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  • This 28-year-old pays $62 a month to live in a dumpster he built for $5,000—take a look inside

    This 28-year-old pays $62 a month to live in a dumpster he built for $5,000—take a look inside

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    Last October, I returned to London after working abroad for nearly a year in Central America and Southeast Asia.

    Finding an apartment on a budget wasn’t easy. The average cost of a one-bedroom in Southwark, a borough in South London, is around $1,850 a month. That’s more than 75% of my income as an architectural designer.

    At 28, my goal is to save up to buy a house of my own one day. But I didn’t want to move to the outskirts of the city, so I started looking into the possibility of living in a skip — or, as it’s called in the U.S., a dumpster.

    Harrison’s tiny home sits on an empty lot in South London. The land was granted to him by an arts charity called Antepavilion.

    Photo: Gergana Popova for CNBC Make It

    How I turned a waste container into a tiny home

    I run a small architecture company called CAUKIN Studio. We’ve done work with SKIP Gallery, which commissions emerging artists to create artwork in the confines of a dumpster.

    After hearing about my project, an arts charity called Antepavilion granted me an empty, grassy lot in Southwark to put my house on. I currently rent the dumpster base from a waste management company for only $62 a month (although I have not been charged for it yet).

    The building process, which began in December 2022, took three weeks. I had worked on similar projects in the past as an architect, so I had all the tools and knowledge I needed. On most days, my friends would come by and help.

    The tiny home can be transported like a dumpster, so moving it from the construction site to the grassy lot was easy.

    Photo: Gergana Popova for CNBC Make It

    It cost me roughly $5,000 to build the home:

    • Building supplies (including timber, insulation and fixings): $4,620
    • Interior furnishings (including storage and foam mattress): $380

    I used my savings to fund the expenses, and paid movers $635 to transport the dumpster from the manufacturer to the construction site, then to the lot where it stands today.

    My electricity bill is so small that it is included in my land sponsorship, and my water supply consists of a hose pipe that runs from a neighbor’s property.

    Harrison says it’s hard to wash up in his tiny home. He gets his water from a hose outside, and stores it in a glass jar.

    Photo: Gergana Popova for CNBC Make It

    For Wi-Fi, I use a dongle connected to mobile data to watch Netflix and take Zoom calls on my laptop. This costs $20 a month.

    A look inside my tiny home

    The base of the dumpster is only 25 square feet, so I had to make the most out of the volume to make the space livable.

    The home’s entrance is up a small ladder and through a hatch door.

    Photo: Gergana Popova for CNBC Make It

    I have four built-in wooden boxes to put my clothes in. I’ve always lived a minimal lifestyle and traveled a lot for work, so the limited storage space works for me. I didn’t have to give away any items.

    Up above is my raised, mezzanine-style bed.

    An arched roof gives Harrison plenty of room in his mezzanine-style double bed.

    Photo: Gergana Popova for CNBC Make It

    On the other end is the kitchen. I have an eight-can portable mini fridge, a small sink and an induction cooktop. 

    Since kitchen space is limited, Harrison mostly cooks one-pot meals and often eats out with friends.

    Photo: Gergana Popova for CNBC Make It

    Windows on both sides of the home provide plenty of natural light and ventilation, making the space feel less claustrophobic.

    The toilet is outside, so I need to leave my house every time I use it. There’s no shower either, so I’ll be using the one at work and at the gym for the foreseeable future. I do my laundry at a laundromat.

    Harrison’s toilet is outside of the tiny home.

    Photo: Gergana Popova for CNBC Make It

    Getting used to the skip life

    I’ve been living here for a few months now, and managing its inconveniences has slowly gotten easier.

    But this is a great location in London. It’s a 15-minute bike ride to work, and I love spending my free time exploring the area or meeting up with friends. 

    My biggest challenging has been adjusting to all the attention. Many people stop by because they’ve seen me on the news.

    The tiny home allows Harrison to live alone in a city where that’s a luxury, and has amplified the conversation about rent prices in London.

    Photo: Gergana Popova for CNBC Make It

    With its ups and downs, I’ve turned my living situation into an art piece. It shines light on the absurdity of London’s housing crisis in a way that makes people smile and think.

    This has been a unique experience, and I’m grateful that it was sponsored. But I don’t recommend replicating it. I hope that I can move out soon, but I certainly won’t be swapping it for no savings and a small, damp room. It’s weirdly comfortable.

    Harrison Marshall is the co-founder of CAUKIN Studio, a design studio that specializes in community and impact-based projects. He holds a master’s degree in architecture and has worked on more than 50 projects worldwide. Harrison combines his background with his passion for social impact to create experiences that spark joy and thought. Follow him on Instagram @caukinstudio and @theskiphouse. 

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  • Giddy-Up for these 4 Equestrian Estates – Sotheby´s International Realty | Blog

    Giddy-Up for these 4 Equestrian Estates – Sotheby´s International Realty | Blog

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    Harnessing the finest facilities for equine friends, luxurious accommodations for their riders, and truly idyllic settings for all, these alluring equestrian estates are winners across the board.

    Pastoral Pebble Beach Retreat

     Canning Properties Group | Sotheby’s International Realty – Carmel Brokerage

    Inspired by the estates of the French countryside and on the market for the first time, this 1.59-acre refuge in the heart of Pebble Beach is an enchanting retreat for equestrians just moments from the area’s famed golf courses and beaches. In addition to an inviting 4,146-square-foot main residence, the property features an oversized three-car garage, manicured outdoor living and entertaining spaces, a caretaker’s cottage, and a handsome three-stall stable.

    Texas Treasure

     Kim Rensimer | Martha Turner Sotheby’s International Realty

    This magnificent tree-strewn hideaway expands over 3.3 lush acres in peaceful Katy, Texas. An elegant 6,193-square-foot residence with a whole-house generator is the centerpiece of a diverting estate that also offers a charming guesthouse, a resort-caliber pool and spa, an outdoor kitchen, alfresco living and entertaining spaces with a fireplace, and a lighted sports court. Sure to delight equestrians, the irrigated acreage provides a two-stable horse barn with a tack room and a fenced riding arena.

    Red Gate Farm

     Krissy Blake | Sotheby’s International Realty – Greenwich Brokerage

    This majestic turnkey equestrian estate comprises 54 verdant acres on the banks of the Aspetuck River. Its stately stone manor features formal living and dining rooms, a kitchen and family room, a bar, four bedrooms, six fireplaces, a wine cellar, and an elevator. Across the acreage are equestrian facilities that include three barns with 69 stalls, tack rooms, laundry facilities, haylofts, indoor and outdoor rings, a round pen, staff quarters, an office and viewing room, a gym, paddocks, fenced pastures, and equipment garages.

    Brooks Road Ranch

    Sheri Morgensen, Josh McAdam | Sotheby’s International Realty – San Francisco Brokerage

    This captivating Northern California estate rolls across some 200 acres in the ​​Russian River Valley American Viticultural Area, only minutes from Healdsburg and Sonoma’s renowned wineries. A relaxed but refined Montecito-style residence with three bedrooms, a sunny terrace, and refreshing swimming pool affords a life of consummate style and expansive views. Horse lovers will appreciate a significant equine facility of approximately 40,000 square feet, riding arenas, and 22 stalls. The estate’s four versatile parcels are linked by a paved ranch road.

    Discover luxury homes for sale and rent around the world on sothebysrealty.com

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    Melissa Couch

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  • New mortgage rules could lead to some homebuyers paying more

    New mortgage rules could lead to some homebuyers paying more

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    A little-known mortgage surcharge is getting an overhaul on May 1 that could impact home buyers in very different ways, potentially helping those with lower credit scores by lowering their costs. But some borrowers with stronger credit scores could end up paying more.

    The revamp of the so-called loan-level price adjustment (LLPA) fee is causing consternation among some mortgage professionals, who note that buyers with high credit scores will effectively be underwriting those with low scores. 

    The backlash to the overhaul spurred the Federal Housing Finance Agency, which levies the fees, to issue a statement this week to call such concerns “a fundamental misunderstanding.” Sensitivity about the change in fees may be heightened given the affordability crisis in the real estate market, which is pricing many buyers out of buying a home.

    What is the purpose of the fee change?

    The new mortgage fee structure is meant to help people who historically have struggled to purchase their first homes, such as lower-income households that may have lower credit scores, by reducing their closing costs, Zillow economist Orphe Divounguy told CBS MoneyWatch.

    “Housing affordability remains the biggest challenge for home shoppers today,” he noted. “Some borrowers will pay slightly lower fees, and some other borrowers will pay slightly higher borrowing costs than they did before.”

    Here’s what to know about the changes. 

    What is a loan-level price adjustment fee?

    These are fees charged by Fannie Mae and Freddie Mac that are chiefly based on a homebuyer’s credit score and the size of a down payment. They often are rolled into your closing costs, which can be an overlooked factor by some people in buying their first home.

    LLPAs were introduced around the time of the 2008 financial crisis to help offset the risks borne by Fannie and Freddie Mac, the federally backed mortgage institutions overseen by the Federal Housing Finance Agency (FHFA).

    “It’s a way of insuring the taxpayers against borrowers defaulting on their loans,” Divounguy said.

    The new fee only impacts homebuyers, and doesn’t have any impact on people who already own their homes. It also won’t impact the roughly 40% of mortgages that aren’t backed by Fannie Mae or Freddie Mac.

    What is changing on May 1?

    The FHFA is recalibrating the fee structure for LLPAs starting on May 1 by lowering fees for some borrowers and hiking those for others. 

    “The spread of fees between low and high credit score borrowers won’t be as big,” Divounguy said. 

    For instance, starting next month a homebuyer with a credit score between 640 to 659 — considered “fair” — and who has a down payment of 5% will incur an LLPA of 1.5%. Prior to the change, the fee for this group of buyers was 2.75%. That means someone purchasing a $200,000 home would pay an LLPA fee of $3,000 under the new structure, down from $5,000 previously.

    But some purchasers won’t get as good deal as they did before. For instance, homebuyers with credit scores of 740 to 759 — considered “very good” — and putting 20% down will face a new LLPA of 1%, compared with 0.5% previously. For the purchase of a $200,000 home, that means the fee will double to $2,000. 

    Why is the change drawing criticism?

    Some experts believe the new rules are unfair because they effectively penalize buyers with higher credit scores, while others are worried the change could have a potentially chilling impact on purchases.

    The National Association of Realtors has come out against the overhaul, arguing that the new fee structure could hurt some buyers at a time when affordability remains challenging.

    However, the changes are complex and don’t uniformly increase LLPAs for people with high credit scores. Some people with good credit scores will see no change, while a few types of borrowers with high scores could see a slight improvement. For instance, buyers with a credit score of above 780, considered excellent, and who make a downpayment of 5% will see their LLPA decline by 0.625 percentage points. 

    That could have an “unintended consequence,” noted Rajiv Sethi, a professor of economics at Barnard College and Columbia University, in a blog post. “Those with reasonably high credit scores and substantial wealth [could] choose to lower their down payments strategically in order to benefit from lower fees,” he wrote.

    What does the the government say?

    FHFA director Sandra L. Thompson said in a statement on Tuesday that the fee change is being misinterpreted and that the new payment structure is part of an overhaul that started in 2021 partly as a way to “maintain support for purchase borrowers limited by income or wealth.”

    “Higher-credit-score borrowers are not being charged more so that lower-credit-score borrowers can pay less,” she said. “The updated fees, as was true of the prior fees, generally increase as credit scores decrease for any given level of down payment.”

    So are home buyers with higher credit score buyers actually paying more? 

    No, because those with higher credit scores are still paying less than those without strong scores, experts say. 

    “Having a good credit score continues to confer an advantage under the new fee structure, although to a diminished degree at some levels of the loan-to-value ratio,” Sethi noted.

    But, as noted above, the fees have been cut for many types of borrowers with lower credit scores and raised for those with higher scores, meaning that the spread between the two types of borrowers is now narrower. 

    Should I lower my credit score to get a cheaper fee?

    One media report cited an unnamed expert advising people to lower their credit scores to get a better fee, but that’s terrible financial advice, experts say. 

    First off, people with higher credit scores are still paying lower fees, so it doesn’t make sense to damage your credit score. Second, that can ruin your prospects of getting better rates for other loans, such as auto loans or credit card rates. 

    “The bottom line is if you have a higher credit score, you will pay less than someone with allow credit score,” Divounguy said.

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  • Office vacancy issue will ‘play out over a long period of time’, says Barclays’ Ajay Rajadhyaksha

    Office vacancy issue will ‘play out over a long period of time’, says Barclays’ Ajay Rajadhyaksha

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    Ajay Rajadhyaksha, Barclays’ global chairman of research, joins ‘Closing Bell’ to discuss the slowdown in commercial real estate and the stock market’s reaction to the slowdown.

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  • The Pros and Cons of Downsizing Your Home | Entrepreneur

    The Pros and Cons of Downsizing Your Home | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you feeling like a hamster running on a wheel in your large home? Are you constantly chasing your tail, trying to keep up with the never-ending maintenance and expenses? Well, it might be time to downsize to a smaller home.

    But don’t worry; downsizing doesn’t mean giving up on your dreams. It’s all about living smarter, not harder. In this article, we’ll give you the lowdown on the pros and cons of living in a smaller home. So, put on your thinking cap and get ready to explore a new world of tiny living. Who knows, you might even end up saving enough money to afford that fancy new toaster you’ve been eyeing!

    Related: 3 Ways Entrepreneurs Can Save on Real-Estate Costs

    Pros of downsizing to a smaller home

    1. Cost-effective living

    Downsizing to a smaller home can bring numerous advantages, with cost savings being one of the most significant ones. Typically, smaller homes are more affordable, with a lower price tag and reduced property taxes. Moreover, owning a smaller home can result in lower utility bills as it requires less energy to heat and cool. With less space to fill, you can also save money on furniture and home decor, making it an ideal choice for those looking to cut costs.

    By living in a smaller home, you’ll save money and reduce your environmental impact. With fewer rooms to maintain and furnish, you’ll consume fewer resources and produce less waste. You can also consider purchasing energy-efficient appliances and using sustainable materials to reduce your carbon footprint further. Downsizing to a smaller home can offer financial and environmental benefits, making it a practical choice for those looking to simplify their lives.

    2. Simpler lifestyle

    A smaller home means less stuff, leading to a simpler, less stressful lifestyle. With fewer possessions, you’ll have less to clean, organize and maintain. This can free up more time and energy to focus on hobbies, travel or spending time with loved ones.

    3. Environmental benefits

    A smaller home has a smaller environmental footprint. By using fewer resources to build and maintain, smaller homes are more eco-friendly than their larger counterparts. Additionally, with less square footage to heat and cool, you’ll consume less energy and contribute to a smaller carbon footprint.

    Related: 8 Tips to Squeeze More Savings from Your Home Office

    Optimizing your small living space

    Living in a smaller home can seem daunting, but it doesn’t have to be. With a little creativity and smart design choices, you can optimize your small living space to make it feel more spacious and inviting. Here are a few tips to get you started:

    • Use multi-functional furniture: Opt for furniture pieces that serve more than one purpose. For example, a sofa bed can be used as both a seating area and a guest bed, while a storage ottoman can double as a coffee table and a place to store blankets and pillows.
    • Create zones: Use area rugs, curtains or furniture placement to create defined zones within your living space. This can help make the space feel larger and more functional.
    • Embrace vertical space: Use your walls by installing shelving, hanging baskets or wall-mounted storage. This can free up valuable floor space and create a more open feel.
    • Get creative with storage: Look for storage solutions that can be tucked away or hidden, such as

    Cons of downsizing to a smaller home

    1. Less space

    Downsizing to a smaller home can be challenging as it often entails sacrificing some of the luxuries you previously enjoyed in your larger home. You may need to give up your home office, a large outdoor space or extra storage space. However, with a little creativity, you can optimize your smaller living space. You can explore innovative storage solutions, consider multi-functional furniture and create a space that is both functional and comfortable. With these simple adjustments, you can still enjoy a comfortable and inviting home, despite the reduced living space.

    2. Limited entertaining options

    If you enjoy hosting large dinner parties or family gatherings, downsizing to a smaller home may present some space constraints. Nonetheless, with some thoughtful planning, it’s still possible to entertain in a smaller home. Instead of hosting large groups, consider organizing smaller, more intimate gatherings or utilizing outdoor areas such as a patio or deck.

    Outdoor spaces provide a great alternative to indoor gatherings; with the right setup, they can be just as enjoyable as indoor events. Whether you’re planning a barbecue or an al fresco dinner party, a well-decorated patio or deck can be a great space to host intimate gatherings. Additionally, hosting smaller groups can create a more relaxed and cozy atmosphere, allowing you to socialize and spend quality time with your guests.

    3. Less privacy

    With less space, you may have less privacy in a smaller home. If you’re accustomed to having your own space, downsizing to a smaller home may take some getting used to. However, with good communication and clear boundaries, you can still maintain your privacy in a smaller home.

    Related: 8 Ways to Finance Your Real Estate Career

    Conclusion

    Downsizing to a smaller home can offer significant benefits, including cost savings, a simpler lifestyle and environmental benefits. However, it’s important to weigh the potential drawbacks, such as less space and limited entertaining options, before deciding to downsize. Ultimately, the decision to downsize to a smaller home should be based on your personal priorities and lifestyle goals.

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    Chris D. Bentley

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  • Luxury Real Estate Headlines: Final Week in April, 2023 – Sotheby´s International Realty | Blog

    Luxury Real Estate Headlines: Final Week in April, 2023 – Sotheby´s International Realty | Blog

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    Highlights from this week’s top news stories on luxury and global real estate, art, collectibles, and home.

    Los Angeles, California | Sotheby’s International Realty –  Pacific Palisades Brokerage

    Carol Burnett, the iconic comedian and actress, has sold her longtime Los Angeles home for $3.7 million.

    Carol Burnett’s Longtime Los Angeles Home Sells for $3.7 Million – The Wall Street Journal

    Five of the World’s Best Homes for Sale with Landscaped Gardens – Financial Times

    Custom-Built Colonial in Greenwich Priced at $8.8M Looks for Its Second Owner – Cottages & Gardens

    $1.1 Million Homes in California – The New York Times

    One of Frank Lloyd Wright’s Largest Houses Hits the Market for $8 Million – Galerie

    $28M Waterfront Mansion in Connecticut Comes With a Bonkers 1,200-Bottle Wine Cellar – Robb Report

    One of the Last Private Townhouses on Washington Square Park – Curbed

    This Small Beach Town Is ‘Florida’s Most Relaxing Place’ — and It’s One of the Best Destinations to Buy a Beach House in the U.S. – Travel + Leisure

    For Aging Homeowners, Elevators Give Luxury Properties a Major Lift – The Wall Street Journal

    Washington, DC, condo sold for a record $12.8M – The Real Deal

    6 spacious homes for house-proud dog owners – The Week

    A castle in Sicily that was in ‘The Godfather III’ is listed for $6.6 million.  – Insider

    Ranking Houston’s Top-Selling Residential Brokerages of 2022 – The Real Deal

    Sotheby’s unveils new brand ad campaign for post-pandemic era – Inman

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    Melissa Couch

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  • Credit-focused investment firm explains why it’s staying away from China finance and real estate development

    Credit-focused investment firm explains why it’s staying away from China finance and real estate development

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    Michael McEachern of Muzinich & Co says "it's not helpful when there is … intrusion from the top-down from the government."

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  • Singapore and Hong Kong in ‘completely different’ stages of the property cycle: Real estate company

    Singapore and Hong Kong in ‘completely different’ stages of the property cycle: Real estate company

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    Henry Chin of CBRE says Singapore residential and commercial real estate rents have risen substantially, but things are “bottoming out” for Hong Kong.

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  • Utah Cave Home Renting for $1,000 a Night on Airbnb: Photos | Entrepreneur

    Utah Cave Home Renting for $1,000 a Night on Airbnb: Photos | Entrepreneur

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    This story originally appeared on Business Insider.

    Grant Johnson was living in a 19-foot trailer in Utah when, in 1995, he was presented with the opportunity to purchase 40 acres of land in the state’s rugged wilderness.

    Johnson was told the site was abandoned by a 1970s cult, but it was the perfect setting for him to achieve a long-held dream: transforming a boulder on the property into his home, using dynamite and his own two hands.

    Johnson, who worked in Utah’s uranium mines and as a backcountry guide, was inspired by the Moab Desert’s famous “Hole N” The Rock” attraction, a family home carved out of a sandstone cliff.

    He spent $25,000 and the next 20 years perfecting his new abode — and now anyone on Airbnb can rent a bedroom in the special space for about $350 a night and the whole three-bedroom cave for about $1,000 a night.

    @airbnb this stay is as solid as a rock thanks to host grant ? #airbnbpartner #airbnb #boulder #utah ♬ original sound – airbnb

    Johnson’s property is located in southern Utah, about a four-hour drive north of the Grand Canyon and near the Grand Staircase-Escalante National Monument, known for its cascading rock formations.

    Johnson lives in the cave with his partner when they’re not renting it out, and they also run the property as a homestead and grow tomatoes, peppers, garlic, and corn, some of which they sell.

    Johnson even raises horses, cows, pigs, and turkeys — and is planning to build them a cave barn of their own.

    “It’s a lifetime art project,” he told Insider.

    He carved the walls by hand using light and sound as guides

    Johnson purchased dynamite from a contact through his mining work, who trusted him to use the equipment properly.

    “That was in the 90s, so I was able to buy dynamite and just sign a paper. Now it’s a lot more difficult,” he said.

    The first blast came in the winter of 1995. Johnson returned to the site for the next eight years to hollow out the space he wanted, eventually landing at around 5,700 square feet.

    His first time stepping into the cave he created, he couldn’t help but be in awe.

    “Nothing has been in this space since the dinosaurs,” he said. “It’s a 100-million-year-old rock.”

    An instrument in Johnson’s music room, left, and Johnson on the 40-acre property. Grant Johnson

    In 2005, Johnson employed a pro-builder friend to help finish the project. Together they poured the cement flooring and installed giant sheets of tempered glass that closed the cave off from the wilderness.

    There are six openings in the boulder, all facing different directions, that had to be sealed before the space could be inhabitable. The last sheet was installed in January 2014, which is when Johnson moved into the space.

    During that time, Johnson also molded the walls and doorways of the cave himself. He used a technique where he would drill parallel holes and tie them together with a perimeter cord, which cracked the rock in the desired shape.

    “It’s a lot of acrobatics, which is truly difficult,” he told Insider.

    During the sculpting process, he played with the light and sound of the space. During the winters, he’d sometimes sit in the space, during sunsets or especially during the equinox, and observe how the cave refracted the sunlight.

    “I’d just sit down and if I noticed something that didn’t fit or that wasn’t curved right, I would get the drill,” he told Insider.

    While he was carving, he’d also play a harmonica and adjust his plans based on the best pitches he could find. It’s paid off. Since moving in, Johnson has hosted many musicians, concerts, and even a group of Tibetan monks in the space.

    “They did their throat singing and that sound has never left,” he said.

    One of Johnson’s musician friends has even named different rooms after different keys. The living room is “E.”

    You can rent the property on Airbnb for $1,000 per night

    The cave now even welcomes visitors on Airbnb. The “west end” room, with its own staircase leading up to a private balcony, rents out for $350 per night. For $1,000, guests can rent out the entire three-bedroom property, and Johnson and his partner will vacate and stay in a cabin nearby.

    Rolling desert hills with a white truck passing through

    A view onto Johnson’s remote property. Courtesy of Grant Johnson

    Guests of the Airbnb are invited to climb on the cave outside and use a rope swing in front of the property. The listing also indicates that sense of adventure extends inside, where guests should be aware of “rugged rock stairs” connecting the rooms of the cave.

    The cave runs off-grid and uses water to power things that are plugged into sockets, though the listing makes a point to note that hair dryers and pancake griddles, particularly, are too much for the hydro-electric system to handle. Also one major thing to note: There’s no WiFi.

    “The desert holds special energy and this space resonates with it. This is where you come to disconnect from the rest of the world,” one Airbnb user wrote in a May 2022 review. “The comfort, cleanliness and beauty of it far exceeded any expectations those in our group had.”

    The guest’s parting advice: “Drive a 4WD. Bring some extra water. Cherish your time there. Unwind. Go hike. Unplug and appreciate the space.”

    Johnson said he loves to watch guests marvel at the unspoiled natural surroundings and hear how they feel more connected to nature by staying in the cave. He recommends every guest climbs out to the patio on the west end at night, and watch the still, desert night.

    “You can’t ask for more dark sky. You can’t ask for more quiet,” he said.

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    Dan Latu

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  • Hampton’s housing prices hit all time highs due to shortages in availability

    Hampton’s housing prices hit all time highs due to shortages in availability

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    The Exchange

    CNBC’s Robert Frank joins ‘The Exchange’ to discuss record high Hampton’s home prices, and a scarcity in available home listings.

    02:18

    5 hours ago

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  • Demand from homebuyers drive gains in purchase applications as 30-year fixed rate rises

    Demand from homebuyers drive gains in purchase applications as 30-year fixed rate rises

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    CNBC's Diana Olick reports on mortgage demand's recent rebound.

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  • A Look Inside Two Estates Designed by Shope Reno Wharton Architects – Sotheby´s International Realty | Blog

    A Look Inside Two Estates Designed by Shope Reno Wharton Architects – Sotheby´s International Realty | Blog

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    Daniel Gale Sotheby’s International Realty

    The iconic estates of New York and neighboring New England have long been famed for their elegance. Classical and contemporary palaces grace the glistening shorelines and adorn the pastoral woodlands. So how can such exalted properties, which have captured the popular imagination since ages past, be elevated even higher?

    That is precisely the specialty of Connecticut-based architecture firm Shope Reno Wharton (SRW). Since 1981, this esteemed collective has been challenging the conventional divisions between “then” and “now” to fashion homes that are cutting-edge in form, function, and features, yet present timeless edifices that could have existed in harmony with their surroundings for centuries.

    How do they accomplish this? Explore two of their signature estates to fully appreciate the essence of the SRW aesthetic, and the sense of serenity, comfort, and wonder they elicit in those lucky enough to live there.

    Gardens Turn Into Outdoor Galleries

    Daniel Gale Sotheby’s International Realty

    A notable quality of an SRW property is that it doesn’t just start at the front door. The grounds themselves are curated in an unfolding sequence of unique, picturesque spaces, as seen at this grand residence on the so-called “Gold Coast” of Long Island’s North Shore. Pools and private cabanas, greenhouses and conservatories of lavishly latticed glass, and stately, geometric gardens create an environment as intricate and captivating as the estate itself.

    Silhouettes of Calculated Asymmetry

    Daniel Gale Sotheby’s International Realty

    The home’s vertices and contours command an arresting vision as they emerge from the greenery to an approaching gaze. Separate wings have separate roofs—and while this allows the mansion to maintain a singular sense of majesty, it also demarcates the different areas on a more human scale. This is accentuated by turrets and chimneys, gables and dormers; they single out the many unique rooms and quarters within the property while still contributing to its unified splendor.

    Natural Materials Meet Nautical Motifs

    Daniel Gale Sotheby’s International Realty

    This fascinating interplay of contrasts—imperial yet intimate, harmonious yet intricate—is on display in the interiors as well, where towering archways of exposed beams endow a dramatic expansiveness, though the natural textures and neutral tones lend it a relaxed, welcoming ambience. The bleached wood also serves as a nice nod to nautical decor, which is well-suited to this Long Island residence.

    Rooms Framed Like Works of Art

    Rudi Friedman – Daniel Gale Sotheby’s International Realty

    Another property on Long Island’s North Shore demonstrates the way SRW reimagines interior spaces as finely-crafted masterpieces, each as worthy of contemplation and admiration as any painting or sculpture.

    Rudi Friedman – Daniel Gale Sotheby’s International Realty

    In this exceptional waterfront estate, the custom furnishings embedded in each space attract the eye and inspire the mind—from the patterns of the hardwood floors, to the pillars and moldings that accentuate the panoramic windows, to the millwork and coffered ceilings found throughout.

    Designed with Intention and Attention

    Rudi Friedman – Daniel Gale Sotheby’s International Realty

    In an SRW-designed home, every space is envisioned with charm, class, and character. From hand-laid mosaic tile in the ensuite to emerald marble flooring in the tea room, no detail has been spared. The primary suite is further complemented by magnificent dressing rooms, a peaceful sitting room, and a stone fireplace.

    Making the Most of Maritime Living

    Rudi Friedman – Daniel Gale Sotheby’s International Realty

    SRW’s Long Island estates are deeply rooted within the surrounding landscape—but they also integrate water in interesting ways. The indoor pool in this property leads directly to an outdoor patio, and from there, the outdoor pool and spa-like sundeck are immediately accessible. Just beyond this, the scenic deepwater dock awaits, as does a secluded beach with its own bank of plush, imported sand.

    Bringing a new standard of luxury living to one of the most palatial regions in the world is no small feat—but SRW accomplishes this by fastidiously considering every detail of their landmark estates.

    Want to see more homes that fuse innovation with heritage? These unique villas upend convention while honoring their history.

    Explore luxury properties within gated communities worldwide.

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    Melissa Couch

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  • Rent or buy? Here’s how to make that decision in the current real estate market

    Rent or buy? Here’s how to make that decision in the current real estate market

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    Choosing whether to rent or buy has never been a simple decision — and this ever-changing housing market isn’t making it any easier. With surging mortgage rates, record rents and home prices, a potential economic downturn and other lifestyle considerations, there’s so much to factor in.

    “This is an extraordinarily unique market because of the pandemic and because there was such a run on housing so you have home prices very high, you also have rent prices very high,” said Diana Olick, senior climate and real estate correspondent for CNBC.

    By the numbers, renting is often cheaper. On average across the 50 largest metro areas in the U.S., a typical renter pays about 40% less per month than a first-time homeowner, based on asking rents and monthly mortgage payments, according to Realtor.com.

    In December 2022, it was more cost-effective to rent than buy in 45 of those metros, the real estate site found. That’s up from 30 markets the prior year.

    How does that work out in terms of monthly costs? In the top 10 metro regions that favored renting, monthly starter homeownership costs were an average of $1,920 higher than rents.

    But that has not proven to be the case for everyone.

    Leland and Stephanie Jernigan recently purchased their first home in Cleveland for $285,000 — or about $100 per square foot. The family of seven will also have Leland’s mother, who has been fighting breast cancer, moving in with them.

    By their calculations, this move — which expands their space threefold and allowing them to take care of Leland’s mother — will be saving them more than $700 per month.

    ‘You don’t buy a house based on the price of the house’

    “You don’t buy a house based on the price of the house,” Olick said. “You buy it based on the monthly payment that’s going to be principal and interest and insurance and property taxes. If that calculation works for you and it’s not that much of your income, perhaps a third of your income, then it’s probably a good bet for you, especially if you expect to stay in that home for more than 10 years. You will build equity in the home over the long term, and renting a house is really just throwing money out.”

    Mortgage rates dropped slightly in early March, due to the stress on the banking system from the recent bank failures. They are moving up again, although they are currently not as high as they were last fall. The average rate on a 30-year fixed-rate mortgage is 6.59% as of April — up from 3.3% around the same time in 2021.

    But that hasn’t significantly dampened demand.

    “As the markets kind of bubbled in certain parts of the country and other parts of the country priced out, we’ve seen a lot of investors coming in looking for affordable homes that they can buy and rent,” said Michael Azzam, a real estate agent and founder of The Azzam Group in Cleveland.

    “We’re still seeing relatively high demand” he added. “Prices have still continued to appreciate even with interest rates where they’re at. And so we’re still seeing a pretty active market here.”

    Buying a home is part of the American Dream

    The Jernigans are achieving a big part of the American Dream. Buying a home is a life event that 74% of respondents in a 2022 Bankrate survey ranked as the highest gauge of prosperity — eclipsing even having a career, children or a college degree.

    The purchase is also a full-circle moment for Leland, who grew up in East Cleveland, where his family was on government assistance.

    “I came from a single-mother home who struggled to put food on the table and always wanted better for her children … it was more criminals than there were police … It is not the type of neighborhood that I wanted my children to grow up in,” said Jernigan.

    The new homeowner also has his eye on building a brighter future for more children than just his own. Jernigan plans to purchase homes in his old neighborhood, renovate them and create a safe space for those growing up like he did.

    “I’m here because someone saw me and saw the potential in me and gave me advice that helped me. … and I just want to pay it forward to someone else” Jernigan said.

    Watch the video above to learn more.

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  • 3 Platforms To Elevate Your Virtual Tour Strategy | Entrepreneur

    3 Platforms To Elevate Your Virtual Tour Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As the founder of one of the country’s fastest-growing 3D Virtual Tour companies, I’ve dedicated a lot of time to testing all of the leading virtual tour platforms available. There are hundreds of these 3D software on the market, though only a few can produce the quality content needed for my clients.

    There are many factors to consider when choosing a virtual tour software for your business, including the price, usability and quality. Sometimes, certain kinds of locations need special features only available on one platform. This is why, as one of the largest virtual tour companies in the US, we need to utilize all of these platforms.

    Today, I will go over my top 3 virtual tour platforms. The software I will list today is not only the best of the best but is the software we use for 99% of our tours.

    Matterport

    Odds are, if you are into virtual tours, you have seen a Matterport before. You have probably seen hundreds of Matterports already. This is because Matterport is the most popular Virtual Tour platform of all time and for good reasons.

    Matterports are instantly recognizable by the fully 3 Dimensional “Dollhouse” shown when you first load the tour. This feature is often absent from many other platforms; when it isn’t, Matterport still creates these the best. The way Matterport works is a full 3D scan is made in various locations of a property, which are then automatically stitched together by the software to create one large to-scale render with 99% accurate measurements.

    Matterports are useful for creating floor plans easily, which is useful in the real estate market. Real Estate agents use Matterports most often due to all of these features, the dollhouse, the floor plans and the realistic rendering. This saves them time and attracts more buyers because essentially anyone can tour the property for free as if they were there in person. This is efficient for agents and often leads to more calls, property tours and eventually a sale because the potential buyers already know exactly what the interior looks like before they ever contact the agent.

    If you are not a real estate agent, some of these premium features might not be necessary for the tour you need, especially with the high cost of these Matterport scans. The Matterport Pro 2 costs a couple thousand dollars alone, and this does not include the software or the web hosting.

    If you have a large virtual tour company, you can expect to pay as much as $1,400 a month to host only up to 500 tours at once. For this reason, we like to use other tours for other scenarios, which can be cheaper and benefit the client.

    Related: How Virtual Reality is Impacting Real Estate?

    Kuula

    One of the most groundbreaking virtual tour platforms you probably haven’t heard about is Kuula. Released in 2016, Kuula has worked its way up to be among the top platforms fairly quickly. The standout feature of Kuula is that virtual tours can be made of properties and locations that do not exist yet. This is especially useful for contractors or building planners to create a fully explorable environment for a building still under construction. These 3D models look very realistic and are commonly confused with real images.

    Along with this feature, Kuula can do everything a standard virtual tour platform can do. Kuula is known for its fast-loading and mobile-friendly tours. These tours are helpful for real estate and local businesses because they are optimized to run quickly on smartphones. They might not be as detailed as Matterports, but the price of Kuula makes up for this.

    For one, Kuula’s software works flawlessly with any 360 camera on the market, so there are no high-priced cameras to cause any roadblocks for a new virtual tour business. The software and hosting are also extremely affordable. Kuula offers its software for free, with very few features locked behind a paywall, as well as some of the most inexpensive hosting out of all platforms.

    Related: How Virtual Tours Can Elevate Your Marketing Strategy

    Cloud Pano

    My company works with all kinds of properties. Matterports are great for real estate listings and small businesses, and Kuula is essential for new construction projects; but when creating a tour for large areas, these platforms suffer. This is why, when we create a virtual tour for college campuses, resorts, or state parks, we use cloud pano.

    Cloud Pano works best with large buildings, facilities or outdoor areas. Technically, a Matterport is possible for large buildings, but to traverse the virtual environments, you will have to click through every pano area taken by the camera. Imagine a very long hallway. With Matterport, you will have to basically “click” your way down the hall, which can take a long time. If the building is a resort or a factory, it could be impossible to see everything the location offers in a reasonable amount of time.

    One drawback to CloudPano is that the tours need to be stitched together by hand, which, compared to Matterport, can take a lot of time. But the benefit to stitching yourself is you get to create the best tour path for the property and include or cut out specific areas. This allows my company to charge a bit more for our work because there is a lot more of a creative aspect to these tours, where expert experience provides a better result. CloudPanos are also significantly cheaper to host than Matterports, which is why it is my favorite tour platform for my business.

    Related: This Real Estate Hack Will Make Selling A Property Easier in 2023

    The future

    Virtual tours have only just started to take traction within the last few years. I believe most people still do not know about their existence unless they are business owners or in real estate. For this reason, I think the virtual tour industry will see massive growth over the next few years in terms of user engagement and tech innovations. For now, these three platforms are the best on the market for my company. However, I see this changing very soon as 3D software and 360 cameras continue to advance and the popularity of consumer VR headsets grows. I am excited to see where these platforms go in the next five years.

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    Sean Boyle

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  • Inside an Oceanfront Oasis in Malibu – Sotheby´s International Realty | Blog

    Inside an Oceanfront Oasis in Malibu – Sotheby´s International Realty | Blog

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    Of all the cities and towns along the Southern California coast, Malibu has gained near-legendary status for its sunny beaches, board-friendly surf, cinematic sunsets, and covetable estates. Near the base of a bluff in the exclusive gated community of Sea Level Drive, this distinctive three-level contemporary residence feels perfectly at home here, created with unparalleled views from nearly every vantage point and easy access to the beach, all the better to make the most of its celebrated location and to allow for the consummate indoor-outdoor California lifestyle.

    Malibu, California | Shen Schulz, Sotheby’s International Realty – Malibu Brokerage

    A carefully considered renovation—helmed by the esteemed California-born designer Nathan Turner—provided curvaceous organic lines, a soothing natural palette, walls of glass, and access to outdoor spaces that rival those of the thoughtfully appointed interiors. The open-plan main level—which feels nearly as open and airy as the glorious surroundings—features a fluid, light-filled living and entertaining space with a gas fireplace, a bar, and a retractable television built into the ceiling. An outstanding kitchen perched a few stairs above is equipped with an array of top-tier appliances—including a Ilve range—cabinets whose deep marine-blue hue recalls the deep ocean waters, and an island wrapped in marble that echoes the tones and lines of the sand and stones along the shore. A well-outfitted media room with built-in bookshelves, space for a wide-screen television or monitor, a ceiling-mounted projector, and a retractable screen is secluded on the first floor along with a guest suite accessed via a private entrance.

    On the third level, the idyllic owner’s suite seems to float amid walls of fitting seafoam green and other decorative themes recalling the oceanfront milieu. The bedroom is warmed by a fireplace, and glass doors virtually disappear, welcoming vistas of sand, sea, and sky that seem impossibly perfect and giving way to a private terrace with a fire pit. The exceptionally spacious spa-like bath includes a roomy walk-in closet, a glass-walled steamshower, and a soaking tub set beside a window offering enviable outlooks as soothing entertainment. The two guest suites on this floor enjoy patio access.

    With meticulously landscaped grounds that rival a petite private resort, the property feels much like one’s own vacation getaway, encouraging both solitary serenity and festive fêtes for a crowd. On the main level are spaces dedicated to open-air dining and lounging around a built-in fire pit as well as a convenient grilling island. The superlative rooftop deck makes living and entertaining outdoors as effortless as they are indoors: it offers dining and lounging areas, a sizeable hot tub, and an alfresco kitchen that includes a grill, an ice maker, a sink, extensive counter space, an arbor with a retractable overhead shade, and a television. On every terrace, glass railings ensure that the invaluable ocean view remains almost entirely uninterrupted. Most alluring of all are the nearby rugged wood steps leading to the beckoning beach—a personal piece of Malibu’s storied paradise.

    This home displays Turner’s distinctive designs and can be purchased furnished.

    Discover luxury homes for sale and rent around the world on sothebysrealty.com

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    Melissa Couch

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  • NYC breaks ground on largest geothermal residential apartment complex in U.S.

    NYC breaks ground on largest geothermal residential apartment complex in U.S.

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    Squawk on the Street

    CNBC’s Diana Olick reports on the construction of America’s largest residential geothermal building.

    02:41

    Tue, Apr 25 202311:40 AM EDT

    Diana Olick

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  • India’s housing market has a lot of catching up to do, says real estate firm

    India’s housing market has a lot of catching up to do, says real estate firm

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    © 2023 CNBC LLC. All Rights Reserved. A Division of NBCUniversal

    Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

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  • Sen. Wyden asks billionaire Harlan Crow for list of gifts to Supreme Court Justice Thomas

    Sen. Wyden asks billionaire Harlan Crow for list of gifts to Supreme Court Justice Thomas

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    Harlan Crow, chairman and chief executive officer of Crow Holdings LLC, sits for a photograph at the Old Parkland estate offices in Dallas, Texas, on Friday, Oct. 2, 2015.

    Chris Goodney | Bloomberg | Getty Images

    Sen. Ron Wyden, D-Ore., on Monday asked GOP megadonor Harlan Crow for a complete list of gifts to Supreme Court Justice Clarence Thomas and evidence that the billionaire real estate developer complied with federal tax law in connection with the long-undisclosed largesse to Thomas.

    “This unprecedented arrangement between a wealthy benefactor and a Supreme Court justice raises serious concerns related to federal tax and ethics laws,” Wyden, who heads the Senate Finance Committee, wrote in a six-page letter to Crow.

    Wyden’s letter was sent as Thomas and the Supreme Court itself face criticism following an April 6 report by ProPublica that the chairman of Crow Holdings for more than two decades has treated the conservative justice to luxurious trips worth at least hundreds of thousands of dollars.

    ProPublica also reported on April 13 that a Crow company in 2014 purchased three properties in Savannah, Georgia, from Thomas and his family, including a home where the justice’s mother has lived rent-free for more than a decade.

    The gifted trips to Thomas and his wife, Ginni, were to places such as Indonesia, New Zealand and Greece, with travel on Crow’s private jet and 162-foot superyacht Michaela Rose.

    Thomas had not disclosed any of the gifts from Crow, or the property purchases by him, until they were revealed by ProPublica.

    “The secrecy surrounding your dealings with Justice Thomas is simply unacceptable,” Wyden wrote in his letter to Crow.

    “The American public deserves a full accounting of the full extent of your largesse towards Justice Thomas, including whether these gifts complied with all relevant federal tax and ethics laws,” he wrote.

    Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021.

    Greg Nash | Pool | Reuters

    The letter asks for a list of all flights Thomas took on any of Crow’s jets, as well as details of those trips. Wyden requested similar details about the justice’s trips on the Michaela Rose and information about the Georgia property purchases.

    He concluded by writing, “Please list any additional gifts or payments with a value in excess of $1,000 made to Justice Thomas or members of his family since he was sworn into the Supreme Court that
    would not be captured by” the prior questions.

    CNBC Politics

    Read more of CNBC’s politics coverage:

    Wyden’s letter noted that federal tax law requires the giver of a gift to pay any applicable tax.

    “The IRS has long made clear the gift tax applies to the transferor of a gift, including in cases where
    the transferor provides for the ‘use of property’ without expecting to receive something of at
    least equal value in return,” Wyden wrote.

    In addition to asking Crow for evidence related to the possibility of gift taxes being owed by the business, Wyden asked whether Crow claimed business deductions or depreciation for his plane and yacht related to the trips by Thomas.

    Wyden is the ranking Senate Democrat on Congress’ Joint Committee on Taxation.

    Associate Supreme Court Justice Clarence Thomas arrives for the swearing-in ceremony of Judge Neil Gorsuch as an associate Supreme Court justice in the Rose Garden of the White House in Washington, April 10, 2017.

    Joshua Roberts | Reuters

    A spokesman for Crow did not immediately respond to a request for comment from CNBC about Wyden’s letter. Thomas did not immediately respond to a request for comment sent to the Supreme Court’s media affairs office.

    Last week, Sen. Dick Durbin, the Illinois Democrat who is chairman of the Senate Judiciary Committee, invited Supreme Court Chief Justice John Roberts to testify about ethics reform of the high court.

    Durbin’s letter to Roberts noted that “there has been a steady stream of revelations regarding Justices falling short of the ethical standards expected of other federal judges.”

    Roberts has yet to reply to that invitation, Durbin noted over the weekend.

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  • Significant Sales: March 2023 Highlights – Sotheby´s International Realty | Blog

    Significant Sales: March 2023 Highlights – Sotheby´s International Realty | Blog

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    From a US$38 Million sale in Beverly Hills, California, to a US$9.2 Million sale in Cooper Jack Bay, Turks and Caicos, here are March 2023’s five highlighted sales represented by the Sotheby’s International Realty® global network.

    Beverly Hills, California

    Joseph Cilic | Sotheby’s International Realty – Santa Monica Brokerage, US$38,000,000

    Claremont, South Africa

    Barbara Manning | Lew Geffen Sotheby’s International Realty, R16,500,000

    Seattle, Washington

    Linda Chou and Summer Carlton | Realogics Sotheby’s International Realty, US$16,200,000

    Cooper Jack Bay, Turks and Caicos

    Nina Siegenthaler | Turks & Caicos Sotheby’s International Realty, US$9,168,900

    Bangkok, Thailand

    Masanao Yabe | List Sotheby’s International Realty, Thailand, Price Undisclosed

    Discover previous editions of Significant Sales on the blog

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    Melissa Couch

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  • The Lush Life: 5 Homes in Gloriously Green Locales – Sotheby´s International Realty | Blog

    The Lush Life: 5 Homes in Gloriously Green Locales – Sotheby´s International Realty | Blog

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    In desirable destinations from Cape Cod to Palm Beach, these homes are surrounded by lush landscapes that extend their interior opulence to the outdoors.

    Light-Filled Luxury in Florida

     Lisa Cregan | Sotheby’s International Realty – Palm Beach Brokerage

    This historic Bermuda-style home in Palm Beach exemplifies luxurious, light-filled Florida living. Dating to 1939, it has been impressively updated to feature spaces that are chic, bright, and inviting—among them an eat-in kitchen, four bedrooms, and a cypress-paneled family room or additional primary suite with its own pergola-topped terrace. Oversized windows and sliding glass doors admit a lovely natural glow and offer views of the grounds, with their 25-foot pool, breakfast garden, and established tropical landscaping that includes palms and a thriving mango tree.

    Connecticut Idyll

     Tracey Koorbusch | Sotheby’s International Realty – Greenwich Brokerage

    A quintessential New England retreat, this 6,083-square-foot Shingle-style getaway boasts 10-foot ceilings, five bedrooms, formal living and dining rooms, a family room with a stone fireplace, a well-equipped cook’s kitchen, a great room with vaulted ceilings, and a walk-out lower level with space for a gym and an office. The home is enveloped by the greenery of emerald grass and mature trees as well as vibrant flowering flora. A wraparound deck with a breezy covered space is the perfect perch for enjoying the surroundings.

    Consummate Cape Cod Haven

     Jeffrey Marcus | Sotheby’s International Realty – Osterville Brokerage

    This spectacular 1.68-acre estate on the Atlantic Coast is anchored by an impressive Shingle-style residence, which is accompanied by an enchanting guesthouse and fenced formal gardens. In addition to three bedrooms and elegant living, dining, and entertaining spaces, the home offers expansive views, a light-filled studio, a 1,000-bottle wine cellar, a theater, and a gym. Verdant lawns, manicured landscaping, and groves of trees give way gently to the unspoiled flora and dunes of the seashore.

    Greenwich Grandeur and Greenery

    Cate Keeney | Sotheby’s International Realty – Greenwich Brokerage

    On a peaceful private cul-de-sac in midcountry Greenwich, this timeless manor has been impeccably maintained and updated. Highlights include generous living and dining rooms with floor-to-ceiling windows; a spectacular kitchen and family room with frameless glass “curtains,” a stone gas fireplace, a projection screen, and a wet bar; four bedrooms; a gym or recreation room; and a wine cellar. Stately covered and open-air terrace spaces and an elevated patio with a built-in fire pit allow for appreciation of the remarkably lush and colorful environs.

    Classic Hamptons Escape

    Cindy Shea | Sotheby’s International Realty – Bridgehampton Brokerage

    A glorious 2.39-acre setting of parklike lawn embraced by privacy hedges and flourishing trees provides a perfectly pastoral backdrop for this enduring shingled Hamptons home, which dates to 1901 and has been meticulously maintained. It features seven restful bedrooms and generous living and entertaining spaces—all classically detailed and full of light. Augmenting the magnificent grounds are a heated gunite swimming pool, a cabana, and a bluestone terrace. Beaches are minutes away. d

    Discover luxury homes for sale and rent around the world on sothebysrealty.com

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    Melissa Couch

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