So this is what a “penthouse correction” looks like?

Of the 261 penthouse units for sale in Manhattan as of April 1, more than 35 percent of them had price chops since being listed, according to data compiled by listings portal StreetEasy at The Real Deal’s request. The median penthouse price was $6.7 million, and the average discount was nearly 10 percent, the analysis found.

The steepest cut was at Walker Tower, where the 5,995-square foot penthouse is now asking $55 million, down from $70 million, a 21.4 percent reduction.

At 165 Perry Street, a $25.5 million penthouse had $14.3 million chopped off the original asking price of $39.8 million. And at 12 East 13th Street, the 5,704-square-foot penthouse is now asking $19.55 million, an $11 million drop from the original price of $30.5 million.

“What we have in New York City right now is a ‘penthouse correction,’” CNBC’s Robert Frank said during a television segment last month. “All these developers chased the very top end of the market because it was so lucrative…. And that’s the area – particularly in Midtown – where we’re going to see dramatic decreases in price.”

The recent cuts shouldn’t be a total surprise, given the growing sense that Manhattan’s ultra-luxury residential market is saturated and experiencing a slowdown amid global economic uncertainty. “There’s too much luxury inventory in a crowded neighborhood,” said Douglas Elliman’s Frances Katzen.

The overall market dynamic has also shifted in buyers’ favor, particularly on the high end. “Sellers have to find themselves a way to become more flexible,” said Brown Harris Stevens’ Kathy Sloane. “It’s a buyers’ market and buyers are saying, ‘Fine, we won’t bid.’”

In addition to StreetEasy’s list, other cuts include the penthouse unit at 11 North Moore, where the price dropped from $40 million to $29.995 million last fall.

Meanwhile, Madison Equities and Property Markets Group just split the $45 million triplex penthouse at 10 Sullivan into two units, one asking $11 million and the other asking $29.5 million. “We thought it was too expensive for the market and where the market was,” PMG’s Kevin Maloney told Bloomberg in February.

In November, CIM Group and Macklowe Properties took the same approach for full-floor units on five floors of 432 Park Avenue.

Not every penthouse is seeing a price reduction. “But there are penthouses that may have been priced way beyond the marketplace,” said Steve Kliegerman, president of Halstead Property Development Marketing

For many of the developers, the profits are sitting in the penthouse and they’ll be patient, Kliegerman added. “Sometimes penthouses don’t reflect the marketplace because the developer has a different motivation,” he said. “Hopefully, they’ve already paid off their loans, so now they’re looking to maximize their profits.”

Sloane pointed out that unlike the resale market, new condo developers are reluctant to drop prices. At Zeckendorf Development’s 520 Park Avenue, Sloane – who is not involved in the project – speculated that the developers wouldn’t lower the penthouse price of $130 million but may still accept an offer of $100 million or $110 million.

Elliman’s Raphael De Niro, speaking with Frank on the CNBC segment, likened New York City real estate to an “eight-lane superhighway.”

“There’s a lot of traffic coming and going in both directions and occasionally things slow down,” he said.

SEE ALSO: Chinese investors now own these 7 iconic New York City properties

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NOW WATCH: Ancient Romans had perfect teeth because their diets were low in one substance

These days, you can catch Ryan Serhant as one of three real estate agents selling multimillion-dollar homes on Bravo's hit show "Million Dollar Listing New York". 

But it wasn't always Serhant's dream to get into real estate. 

He had moved to New York City with the hope of pursuing an acting career in 2006, but that turned out to be much more difficult than he anticipated.

He took a series of odd jobs — hand modeling, passing out flyers for Equinox — before suddenly finding himself down to his last several thousand dollars with no plan for what to do next. 

"It was either do something that made money, or go home to my parents in Colorado, and, like, paint fences for the rest of my life," Serhant told Business Insider. "I knew so many people in New York who would say they were going home to recharge, and that they'd come back eventually. But they never came back." 

Serhant joined Nest Seekers International as a broker on September 15, 2008, the very same day Lehman Brothers filed for bankruptcy. 

"It was terrifying for anyone who had money or who had been doing real estate for the last five years, when the market was great. The five years prior to 2008 is when the construction boom really started, and everyone became developers," Serhant said. "They were selling things that hadn't even closed yet, but the buildings just never got built, and all of their buyers rescinded their deposits." 

"Whereas I was just like, 'Real estate is really tough. Why is everyone so negative?' I made no money my first year. I was starting at the bottom like everyone else." 

Serhant says that his failed acting career taught him how to cope with rejection, a valuable skill for anyone trying to sell expensive real estate during the recession. 

"Going into it, all I had was two brutal years of acting experience in the city, where I was being rejected because I was too tall or because they didn't like my face," he said. "I think I was a lot more ready for rejection than most real estate agents, and it really is an emotional roller coaster. You get a deal and everything's great, but then the deal falls through and you're miserable."

"But at least people weren't saying, 'Oh, I'm not going to buy that because I don't like your face.'" 

Fans of "Million Dollar Listing" are about to see a lot more of Serhant's face, as the show's fifth season is set to premiere April 21.

"This show is so hard to make," he said. "We shoot it almost year-round, and they follow me around as I try to sell really big properties that are not the easiest thing to sell." 

But, he says, the pressure of closing the deal and representing his company well on camera has done great things for his brand. Serhant and his team now list high-end homes all over Manhattan as well as in Los Angeles. 

"I look back and see that I made it happen because I freaked myself out, and I hustled and pushed," he said. "It has opened me up to a broader audience. Every time the show airs [abroad], someone calls my office saying they're looking to buy an investment property in New York." 

It turns out his acting skills have also come in handy when closing those big deals.

"Everyone hangs out with friends who have their same problems. Misery loves company," he said. "You want to know a little about everything so that you can always carry a conversation, whether your client works on Wall Street, whether he's a doctor, whether she's an actress or works in music. Real estate starts as a financial decision, but at the end of the day, it's an emotional one." 

SEE ALSO: A realtor who has worked with CEOs and Saudi royals says this is the thing ultra-rich buyers care about most

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NOW WATCH: Here's how much real estate $1 million will get you in cities around the world

Rupert Murdoch is turning into a property flipping mogul — or he's trying to, anyway.

First he listed his One Madison penthouse in April of 2015 (which he'd only bought a year earlier and still has yet to sell), and now he's re-listing a West Village townhouse he bought just a year ago, according to Curbed.

Murdoch bought it for $25 million in March of 2015 and is now asking $28.9 million.

Dolly Lenz has the listing.

SEE ALSO: Legendary architect Zaha Hadid has died at 65 — here are some of the most memorable works from 'The Queen of Curves'

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Located at 278 West 11th Street, the 25-foot-wide townhouse was originally a bed and breakfast.

Murdoch converted it into a six-story mansion (counting the basement and roof deck) that is now "triple mint,""turn-key", and "ready to move in tomorrow", listing agent Dolly Lenz told Page Six.

Source: Page Six

If residents prefer not to take the winding sculptural staircase, a four-person elevator can take them between the various levels.

Here's a fun fact: New York City has more billionaires than any other city on the planet.

Last month, Forbes reported that 79 billionaires call the Big Apple home, besting Hong Kong, which has 68 members of the 10-digit-net-worth club, followed by Moscow with 60, Beijing with 51 and London with 48.

New York’s billionaires are worth a combined $364.6 billion, according to the magazine.

While many of NYC’s billionaires made their fortunes in finance and media, 11 of them built — or inherited — real estate empires, including Stephen Ross, Richard LeFrak, Donald Trump, Jerry Speyer, Leonard Stern, Sheldon Solow, John Catsimatidis, Jeff Sutton, Mortimer Zuckerman, David Walentas, Alexander Rovt and Leon Charney (who died last month). While their commercial holdings are well documented, their personal residences are less so.

This month, The Real Deal searched news reports and property records to map out where in Manhattan these billionaires rest their heads. While many of their homes were not publicly listed, below is a look at some of the most notable names and addresses we found.

SEE ALSO: Miami is a billionaire homebuyer's paradise — these are some of its most important luxury condos and mansions

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1. Michael Bloomberg

Net worth: $40 billion

17 East 79th Street

Former NYC Mayor Michael Bloomberg— founder of the Bloomberg media empire — made headlines in 2002 when he rebuffed the chance to live at Gracie Mansion in favor of his Beaux-Arts townhouse on 79th Street. He reportedly paid $3.5 million for the five-story limestone mansion in 1986 and over the years has quietly bought out neighboring units at 19 East 79th to expand his 12,500-square-foot abode. The mega-townhouse is one of more than a dozen homes Bloomberg reportedly owns around the world.

2. David Koch

Net worth: $39.6 billion

740 Park Avenue

David Koch — one half of the Koch brothers, the politically conservative pair that have bankrolled conservative politicians and causes nationwide — reportedly shelled out $18 million in 2004 for an 18-room duplex at 740 Park, the exclusive building that Ronald Lauder, Stephen Schwarzman and other business magnates call home. The pad, formerly owned by the Japanese government, underwent a two-year renovation by edgy architect Peter Marino before Koch moved in with his family.

3. Rupert Murdoch

Net worth: $10.6 billion

One Madison Avenue; 278 West 11th Street

In February 2014, after splitting up with his now-ex-wife Wendy Deng (and their penthouse at 834 Fifth), the News Corp. mogul shelled out $57.3 million for two units at One Madison: a three-bedroom condo on the 57th floor intended as guest quarters and a 6,800-square-foot triplex penthouse. Murdoch was reportedly living in the three-bedroom unit while the penthouse was under construction. But in April, he put the penthouse back on the market for $72 million. Murdoch also paid $25 million in 2014 for a Greek Revival townhouse on West 11th Street that he temporarily had on the market, asking $29 million, though it’s unclear if he or anyone else was living there.

A mansion that was just listed for an eye-popping $150 million looks more like a high-end resort than a home where someone could live full-time.  

Located in the ritzy Holmby Hills neighborhood of Los Angeles, the home was built on speculation on the same lot where Barbara Streisand's "Mon Rêve" estate once stood. 

The new structure covers a whopping 38,000 square feet and has 10 bedrooms and 20 full baths. Additional amenities include private hiking trails and a movie theater complex with its own guest valet entrance. 

According to the Wall Street Journal, it was developed by Gala Asher of Dream Projects LA, who purchased the land from tech entrepreneur David Bohnett for $13.25 million in 2014. Streisand's original home was demolished shortly after she sold it to former music exec Les Bider in 2000. Bider then sold the empty lot to Bohnett. 

Let's take a look inside one of the most expensive homes currently listed for sale in the US. Ginger Glass of Coldwell Banker Previews International has the listing.

SEE ALSO: A star broker from 'Million Dollar Listing New York' says this is the most important skill to have when selling high-end homes

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The massive home can be found on Carolwood Drive in Holmby Hills, one of Los Angeles' most exclusive neighborhoods. Walt Disney, Clark Gable, Gregory Peck, Frank Sinatra, Rod Stewart, and Elvis Presley all called Carolwood home at one point, according to a press release from listing agent Ginger Glass.

The home is set behind a gate, at the end of a private road.

Heavy vegetation adds to the secluded feel.

It turns out homebuyers are really into barn doors.  

When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that topped the list. 

Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium. 

Zillow Digs screened over 2 million listings for homes sold between January 2014 and March 2016, and looked for the keywords that had the best effect on how much more than the expected price and how much faster they sold.  

Here are the top 15 design features:

Outdoor kitchen

Percent of homes that sell for above expected values: 3.7%

How many days faster than expected the home sells: 19

Most common metro: Tampa, FL

Tankless water heater

Percent of homes that sell for above expected values: 4%

How many days faster than expected the home sells: 43

Most common metro: Los Angeles, CA

Backsplash

Percent of homes that sell for above expected values: 4.1%

How many days faster than expected the home sells: 46

Most common metro: Philadelphia, PA

According to Jonathan and Drew Scott, stars of the HGTV show "Property Brothers," it matters when you purchase home and renovation items. 

"Just as January is a traditional time to put bedding and linens on sale, home improvement items are also a part of retailers' regular sale cycles," they write in their book, "Dream Home: The Property Brothers' Guide to Finding & Fixing Your Perfect House." 

"If the timing is right, you can score great buys on things you need right at your local home improvement center." 

Below, in a graphic shared from their book, the Property Brothers break down the best deals on renovations and home improvement items by month:

SEE ALSO: The ultimate guide to what to buy every month of the year

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NOW WATCH: The secret to selling your house for more money

If there’s anything the Chinese have going for them, it’s savings. Only a handful of countries have a higher savings rate than they do. For a still relatively poor emerging country with GDP per capita about a fifth of that in the U.S., the Chinese get an A+ in this area.

But if diversification and asset allocation are the key to preserving wealth, then the Chinese get an F!

The reason: 75% of their wealth is in real estate, with the rest largely in cash. They’ve overinvested in one illiquid and bubbly asset that they wrongly believe can only go higher. Relative to income, China has seven of the 10 most expensive cities in the world.

In other words, it has the greatest real estate bubble in modern history!

Price to income ratios in the top cities are off the charts. Beijing is 33.5 times income, Shanghai is 30.2 and Shenzen is 30.0. The average condo in such tier I cities is only 650 square feet and would go for $460 per square foot, or $300,000. In a tier II city, we’re talking $100,000.

That may not sound like a lot, but if tiny condos are selling for $300,000 in the biggest cities at 30 times income, that would suggest the Chinese are only making about $10,000 per year, which squares with the actual statistics!

That begs the question: how do they even do it!?

Wade Shepard put this question forward in a recent Forbes article called “How People in China Afford Their Outrageously Expensive Homes.”

In China, owning your home is paramount. If you’re a man, you have zero chance of getting a date if you don’t. But with home prices running at exorbitant rates, what’re their chances?

It all comes back to China’s phenomenally high savings rate.

Compared with about 2% in the U.S., the Chinese on average save about 30% of their income. And for the most affluent, it’s more than double that!

But it’s not just the super-high savings rates.

It’s the family and friends network that helps younger people buy such massively expensive homes –typically without a mortgage. Only 18% of homes have a mortgage, compared to half of all homes in the U.S., and minimum down payments on first homes is 30%. For second homes, it’s 60%.

So the last thing China has to worry about is a foreclosure crisis like the U.S. saw with high percentages of homes in negative equity.

China’s problem… is that they’ve invested their high savings in a massive real estate bubble and don’t realize the risks to their wealth!

In urban areas, real estate has bubbled up between five and seven times just since 2000. It’s even greater than the unprecedented housing bubble in Japan in the 1980s, which suffered a 60% collapse that it’s never recovered from – even 25 years later.

A 60% collapse is the minimum the Chinese should expect. But it would actually take 80% to get back to the pre-bubble values of early 2000.

This would be devastating to the Chinese. It is estimated that household wealth in China is $27.2 trillion, or about three times GDP. With 75% of that in real estate, that comes out to $20.4 trillion.

If real estate falls 60% as it did in Japan, that would mean $12.2 trillion in wealth would just disappear.

And if it falls 80%-plus due to the larger size of China’s bubble like I expect, we’re talking $16 trillion or more evaporating!

How would the already insecure Chinese consumers feel (after past poverty and weak social safety nets) if their rapidly built wealth suddenly disappears?

I say: it means they’re going to spend less money! That will halt China’s efforts at expanding into a consumer-driven economy.

What I predict… is that this crisis in China will be the largest relative evaporation of household wealth in modern history. And it’s all from their overinvestment in one illiquid and bubbly asset: housing. Among urban households, 20% own two or more homes, near twice the rate in the U.S.

But the Chinese not only overinvest in real estate – they often buy empty properties for the future, or even for pure investment. They don’t actually use these properties. An independent firm monitored homes that were using no electricity and found a 27% vacancy rate.

Who would speculate in real estate with 27% of condos empty!?

In what country would real estate continue to soar with such vacancy rates!?

So, yes, the Chinese get an A for high savings, but their Achilles heel is an irrational belief that real estate will only go up, up, up! That is the worst assumption you could possibly make in the very country that has the greatest overbuilding bubble and the most overvalued real estate in the world.

What I see ahead: the sucking sound of shrinking savings!

China’s unprecedented real estate wealth implosion will make Japan’s in the 1990s look like nothing. And if you are in cities like Vancouver, Sydney, Melbourne, Brisbane, Singapore, San Francisco, L.A., New York and London – anywhere that thrives on affluent Chinese laundering their money out of their corrupt country, and into your real estate – you will hear that sucking sound as well!

SEE ALSO: 'Fiscal and financial crises are impossible in China'

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NOW WATCH: Ancient Romans had perfect teeth because their diets were low in one substance

According to Jonathan and Drew Scott, stars of the HGTV show "Property Brothers," it doesn't take a lot to increase the sale value of your home.

In fact, there are two inexpensive, quick tricks you can use to potentially convince buyers to pay you more: Keep it clean and fix anything that needs it.

"Buyers associate dirt, clutter, disorganization and poor maintenance with serious problems they might not be able to see," they write in their book, "Dream Home: The Property Brothers' Ultimate Guide to Finding & Fixing Your Perfect House."

"You can get an additional $20,000 or more for a house that's neat and clean," they write. "Why would you leave money on the table when it costs next to nothing to clean and declutter?"

Here are some suggestions from the Property Brothers to prepare your home for sale:

Keep it clean

The brothers suggest packing up all personal items and keeping only what is necessary to start your cleaning. This not only shows off the features of your home, but "removing a lot of personal items helps buyers picture their family in the home instead of yours," they write.

Beyond personal items and a cluttered space, general poor maintenance can make buyers write off your property.

"We call it the Ick Factor: The more times a buyer says 'ew' in your home, the more likely they'll just write off your property," they say.

A quick vacuum is only a start. The Property Brothers suggest that you:

• Do a smell check to eliminate musty-smelling areas of your home. If you have become too accustomed to your house smells, bring a friend to your house for an honest second opinion.

• Scrub around doorknobs, which tend to get dirty easily.

• Sweep, weed, and wash paved walkways, patios, and sidewalks.

• Clean out the refrigerator — potential buyers are going to look.

• Tidy up the medicine cabinets and closets. Again, buyers will be looking.

Fix what needs fixing

The next step to getting more for your home is zeroing in on what might need to be fixed. The brothers suggest creating a list of what needs to be repaired, replaced, or updated.

If you don't know what should be on the list, you can hire an inspector for about $300 to $500, depending on where you live and the size of your property.

"It's money well spent if you can correct issues that may become points of contention for the buyer," they write.

But fixing doesn't have to cost much, if anything. The Property Brothers also suggest making a checklist of small items you might need to attend to, such as:

• Check all faucets for leaks, and make sure drains and toilets are working properly.

• Replace any broken or ripped screens in windows, doors, and porches.

• Check the baseboards for scuff marks you might want to repaint or go over with a Magic Eraser.

"Your house is only as strong as its weakest link," they write. "Even the smallest of issues can become a huge concern for buyers."

SEE ALSO: The best time to buy anything for your home, according to HGTV's 'Property Brothers'

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NOW WATCH: The secret to selling your house for more money

According to Jonathan and Drew Scott, stars of the HGTV show "Property Brothers," you'll want to be careful how you renovate or remodel your home.

"Just as there are features you want in a house, and that also increase the value of the space, there are changes you should not make to a house," they write in their book, "Dream Home: The Property Brothers' Ultimate Guide to Finding & Fixing Your Perfect House." "These are features that can bite you back when it's time to sell."

Here are six renovation "no-nos," according to the Property Brothers:

SEE ALSO: 2 inexpensive tricks that could help your home sell for more money, from HGTV stars the 'Property Brothers'

DON'T MISS: The secret to selling your house for more money

1. Don't sacrifice limited bedrooms for storage

If you're considering converting your tiny third bedroom into a walk-in closet, take a moment to reconsider.

"In family-friendly neighborhoods, a house with three small bedrooms is still more valuable than a house with two bedrooms and a big closet," they write.

But if your home has four medium-size bedrooms with no master bedroom, then converting one of the rooms to expand another is a safer move, according to the Property Brothers.

2. Don't get rid of the only bathtub

Families with kids will — more likely than not — want to look for a house with a bathtub, the brothers warn.

"You don't have to have a bathtub in the master, unless the house is in a retirement community, but do keep a tub in the shared or family bedroom," they write.

3. Don't spend a fortune building a custom home theater

The idea of a movie room or home theater might be loved by buyers, but not everyone will be willing to pay for it, the brothers caution. It's also hard to keep up with the newest, best, or flattest televisions when technology is always changing.

"All the gear you spent a fortune on easily becomes dated," they write.

When you hear affordable cities, there are four that should be familiar to you now: Cincinnati, Charlotte, Pittsburgh, Omaha.

But here’s a list of U.S. cities that are rapidly becoming less affordable: Cincinnati, Charlotte, Pittsburgh, Omaha.

In other words, the secret is out. The good news is, many of these places are still affordable — for now. The bad news is that time might be running out.

Data crunchers at RealtyTrac have supplied Credit.com with information on housing affordability for a couple of years now.

People exhausted by the rat race in high-cost places like New York and San Francisco are moving to middle-of-the-county havens like Kansas City, where wages and housing prices are more in sync, as we’ve explored in our True Cost of Living series. It turns out that combination of strong employment and reasonable housing costs make places like Pittsburgh both attractive and financially sensible.

As much as we’d like to claim no one else has made this discovery, plenty of folks are onto the idea. We noticed last year that rental prices in places like Pittsburgh (not to mention Portland) are spiking. Now RealtyTrac data shows that affordability is fast moving in the opposite direction in many of these now-popular places.

RealtyTrac developed its own affordability index, which takes into account factors like median wages, median home prices and property taxes. This data shows that Boone County, Kentucky — near Cincinnati — is 47% less affordable this year than last year, making it the U.S. county with the fastest trajectory toward unaffordability. That’s right. Boone County — not Manhattan.

“The trend is toward less affordability, and with interest rates so low there is really no other policy lever that can be pulled to make homes more affordable. At this point either home prices need to flat line or drop, or wages need to jump, to change the trajectory toward less affordable,” Daren Blomquist, vice president of RealtyTrac, said.

Here are a few other places you might not expect to see crack the “top 25” list for areas racing toward being unaffordable, and how much less affordable they are this year compared to last.

• Peoria, Ill. — Tazewell County (31%)
• Richmond, Va. — Henrico County (29%)
• Omaha, Neb. — Douglas County (29%)
• St. Louis, Mo. — St. Louis City County (22%)
• Charlotte, N.C. — Rowan County (20%)
• Pittsburgh, Pa. — Washington County (19%)
• Minneapolis, Minn. — Ramsey County (16%)
• Toledo, Ohio (16%)
• Des Moines, Iowa (14%)

“There are certainly some on this list that might be thought of as affordable compared to other markets, but compared to their own historical standard of affordability they are becoming less affordable,” Blomquist said.

How long before these areas become unaffordable?

The news isn’t all bad. Many of these cities will still sound affordable to outsiders. In Polk County, Iowa (Des Moines), the median home sale price in the first quarter this year was $145,000, and that only eats up 22% of median wages. That’s good. On the other hand, median home sale prices were up 8% in the past year, while wages went up only 3%. So how long will Des Moines remain affordable for homeowners? That’s hard to say.

That same mathematics is repeating itself around the country. In Virginia’s Henrico Country (Richmond), prices rose 27%. In Douglas County, Nebraska (Omaha), they are up 38%. In Hamilton County, Ohio (Cincinnati), they’re up 33%.

There are other places to find better news, if you know where to look. In some cities, adjoining counties are becoming more affordable while their neighbors are feeling the squeeze. Pittsburgh-area Butler County is 14% more affordable, the data suggests, thanks to housing prices and mortgage interest rates taking a dip. That’s also true in Union County, N.C., near Charlotte, where things are 14% more affordable. But even here, the data is tricky to understand. Historically, residents in Union County needed to spend 40% of their wages to buy a home, and now that’s dipped to 33% — still a high number.

Overall, more American markets are trending toward unaffordability, RealtyTrac finds. Nationwide, in the first quarter of 2016, the average wage earner needed to spend 30.2% of their monthly wages to make mortgage payments on a median-priced home ($199,000), up from 26.4% of average wages last year. And median home price growth outpaced wage growth in more than 60% of counties.

The share of counties not affordable by their own historic standards jumped from 2% of all counties a year ago to 9% of all counties in the first quarter of 2016. Compare that to 2007-2008, when more than 80% of markets were less affordable than historic norms.

“While the vast majority of housing markets are still affordable by their own historic standards, home prices are floating out of reach for average wage earners in a growing number of U.S. housing markets,” Blomquist said. “The recent drop in interest rates has helped to soften the blow of high-flying price appreciation in some markets, but the affordability equation could change quickly if interest rates trend higher and home prices continue to rise faster than wages.”

If you’re considering buying a home, whether in one of the these locations or somewhere else, it’s important to check your credit score first. Doing so can help you have a better understanding of what rates and mortgage plans you may qualify for as well as how much house you can afford. (You can check your two free credit scores, updated each month, on Credit.com.)

More from Credit.com

• How to Get Pre-Approved for a Mortgage
• How to Get Your Free Annual Credit Reports
• Can I Buy a Foreclosure?

SEE ALSO: 7 ways to trick yourself into saving more money

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NOW WATCH: These striking images show just how overcrowded China's population really is

For many years, shared workplaces have been the go-to option for individuals seeking an affordable place to work but looking for an alternative to working from home or sitting in a coffee shop. Now, as lease prices continue to rise and economies across the globe become less predictable, more and more large corporations are considering the non-traditional office setup for their own businesses.

CBRE's recent report, "The Rise of the Shared Workplace in the Sharing Economy," reveals that 14% of corporate real estate executives and 18% of corporate tenants are currently using or considering shared workplace offices. As companies like WeWork, Assemble, and Grind continue to expand to different cities and countries, the popularity of coworking spaces is likely to grow in the future. Here are four megatrends that will drive that growth.

1. Economic uncertainty

As global markets rapidly change, technology advances, and business models evolve, many businesses are becoming more unsure about the future. Long-term leases allow for little flexibility and agility for companies looking to survive. Shared workplaces, however, offer many businesses incredible flexibility by allowing them to expand in a strong economy and downsize when times get tough, without being tied to a long and expensive lease.

2. Advances in technology

Mobile devices and cloud technology have made it easier for employees across industries to work whenever, wherever, and however they want. In the future, this increased mobility will make workplace flexibility that much more of a priority for companies and employees. In fact, 42% of respondents to CBRE's 2016 Americas Occupier Survey say flexible working arrangements are most important to them.

3. Reimagined urban spaces

For decades, New York, San Francisco, Los Angeles, Boston, and Chicago have been leading cities for innovation and entrepreneurship. Though technology and creative firms boast great downtown locations in these cities, they often come with a hefty price tag. Fortunately, many shared workplaces are revitalizing old buildings in these areas. The open floor plans of these older buildings have been great for promoting collaborative workspaces, and the hip neighborhoods are attracting a variety of workers and industries.

4. Community at the core

As millennials make their way up the professional ladder, priorities and work styles will shift dramatically. The generation raised on social media and technology has shown a strong interest in community and will no doubt demand workplaces that reflect this. Many coworking spaces are are built on the idea that collaboration and community lead to innovation and a more meaningful environment. It's no wonder 61% of respondents in CBRE's report said they joined a shared coworking space to get away from the isolation and distraction found working from home.

Startups and entrepreneurs have long known about the financial and strategic possibilities of coworking spaces. As global markets continue to change and the traditional workspace evolves, we can expect corporations to look to these possibilities in the future as well.

Find out more about the trends driving shared workspaces in CBRE’s "The Rise of the Shared Workplace in the Sharing Economy" report.

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A 20-unit Brooklyn apartment building is about to undergo quite the renovation, and soon it will be a single-family home. 

Listing for a whopping $22 million, the Brooklyn Heights building comes with a proposed layout that can include four bedrooms, four bathrooms, four powder rooms, a chef's kitchen, dining room, parlor, and an elevator.

There would also be a rooftop deck and a basement that could incorporate a gym and an 800-bottle wine cellar if the buyer so chooses.  

In total, the home would have 14,000 square feet of living space.

The proposed layout is being overseen by designer Lee J. Stahl and The Renovated Home, but whoever buys the building can choose whether they want to use the plans or not.

Stahl told the Wall Street Journal that his proposal would take $10.6 million and 16 months to execute.

The building was previously owned by the Jehovah's Witnesses before it was acquired by Benchmark Properties in January. 

Though there are tenants still living in the building's 20 apartments, the property will be delivered vacant to its new owner. 

According to Streeteasy, one-bedroom apartments there have rented for between $2,800 and $3,150, while studios have gone for between $2,150 and $2,250. Apartments have been rented in the building as recently as August 2015. 

Ryan Serhant and Bradley Mohr of Nest Seekers International have the listing. 

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Jonathan and Drew Scott, stars of the HGTV show "Property Brothers," know some renovations are smarter than others.

"It's often frustrating and unpredictable, but the payoff can be absolutely amazing," they write in their book, "Dream Home: The Property Brothers' Ultimate Guide to Finding & Fixing Your Perfect House." 

Unlike building a home theater or converting your garage into a spare room, there are renovations that will increase your home's functionality, make your home more appealing to future buyers, and give you more enjoyment while you're still there. 

The brothers consider these 10 home renovations to be the ones that give the "best return on investment":

SEE ALSO: 6 renovations that can hurt your home's resale value, according to HGTV's 'Property Brothers'

Open floor plan

According to the Property Brothers, having your rooms compartmentalized and boxed in can "cut off the social function of a house"— particularly the kitchen. 

"The only way to bring a feeling of spaciousness to those homes and make them feel bigger is to open them up," they write. 

Storage

"No matter how we try to downsize, we've still got stuff," they write. "And home life is more pleasant if there's a place to put it."

The brothers suggest adding storage in the basement, mudroom, bedrooms, and attic — or all of the above — to make your home a big plus for buyers. 

Modern temperature systems

Having up-to-date, energy-efficient heating and cooling systems go a long way, according to the Property Brothers. Not only will they make your home more comfortable, but they could also lower your monthly utility bills.

It seems that La Casa Pacifica, famous for being the "Western White House" of former President Richard M. Nixon, doesn't have the allure it once did.

After listing in August of 2015 for $75 million, the price of the magnificent California estate has already dropped by $6 million to $69 million.

Nixon was the historic San Clemente home's second owner, purchasing it in 1969 for $1.4 million, or about $9 million in 2016 dollars. First built in 1926, the home was used by Nixon as a retreat to write his memoir after the Watergate Scandal, according to NPR.

The current resident is former Allergan Pharmaceuticals CEO and founder Gavin S. Herbert. Herbert, along with some business partners, has owned the home since 1980, and volunteered to be the head gardener even before he owned it. The gardens are still in top-notch shape.

Rob Giem of Hôm Sotheby's International Realty holds the listing. 

Brittany Fowler contributed to an earlier version of this article.

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The two parcels of land that comprise the estate total 5.45 acres, with 450 feet of beachfront property.

Built in 1926, the 9,000-square-foot main residence includes five bedrooms, a grand main room, a den, a bar, and a guest suite.

But there's also a detached two-bedroom guest house across the way, just in case the guest suite is occupied.

Something strange is happening in Chinese high-yield real estate debt.

It might all get paid back in three years and the market for it could simply disappear.

While it sounds like a risky investment, dollar-denominated bonds with high interest rates issued by Chinese real estate developers are being paid back at a quick rate.

And this is despite the volatility in the Chinese stock markets and yuan seen last year and the start of 2016.

Analysts from UBS led by Edwin Chan said companies are paying back about $10 billion (£7 billion) a year.

With no new debt coming on to the market, it won't take long to exhaust the supply.

Here's UBS (emphasis ours):

The sector has benefitted from positive technicals and exhibited resilience even in volatile markets.

Indeed, if we extrapolate from bond maturity and callable profiles, assuming no new issuance, the outstanding of Chinese HY universe could shrink by almost ¾ to USD10bn outstanding from USD35bn at present in two years’ time, and more or less disappear in three years' time.

And here's the chart:

As China's currency has depreciated against the dollar, and is expected to depreciate further, it makes issuing dollar-denominated bonds more expensive for Chinese companies. This explains the lack of supply of new bonds coming down the pipe.

At the same time, companies are rushing to pay back their existing dollar bonds before any more currency swings make it more expensive.

From this, it sounds like Chinese real estate debt is a sure thing, but UBS is cautious. Developers might take advantage of the conditions and take on more domestic debt, increasing their leverage and interfering with their ability to pay back the foreign debt a few years down the line.

Here's UBS again:

While this technical may drive bond performances, the fundamental trend may not be all rosy for credits.Gearing risks my return as developers turn more active in landbanking to take advantage of rising prices and ample domestic liquidity.

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Ever wonder why some homes sell for a premium and others don’t? While timing definitely plays a part, turns out mentioning certain home features in your listing description can yield quite the premium– both in how fast the home sells for, and for how much.

According to a new Zillow Digs analysis, for-sale listings touting features like “subway tiles” or “barn doors” can sell for as much as 13 percent more than expected, and nearly 60 days faster than homes without those features.

“When it comes to real estate listing descriptions, words matter,” says Svenja Gudell, Zillow chief economist. “Your listing description is an opportunity to highlight specific details and finishes that might not be visible in photos. Craftsman-style homes and amenities resonate incredibly well with today’s buyers — so if you’ve got them, flaunt them!”

Zillow Digs analyzed listing descriptions from over 2 million homes sold nationwide to see how certain keywords referring to home features, amenities and design styles impacted their sale price. This report stems from an analysis in the New York Times best-seller, “Zillow Talk: Rewriting the Rules of Real Estate,” which looks at how certain listing descriptors like ‘unique’ or ‘captivating’ can impact final sale prices.

Curious what other home features made the list? See below for the top 5 keywords. You can find the full analysis with all 15 words here.

SEE ALSO: The best time to buy anything for your home, according to HGTV's 'Property Brothers'

Barn doors

Homes mentioning “barn door” in their listing description sold for a hefty premium — 13.4 percent more than expected and 57 days faster. These rustic sliding doors are often found in modern craftsman-style homes, and are used on bedroom closets and kitchen pantries, among others.

Shaker cabinets

Listings touting “Shaker cabinets” sold for 9.6 percent above expected and 45 days faster.

Farmhouse sink

Homes boasting these trendy yet functional kitchen sinks can fetch nearly an 8-percent sales premium.

The ways in which money flows around the world can be strange and fascinating.

For instance, the lack of new infants being born in Japan, its "baby crisis," may be driving up real-estate prices in the US.

Now here's how this works: Because of the aging of the Japanese population, the country's insurance companies must invest more of their capital to cover the higher payouts that older people need.

With yields on many assets in Japan currently so low, these insurance companies are coming to the US to find investments that make solid returns.

According to Goldman Sachs Asset Management's annual Insurance Investors Survey, one of the biggest growth spaces for these companies is private assets in the US, including real estate.

"We've seen a lot of Japanese insurers coming into the United States and buying US properties. We think that is going to continue," Mike Siegel, global head of GSAM Insurance, told Business Insider.

"In Japan, you have a declining population, which means that over time you have fewer lives to insure," he said. "So these companies, if they want to continue their growth, need to go into another market."

Siegel said that this is also happening for Chinese and Bermudan insurers, albeit for slightly different reasons.

According to the GSAM survey, which included CEOs and chief investment officers of more than 276 firms with total assets over $7 trillion, real-estate equity is the second-highest growing allocation for insurance investors of any asset class. Fifty-four percent of all insurers said that they are planning to increase or maintain their level of investment is real-estate equity over the coming year.

Demand for US real estate by foreign investors, not just insurers, has been skyrocketing in recent years, and is part of the concern over rapid levels of shelter inflation in places like San Francisco and New York City.

This isn't just Japanese insurers and real estate, however. Many foreign insurance companies across Europe, Asia, and other emerging markets are shifting their money to the US in order to find returns.

According to Siegel, these companies are gobbling up US debt, especially corporate debt, because the returns in their home countries are so low.

These returns are low for two reasons, said Siegel. One reason is low economic growth. To an even higher degree, negative interest-rate policies instituted by central banks in Europe and Japan are also making returns on investments low.

"If you had higher yields in these countries, domestic companies would prefer to invest domestically," said Siegel.

He continued: "But if you're in Japan right now, the 10-year [Japanese government bond] has turned negative. So if you're a Japanese company, there are limited opportunities in the Japanese fixed-income market, so you're going to start to look into the US fixed-income market."

So this search for returns has shifted insurance companies' eyes, along with their $26 trillion in total assets, to the higher returns in the US. Japanese insurers are likely eyeing everything in the US from government bonds to a condo tower down your street.

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There are enough real estate agent horror stories out there to make prospective renters, buyers, and sellers feel overwhelmed at the prospect of finding the right match to represent them. (Just consider this confessional essay from an ex-broker, who owns up to some rather shady deals.)

Fortunately, you don't have to settle for someone who won't advocate for you, as long as you know how to spot the heroes from the zeros. We spoke with three real estate experts to find out which qualities to look for when hiring an agent. It turns out that choosing the right one for you is a lot like dating—though fortunately, no long-term commitment is required.

What to look for in a broker

A personality that doesn't clash with yours. Just as you might do on a blind date, one of the first things you should consider with potential agents is chemistry. If you have difficulty relating to each other from the outset — for example, you find the agent terse and hurried in his or her interactions with you while you need more time and patience — this does not bode well for the long-term, and it's worthwhile to keep searching until you find someone with whom you mesh. Keep in mind that you'll be sharing private financial information with this person, and as in a romantic relationship, trust is essential.

Leonard Steinberg, president of Compass, says that it pays to ask yourself if the agent is someone you want representing your interests. "It’s best to like them from the get-go," he says, noting that if you don’t find an agent likable in an initial meeting, he or she will become downright loathsome throughout the process of buying or selling a home, which can take many months.

Though hard to measure, personality is key, agrees Eric Hamm, a senior managing director at Citi Habitats. "I can teach someone where to go, how to learn inventory, and how to market, but I can’t teach personality," he says. "I can hire five people and teach them the same things, and some will do really well and some just don’t." 

So how does one pinpoint such an elusive quality as character? This is where some introspection comes in handy: Reflect on the qualities you admire in friends and colleagues, and seek those out in agents. Hamm and Steinberg both advise trusting your gut; on a more tangible level, Steinberg suggests: "Sit down with them. Look them in the eye, notice their body language, how they speak, the content and tone of what they say." All these verbal and non-verbal cues should add up to a strong portrait of the agent’s personality.

A proven track record. Common sense would dictate avoiding an agent who’s completely green, but that doesn’t necessarily mean a brokerage’s most seasoned employee will be the best fit, either. Shaun Osher, founder and CEO of CORE, points out that the most experienced agents may also be the busiest ones, more likely to pass off your search or sale to a substitute. "Hire someone who has the time, passion, hunger, and desire to make your property their primary focus," he says.

Steinberg agrees: "There are young brokers who are good at what they do, so don’t hold a lack of experience against them," he says. "But track record does tell you a lot. Precedence and history are very helpful."

A personal reference can steer you in the right direction, but if friends and relatives don’t have any recommendations, don’t be shy about asking the broker for the contact information of his or her past clients. In essence, a broker is helping you navigate a decision about shelter, one of the most fundamental human needs, and it’s crucial to hear the details about how they’ve done so for others in the past.

"Make that call," Osher says. "Just as you'd vet an attorney or a doctor, use the same rules to vet an agent."

Online reviews are worth a look, too — many of the same sites that run real estate listings also have some very frank feedback about agents.

The ability to educate you about the process and keep you informed. Experienced agents sometimes forget that while the ins and outs of buying, renting, or selling a property are familiar to them, for most people, it's a process they only undergo once every few years. For the uninitiated, it’s essential to find an agent who communicates clearly and thoroughly with you, is easily reachable, and responds to questions in a timely way.

"The agent is your face to the community, and your conduit for all information," Osher points out. "Not only does information need to be presented in the right way, but also accurately represented."

Hamm says that the majority of complaints he has heard about agents has to do with lack of communication: either the agents are hard to get in touch with, or when the clients do reach them, they provide short, incomplete answers rather than detailed explanations.

Attention to detail will reveal hints as to the broker's interpersonal skills early on. For instance, check how the broker presents his or her listings online, noticing level of quality and consistency; grammar and word choice matter, too. And turn a critical eye toward how they write or speak to you, as well. Steinberg suggests asking yourself, "If they reached out to me anonymously, how did they do so? Did they do so elegantly or in a trashy way? That will be a clear indicator as to how they'll represent you in the world."

A reputable firm. The individual agent isn't the only one worth investigating; the firm he or she works with is, too. "Each brokerage as its own culture that it instills in its people," says Hamm. "Some are just looking for a quick buck." He recalls a story about one brokerage that turned out to be operating from the fifth floor of a storage space — questionable digs to be sure — and notes that going into the firm's offices, rather than meeting the agent on the street, may be a good call. New York State's Division of Licensing Services licenses brokers and firms, and you can contact them to confirm credentials.

And some are up to much worse: Consider this recent story about an Astoria-based agent accused of taking prospective renters' deposits and failing to return them after deals fell through. The firm's owner previously did prison time for identity theft, but got right back into the real estate game after his sentence ended. He lost his license, but allegedly continued to falsely represent himself as an agent to clients. 

In looking at brokerages, it helps to get a sense of each one’s approach, and how it aligns with your own. "If you're attracted to the 10,000-pound gorilla and find comfort in size, go with someone aligned with a brokerage like that," Osher says. On the other hand, he adds, if you're intrigued by a more individualized and "bespoke" experience, a smaller company may be a better match.

Red flags

Fudging of facts. Given the importance of trust, any inkling of dishonesty in your agent is a reason to bail. Again, there will be early warning signs if a broker is being disingenuous. Hamm gives some basic guidelines: Listings should clearly detail the name of the broker and their firm, as well as any associated fees.

Additionally, if you find a property online that says it was listed by the owner, but when you call, find yourself speaking to a broker, you are already being deceived, Hamm warns. Another sign of deception is if a listing specifies that there’s no broker fee, but when you reach out, the agent claims the home is already rented but they have something similar which does entail a fee.

Dishonesty can also come in the form of making excessive promises, or expressing too much certainty as to the outcome of a deal, says Steinberg. Inconsistency between what an agent promises in an email and what they offer face-to-face should be taken as another warning sign.

"Before things got so transparent online, misleading clients was something that a lot of brokers got away with," Hamm recalls. Fortunately, nowadays there are so many people to choose from, "there’s no need to work with someone who’s playing bait-and-switch games," he says.

Asking for cash. An agent asking to be paid in cash could be a red flag. According to Hamm, most brokerages have moved to accepting fees via money orders or certified checks, and some take credit cards for deposits and application fees. "There are still some owners who will say they want cash for application fees or deposits," Hamm says, "but it needs to be well-documented so there’s transparency there." 

A broker who doesn’t put every transaction in writing, then, should raise your hackles: Where your money is going and who is accepting it needs to be documented, Hamm says, citing cases in which prospective renters put down deposits, didn't get the apartment, and were never refunded because there was no paper trail. 

Also remember that the standard broker fee on a rental should be no more than 15 percent of a year’s rent, according to Revaluate — and it may be lower than that in the outer boroughs (as little as 8.5 percent, says Urban Edge.) So if your broker’s fee exceeds that amount, something may be fishy.

Lack of specialization. Hire a broker who has a close familiarity with the neighborhood you're searching or selling in, say our experts: "In NYC, the jack-of-all-trades can turn out to be the master of none," Hamm says.

In other words, if an agent claims that he or she can show you properties anywhere in the city, be skeptical. Ask the agent questions about the area you're interested in to get a sense of their level of expertise; if they have to go back and look many things up, they may not know the inventory in that neighborhood very well.

That said, Steinberg says he'd prefer someone who is honest when they're unsure about something, rather than bluffs a wrong answer. After all, New York neighborhoods undergo a near-constant metamorphosis, and it can be tricky to stay on top of every new development.

Overall, Steinberg says, likening the broker-client relationship to a romance, "Be careful not to be too judgmental on a first date. Going on a second date is a good idea to see if those were real concerns, or excessive concerns."

Bottom line: Given the importance of a decision about where you'll live, the best policy is to weigh your agent options carefully and thoughtfully. It pays to be picky. 

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What features are you willing to give up when looking for a new house in a competitive housing market? It’s a question potential homebuyers face this year amid rising prices.

While three-quarters of potential buyers think 2016 is the right time to buy a house, seven in 10 are worried that increasing home values will make it more difficult to get one, according to a new report from Berkshire Hathaway HomeServices.

To find an affordable home, buyers in the survey said they would give up swimming pools, access to public transportation, basements and proximity to work. However, they were less likely to compromise on location, floor plan, school district or curb appeal.

A majority of potential homebuyers surveyed were optimistic about the housing market, saying low interest rates made it a good time to buy. They also see modest rate hikes in the future as a sign that the market is moving in the right direction.

Last week, the interest rate on the 30-year fixed mortgage fell to an almost three-yearlow.

Prospective buyers are less concerned about lack of inventory than they’ve been in past surveys, reflecting an increase in available supply. The number of homes for sale reached a 6.8-month supply in January, according to CoreLogic, up from 6.5 months in 2015. A six-month supply is considered a healthy market.

Still, new home construction is lagging. Starts on single-family homes fell 9.2 percent in March to 764,000 units from February. Homebuilders, however, are still confident in the housing market, according to a sentiment index released this week.

The Berkshire report comes on the same day that the National Association of Realtors reported sales of existing homes jumped 5.1 percent in March and were 4.8 percent higher in the first quarter.

"Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well,” Lawrence Yun, NAR chief economist, said in a statement. “However, sales are softer both at the very low and very high ends of the market because of supply limitations and affordability pressures."

U.S. home prices increased 6.8 percent in February from the same month last year with all 50 states experiencing year-over-year increases, according to the latest figures from CoreLogic. Washington, Colorado and Florida recorded double-digit increases during the month.

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