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The latest news on Real Estate from Business Insider

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    Robert Herjavec 9255 Doheny Dr West Hollywood

    Robert Herjavec, one of the star investors on ABC's popular "Shark Tank" reality show, just made a quick million bucks on his latest investment: a condo in West Hollywood.

    Herjavec paid $3.15 million for the two-bedroom apartment in a tower complex just off the Sunset Strip in January of 2015, records show. He just closed the sale for $4.15 million, the Los Angeles Times reports.

    A Canadian entrepreneur, investor, and author, Herjavec has appeared on the ABC series since 2009, investing over $16 million in companies like Tipsy Elves and Breathometer. In more personal news, he recently became engaged to his "Dancing with the Stars" dance partner Kym Johnson. After the proposal, they celebrated with a "big surprise party" back at the condo, according to ABC News.

    The 17th-floor aerie has soaring city, ocean, and sunset views and a spacious terrace. See inside the shark's sleek former digs, below.

    SEE ALSO: The marketing genius behind Beyoncé has put his chic Tribeca apartment up for sale for $3.5 million

    DON'T FORGET: Follow Business Insider's lifestyle page on Facebook!

    The 1,627-square-foot condo is on the 17th floor of Sierra Towers, a high-rise just off the Sunset Strip in West Hollywood.



    The views are panoramic. It's the only condo tower in the area.



    The two-bedroom is a southeast-facing corner unit, giving it enviable vistas from all angles.



    See the rest of the story at Business Insider

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    740 park avenue

    On a quiet, tree-lined block on the Upper East Side, 740 Park Avenue rises up: a legendary address, at one time considered (and, perhaps, still) the most important residential building in New York City.

    The Art Deco co-op has been home to many of New York's most notable figures since it opened its doors in the 1930s. Today, it's still filled with the city's wealthiest residents — and prices just keep going up. The average listing price per square foot is currently $3,666.

    Built in 1929 by the grandfather of Jacqueline Kennedy Onassis — who lived there as a child — 740 Park has just 31 residences, but they've commanded some of the highest real estate prices in New York history. John D. Rockefeller, financier Saul Steinberg, and Blackstone founder Steve Schwarzman have all hung their hats in the building. In fact, they've all lived in the very same apartment.

    While some of New York's richest have decided to invest in the shiny new luxury condos available on "Billionaire's Row" on 57th Street or in downtown Tribeca's glossy high-rises, the Upper East Side still holds its own, according to Michael Gross, the author of "House of Outrageous Fortune" about 15 Central Park West and "740 Park: The Story of the World's Richest Apartment Building."

    "I think in the current condo era, [740 Park] represents a previous generation of Manhattan wealth," Gross told Business Insider. "But I think that the cyclical nature of real estate makes it a very good bet that co-ops will have a comeback, and the east side will have a comeback."

    There are currently four units with active listings in the building. If you buy in — and get past the co-op board — you'll have some very wealthy neighbors. Below, a roundup of those famous names.

    Julie Zeveloff wrote an earlier version of this story.

    SEE ALSO: These copper-clad luxury apartment buildings — complete with an amenity-filled skybridge — will gradually turn green over time

    DON'T FORGET: Follow Business Insider's lifestyle page on Facebook!

    740 Park opened its doors in October 1930, in the heart of the Great Depression. It remained a "financial sinkhole" until the 1980s, when apartment prices rose astronomically.

    Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross



    These days, only the wealthiest types are even considered for admission to the co-op. Applicants must be able to show a liquid net worth of at least $100 million.

    Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross



    But wealth isn't the only factor. Barbra Streisand, Neil Sedaka, junk bond tycoon Nelson Peltz, and the billionaire Leo Blavatnik have all reportedly been rejected by the co-op board.

    Source: "740 Park: The Story Of The World's Richest Apartment Building" by Michael Gross



    See the rest of the story at Business Insider

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    berlin

    Berlin has seen a restriction on entire property rentals of short-term lets, with lawmakers claiming platforms such as Airbnb "misuse private property" by renting apartments to tourists without permission.

    Seeking to prohibit entire property rentals as short-term lets, a law – known as Zweckentfremdungsverbot – was passed in 2014 but came into effect on 1 May. Airbnb has removed hundreds of listings in the German capital up to this date, resulting in a 40% drop in availability on the site in just one month.

    Berlin's head of urban development, Andreas Geisel, hopes the law will help solve Berlin's housing crisis, and rising rent costs, which have increased by more than 50% between 2009 and 2014. In his words, it is "a necessary and sensible instrument against the housing shortage in Berlin... I am absolutely determined to return such misappropriated apartments to the people of Berlin and to newcomers," he said to local media.

    At around 10 euros (£7.85) per square metre, the cost of rent in Berlin is still relatively low compared to other major European cities, but rising rents predate the influx of refugees to Germany. 

    Zweckentfremdungsverbot will still allow Berliners to rent out rooms in their properties, but not entire flats. City authorities are urging neighbors to come forward if they suspect that the rules are being broken. Those who fail to abide could face fines of up to €100,000 (£79,000).

    Short-term lets prove popular with people who visit Berlin to take advantage of the party scene and in quiet apartment blocks, this can prove problematic — something people also complain about in cities such as Barcelona.

    Airbnb's rival platforms are not happy about the restrictions. Housing website Wimdu has sued Berlin's city authorities, while Airbnb Germany argues that the restriction will hurt residents who rely on rentals to maintain their living.

    Airbnb has faced similar accusations in US cities such as New York and San Francisco. Last year, voters in these cities rejected a proposition that would have placed limits on short-term lets. Meanwhile, other European cities have sought to regulate the service more heavily, with tourist tax implemented on Paris Airbnb rentals last year.

    Join the conversation about this story »

    NOW WATCH: Apple’s new ‘true tone’ iPad feature changes the display color based on the light around you


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    dome house weird

    Everyone wants a house, and that's a big problem.

    According to recent data from the nonprofit Conference Board, the number of Americans indicating that they plan to buy a home in the next six months is at historic levels.

    "Meanwhile, according to the Conference Board, although the share of households planning on buying a home in the next six months ticked down in April to 5.4%, that is significantly above the average of 3.6% recorded since 1978," wrote Matthew Pointon, property economist at Capital Economics.

    We've noted in the past that there is a substantial issue in the housing market right now. Too few homes are being built for the number of people that want to move in to them, thus driving up prices and keeping some lower-end or first-time buyers out of the market.

    The Conference Board data and Pointon's breakdown show, however, that it isn't just that supply can't keep up with simple demand. Supply can't keep up with a historically massive amount of demand. This, in turn, creates the price inflation.

    Screen Shot 2016 05 03 at 10.16.25 AM

    Part of the demand story is simply the effect of the right economy at the right time.

    "Mortgage interest rates are still close to record lows, and jobs are being created at a decent pace," wrote Pointon. "And with households expecting house prices to continue to rise, there is an incentive to buy now to benefit from those gains — particularly given the fact that the return on other assets is currently very low."

    Add those factors up, plus the sluggish housing-starts data and expensive land prices, and you get exploding housing costs.

    "After accounting for seasonal variations, CoreLogic reported a very strong gain in house prices of 1.9% m/m in March," said the note. "On the face of it, that is the largest monthly gain for 11 years."

    Pointon did note that CoreLogic does have a proclivity to get revised down, however, so this number may not be quite as high.

    But there is one thing holding demand back: credit.

    "The latest Ellie Mae data showed that the average FICO score for successful applications rose in March to 722, and that will be preventing many households from qualifying for a mortgage," wrote Pointon.

    This could mean that some of the historically high intention to buy a home may just be wishful thinking. Demand, however, is certainly higher, and that's making the housing market's pricing problem even worse.

    SEE ALSO: This chart explains everything that's wrong with the housing market

    Join the conversation about this story »

    NOW WATCH: The 'Property Brothers' raced to see who could build IKEA furniture fastest — it wasn't pretty


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    carter mansion penthouse jimmy chooJimmy Choo co-founder and fashion designer Tamara Mellon has lowered the price of her Upper East Side penthouse yet again, this time to $27 million. 

    She first listed the spread for $34 million in July 2013 before relisting it for $29.5 million last February. 

    The 7,000-square-foot duplex has five bedrooms, tall ceilings, and over 5,000 square feet of outdoor terraces and roof deck space. It's located at the top of the historic Carhart Mansion, which dates back to 1913.  

    Mellon bought the duplex for $21 million back in 2008, according to the New York Times

    "I love my apartment; I wish I could take it downtown," Mellon told the Times in 2014. "The terraces are heaven."

    Mellon opened her first Jimmy Choo shoe boutique in 1996, according to British Vogue, and was instrumental in growing the brand. She sold Jimmy Choo to Labelux for $811 million in 2011 and left to start her own brand of eponymous clothing. 

    This time around, the home is being listed by Keith Copley and Pascual Ortiz of Douglas Elliman, as well as by Jeff Lorenz of Corcoran.

    Megan Willett wrote an earlier version of this story.

    SEE ALSO: Meet the billionaires of 740 Park Avenue, one of New York's historic 'Towers of Power'

    DON'T FORGET: Follow Business Insider's lifestyle page on Facebook!

    Tamara Mellon's penthouse is in the Carter Mansion on the Upper East Side. It was built in 1913 and designated a NYC landmark in 1974. Currently, there are four grand-scale condo units in the building.

     



    An elevator connects the penthouse with the lobby directly. The gorgeous, airy apartment also has four wood-burning fireplaces.



    The home has tall ceilings and is decorated in a very modern style.



    See the rest of the story at Business Insider

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    Sydney Skyline

    Property prices in London have exploded over the last few years but there are a number of cities that are experiencing such a massive surge in growth that they make prices in Britain's capital look paltry.

    In fact, there are some cities across the globe where prices have rocketed by over 25% in the last 12 months, according to Knight Frank's latest Prime Global Cities Index report.

    This is the case for prime residential properties — which refers to the top 5% of the wider housing market in each city.

    Four of the top cities recorded double digit price growth, which Knight Frank put down to low supply, combined with record-low interest rates.

    Prime prices in the top 35 cities increased an average of 3.6% in the the twelve months up to March 2016, but London didn't make the top 21 — prime residential prices in that city only increased 0.8%.

    Check out the list below:

    21. Dublin, Ireland — 1.5%. As the country's economy continues to recover, those working in the capital of the Republic of Ireland are earning more to afford a luxury property.



    20. Geneva, Switzerland — 1.7%. The Swiss city is one of the most expensive cities to live in and property prices, especially in the luxury market, are continuously high.



    19. Bengalaru, India — 1.8%. The city, also known as Bangalore, is a growing tech hub for the country where more and more people are earning healthy wages to buy a prime property.



    See the rest of the story at Business Insider

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    tr. hawaii

    What do a Nantucket home on the harbor, a Scottsdale mega-mansion, and a plantation in Mississippi have in common? They’re all the most expensive homes for sale on Trulia in their state (as of April 11, 2016) — and many of them do a superb job showcasing a unique real estate style that’s specific to each locale. 

    From rustic 2,000-square-foot lodges in Alaska and Oregon to an uber-modern 10-bedroom spread on 2 acres in Los Angeles, CA, all you need is a generous mortgage lender (or a hefty bank account) to stake your claim on one of these stunners.

    SEE ALSO: What the median rent in New York City buys you in 25 big US cities

    Beachside beauty:29416 Canal Road, Orange Beach, AL 36561

    $2.9 million, 7 bedrooms, 8 bathrooms, 10,580 square feet



    Hidden Bay hideaway:Hidden Bay, Juneau, AK 99801

    $4.75 million, 3 bedrooms, 3 bathrooms, 2,382 square feet



    Sunset paradise:10696 E. Wingspan Way, Scottsdale, AZ 85255

    $32 million, 8 bedrooms, 10 bathrooms, 29,700 square feet



    See the rest of the story at Business Insider

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    845 Fifth Ave 4 East 66th Street

    Federal regulators may be cracking down on Wall Street bonuses, but hedge funder Daniel Nir is raking in profits from the sale of his Upper East Side co-op unit.

    The founder of Gracie Capital and his wife, Jill Braufman, sold their fifth-floor pad at 4 East 66th Street, otherwise known as 845 Fifth Avenue, for $52 million, property records show. The couple paid a mere $29 million for the full-floor unit in 2007.

    The latest sale price breaks down to around $6,933 per square foot for the full-floor spread, which has a private elevator landing, four bedrooms and two wood-burning fireplaces.

    Property records list the buyer as a corporation known as 4 East 66th #5, LLC. The LLC was represented by New York real estate attorney Robert Frankel.

    845 Fifth Ave 4 East 66th StreetNir and Braufman bought the 7,500-square-foot co-op in 2007 from hotelier Robert Burns. They listed the unit last year for $48 million.

    Douglas Elliman’s Sabrina Saltiel had the listing.

    Other well-known residents of the tony, J.E.R. Carpenter-designed building have included Microsoft co-founder Paul Allen and the late Alan “Ace” Greenberg, former CEO of Bear Stearns.

    Last year, socialite Shafi Roepers listed her third-floor unit for $65 million, but the apartment is no longer on the market.

    845 Fifth Ave 4 East 66th Street

    SEE ALSO: 'Shark Tank' star Robert Herjavec just sold his gorgeous Los Angeles condo for $4.15 million

    Join the conversation about this story »

    NOW WATCH: 'MILLION DOLLAR LISTING’ STAR: I understand why people hate dealing with NYC real estate brokers


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    josh altman

    Josh Altman is a real-estate powerhouse.

    The star of Bravo's "Million Dollar Listing Los Angeles" and cofounder of real-estate firm The Altman Brothers has sold over $1.5 billion in real estate, including the most expensive one-bedroom house in history, which sold for over $20 million.

    He also sold an $11 million home to actor Tyler Perry in less than 10 hours, and made a $12 million sale to someone within hours of meeting them in line at Starbucks.

    "A lot of people say, 'Well that's just lucky. That's just because you were in the right place at the right time,'" he tells Farnoosh Torabi on an episode of her "So Money" podcast.

    It's not just blind luck, he tells Torabi: "The truth is that I go to that same Starbucks every morning for one reason. It's not for the coffee.

    "It's because I know the type of clientele that I'm trying to go after, and I know that all the rich people and celebrities in Beverly Hills go there. And so I'm putting myself in a situation where I choose to be lucky — it's not just random luck."

    The second half of the equation is jumping on opportunities as they arise — for example, actually talking to the guy in the Starbucks line.

    He calls this the "ready-aim-fire" mentality. "You've got to realize when there's an opportunity in front of you and you have to capitalize on that opportunity," he explains.

    His $11 million sale to Tyler Perry epitomizes the "ready-aim-fire" mentality. He was at the gym one morning and realized he was working out next to Perry, he tells Torabi: "I go back and forth about whether or not I'm going to talk to him. I'm a little nervous. And I say, 'You know what, I'm just gonna do it.'"

    altman brothersBy 10 a.m. Altman is showing Perry his future house. Come 4 p.m. he has an offer on his house. At 5 p.m. he closes the deal for $11 million.

    "The majority of people in situations like that will say, 'Ah forget it — I'm not gonna do it,'" Altman tells Torabi.

    He recognized the opportunity and found the guts to tap Perry on the shoulder. "I knew what I needed to do," he tells Torabi. "I made sure that he knew what I do and that I'm very good at what I do. You believe in yourself, you trust your gut and don't second-guess yourself, and you do it."

    Making your own luck, or choosing to be lucky, doesn't just apply to real-estate agents, he emphasizes: "You can do that too, in any business that you're in."

    SEE ALSO: An HGTV star who's invested in over 100 properties says one day of the week is best to buy a home

    Join the conversation about this story »

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    220 Central Park South

    It has been whispered about for months, but now it's official: Vornado Realty Trust is offering up a palatial four-floor apartment at 220 Central Park South that is priced at a record-smashing $250 million.

    The massive condominium will encompass floors 50 through 53 of the Robert A.M. Stern-designed limestone tower, and it will span some 23,000 square feet, according to an amended offering plan filed with the New York Attorney General that was reviewed by The Real Deal. The asking price works out to nearly $11,000 per square foot.

    New York's crown for priciest apartment sale currently belongs to Extell Development's One57, where a penthouse sold for $100.5 million in January 2015. If sold at full ask, the 220 CPS pad would blow that out of the water, and also surpass London's One Hyde Park, where a pad traded for $237 million in 2014.

    According to the AG filing, the new quadplex is a combination of an 11,000-square-foot duplex on the 50th and 51st floors that was asking $150 million, plus three other smaller (but by no means small) apartments. Units 52A, 52B and 53B were each asking between $26.3 million and $43 million.

    220 central park south 50th floor

    Floor plans for the mega unit corroborate reports in recent months that more than one buyer was looking to combine multiple units at 220 CPS into one giant apartment.

    220 central park south 51st floor

    Multiple news outlets reported that hedge fund mogul Ken Griffin is buying an apartment at the property for north of $200 million, and TRD reported last year that a Qatari buyer was looking to combine multiple apartments into a single, $250 million spread.

    Speaking during Vornado's first-quarter earnings call Tuesday of sales at 220 CPS, CEO Steve Roth said, somewhat cryptically, that the REIT was "now negotiating two very important deals."

    220 central park south 52nd floor

    In addition to the quadplex, Vornado combined two half-floor units on the 45th and 46th floors, and retooled four penthouses, according to the AG filing.

    Bucking a recent trend among developers to chop up penthouses into smaller units, Vornado replaced four duplex penthouses with slightly larger, full-floor spreads that are asking between $60 million and $62 million. (Earlier prices ranged from $45 million to $53 million.)

    220 central park south 69th floor

    Penthouse 75 — a 5,000-square-foot pad — is still unlisted in the offering plan. But Penthouse 73 (9,800 square feet) and Penthouse 76 (nearly 9,000 square feet) are each asking $100 million.

    220 central park south 53rd floor

    The building now has 116 units, including 27 guest suites that may be purchased by buyers in the building. Those units range in price from $1.35 million (388 square feet) and $3.75 million (917 square feet).

    The building’s total sellout goal is now $3.17 billion, up from $3.06 billion.

    Until recently, the priciest apartment entering the New York City market was a $150 million penthouse at the Chetrit Group’s Sony Building conversion at 550 Madison Avenue. But those plans were scrapped last month when the developer sold the building for $1.4 billion to a division of Saudi conglomerate Olayan Group for $1.3 billion, as TRD first reported.

    Last month, Vornado published new renderings of 220 CPS on its website, showing the tower and villa in greater detail. Vornado has secured $950 million in financing from the Bank of China for the project and, according to Roth, is spending $5,000 per square foot to build it out.

    SEE ALSO: J. Crew CEO Mickey Drexler is selling his decked-out Tribeca townhouse for $30 million

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    Join the conversation about this story »

    NOW WATCH: Meet the big shot residents of 15 Central Park West


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    realtor buying house balcony

    Investing in real estate can be a good way to diversify your portfolio. And it can be particularly appealing to 20-somethings who are comfortable taking risks and who want to earn bigger returns.

    If you’re in your 20s and you’ve toyed with the idea of becoming a landlord or putting money into a real estate investment trust, here are three key reasons to jump on the property bandwagon.

    SEE ALSO: What the median rent in New York City buys you in 25 big US cities

    1. Real estate can be a hedge against the market

    If you pay any attention at all to the stock market, you know that things aren’t always stable. A great day of trading can be followed by a huge tailspin and it’s that volatility that makes 20-somethings so leery of investing. In fact, millennials are so cautious when it comes to investing in stocks that they’re keeping 70% of their portfolio in cash.

    Real estate, on the other hand, offers an added layer of insulation against bumps in the market. The recent housing collapse aside, real estate tends to remain stable even when stocks tumble. If you’re not sold on putting a big chunk of your savings into stocks, investing in property can be a more lucrative alternative to letting your money sit in your bank account.



    2. It doesn’t require a huge upfront investment

    Investing in private real estate deals is typically something that’s reserved for the elite, but that’s not the only way to add property to your portfolio. Twenty-somethings can begin investing in real estate (even if they don’t have a lot of money) by purchasing an investment property or getting into real estate crowdfunding.

    With real estate crowdfunding, it’s possible to get started with as little as $100. The SEC recently finalized Title III of the JOBS Act, making it possible for anyone to invest through crowdfunding platforms, regardless of their net worth. That’s a plus if you’re in your 20s and you haven’t built up a sizable amount of wealth yet.

    You could also buy a property and either fix and flip it or lease it out. Getting a loan in your 20s is easier than you might think and you don’t necessarily need a huge down payment. With an FHA loan, for example, you only need to put down 3.5% of the purchase price. If you can qualify for a USDA or VA loan, you may not have to make a down payment at all.

    Now, there is one small catch to be aware of. These kinds of loans generally require the property you’re buying to be owner-occupied. If you’re thinking of going the low- or no-down payment route, keep in mind that you’ll have to live in the property before you can rent it out.



    3. You can bump up your cash flow

    Perhaps the best reason why 20-somethings should invest in real estate is the immediate impact it can have on their bottom line. If you buy a home and then rent it out, for example, you’ve got a steady supply of income each month beyond your regular salary. If you decide to become a house flipper instead, you’ll have access to more money once the home sells.

    Either way, that’s money you can use to pay down your student loans, save for retirement or put towards the purchase of your next investment property. That extra income can be a welcome addition if you’re just starting your career and you’re not making big bucks at your day job.

    Real estate isn’t risk-free

    Like any other investment, real estate comes with certain risks. For example, your tenant may flake on you halfway through their lease or your flipped property may sell for less than what you anticipated. Doing your research on the market and the property itself beforehand can keep your real estate investment from being a flop.



    See the rest of the story at Business Insider

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    Burj Khalifa in Dubai, UAEThe UAE has become the latest example that no oil producer is immune to the effects of low prices—regardless of what line officials may be touting.

    Early last month, the Energy Minister of the emirates said that the UAE was not affected by low oil prices because of its diversified economy. Now economic stats for April have been released, and they reveal quite a different picture.

    For one thing, the April purchasing managers’ index for the UAE dropped by almost two points from 54 in March to 52.8. Although any reading of a metric above 50 means economic expansion, in the UAE this expansion – in manufacturing and services but not counting the oil industry – is slowing.

    For another thing, employment is stalling, with the April reading at 50, down from 51.5 in March. Basically, although all seems in order and the private sector is doing well, companies are not hiring, in spite of a solid order backlog, according to Khatija Haque, the regional head of research for Emirates NBD.

    A third factor pointing to a slowdown is the latest financial results released by UAE banks. All of the big lenders in the emirates reported profit declines for the first quarter of the year, weighing on the stock market.

    Apparently, however diversified an economy is, if oil is one of the main contributors to budget revenues, the whole economy will suffer, although, to be sure, the suffering of the UAE is mild compared to some other oil producers.

    This combination of factors has had its effect on the housing market as well, which is good news for homebuyers and real estate investors.

    According to a note from Standard & Poor’s, house prices in the emirates will shed an average 10 percent of their value by the end of the year, which comes on top of a 10 percent reduction in 2015 as oil dropped lower and lower.

    The rating agency explained in the note, however, that there are no signs of demand picking up despite the more favorable price environment in real estate. This suggests that real estate investors and homebuyers are either waiting for further price falls, or that this greater affordability of housing brought about by the oil price depression is not enough to stimulate demand. The latter seems to be true in regards to investors operating in currencies different from the greenback. The dollar has performed well so far this year, making UAE real estate more expensive for non-dollar investors.

    So, it’s a buyers’ market in Dubai and Abu Dhabi, as long as the buyer has dollars. And yet, it’s only fair to note that there is truth to the words of Energy Minister Suhail bin Mohammed Faraj Faris Al Mazrouei. The UAE may not be completely immune to the effect of low oil prices, but it is without question doing infinitely better than Saudi Arabia, Libya, Iraq, Nigeria, or Russia.

    A diversified economy is indeed the best guarantee against price shocks in any one industry. The UAE economy may slow down for a while but it will pick up pace again much more easily than those over-reliant on oil revenues.

    SEE ALSO: 

    Join the conversation about this story »

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    Sydney Skyline

    Property prices in London have exploded over the last few years but there are a number of cities that are experiencing such a massive surge in growth that they make prices in Britain's capital look paltry.

    In fact, there are some cities across the globe where prices have rocketed by over 25% in the last 12 months, according to Knight Frank's latest Prime Global Cities Index report.

    This is the case for prime residential properties — which refers to the top 5% of the wider housing market in each city.

    Four of the top cities recorded double digit price growth, which Knight Frank put down to low supply, combined with record-low interest rates.

    Prime prices in the top 35 cities increased an average of 3.6% in the the twelve months up to March 2016, but London didn't make the top 21 — prime residential prices in that city only increased 0.8%.

    Check out the list below:

    21. Dublin, Ireland — 1.5%. As the country's economy continues to recover, those working in the capital of the Republic of Ireland are earning more to afford a luxury property.



    20. Geneva, Switzerland — 1.7%. The Swiss city is one of the most expensive cities to live in and property prices, especially in the luxury market, are continuously high.



    19. Bengaluru, India — 1.8%. The city, also known as Bangalore, is a growing tech hub for the country where more and more people are earning healthy wages to buy a prime property.



    See the rest of the story at Business Insider

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    One US city is responsible for most of the recent apartment boom.

    In 2015, the US saw a startling spike in multifamily housing starts — apartments and condos, basically — and New York City was the reason, according to Michelle Meyer and her team at Bank of America Merrill Lynch.

    They edged down their projection for the number of multifamily starts in 2016 to 375,000, bringing projected total housing starts (single and multifamily combined) down to 1.175 million this year from 1.25 million.

    "The downward revision to multifamily starts this year is partly a response to the past three quarters, where multifamily starts declined an average of 31% annualized following the 229% annualized gain in 2Q15," the note from BAML said.

    "This volatility largely reflected the rush to start projects in NYC before the expiration of a tax credit," the note said. "If we subtract NYC building permits from the total, we see a more gradual weakening in building permits over the past few quarters."

    A tax break called a 421-a exemption allowed developers to get tax relief for building affordable apartments on vacant land. It expired in January, and based on the economics team's estimation, the pressure to get projects started under the wire led to the spike.

    Thus, with the exemption not renewed, the number of multifamily starts should settle in 2016.

    nyc housing COTD

    SEE ALSO: There's another side to the housing market's gigantic problem

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    evan spiegel LA house

    Snapchat CEO Evan Spiegel is apparently moving on to bigger things in the Brentwood section of Los Angeles.

    After buying a $3.3 million house there in late 2014, the 25-year-old has now purchased a lavish $12 million pad in the same neighborhood, as TMZ first reported.

    He purchased the 7,164-square-foot home with girlfriend Miranda Kerr, a 33-year-old former Victoria's Secret model.

    It comes with city views, a pool and pool house, a home gym, and a guest house.

    Spiegel bought the house for $500,000 less than the $12.5 million listing price.

    SEE ALSO: The $120 million penthouse once owned by the 'King of Wall Street' just became New York City's most expensive home

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    Large and lavish, renowned California architect Gerard Colcord designed the house.



    It's in the Brentwood section of Los Angeles.



    There's 7,100 square feet of living space.



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    peter thiel house

    Peter Thiel, a billionaire co-founder of PayPal and a partner at Founders Fund, is apparently moving out of his mansion in San Francisco's Marina District. 

    The billionaire venture capitalist has listed the massive two-in-one property for $9.25 million.

    It has some pretty extravagant features, including a penthouse lounge, elevator, and panoramic views of both the Golden Gate Bridge and the Palace of Fine Arts. 

    Thiel also reportedly owns property in Los Angeles and on the Hawaiian island of Maui. Justin Fichelson of Climb Real Estate has the listing.

    SEE ALSO: Snapchat CEO Evan Spiegel and model Miranda Kerr just bought a $12 million house together

    The home is situated behind a large gate at the end of a private path.



    It's just across the street from the Palace of Fine Arts, which you can spot from various points in the home.



    Golden Gate Bridge views are another major selling point.



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    small san francisco cottage studio

    San Francisco is known for having the most expensive real estate market in the US with no shortage of people willing to spend an arm and a leg to live there.

    And now, someone has snapped up the smallest house on the San Francisco real estate market for $550,000.

    That might seem on the more affordable side in San Francisco until you realize the "studio cottage," as it was called by the agent at Paragon Real Estate Group, is only 363 square feet.

    That means the buyer paid over $1,500 per square foot for the property.

    The mini house is in the Mission District and will be featured on HGTV’s "Tiny House Hunters,"according to Curbed San Francisco. It has only two rooms and an outdoor patio area.

    Keep reading to see inside the home.

    SEE ALSO: How much money it takes to live comfortably in the 50 biggest US cities

    Welcome to 444 14th Street, which just sold in San Francisco for $550,000.



    It sits behind a three-unit apartment building in San Francisco’s Mission District.



    The house is only 363 square feet.



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    house in middle of the road

    There's a new problem in America's housing market.

    As we've mentioned before, supply is unable to keep up with the demand for homes, and that's causing prices to soar and keeping many buyers out of the market.

    The simple question follows: Why aren't homebuilders building fast enough to keep up with this demand?

    One answer was highlighted by John Lovallo II at Bank of America Merrill Lynch: land regulations.

    Not only is the cost of land increasing at a rapid pace, but the land-entitlement process — in which homebuilders get approval from the government to start building — is one of the biggest problems holding developers back from completing more houses, according to Lovallo.

    "Land entitlement represents one of the greatest bottlenecks for homebuilders, with timelines extended further following the Great Recession," wrote Lovallo in a recent note to clients. He continued:

    In addition, transforming raw land into entitled land is arguably the most value enhancing stage of the development process, with industry estimates indicating a 1X-5X multiplier. However, entitlement can be fraught with risk of procedural missteps negatively impacting a project's value.

    The cost of entitlement can make up a substantial amount of the final cost of a home. The process includes several steps, like submitting and receiving plan approval from local governments, getting zoning changes, and even things like permits for building near wetlands.

    All in all, land costs make up 23% of the final cost of a home in Lovallo's estimation, and 8% of the total is simply from the entitlement process.

    The cost of regulation on land was even noted by President Barack Obama's Council of Economic Advisers as a reason for the increasing costs of housing.

    But regulations differ in various states and cities. For instance, zoning laws may be more lax and allow for fewer resubmissions in one municipality than another.

    While Lovallo said that it is hard to classify states as less or more developer-friendly, he used a study from the University of Pennsylvania in order to place each state in the US on a spectrum called the Wharton Residential Land Use Regulatory Index.

    The note said:

    In general, lower WRLURI values represent states and MSAs [metropolitan statistical areas] with less restrictive housing market regulations (blue states in the map below), while those with higher values were more restrictive (red states). Not surprisingly, MSAs with larger populations and states considered to be more environmentally conscious had higher values (more restrictive) than less densely populated MSAs or so-called "pro-business" states.

    Check out below where your state falls on the spectrum, and how much land regulation may be driving up the cost of a home:

    Screen Shot 2016 05 09 at 9.47.18 AM

    SEE ALSO: The massive spike in the number of apartments built in the US last year was almost entirely because of a single city

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    radpad rent_and_salary_map large

    Graduating from college and entering the job market is an exciting time – you’ll be given opportunities that you hadn’t had previously, like moving to a new city and figuring out how many times you can eat cereal for dinner in one month.

    So what do the 1.85 million students projected to earn a bachelor’s degree in 2016 have waiting for them when they walk across that stage and into post-grad life?

    We crunched the numbers to see what the median monthly rent for a 1-bedroom apartment across America is compared to the median entry-level salary in those cities (pulled from indeed.com) and (survey says!) there’s going to be a lot of cereal-for-dinner nights for many of our 2016 graduates.

    SEE ALSO: How much money it takes to live comfortably in the 50 biggest US cities

    Atlanta

    On the lower end of the rent-to-salary spectrum, newbies in A-town can expect to spend about 36% of their $49,000/year entry-level salary on rent. Home to seven Fortune 100 companies (including The Coca-Cola Company, Home Depot, United Parcel Service, and AT&T Mobility),

    Atlanta has seen job postings decline by only 3% over the last year, compared to a national decline of 32%. The city’s most dominant job market lies with the trade, transportation and utilities sector, which employs 530,000 people.

    Check out listings in Atlanta.



    Austin

    There’s nothing weird about paying rent in Austin. The city has one of the best median rent costs in comparison to its entry-level salaries. Like its Georgia cousin, Austin residents entering the job market can expect to pay around 36% of their pre-tax salary on rent.

    Ranked by WalletHub as the third best city to find a job in 2016, college grads can expect to find many job opportunities in the management, business and finance sectors, as well as in Austin’s growing tech market.

    Check out listings in Austin.



    Boston

    With a $49,000/year entry-level salary, fresh-out-of-college Boston job seekers will be looking at 1-bedroom apartments costing around $2,300/month – 56% of their salary.

    Over the last year, Boston job postings have declined 20%, not ideal but still better than the 32% decline of job postings nationally. The city’s economy is significantly powered by its colleges and universities, which contribute $4.8 billion annually, and attract 350,000 students per year.

    Check out listings in Boston.



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    Kelly ChrisEdwardsStateFair

    When brothers Kelly and Chris Edwards bought their first house in Raleigh, North Carolina, in 2002, they didn't know much about real estate investing.

    The twins, who were in their late 20s at the time, had both been working in commercial banking and noticed a trend among the tax returns they analyzed: The people with the highest net worth owned real estate.

    Looking at one portfolio in particular, Chris remembers seeing that the client owned a handful of single family properties. "There was a house for sale two doors down from the one he owned," Chris remembers. "We were like, 'We might not be the smartest guys in the world, but we can figure it out.'"

    After getting the client's opinion on the sale, the brothers bought the house for $88,000 and started renovating it, doing much of the work themselves. In the next two years, they bought another four or five properties, getting to know contractors and developing a system along the way.

    Today, The Edwards Companies owns nearly $8 million in assets, and works with private investors through its investing arm, Edwards Capital Partners.

    "I remember one night, at probably 1 a.m., our buddy came by the house after leaving the bars," Chris says of their early days. "Kelly and I were painting. He was in banking, and we were the guys people were scratching their heads about and thinking we looked like the dumbest guys in the room. Now, we look like the smartest guys in the room. It's amazing what 10 years of good hard work will do."

    Here, over a decade later, they've shared nine of their best tips for people who want to get into real estate investing.

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

    Recognize that your investments are a business, and plan for it.

    "If you're going to get into real estate, whether you like or not, it's going to be a business," Kelly explains. "If you buy even one property, it will take up part of your life, so you have to take it seriously and plan for the future."

    In 2001, before buying their first place, the brothers decided that despite the fact that they didn't know much about the industry, they'd make a plan of action for the next few years, Kelly says. "We sat down with a spreadsheet and planned out the number of properties we wanted to buy in the timeframe. It was funny: Five or six years later, Chris found a printout of the spreadsheet in a real estate book in his office he'd been reading, and we were almost on the exact number of the properties we had planned to buy."



    Find someone who knows more than you do.

    When the brothers first started investing, they went to a local meeting in Raleigh to meet, and hopefully speak to, a local residential real estate investor who now owns over 2,000 units in the area. They invited him to dinner, and he accepted.

    "Ultimately we went to work for him for two years and saw everything there is to know for what our area of real estate, from fires to new construction to tear downs," Chris says. "One of our favorite books is 'Rich Dad Poor Dad,' and he's that guy to us: the rich dad, if you will. If there's a problem, we still call him. That definitely has been the most important thing contributing to our success."



    Invest for cash flow.

    Before anything else, the Edwardses make sure the numbers work out.

    "No matter what you read on the internet, our mentor told us one thing: Buy where the numbers work," Kelly explains. "You buy property for cash flow, not speculating 'This will appreciate 6% over the next 10 years.'"

    When the market tanked in 2008, the brothers' friends from banking would come by, asking if they were OK. "We told them as long as our cash flow is working, we could care less what the market is doing," Kelly says. "Over the long, long term we'll see that appreciation. If you're flipping homes, that's great, but to be a property manager you have to buy where the numbers work."



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