Another massive property outside LA lists for $75M

A 3,200-acre expanse in the hills of Santa Barbara County is hitting the market for $75 million. The property comes shovel-ready with plans for an 8,000-square-foot mansion designed by prolific Southern California architect Paul McLean, according to the Wall Street Journal. It also has permits for guest houses. It’s the second property of its kind to list in the area this week. The first was the 3,600-acre Black Mountain Ranch in nearby Ojai, home to

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Lachlan Murdoch pays $30M for half-acre Sydney Harbor boat house

Lachlan Murdoch, the son of billionaire media mogul Rupert Murdoch, has purchased a small home on Sydney Harbor for around $29.8 million. The Piper Point property’s value is largely because it has 131 feet of frontage on unusually deep water, according to the Los Angeles Times. That means it can accommodate large yachts. The property has two docks and four moorings for that purpose, making it one of the area’s largest privately owned marina facilities

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Closing time: HFZ vacates the XI sales gallery in Chelsea

Little West 12th Street is down another tenant. Embattled developer HFZ Capital Group has moved out of its gallery space in West Chelsea. Though the signage touting the developer’s luxury condominium, the XI, still hangs off the storefront, the interior has been emptied of all its furnishings and artwork, The Real Deal observed on a recent visit. The gallery space had been elaborately renovated by HFZ to hold three art installations with its raison d’être

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Steven Mnuchin’s $26M home finally finds a buyer

After more than two years and a few price chops, Steven Mnuchin’s luxury co-op has finally found a buyer, the New York Post reported. The treasury secretary had relisted his 740 Park Avenue pad in August and cut the asking price by 20 percent to $25.75 million. He had originally listed the home for about $33 million in 2018. The 6,500-square-foot apartment had been in his family for decades. He bought it from his aunt,

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Former Lehman exec lists Carnegie Hill mansion for $38M

A former Lehman Brothers executive is calculating a big profit for his Carnegie Hill mansion. Robert Millard listed his Beaux-Arts home for $38 million, more than six times what he paid for it 24 years ago, property records show. It’s unclear what kind of upgrades and improvements have gone into the six-story townhome. The 14,125-square-foot mansion at 9 East 88th Street was designed by architects James Turner and Willam Killian at the turn of the

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Demand for short-term rentals surges past pre-pandemic levels

It’s gearing up to be the best summer ever — for short-term vacation rentals. Last month, demand for short-term rentals was 5.4 percent greater than in the same period of 2019, according to data from AirDNA reported by Inman, and 66.4 percent more than last year. The boom has reached 201 of the 265 markets AirDNA tracks. Rental activity usually drops between spring break in March and the beginning of the summer travel season. But,

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Here’s where homes virtually sold out in the pandemic

New data confirm what brokers and home buyers have long felt: The pandemic surge in homebuying decimated inventories most drastically in vacation markets and exurbs. In an analysis of more than 1,000 ZIP codes with a median list price of $750,000, the Wall Street Journal and Realtor.com identified where the supply crisis hit hardest. The study compared inventories from 2017 through 2019 with those from March 2020 to February 2021. Cape Cod and the Jersey

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Jumbo mortgage lenders invade Fannie and Freddie’s turf

With overnight bank funding rates near zero, investors are flush with cash — liquidity they are using to compete with Fannie Mae and Freddie Mac on the secondary mortgage market. Investors that would typically deal with jumbo loans are creeping into Freddie and Fannie’s territory, financing smaller loans below the agencies’ dollar cap for mortgages, according to a column in the Los Angeles Daily News. Borrowers can now get a 30-year fixed-rate jumbo mortgage for

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The 10 priciest Hamptons sales this year

Home sellers’ usual strategy is to list in the spring, when buyers are most active. But Hamptons buyers could hardly be more active than they have been in recent months. Jonathan Miller, president of appraisal firm Miller Samuel, gave The Real Deal a rundown of the 10 most expensive South Fork deals to close to date in 2021. 1. 70 Further Lane | $60 million The most expensive sale to date in 2021 closed in

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Navillus seeks bankruptcy protection from NYCHA lawsuit

Leaks in a public housing complex could force Navillus Contracting to return to its 2017 bankruptcy case. The beleaguered concrete contractor is asking a federal court to reopen its Chapter 11 case for the sole purpose of barring a lawsuit by the New York City Housing Authority. The agency sued Navillus in August 2020, alleging that the firm’s shoddy workmanship and use of porous mortar led to leaks at 14 buildings in the Bronx’s Parkside

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