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Tech billionaire Sean Parker may be building a megamansion in New York City

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sean parker

Napster founder and former Facebook president Sean Parker looks to be following Sarah Jessica Parker’s lead, combining a pair of Greenwich Village townhouses into a single mansion.

The tech mogul shelled out $16.5 million for a five-story, 8,200-square-foot townhouse at 38 West 10th Street, next door to the 6,136-square-foot converted carriage house he already owns at 40 West 10th Street, according to public records filed with the city Wednesday and a source with knowledge of the deal.

Parker purchased the property through an LLC linked to a Palo Alto accountancy firm.

Combined, the property would be one of the largest single-family mansions in the neighborhood.

Parker, whose net worth is a reported $2.4 billion, has been a resident of the street since 2011, when he bought the first property, a three-story townhouse complete with an indoor pool, for $20 million.

He hasn't always been popular with his neighbors, who complained in 2014 when he brought in construction crews to rip up the street to install faster internet for his home.

Parker's new property was listed for sale by Azita Aghravi, Maximilian Hakim and Gary Meese of Eastern Consolidated. The brokers declined to comment.

Parker's isn't an original idea. "Sex and the City" star Sarah Jessica Parker nabbed two properties at 273-275 West 11th Street from the United Methodist Women, to convert into a large Greenwich Village home earlier this year.

SEE ALSO: Goldman Sachs CEO Lloyd Blankfein has finally sold his $13 million Hamptons home — take a look inside

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NOW WATCH: Why Sean Parker’s plan to stream movies still in theaters for $50 could work


These will be the up-and-coming neighborhoods in 30 major US cities in 2016

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seattle washington

In the market for a home?

If yes, then you may want to consider looking in the hottest neighborhoods out there, where your home value could continue to grow over the next several decades.

Real-estate site Redfin released its annual list of the 10 hottest neighborhoods nationwide, a prediction based on the most recent growth in page views and favorites per home on their site.

Their experts also chose three neighborhoods in 30 of the largest US cities that are expected to break through as the most desirable places to buy a home in 2016.

Here, we've highlighted the top neighborhood for each city, along with the median number of days a home is on the market in that neighborhood and the median sale price, from Redfin. We also included the median sale price of homes in the metro area for the month of December, also from Redfin, to give you a price comparison.

SEE ALSO: How long you have to live in 15 major US cities to make buying a home worth your money

Atlanta, Georgia: West End

Median days on the market: 48

Median sale price, West End: $122,000

Median sale price, Atlanta: $195,000

See more West End real-estate trends.



Austin, Texas: Hyde Park

Median days on the market: 29

Median sale price, Hyde Park: $449,000

Median sale price, Austin: $273,000

See more Hyde Park real-estate trends.



Baltimore, Maryland: Hampden

Median days on the market: 32

Median sale price, Hampden: $198,000

Median sale price, Baltimore: $235,000

See more Hampden real-estate trends.



See the rest of the story at Business Insider

This startup has a 59,000-person wait list to invest

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2 fundrise 6

If you were underwhelmed by the performance of your portfolio in 2015, you’re probably not alone. The S&P’s 1.37%  return left many investors searching for better alternatives.

A small group of investors seem to have found a promising one, earning an average annual return of approximately 13% in 2015 — more than 8.5 times the S&P.

So who are these leading investors and how did they beat the S&P so substantially? They are early adopters of Fundrise, a company that gives individuals the ability to invest in private commercial real estate directly online. 

Though there are endless options when it comes to investing in stocks and bonds, access to quality private real estate investments is fairly limited. Traditionally, the best commercial real estate deals have only been available to the super wealthy via high-fee private equity funds. 

As a result, the average investor misses out on one of the best performing assets.

new_fundrise vs indices 2015

Real estate performs best

Research shows that over the past 20 years, portfolios with up to 20% of their assets in real estate have outperformed portfolios of just stocks and bonds.

Fundrise makes it possible for the average investor to invest in private, commercial real estate directly online. Its model is built on the idea that by leveraging new online technology, the company can create a more efficient process, lowering fees and providing better returns.

Fundrise CEO Ben Miller says the company’s philosophy is similar to other popular low-fee investment providers. “We are doing to real estate what Vanguard did to stocks — creating a low-cost way for individuals to invest a diversified pool of assets. The savings we generate through more efficient technology are passed on to our investors in the form of better risk-adjusted returns.”

New_real estate vs sp500

While the idea of opening up real estate to everyone online may be new, it’s caught on quickly. Over the past six months, the company has launched the first ever eREITs — two different $50 million real estate investment trusts both with direct online distribution models.

Today, the wait list to invest in the Fundrise eREITs is more than 59,000 investors long.

With historical annual returns of approximately 13% and tens of thousands of investors lining up for their chance to get in, the age of online real estate investing is officially here.

Find out how you can get the best returns on your investments.

This post is sponsored by Fundrise.


This information does not constitute an offer to sell nor a solicitation of an offer to buy securities. The information contained herein is not investment advice and does not constitute a recommendation to buy or sell any security or that any transaction is suitable for any specific purposes or any specific person and is provided for information purposes only. Each investor should always carefully consider investments in any security and be comfortable with his/her understanding of the investment, including through consultation with investment and tax professionals.

1. S&P 500 figure assumes reinvested dividends. Source: Robert Shiller / Yale Online Data. NAREIT Composite figure assumes reinvested dividends. Source: NAREIT US Real Estate Index Series Fact Sheet, December 2015. NASDAQ data obtained from Yahoo Finance historical prices.

2. The information presented represents the historical operating results for the sponsor (Rise Companies Corp.) of the various eREITs available for investment on this website, and the experience of real estate programs sponsored by Rise Companies Corp. Investors in any of the various eREIT’s common shares should not assume that they will experience returns, if any, comparable to those experienced by investors in the sponsor’s affiliated prior real estate programs, and investors will not thereby acquire any ownership interest in any of the entities to which the foregoing information relates. For a fuller description of the sponsor’s prior performance, please see the Prior Performance Summary section of each eREIT’s Offering Circular and supplements thereto, links to which are available on each eREIT’s individual offering page, as well as on the SEC’s EDGAR website.

SEE ALSO: You're missing 20% of your investment portfolio — and it's costing you thousands

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The most affordable zip codes with the best schools in 31 major US cities

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If you're in the market for a new home for your family, you'll want to consider more than just the sticker price.

"The quality of public schools is one of the most important factors to consider when buying a home, especially for families,"explains Don Ganguly, CEO of real estate investment management firm HomeUnion. "In many cases, home buyers are willing to pay more to be located in a neighborhood with highly ranked schools, even if it means downsizing into a smaller home."

To find the best of both worlds — a strong school system and an affordable home — HomeUnion analyzed median home prices in 31 major metro areas and schools ranked in the 80th percentile or higher by the National Center for Education Statistics (NCES). HomeUnion then identified the most affordable zip code in each area where the local schools met the criteria.

Here, we've listed the most affordable zip codes in descending order of median home prices, as provided by HomeUnion:

SEE ALSO: These will be the up-and-coming neighborhoods in 30 major US cities in 2016

San Francisco: 94947

Submarket: Novato, California

Median home price: $612,000



San Jose: 95035

Submarket: Milpitas, California

Median home price: $590,000



Miami: 33158

Submarket: Pinecrest, Florida

Median home price: $570,000



See the rest of the story at Business Insider

Ice Cube paid $7.25 million for Jean-Claude Van Damme's mansion — here's what it's like inside

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Ice Cube House Header

Earlier this month, rapper and actor Ice Cube purchased a beautiful new home in Marina del Rey, a small beachside community in Los Angeles County.

The house was built in 2011, and originally went on the market for $10 million. However, according to the Los Angeles Times, Ice Cube dropped $7.25 million on the canal-front home.

Hollywood is a small town filled with unlikely connections. Ice Cube bought the house from Jean-Claude Van Dame, an action star best known for "Blood Sport" and "Street Fighter."

Take a tour of Ice Cube's new digs:

SEE ALSO: The biggest hit song the year you were born

The 7,574 square-foot house is in Marina del Rey, California. It's not in a super secluded spot, like most celebrity residences, but it has an insane location.

Check out the listing here »



The two-story, six-bedroom house sits right on a canal, and has views of the ocean.

Check out the listing here »



Take in those views from this beautiful deck, which comes equipped with a TV and fireplace.

Check out the listing here »



See the rest of the story at Business Insider

See inside the $5.3 million Washington, DC, home that the Obamas will reportedly move into after they leave the White House

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Obama Post White House

It's not the White House, but it'll do.

The Obamas have settled on a post-Pennsylvania Avenue house to call home after the president leaves office at the end of this year, according to Politico. They will lease the home until their younger daughter, Sasha, leaves high school.

The home was listed for sale at $5.3 million before going off the market in May.

Though it's smaller than their current, more famous abode, it's still a lavish residence in a desirable area of the nation's capital. It was built in 1928, with 8,200 square feet and nine bedrooms.

It's being leased to the Obamas by Joe Lockhart, President Bill Clinton's former press secretary.

SEE ALSO: Goldman Sachs CEO Lloyd Blankfein has finally sold his $13 million Hamptons home — take a look inside

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The Obamas are trading white for brick at their newly leased mansion in the Kalorama section of DC.



It's completely gated and private, though it sits close to the road.



The gated driveway has plenty of space for Secret Service vehicles.



See the rest of the story at Business Insider

The most extravagant places tech billionaires go to vacation

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michael dell hawaii

Everyone needs to take a vacation every once in a while, especially during the summer months.

But vacation means something a little different when you're a millionaire or even a billionaire.

From massive island retreats to private superyachts, these tech executives' second homes take luxury to the next level. 

SEE ALSO: This luxury appliance store lets you take a bath or cook a pizza before deciding to buy its products — and it could be the future of retail

When Microsoft billionaire Paul Allen isn't cruising the high seas on one of his yachts, he can relax at one of his many luxurious retreats.

In addition to an island in Washington and a beachfront Hawaiian estate, Allen owns a hilltop mansion on the Côte d'Azur, called the Villa Maryland. He employs a staff of 12 and counts Bono and Andrew Lloyd Webber as neighbors.

Source: Curbed



In October 2014, news surfaced that Facebook billionaire Mark Zuckerberg had bought a 750-acre property on the North Shore of Kauai. He reportedly paid more than $100 million for the estate, which includes a white-sand beach and former sugarcane plantation.

Source: Forbes



Salesforce CEO Marc Benioff loves all things Hawaii. He wears Hawaiian shirts to work and even named his dog "Koa," after a type of Hawaiian tree. He also owns a 5-acre estate on the Big Island, which he purchased for $12.5 million in 2000.

Source: Wall Street Journal, Honolulu Magazine



See the rest of the story at Business Insider

The 'Million Dollar Listing' stars name the most memorable deals they've ever closed

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million dollar listing ny cast members bravo

How many times have you watched the stars of Bravo's "Million Dollar Listing: New York" score a six-digit commission after selling a multimillion-dollar property and think, "I am in the wrong business"?

They make it look easy, but Fredrik Eklund, Ryan Serhant, and Luis Ortiz will be the first ones to tell you that money isn't the driving factor for their most memorable commissions.

"It's the difficult ones, the hardest ones, the ones where I negotiate something that I never thought I’d be able to negotiate that I remember most," Serhant told Business Insider. "But don’t get me wrong, I love easy deals, too. But it’s the hard ones that get stuck in your brain."

"I don’t technically feel that it has been one specific deal," Ortiz said of his most memorable moments as a realtor. "I think that my career as a whole is something that I treasure very much, not just because of the monetary value behind the career. It’s everything that I have learned."

From breaking from tradition to the one that took years of pestering to land, here are the "Million Dollar Listing: New York" stars' most memorable career moments:

SEE ALSO: 'Million Dollar Listing' star remembers the craziest way he was ever fired from a job

DON'T MISS: 4 ways to look like you're already a millionaire, according to a 'Million Dollar Listing' star

When Eklund threw out the rule book and became a social media trailblazer.

In 2013, Eklund thought outside the box and harnessed a very new mode of social media to launch the sales for a posh Tribeca property.

"I launched the building on Instagram and I think at the time it was the first building to ever be launched via Instagram," Eklund said. "Nothing had been written in advance, so that there was no listing, there was no advertisement, and we sold $100 million from that Instagram post."



That time Serhant contacted a developer every week for five years.

As Serhant told us, high-end real estate developers typically use the best agents in the industry and stick with them. So it's tough to get a property listing from them if you're not already in their circle. But Serhant didn't let that stop him.

"I sent an email or called the developer every week," he said. "It took me five years until the person even had a meeting with me. Now there was obviously Christmas week and Fourth of July and stuff where I wouldn’t follow up, but for the most part it was every week sending something in some way, shape, or form. And then when I walked in the door it was very 'Wall Street,' because I was the guy who had been following up for five years. And then I got a project. It was crazy."



How Ortiz landed a client by actually living in several of their buildings over eight years.

"I lived in four apartments in four buildings by the same developer," Ortiz said. "And eight years later, it came through. I tried to get his attention through all those years, and the moment that I expect it the least, it was that moment where I haven’t even thought of it, I get the phone call, which was very strange to me that that person wanted me to sell an apartment. And then you know you can think that it’s just another apartment, another deal, but to me it symbolizes much more."

"Million Dollar Listing: New York" airs Thursday nights on Bravo.



See the rest of the story at Business Insider

Chinese firms are still plowing money into US real estate

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snow plow

Firms based in China spent a hefty $9.3 billion on a total of 47 American commercial real estate properties so far this year, more than doubling the second largest national contingent, Canadians, who spent about $4.2 billion.

The Chinese investors’ total already far exceeds last year’s tally of $6 billion spent on U.S. commercial properties, the Wall Street Journal reported, citing Real Capital Analytics data. (A report from the Asia Society, however, pegged Chinese investment in U.S. commercial real estate in 2015 at $8.5 billion, a record.)

China Life Insurance Group was recently revealed as an equity partner with Scott Rechler’s RXR Realty on the developer’s $1.65 billion purchase of 1285 Sixth Avenue.

Chinese buyers are said to be motivated by a desire to move capital out of their country in the face of economic and currency volatility there. The Chinese government has also loosened rules over the past years on the movement of capital out of the country.

Still, the numbers could have been much higher. Another Chinese insurer, Anbang Group, bid a staggering $14 billion for Starwood Hotels & Resorts earlier this year, but pulled out at the last minute, facing uncertainty about its financing and about Chinese regulators’ stance on the deal.

Though Chinese investors have been buying heaps of property, some experts at a panel earlier this month said they often know less than they should about their American investments. The Asia Society report, created by Rosen Consulting Group, projected that Chinese investors will dump $58 billion into the U.S. commercial property market between 2016 and 2020. That report also warned of a potential slowdown over the next 18 to 24 months as the Chinese government wrestles with its slumping economy. [WSJ]

SEE ALSO: Manhattan luxury sales are crashing

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NOW WATCH: Humans are defying the law of evolution

Take a tour of the ultra-modern estate of late 'Simpsons' cocreator Sam Simon, which just sold for $12.5 million

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simpson's house interior

A sprawling Los Angeles estate that formerly belonged to Sam Simon, the late cocreator of "The Simpsons," just sold for $12.5 million, the Los Angeles Times reported.

With a property that totals about 1.5 acres, the residence actually includes two homes: A chic modern residence and a second, more historic home designed by architect Richard Neutra in 1948. The house was part of Arts & Architecture magazine's postwar Case Study House Program, which commissioned architects to build affordable and modern homes.

Simon died in March 2015 after a battle with colon cancer. The estate first went on sale for $18 million last September and was recently listed for $14.5 million before selling for its final price. 

From its cascading swimming pool to its chic glass features, here's what the property looks like inside.  

SEE ALSO: 20 resorts and villas where you can have a private island practically all to yourself

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Both the home designed by Neutra, right, and the contemporary main house, right, sit in stunningly green surroundings in Pacific Palisades, California.

 

 

 



Neutra's 2,000-square-foot 1948 home was one of 34 designed as part of the Case Study House Program. Today, only 21 of the original homes remain standing.



At the time, Neutra built the residence for Stuart and Lucia Bailey, creating a clean and crisp living room that includes floor-to-ceiling glass.



See the rest of the story at Business Insider

This map shows the insane growth of million-dollar homes in New York City

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brooklyn ny

In some US cities, million-dollar homes are becoming the norm.

Take San Francisco, where 57% of homes have a value of $1 million or more— or San Jose, where 46% are seven-figure homes.

That's according to real-estate site Trulia, which looked at the share of million-dollar homes in the 100 largest US metro areas and how it's grown over the past four years. It defined a million-dollar home as any home — regardless of whether it's listed for sale — with a value of $1 million or more.

While New York City has a small share of seven-figure homes compared to San Francisco and San Jose — it moved from 7% in May 2012 to 12% in May 2016 — certain neighborhoods, particularly in Brooklyn, have seen an explosion in million-dollar homes over the past four years. 

Bedford Stuyvesant, a neighborhood in the north central part of Brooklyn, moved from 1.7% of homes valued at $1 million or more in 2012 to 56.5% in 2016. That's more than a 3,000% increase. Another Brooklyn neighborhood, Greenpoint, saw an increase from 8.4% in 2012 to 56.7% in 2016.

You can get a better idea of the insane growth of million-dollar homes in the New York metro area over the past four years by looking at this heat map:

MillionDollarHomes_NY

SEE ALSO: 7 US cities where the number of million-dollar homes has doubled in the past 4 years

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The most luxurious condo buildings in 7 major US cities

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one dalton boston

When it comes to luxury residences across the country, the real-estate landscape has turned into a downright battle of the buildings. 

We may have reached a ceiling of growth and fallen into a sluggish market in some cities, but these supertall and super-expensive developments — many of which have been in the works for years — continue to rise up. Now, though, they vie for attention from discerning buyers by outdoing each other with extravagant extras. Those perks come in the form of indoor golf simulators, custom car elevators, drone landing pads, and 24-hour room service from renowned chefs.

We surveyed the upper tier of residential condominium towers across the US, zeroing in on seven major cities and identifying the most over-the-top buildings currently in development.

Below, take a look through the winners in New York City, Miami, San Francisco, Los Angeles, Boston, Chicago, and Honolulu. Each of these tower complexes boasts crazy amenities, architectural chops, and a certifiably elite lifestyle.

SEE ALSO: 20 resorts and villas where you can have a private island practically all to yourself

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BOSTON: One Dalton (Four Seasons Private Residences)

The Millennium Tower is currently the tallest residential building in Boston, but it's about to be one-upped by One Dalton, a Four Seasons Private Residence that will be the tallest residential building in all of New England when it's finished in 2018. The prices are steep, as to be expected. But an indoor golf simulator gives this one an extra leg up. (Honorable mention goes to the Pierce Boston, which offers "sky cabanas" that residents can purchase as an extra.)

Architect: Harry Cobb

Number of stories: 61

Unit pricing: $2 million and up

Penthouse price: $35 million

Penthouse price per square foot: Not released

Perks: It's the tallest residential building in New England and has plenty of amenity space within, including a 70-foot lap pool and a dog-grooming room. You can also access Four Seasons services like in-home dining.

Standout amenity: An indoor golf simulator.

Open for residency: 2018



CHICAGO: Vista Tower

Chicago's growth is reflected in the development of the Vista Tower, the city's first major luxury supertall and the third-tallest tower in the city overall. It's another view-centric building, but it also gets all of the amenities of its associated hotel, as well as some quirky extras like wine storage and valet services. 

Architect: BLK

Number of stories: 95

Unit pricing: $1 million and up

Penthouse price: $17.1 million

Penthouse price per square foot: $2,443

Perks: Wine storage for residents, a movie theater, and a valet garage. You can choose your apartment's look and feel based on different "jewel" design concepts that match to different aesthetics.

Standout amenity: City views and unique architecture.

 Open for residency: 2020



HONOLULU: Waiea Tower

Hawaii isn't known for its high rises, which is part of what makes Waiea at Ward Village such an unusual project. The most expensive residential tower in the island state, it's an LEED-certified building with lots of amenities, including a ground-level park and shopping village. 

Architect: James K.M. Cheng Architects and WCIT Architecture

Number of stories: 36

Unit pricing: Starting at $3.9 million

Penthouse price: $36 million

Penthouse price per square foot: $3,600

Perks: Poolside cabanas by the rooftop infinity pool, an indoor golf simulator, library, and theater, a fitness center with yoga room, and a dog park and children's play area. This is Hawaii's most expensive residential tower.

Standout amenity: You can get room service from famous chef Nobu Matsuhisa's sushi and Japanese restaurant, Nobu.

 Open for residency: 2018



See the rest of the story at Business Insider

SAM ZELL: It's really hard not to be a seller in real estate right now

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sam zellZell gets even gloomier, hammers ZIRP, starts selling.

“No one has ever accused me of not being a realist,” Sam Zell told CNBC. The chairman of Equity Group Investments and of apartment mega-landlord Equity Residential was talking about the markets for office and apartment buildings in some major cities that have already peaked.

“Overall we’ve come off this extraordinary period of liquidity and this extraordinary period of low interest rates,” he said. “I think we’re unlikely to see a repeat of that going forward, and I think we’re going to see more supply in what had been pretty tight markets.”

And he has been selling. Back in 2007, he once again proved his sense of market timing. As the commercial property bubble was already teetering, he sold Equity Office Properties Trust to Blackstone for $23 billion, not including $16 billion in debt. Then prices crashed, and commercial property defaults hit the banks. As the dust was settling at the end of the Great Recession, he went on a shopping spree.

Now he’s selling again, unloading multifamily properties at peak prices on a massive scale just when a multi-year construction boom is flooding the market with new supply. Here are some nuggets:

Last October, Equity Residential sold 72 low- and mid-rise properties with over 23,000 apartments for $5.4 billion to Starwood Capital Group. With “pricing currently available in the commercial real estate market, it is very hard not to be a seller,” Zell said at the time.

Equity Residential still held 318 properties with nearly 86,000 apartments. In November, it put its Berkeley, CA, portfolio up for sale: eight buildings with 452 apartments and the entitlement rights to build a 205-unit complex.

In February, it inked a deal to sell its Woodland Park property with over 1,800 rent-stabilized apartments in East Palo Alto, CA, to an affiliate of Sand Hill Property Co. It had bought the property in 2011 at the bottom of the local real estate market. More deals are expected or are already transpiring.

So when Sam Zell speaks, our ears perk up.

On CNBC, Zell lashed out in his soft-spoken and well-balanced manner against the current zero-interest-rate environment in the US, and the fundamental damage it was doing — the man who so hugely benefited from it:

“In the most simplistic terminology, I would ask you the question, if something is free, is it valued? Is it appropriately risked?”

“I think when you talk about interest rates being close to zero for a long period of time, I’m very concerned about the fact that we have desensitized our business community to the cost of capital.”

“And we know that the cost of capital ain’t free,” he said. “Every time you defer facing up to the cost of capital, it’s going to catch up to you. That I think is the biggest concern.”

“We have distorted markets. Maybe we have bubbles.” Then, on second thought, he said, “I don’t even know what a bubble is, so I wouldn’t want to be the definer of it. But I think that we have too much intervention and not enough market movement in interest rates – and in other assets.”

“You know what the problem is? The problem is I think the Fed should have raised interest rates two years ago, and therefore today would be able to make a much more rational decision as to what to do. The problem is that they’ve so deferred reality for so long that I think they have a serious credibility problem if they don’t raise rates.”

Then he added another twist to this conundrum: “So now we’re talking about raising interest rates because of credibility and not because of economics.”

And the fear of losing “credibility” – what’s left of it after more than a year of flip-flopping on rates – may be why Fed heads are parading up and down in front of the media with suddenly invigorated rate-hike rhetoric. Meanwhile, Zell is selling, at peak prices, unloading assets at the top while he still can.

References to 2009 & the Global Financial Crisis keep popping up in reports on manufacturing, not only for the US but globally, because that’s how bad it has gotten. 

SEE ALSO: SAM ZELL: We're in the 9th inning of this cycle

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NOW WATCH: 7 incredibly tiny details you never noticed in your iPhone

Twin brothers who turned a single house into nearly $8 million of property share the rule that helps them decide what to buy

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kelly chris edwards

When brothers Kelly and Chris Edwards bought their first house for $88,000 in Raleigh, North Carolina, in 2002, they didn't know much about real estate investing.

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

How do they decide what to add to their holdings?

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

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."

And he had a lot of wisdom to impart. "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 couldn't 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."

SEE ALSO: Twin brothers who turned a single house into nearly $8 million of property share 9 tips for aspiring real estate investors

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5 tips to help your house look better in pictures when it's time to sell

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victorian house

Smart home sellers want as many buyers as possible to see their home. That means the home has to look great not only in person, but also in photographs.

Making a house shine online starts with choosing a Realtor who prioritizes photography, says Barry Bevis, broker and owner of Bevis Realty in Tallahassee, Florida, and author of a blog at BadMLSPhotos.com.

"If (a Realtor) doesn't take good pictures or pay somebody to take good pictures, you should reconsider listing your house with them," Bevis says. "Most people find their home online. Even if they're working with a Realtor, they find that house and look at the photos."

SEE ALSO: 11 things that will trash your home's value

Let the photographer work

Some agents post dozens of photos while others are more selective, says Lee Manning, owner of Lee Manning Photography in Ventura, California. Manning says he prefers to limit the number of views, letting buyers use their imagination and allowing more time to capture the best shots. "There's always a danger that if you show too much, buyers will find out what's wrong with the house to them and eliminate the house instead of exploring it further," Manning says. "And at a certain point, you're taking 3 pictures of the laundry room. That just doesn't make sense."

If a room doesn't photograph well, Manning says it's fine to just leave it out. An example would be a room that's so small that the best angle features the doorway rather than the space.

Sellers unwittingly do plenty of things that annoy photographers: dictating when photos should be taken, hovering around while the photographer works and even trying to tell the photographer what to photograph or how. Rather than micromanaging, Manning says, sellers should step back and "trust the person who takes photos for a living."



Mind the paint hues

If you're painting the interior of your home for resale and want a look that's light and bright, don't use dark colors, which make rooms feel smaller and are a bit harder to photograph, Manning suggests.

It's fine to use white, other neutrals or even strong colors, if they complement the home's architecture. If you're remodeling for resale, don't put in black marble countertops or black kitchen cabinets. "It's really difficult to make that look good," Manning warns.



Stage for visitors and photos

If you're staging your home, keep in mind that what looks best for open houses or showings isn't necessarily right for photography, says John F. Walsh Jr., a realty broker and owner of Hearthtone Video and Photo in Minneapolis-St. Paul.

Walsh likes to remove or hide things like dish towels and electrical cords that can be distracting in photographs. But he also likes to add things like a coloring book in a child's bedroom that show how the seller uses the space.

What gets changed is a matter of trusting the photographer's eye. "Let's say somebody has a set of lipsticks all in a row," Walsh says. "If it looks visually interesting and adds an emotional response, it's a good addition. If it just looks like clutter, take it away."



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Jennifer Lopez just bought a huge $28 million mansion in Bel Air

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J Lo House

Being a judge on "American Idol" has really paid off for Jennifer Lopez.

The singer recently purchased a new home in the quiet Los Angeles neighborhood of Bel Air. She dropped $28 million on the mansion, but, to be fair, that's down from the original $39,995,000 asking price, according to Curbed.

Check out Lopez's lavish new compound:

The house spans 13,932 square feet.

Click here for more information »



To get there, visitors must cross a small covered bridge.



It has seven bedrooms ...



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One renovation could add as much as $5,000 to the value of your house

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fireplace

Becoming a homeowner is still the American Dream for many people. You apply for a 15- or 30-year mortgage and add as many home upgrades and improvements as possible.

In addition to hoping it's a seller's market when you put the 'for sale' in your lawn, those home improvements determine how much profit you stand to make from your investment.

One of the best investments you can make is fireplace installation, according to a recent study from Angie's List. The company surveyed 100 real estate agents on home values in relation to fireplaces and 2,000 homeowners/homebuyers and found that fireplaces are a pretty hot commodity.

The majority of potential homeowners in the market today see fireplaces as an asset. They top so many homebuyers' must-have lists and are in such demand, in fact, that fireplaces increase over 76% of homes' value anywhere from $1,000 to $4,999. The study has one caveat – electric fireplace inserts aren't nearly as desirable as wood-burning or gas-burning fireplaces.

Without much variation, the wood-burning option was favored by all age demographics. Specifically, of those aged 22-29, 58.82% preferred wood burning, with those aged 30-39 close behind at 57.89%. Meanwhile, those in the 40-49, 50-59 and over 60 age groups favored wood-burning fireplaces at 63.04%, 65.35% and 67.31%, respectively.

Adding a fireplace may add value to your home, but it will come at a price too. If you're looking to make a home improvement, make sure you understand your financing options. Home equity lines of credit (HELOC), personal loans and/or credit cards are often used to help homeowners with remodels, but they all come with different terms, benefits and pitfalls. For example, a credit card may have a higher interest rate than a HELOC, but if you default on the credit card debt, your home won't be in jeopardy like it would with the HELOC.

No matter which option you pursue, you can check your credit score for free on Credit.com beforehand to see which options and interest rates you'll qualify for. And if you spot errors on your credit, disputing them can get them fixed quickly.

More from Credit.com

This article originally appeared on Credit.com.

SEE ALSO: 11 things that will trash your home's value

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Sarah Jessica Parker reportedly paid $34.5 million for two houses right next to each other

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sjp village house

Carrie Bradshaw may have paid full price for her Manolo Blahniks but, in real life, Sarah Jessica Parker seems to like a bargain.

The "Sex and the City" actress paid just $34.5 million for two adjacent townhouses at 273-275 West 11th Street, a sharp drop from the properties' original reported value of $44 million, sources told The Real Deal

The final closing price equates to just $2,482 per square foot, a discount to the average of $3,412 per square foot paid for a luxury townhouse in Manhattan last year, according to a report by Douglas Elliman.

A spokesperson for Eastern Consolidated, the firm listing the properties, declined to comment. The company’s website shows the brokers as Chad Ian Sinsheimer, Steven Zimmerman, Tripp Lyons and Wade Hazelton. Eastern began seeking offers on the property last fall — news reports suggested it might fetch up to $44 million — but the most recent asking price on the company’s website was $35 million.

Parker inked a contract to buy the properties earlier this year from the United Methodist Women, a nonprofit that had owned them since the 1920s. The deal has now closed.

The two properties collectively total 13,900 square feet and could be combined into a single-family mansion. The properties also come with a 2,100-square-foot private garden, as The Real Deal previously reported.

SEE ALSO: See inside the $5.3 million Washington, DC, home that the Obamas will reportedly move into after they leave the White House

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Take a look inside the $25 million Miami mansion Lenny Kravitz once called home

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Lenny Kravitz's House

A Miami mansion that musician Lenny Kravitz once called home has hit the market for $25 million, the Wall Street Journal has reported

Kravitz purchased the Sunset Islands home for $8.95 million back in 2001, when it was built. He then sold the house in 2005 to the property's current owner, Stephen Muss, who bought it for $14.5 million. Muss is a real estate mogul who is famous for purchasing and redeveloping the Fontainebleau Hotel in Miami.

The estate, located on a private beachfront, features a movie theater, pool, gym, meditation garden, and elevator. At almost 12,000 square feet, this Mediterranean-style home has six bedrooms, 10 bathrooms and a three-car garage.

Coldwell Banker's Jill Hertzberg and Jill Eber have the listing

SEE ALSO: See inside the $5.3 million Washington, DC, home that the Obamas will reportedly move into after they leave the White House

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Gated for privacy, the home is located in the exclusive Sunset Islands neighborhood.



The outside reflects the Mediterranean style and keeps with the neighborhood's beachy feel.



Make a major entrance on this impressive stairway.



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Adele reportedly just dropped $9.5 million on this gorgeous Beverly Hills mansion

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Adele House

Adele Laurie Blue Adkins — or as she's better known, Adele — has reportedly purchased a new private oasis in Beverly Hills, California.

The 10-time Grammy-winner spent $9.5 million on the 6,600-square-foot home, as TMZ first reported. It has four bedrooms, six bathrooms, and an exceedingly tasteful design. 

The home was first listed for $10.75 million in September 2015, but its price was reduced to $9.9 million about a month later, according to Zillow.

Juliette Hohnen of Douglas Elliman had the listing.

SEE ALSO: See inside the $5.3 million Washington, DC, home that the Obamas will reportedly move into after they leave the White House

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

A wide driveway sits in front of the house, which is situated on a 17,000-square-foot secluded lot.



Once you enter the home, a two-story foyer greets you.



The home is arranged on an open floor plan, offering wide spaces like this living, dining, and breakfast area under a dramatic beamed ceiling. French doors lead outside.



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