Journal. The PRI returned to lead the country in 2012 with Peña Nieto at the helm.

The Peña Nieto family’s personal spending has also stirred controversy. On a state visit to the UK in March, one of the president’s stepdaughters was photographed wearing a $7,275 Dolce & Gabbana dress. The first lady and her daughters were seen in Beverly Hills a month later, where they visited Versace, Prada, Louis Vuitton, and other stores — though it’s not clear if they made any purchases.

While the first family likely has substantial personal wealth, the lavish outings sparked resentment in Mexico, where Peña Nieto’s government pushed through steep budget cuts at the end of 2014. 

Mexico is home to 122.3 million people, 52.3% of whom live in poverty, according to the World Bank.

NOW READ: “Peña Nieto doesn’t know how to defend us because he is a donkey.”

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San Francisco is getting so expensive that city officials are taking drastic measures to curb it

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San Francisco real estate

Check out rental sites for San Francisco, especially the trendier parts: Well over $3,000 a month for a one-bedroom flat and nearly $5,000 for two bedrooms.

Finding a place to live in the city has become so expensive and emotional that city supervisors are considering a 45-day moratorium on luxury housing construction in the Mission District, traditionally one of the most diverse, working-class neighborhoods in San Francisco.

The area — long home to modest taquerias and corner markets — is now teeming with Silicon Valley workers and the pricey restaurants that cater to them.

Fancy high-rises are planned to take over dilapidated street corners, including one development that tenant activists have dubbed the "Monster in the Mission," a building with more than 300 units and rents projected to start at $3,500.

The growth is pushing out longtime tenants, said hundreds of people who crowded San Francisco City Hall last month to support the moratorium and urge a time-out on evictions.

They say working families, especially Latinos, are being forced out by housing developers and that city officials have a responsibility to fight back. "It's a working-class environment," Hugo Vargas said. "I have family here, and at the rate it's going, we're not going to have anyone we know close by."

Vargas, 16, shares a small room with his parents and two younger sisters. Their space in a single-room-occupancy hotel goes for about $900 a month, and his parents, who earn about $45,000 combined, have applied unsuccessfully for years for a rent-controlled apartment that would give them more space.

San Francisco rent

A moratorium would give the city time to buy some of the land available in the Mission District to develop hundreds of affordable housing units for lower-income and middle-income families, activists say. Otherwise they fear developers will snap up the property for even more high-priced units.

The district has lost lower-income and middle-income households, according to a recent study by the nonprofit Council of Community Housing Organizations.

Families earning $50,000 to $75,000 made up a quarter of Mission households in 2000; today that number is 13%. Households with incomes of at least $100,000, meanwhile, have increased.

"It's trending into something that's not a working-class neighborhood," says Gabriel Medina, president of the San Francisco Latino Democratic Club.

Tuesday's vote by the city's Board of Supervisors on the moratorium proposal is largely symbolic, as the plan faces steep odds. But it's telling how officials are desperate to do something about housing in a city where the prices are among the nation's highest.

Dozens of moratorium opponents gathered at a City Hall rally early Tuesday afternoon. Organizer Derek Remski said officials should focus on growth, rather than attempts to artificially cap prices.

"We can't freeze the city in a block of amber," he says. "I don't want to fossilize San Francisco."

San Francisco rent

Three hours into the hearing, dozens were still waiting for their chance to speak. Most of those who took the podium were overwhelmingly in support of preserving lots in a city they called a haven for immigrants and the poor, the working class and artists.

"I hope, I pray, I yearn that San Francisco really becomes the city of St Francis," the Rev. Amos Brown of the Third Baptist Church said.  

According to the city, more than two dozen projects would be affected by the ordinance, including the "Monster," formally named for its address, 1979 Mission.

Most of the development's units would be for rent, with a few dozen priced for sale to households earning roughly $60,000 to $145,000 a year, according to spokesman Joe Arellano.

A moratorium wouldn't solve anything, Arellano said.

"If you limit the supply of new housing, demand is still high," he said. "And rent and home prices will continue to go through the roof."

The ordinance needs approval from nine of the 11 city supervisors to pass.

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7 real estate takeaways from the book that has everyone talking about 'wife bonuses'

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susan weber soros upper east side homeIt seems all the world — and by world, we mean New York City — is abuzz about Wednesday Martin’s new book, “Primates of Park Avenue,” which introduced the world to the "wife bonus."

When Martin, a writer and social researcher, moves from the West Village to the Upper East Side to raise her children, she becomes fascinated with the neighborhood’s unique species of woman. 

Martin takes us along for the ride as she learns how to adjust and flourish, changing her parenting, shopping, eating, and social activity to be accepted. The book also explores the mad world of New York City real estate as it relates to this particular area of the city — navigating the strange rituals of finding a home, assimilating into one’s building and neighborhood and learning the language of the island’s “vertical dwellers.”

As Martin ultimately settles on the purchase of a cond-op at 900 Park Avenue, she emerges an expert on all things New York City real estate. Here’s what she learns:

1. Renters < Owners (And Owners > Renters)

The first rule of real estate in this town is that there is a great social divide, so much so that “many renters in Manhattan keep it a secret … owing to some secret sense of inferiority, a feeling that renting is second-class and contingent.”

2. The island is organized into quadrants, each with a unique dialect 

“The Down” quad is thought to be “primarily a place for pre-productives” who are most interested in nighttime social activities, while uptown is generally reserved for those raising a brood. When Martin and her husband decide they need to relocate uptown post-haste to raise a family, she quickly realizes she needs to find herself someone to teach her the lingo of the Upper East Side. Even within one segment there are distinctions; the area “West of Lex” is where one wants to be.

3. Real estate agent or bust 

“Dwelling shamans” otherwise known as real estate agents, “offer specialized knowledge, counsel and emotional support through this costly, protracted and painstaking initiation process” when one embarks upon selling their home. They are also crucial in assisting one in finding their social identity. Martin knows that it won’t be hard to sell her townhome because “for Manhattanites, having your own standalone dwelling, with no one above or below you, is an unusual, highly prized and highly desirable way to live.”  But there are certain telltale signs of where you stand in the process: if a seller’s broker doesn’t appear at a showing, this is an unspoken great “diss.” Likewise, a seller’s broker can be “theatrically protective of the client” and a “self-appointed guardian,” petrified they will somehow be cut out of the deal or the next one when their clients inevitably needs to find a new home after selling.

4. A buyer’s broker who is a neighborhood specialist is crucial 

Martin begins the search for a new Uptown pad sans broker, only to be told time and time again the unit she is most interested in seeing no longer is for sale, being told they are “in contract,” “already sold” or “the website needs to be updated,” but that the broker had “some other things to show.” Martin’s husband explains she needs a separate broker, or “native informant” specifically commissioned to find them a new home, just as every anthropologist needs a nature guide to help them navigate rough terrain.

5. It’s a woman’s world 

Martin chalks this up to agriculture — from the beginning of time women were gatherers and in charge of the hearth. In modern Manhattan, that means securing a place for the family to reside. “The men provide gravitas and a bit of frisson, and then disappear, and then sign off. Or not.”

6. An apartment-hunting uniform is key 

“The brokerage business in Manhattan is an ecological niche for and about women,” and “a brokerage’s language is clothing,” Martin states. The seller’s broker dons garb “to channel the respect she wants to garner for her seller and the buyer’s broker dresses to intimidate the seller’s broker.” Martin goes on to explain there is an ultimate dress-off, one in which the client must dress appropriately to convey her seriousness to both agents. The richer she is, the more casual she can dress, by acknowledging she realizes both work for her. The ultimate way to convey dominance in the real estate market — whether a buyer or seller — is through one’s handbag brand, so much so that Martin tells her husband: “If we’re going to find an apartment, I need a new bag.” She is sure to don her uniform when out hunting: demure sheath dress, agnès b flats, ladylike purse and a sleek ponytail.

7. Co-ops vs. condos 

Often, one cannot adequately be housed without approval from the “Council of Elders” [the infamous co-op board.] In areas of the land where the wealthiest islanders reside, the vertical villages are most restrictive. The more high-end the building, the harder it is to be approved to buy within it. A distinct difference in Upper East Side co-ops compared to those on the Upper West Side are “summer rules” that ensure renovations are only done during that season so residents can escape to their vacation properties. To avoid all this one can buy a condo, which alerts all other co-op owning contemporaries they probably paid less because they only own shares in the building. Important to note: “Family buildings” do not mean they have playrooms, but rather “they allow 90 percent financing.”  Cond-ops, a condo that acts like a co-op, is a rare “hybrid beast” and the best of both worlds. 

SEE ALSO: Real Upper East Side moms: We've never heard of the 'wife bonus'

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