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Real Estate News & Views

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#2
Just dump his shit on the sidewalk and change the locks. If he tries to enter, shoot the useless fuck.
 

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#4
Why can nobody can sell this $19M ‘Versailles in Manhattan’? 12 brokers over 15 years have failed to offload ‘architectural masterpiece’ that has dropped nearly half its asking price from it’s peak $35M figure

  • The 15-room townhouse on Manhattan's Upper East Side has been on the market since 2003
  • Its owned by commercial real estate developer Kenneth Laub, 79
  • At its height, in 2007, the townhouse's asking price was set at $35million
  • It is now on its 12th set of real estate brokers and going for $19.75million


Read more: http://www.dailymail.co.uk/news/article-5755785/12-brokers-15-years-failed-offload-architectural-masterpiece-Manhattan-townhouse.html#ixzz5GEjWM3Cl
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#5

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#6
EXCLUSIVE- Taylor takes Tribeca: Swift's $50M compound takes shape as she turns townhouse into a garage and finishes renovations on what will be one of the 10 largest residences in NYC

  • Taylor Swift is beginning the process of turning the four properties she purchased on the same block in Tribeca into one giant compound
  • She has applied for a work permit to make a curb cut in front of her townhouse, which would then allow for a car to pull in to the a garage in the home
  • Once that is done and her garage is constructed she will connect the townhouse to the neighboring apartment building through the second floor
  • Swift went into contract on the townhouse and a second-floor apartment in the neighboring building in August, paying $18M and $9.75 respectively
  • In 2014 she bought the penthouse in the same apartment building for $19.95M, and renovations were recently completed according to city records
  • Swift is having trouble getting her permit approved six weeks after submitting a work order and facing a $1M lawsuit from realtors Douglas Elliman


Read more: http://www.dailymail.co.uk/news/article-5758153/Taylor-Swifts-50M-NYC-compound-takes-shape-starts-work-turning-townhouse-garage.html#ixzz5GGSmu5uo
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#8
Revealed: The world's most expensive cities and why living in Los Angeles would leave you better off

  • Swiss financial hub again topped UBS study with the highest cost of living
  • Just behind were Geneva, New York, and Oslo with Cairo and Lagos cheapest
  • Los Angeles made up for pricey goods with high wages for best buying power
  • London was eighth most expensive with Sydney coming in the mid-teens


Read more: http://www.dailymail.co.uk/news/article-5781773/Zurich-pricey-Then-try-LA-affordability.html#ixzz5GvBLxUhh
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#9
New Jersey couple steal more than $1.4million from Hurricane Sandy victims and gamble it away in Atlantic City casinos

  • Jeffrey Colmyer, 42, and Tiffany Cimino, 34, have pleaded guilty to theft charges
  • Colmyer pleaded guilty to money laundering, will be sentenced 7 years in prison
  • Couple used their home improvement companies to steal victims' relief funds
  • Victims paid for reconstruction/repair jobs that were never completed or started
  • The couple also used the money to buy a $17,000 diamond ring, police revealed


Read more: http://www.dailymail.co.uk/news/article-5787533/New-Jersey-couple-steal-1-4million-Hurricane-Sandy-victims.html#ixzz5H0PtjY7i
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#12
Analysis says HUD plan would raise rents for poor by 20 percent

AP
JULIET LINDERMAN and LARRY FENN
3 hrs ago

Housing Secretary Ben Carson says his latest proposal to raise rents would mean a path toward self-sufficiency for millions of low-income households across the United States by pushing more people to find work. For Ebony Morris and her four small children, it could mean homelessness.

Morris lives in Charleston, South Carolina, where most households receiving federal housing assistance would see their rent go up an average 26 percent, according to an analysis done by Center on Budget and Policy Priorities and provided exclusively to The Associated Press. But her increase would be nearly double that.

Overall, the analysis shows that in the nation's 100 largest metropolitan areas, low-income tenants — many of whom have jobs — would have to pay roughly 20 percent more each year for rent under the plan. That rent increase is about six times greater than the growth in average hourly earnings, putting the poorest workers at an increased risk of homelessness because wages simply haven't kept pace with housing expenses.

"I saw public housing as an option to get on my feet, to pay 30 percent of my income and get myself out of debt and eventually become a homeowner," said Morris, whose monthly rent would jump from $403 to $600. "But this would put us in a homeless state."

Roughly 4 million low-income households receiving HUD assistance would be affected by the proposal. HUD estimates that about 2 million would be affected immediately, while the other 2 million would see rent increases phased in after six years.

The proposal, which needs congressional approval, is the latest attempt by the Trump administration to scale back the social safety net, under the belief that charging more for rent will prompt those receiving federal assistance to enter the workforce and earn more income. "It's our attempt to give poor people a way out of poverty," Carson said in a recent interview with Fox News.

The analysis shows that families would be disproportionately impacted. Of the 8.3 million people affected by the proposal, more than 3 million are children.

That stands in stark contrast to Carson's focus on children and education, which is woven into his memoirs and embedded in the very foundation of his namesake reading rooms tucked into elementary schools across the country. It also runs contrary to research, housing experts say.

"There's no evidence that raising rents causes people to work more," said Will Fischer, a senior policy analyst at the policy center, which advocates for the poor. "For most of these rent increases, I don't think there's even a plausible theory for why they would encourage work."

One rainy spring morning Morris tried to wrangle her rowdy children into a minivan as they chased each other in a circle in the yard, a small patch of grass in front of the low-slung red brick house she rents in a housing complex. She'd taken a rare day off work so she could attend a school orientation.

Morris moved to Charleston three years ago from Summerville, South Carolina, to go to school. She's since earned her associate's degree in health science. She's a full-time pediatric assistant, sometimes working 50 hours a week just to get by. Her children, ages 3, 4, 7 and 10, would be hit hardest by the rent increase, she said.

"Food, electricity bills, school uniforms," she said. "Internet for homework assignments and report cards. All of their reading modules at school require the internet, without it they'll be behind their classmates. The kids are in extracurriculars, those would be scrapped. I would struggle just to pay my bills. It would be very, very, very hard."

The impact of the rent proposal would affect low-income residents and families everywhere.

Rent for the poorest tenants in Baltimore, where Carson made history as a neurosurgeon at Johns Hopkins Hospital and where his own story of overcoming poverty inspired generations of children to dream of possibilities beyond the projects, could go up by 19 percent or $800 a year. In Detroit, where Carson's mother, a single parent, raised him by working two jobs, low-income families could see their rents increase by $710, or 21 percent. Households in Washington, D.C., one of the richest regions in the country, would see the largest increases for its poorest residents: $980 per year on average, a 20 percent jump.

"This proposal to raise rents on low-income people doesn't magically create well-paying jobs needed to lift people out of poverty," said Diane Yentel, CEO of the National Low Income Housing Coalition. "Instead it just makes it harder for struggling families to get ahead by potentially cutting them off from the very stability that makes it possible for them to find and keep jobs."

The "Make Affordable Housing Work Act," announced on April 25, would allow housing authorities to impose work requirements, would increase the percentage of income poor tenants are required to pay from 30 percent to 35 percent, and would raise the minimum rent from $50 to $150 per month. The proposal would eliminate deductions, for medical care and child care, and for each child in a home. Currently, a household can deduct from its gross income $480 per child, significantly lowering rent for families.

The Department of Housing and Urban Development says elderly or disabled households would be exempt from the changes, but an estimated 314,000 households stand to lose their elderly or disabled status and see their rents go up, according to the outside analysis.

Donald Cameron, president and CEO of the Charleston Housing Authority, said HUD's proposed rent increases would be "catastrophic" for the city and metropolitan area.

"We'd lose a lot of people within a very short time: the ones with the smallest pocket books, the least discretionary income," he said. "What do they do? If you take away that safety net, they're in free fall. Where do they go?"

Charleston, with its winding cobblestone walks, sweeping river views and live oaks draped with Spanish moss, is a case study in economic disparity. The city is booming, drawing millions of tourists each year. Boeing opened a propulsion plant in North Charleston in 2015 and Mercedes Benz a factory to build Sprinter vans, bringing with it the promise of more than 1,000 jobs.

But housing prices are going up faster than wages, creating a widespread crisis for low- and middle-income families there.

Unlike many cities, Charleston's public housing stock was built entirely for families, which is why increases here would disproportionately affect parents and their children. Roughly 55 percent of households in the city's public housing are headed by single mothers, according to the data.

Cameron said the affordable housing shortage is so extreme that nearly half of Charleston voucher holders are forced to find housing next door in North Charleston. But that city is facing its own housing related emergency. According to data collected by Princeton University's Eviction Lab, North Charleston's eviction rate ranks significantly higher than other cities the program has tracked.

Not all residents receiving housing assistance think HUD's proposal is unfair.

Shalonda Skinner, 29, has five children under the age of 11, and pays just $9 to rent a flat two blocks from Morris. She's lived there six years, and styles hair on the side to earn about $160 each month. She supplements her needs with food stamps, and intermittent payments from her children's father. If the rent were to go up she says, "I'd work more," taking more clients and asking her family to watch her children.

"I'm in favor of it," she said of Carson's policy. "Housing helps a lot of people. It will probably put a good amount of people out because some people don't like to work, they're not independent. But it's fair."

The data analysis was conducted using 2016 HUD data and includes tenants living in public housing complexes and receiving vouchers to rent apartments on the private market. It excludes housing authorities participating in the Moving to Work program, which allows districts to determine their own rent policies.

Melissa Maddox Evans, general counsel for the Charleston Housing Authority, said she believes the proposal is based on a faulty premise — that most tenants in public housing don't have jobs and that rent increases will incentivize work.

"There's an assumption that many of the participants are not employed when they are," said Maddox Evans. "Most tenants here work two or three jobs. When they are going out and finding work, are they going to make enough to accommodate that increase?"

In areas of concentrated poverty, low-wage jobs are often the only option, particularly for those without access to a car or public transportation.

Shannon Brown, 29, recently had to leave her full-time job providing child care in North Charleston so she could pick up her daughter from the local Head Start program each afternoon. She was earning about $450 a month and paying $157 for rent.

She's trying to find a job closer to home, to balance work and caring for her child on her own. She stayed in a shelter before moving into public housing, and worries that a rent increase could put her back there.

"I'm trying to get out of poverty," she said, "but it's already hard."

Afrika Frasier had a steady job, as a manager at a Church's Chicken restaurant down the street from the unit she shares with her husband and four children. She was making $1,200 each month and paying $300 in rent. But a few weeks ago, her boss called to tell her not to come in, that the restaurant was closing for good.

"We're trying to get the hell out of here, but minimum wage is a big, big problem," Frasier said. She's since found another job, as an assistant manager at the local Family Dollar. But she worries about the viability of her opportunities in the area, and said she's planning to move to Georgia as soon as she can.

"You can go to school, get an education and the job you're going to get is still going to give you $10 an hour even though we're the ones cleaning your dishes, cooking your food. Where are we supposed to live?"

Morris doesn't have an answer. If she's priced out of public housing, she doesn't know where she'll go or what she'll do.

"I work every day and I'm trying my hardest," she said. "My main focus is to make sure my children are educated and to break this cycle. But taking away resources for moms? I never thought I'd be in a situation like this."

http://www.msn.com/en-us/money/mark...-for-poor-by-20-percent/ar-AAykekv?ocid=ientp
 

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#14
WHAT A MONSTER: TYRANT FURIOUS BECAUSE SHE CAN'T STEAL A MAN'S LAND BECAUSE HE HAS TOO MUCH MONEY
grindall61


Published on Jun 4, 2018
 

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#19
Canada...………..

Steve Saretsky! on Real Estate, Interest Rates, and the FUTURE!
FORMAFIST


Published on Jun 23, 2018
We talk about Real Estate, how the market got to where it is now, and a little bit about what MIGHT be coming :) Big thanks to Steve for doing this!

Steve Saretsky's YouTube Channel: https://www.youtube.com/channel/UCdpU...

Steve's Website: http://vancitycondoguide.com/

And Steve is on twitter: @stevesaretsky
 

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#20
These Cities Have Minted The Most Real-Estate Millionaires


by Tyler Durden
Thu, 06/28/2018 - 01:00


Since 2001, cities across the US have endured a property boom that has minted hundreds of millionaires who simply bought a home in a hot emerging neighborhood at the right time, then sat on it. To be sure, most people view their homes as a place to live - not as an investment. But in cities like San Francisco and New York City - where turn-of-the-century gentrification booms sent property values soaring - dozens of homeowners became millionaires thanks solely to the appreciation on their property, according to Property Shark.

Property Shark's analysis showcases the top 25 cities for homeowners to become millionaires just by buying a home sometime before 2001 for less than $1 million, and then selling it after 2001 for $1 million or more.

The city in first place is - unsurprisingly - San Francisco, which minted 381 million real-estate millionaires, more than Manhattan's 335 million despite being half Manhattan's size.

Key Takeaways:
  • After 2001, 381 people became millionaires just by selling their homes in San Francisco
  • Although home to twice the population of SF, Manhattan came in second, adding 335 millionaires
  • It’s almost a tie between L.A. (280) and Brooklyn (281), with Brooklyn squeezing in an extra millionaire
  • Silicon Valley cities in our list added a total of 332 millionaires
  • 4 small cities on the outskirts of Washington, D.C., added 461 millionaires since ’01




All told, seven of the top 25 "millionaire" cities were situated in Silicon Valley, with San Jose, Redwood City and San Mateo ranking high on the list, which is available in full below:




https://www.zerohedge.com/news/2018-06-27/these-cities-have-minted-most-real-estate-millionaires
 

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#22
Home Sales In Westchester Plunge As Wealthy Buyers "Spend More Time With Their Accountants"


by Tyler Durden
Fri, 07/13/2018 - 22:25

It appears the drop in home sales that has afflicted Manhattan and wealthy tri-state-area enclaves like Greenwich, Conn. is spreading to Westchester County, the suburban enclave directly north of the Bronx According to Bloomberg, sales fell 18% in the second quarter compared with a year earlier, marking the fourth straight quarter of declining sales.

Purchases in the northern suburban county -- which shoulders the biggest property-tax burden in the U.S. -- plunged 18 percent in the second quarter from a year earlier, the most since 2011, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. It was the fourth consecutive quarter of sales declines.​

"We’re seeing buyers take a second to understand the math," Scott Elwell, Douglas Elliman’s regional manager in charge of Westchester and Connecticut, said in an interview. "They’re spending more time with their accountants and really understanding how this plays out."

The reason, according to Bloomberg, is that home buyers have been deterred by the county's high property taxes. Federal rules approved in December set a $10,000 limit on deductions for state and local taxes, which is nearly half the $17,179 average tax paid by Westchester residents in property taxes last year.



The tax wasn't passed until December, but details about the proposed cap on the SALT deduction surfaced months earlier. Also, the fact that home prices in the area have been rising much more quickly than incomes could have something to do with it. But even in towns like Scarsdale that are traditionally havens for Wall Streeters and other members of the monied elite saw a significant drop in sales. And according to preliminary data

Even before the tax changes, years of rising values were already making Westchester less affordable, said Jonathan Miller, president of Miller Samuel. The median price of homes that sold in the three months through June climbed 5 percent from a year earlier to $525,000, according to the report. Prices have increased in all but three quarters since the beginning of 2013.​

The drop in transactions is likely to continue. On June 30, there were 8.8 percent fewer Westchester homes in contract than there were on the same day last year, brokerage Houlihan Lawrence said in its own report. The biggest decline was for homes priced from $1.5 million to $1.99 million. Pending deals in that range fell 17 percent to 94.​

In Scarsdale, home to many Wall Street executives, completed sales in the first half of the year were down 20 percent to 88 transactions, Houlihan Lawrence said. The median price there dropped 5 percent to $1.57 million. In nearby Mamaroneck, closings rose 25 percent to 127. The median price of those deals dropped 13 percent to $1.19 million.​

While the reasons why cashed strapped millennials aren't buying are obvious (they don't have any money), maybe wealthy people who have an understanding of how markets work aren't buying because they think that they might be able to get a better deal if they wait a year or two. And they might be right, especially if Republicans retain control of Congress in November, which would greatly reduce the likelihood that the Trump tax cuts will be repealed.

https://www.zerohedge.com/news/2018...sales-plummet-housing-market-weakness-spreads
 

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#23
Hi everyone! There has been a lot of discussion about property and real estate market in USA, but I feel that in order to have a better understanding of the current processes o the market it is essential to have a look at what's happening in Europe!
Athens short-term rental property: where to get the biggest bang for your buck

Athens has the second-fastest growth rate in the number of tourists. According to estimates by market research company Euromonitor International, in 2017, the number of international arrivals grew by 10% v 2016, reaching 4.8 million. Thanks to property prices in the capital having not yet recovered after the crisis (according to the Bank of Greece, the price per square metre today is 44% lower than in 2008), investors have a golden opportunity to earn more on short-term rentals. Analysts at the Tranio international real estate broker estimate the net yield rate in Athens to be of 5–7 % per annum v the 3% in most large European cities.
So how would an investor choose a property to invest in? The most important criterion is location. In Athens, the most important tourist magnet is the Acropolis. The closer a property is to it, the higher is its price and average daily rate (ADR). According to Airbnb data analytics company AirDNA, the 10 most profitable properties in Athens are located within walking distance of the Acropolis. So now we’ve established location a further question begs: how should an investor strike a balance between the purchase price and the profit margin?
1531732069059.png

ADR >€50
The daily rental rate is highest in the historical centre of Athens, namely in the neighbourhoods of Gazi, Kerameikos, Kolonaki, Koukaki and Thiseio. The average price per square metre is 1.5 to two times higher than on the outskirts, and tourists spend at least €50 a night on apartment rentals.
The most expensive and upscale neighbourhood is Kolonaki. This is where the most luxurious boutiques, cafes, nightclubs and restaurants are concentrated. The neighbourhood is located on a hill, for which reason many houses face Lycabettus Hill and the Acropolis. According to AirDNA, as of May 2018, the average rental rate in Kolonaki was €61 per night. As shown by the Greek web portal Spitogatos listing analysis, the average price per square metre is €3,700.
A more affordable option both for both tourists and investors is the Koukaki neighbourhood. it is located near the Plaka historical neighbourhood - only a ten-minute walk from the Acropolis. Both buyers and tenants spend much less on residential property there. The average property price is €2,120/m², and the rental rate during the high season is €52 per night.

ADR €40–50
Rental rates are lower in the neighbourhoods located a few kilometres from the Acropolis, for example, Ilisia, Neos Kosmos, Pangrati, Sepolia and Exarchia. To get to the historical centre from there, tourists have to use public transport or take a taxi. However, the daily rental rate is lower at approximately €40–50. The average square metre price ranges from €1,000 to €2,000, depending on the neighbourhood.
For instance, one of the most promising neighbourhoods for investors is Neos Kosmos. It is located in the southern part of the historical centre; a thirty-minute walk away from the Acropolis. The average property price is €1,490/m², and the rental rate is €44 per night.
Generally, the property in this price range is gaining in popularity with tourists. According to AirDNA, by April 2018, the local rental rate had grown by 13%. But the neighbourhood of Sepolia is the most impressive: the daily rental rate for one-bedroom flats has increased by 57% during that period, despite the neighbourhood being located a one-hour walk away from the Acropolis.
ADR < €40
Athens property is at its cheapest in the north of the city, in the neighbourhoods of Ampelokipoi, Attiki, Gizi, Kolonos, Kipseli and Patisia. For instance, Patisia is more than a one-hour walk away from the Acropolis, and tourists are unlikely to find it remarkable, which makes the local rental rate half that in Kolonaki, for example. Only €30 per night.
Another inexpensive neighborhood, located not in the north of the city, but to the southwest of the Acropolis, is Petralona. Both tourists and investors will find it attractive, as the rental rate and the purchase price are relatively low, even though Petralona is located not far from the Acropolis (only a twenty-minute walk away). Residential properties rent out at an average of €39 per night, and the price per square meter is €1,550.

Source: https://tranio.com/articles/athens-...-where-to-get-the-biggest-bang-for-your-buck/
 

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#24
Hi everyone! There has been a lot of discussion about property and real estate market in USA, but I feel that in order to have a better understanding of the current processes o the market it is essential to have a look at what's happening in Europe!
Athens short-term rental property: where to get the biggest bang for your buck

Athens has the second-fastest growth rate in the number of tourists. According to estimates by market research company Euromonitor International, in 2017, the number of international arrivals grew by 10% v 2016, reaching 4.8 million. Thanks to property prices in the capital having not yet recovered after the crisis (according to the Bank of Greece, the price per square metre today is 44% lower than in 2008), investors have a golden opportunity to earn more on short-term rentals. Analysts at the Tranio international real estate broker estimate the net yield rate in Athens to be of 5–7 % per annum v the 3% in most large European cities.
So how would an investor choose a property to invest in? The most important criterion is location. In Athens, the most important tourist magnet is the Acropolis. The closer a property is to it, the higher is its price and average daily rate (ADR). According to Airbnb data analytics company AirDNA, the 10 most profitable properties in Athens are located within walking distance of the Acropolis. So now we’ve established location a further question begs: how should an investor strike a balance between the purchase price and the profit margin?
View attachment 106995
ADR >€50
The daily rental rate is highest in the historical centre of Athens, namely in the neighbourhoods of Gazi, Kerameikos, Kolonaki, Koukaki and Thiseio. The average price per square metre is 1.5 to two times higher than on the outskirts, and tourists spend at least €50 a night on apartment rentals.
The most expensive and upscale neighbourhood is Kolonaki. This is where the most luxurious boutiques, cafes, nightclubs and restaurants are concentrated. The neighbourhood is located on a hill, for which reason many houses face Lycabettus Hill and the Acropolis. According to AirDNA, as of May 2018, the average rental rate in Kolonaki was €61 per night. As shown by the Greek web portal Spitogatos listing analysis, the average price per square metre is €3,700.
A more affordable option both for both tourists and investors is the Koukaki neighbourhood. it is located near the Plaka historical neighbourhood - only a ten-minute walk from the Acropolis. Both buyers and tenants spend much less on residential property there. The average property price is €2,120/m², and the rental rate during the high season is €52 per night.

ADR €40–50
Rental rates are lower in the neighbourhoods located a few kilometres from the Acropolis, for example, Ilisia, Neos Kosmos, Pangrati, Sepolia and Exarchia. To get to the historical centre from there, tourists have to use public transport or take a taxi. However, the daily rental rate is lower at approximately €40–50. The average square metre price ranges from €1,000 to €2,000, depending on the neighbourhood.
For instance, one of the most promising neighbourhoods for investors is Neos Kosmos. It is located in the southern part of the historical centre; a thirty-minute walk away from the Acropolis. The average property price is €1,490/m², and the rental rate is €44 per night.
Generally, the property in this price range is gaining in popularity with tourists. According to AirDNA, by April 2018, the local rental rate had grown by 13%. But the neighbourhood of Sepolia is the most impressive: the daily rental rate for one-bedroom flats has increased by 57% during that period, despite the neighbourhood being located a one-hour walk away from the Acropolis.
ADR < €40
Athens property is at its cheapest in the north of the city, in the neighbourhoods of Ampelokipoi, Attiki, Gizi, Kolonos, Kipseli and Patisia. For instance, Patisia is more than a one-hour walk away from the Acropolis, and tourists are unlikely to find it remarkable, which makes the local rental rate half that in Kolonaki, for example. Only €30 per night.
Another inexpensive neighborhood, located not in the north of the city, but to the southwest of the Acropolis, is Petralona. Both tourists and investors will find it attractive, as the rental rate and the purchase price are relatively low, even though Petralona is located not far from the Acropolis (only a twenty-minute walk away). Residential properties rent out at an average of €39 per night, and the price per square meter is €1,550.

Source: https://tranio.com/articles/athens-...-where-to-get-the-biggest-bang-for-your-buck/

That's absurd. Who in their right mind is going to pay $160USD/sq' to hopefully make $50USD a night?

In Greece of all places.

Much better options domestically than venturing to a down-and-out country like Greece.
 

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#25
Really keeping up with the Joneses! Neighboring mansions in Bel-Air are competing to become the most expensive homes ever sold in America - with one hitting the market for $188million

  • Two mansions in Bel-Air are competing to become the most expensive home ever sold in America
  • One of the homes, developed by plastic surgeon Raj Kanodia, is being sold for $180million and features nine bedrooms and an outdoor waterfall
  • The second home was developed by luxury handbag entrepreneur Bruce Makowsky, who wants $188million for his 12 bedroom and 12 bathroom home
  • The current record for the most expensive home ever sold was a Hamptons mansion sold to hedge fund manager Barry Rosenstein in 2014 for $137million
  • Makowsky initially had his home listed for $250million but dropped the price in April
http://www.dailymail.co.uk/news/art...r-competing-expensive-homes-sold-America.html
 

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#27
New York is the latest city to propose a crackdown on Airbnb-style holiday rental properties

  • Homeowners renting out rooms may have to register with New York City Council
  • Websites would also have to file monthly reports on its listings to city officials
  • It comes over fears that short-term holiday rentals are driving up housing prices
http://www.dailymail.co.uk/travel/t...n-Airbnb-style-holiday-rental-properties.html
 

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#28
Would you pay $1BILLION for a piece of land? Beverly Hills mountain top that is twice the size of Disneyland and has spectacular views becomes the most expensive listing in LA history - even though it has no buildings

  • The undeveloped property sitting above Beverly Hills spans 157-acres
  • It is considered a 'crown jewel' with views of downtown LA and the Pacific Ocean
  • Previous owners include royals, Hollywood celebrities and moguls
  • The billion-dollar listing is the most expensive in the history of Los Angeles
http://www.dailymail.co.uk/news/art...ze-Disneyland-market-one-BILLION-dollars.html
 

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#29
Apocalypse NO! New Zealand is set to ban foreigners buying homes after super-rich trend of creating luxury doomsday bunkers pushes property prices up

  • Rich expats making doomsday bunkers 'increased New Zealand home prices'
  • So the government is now set to ban foreigners from buying homes
  • It comes after purchases by Peter Thiel and former NBC host Matt Lauer
http://www.dailymail.co.uk/news/art...per-rich-trend-creating-doomsday-bunkers.html
 

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#31
Governments Have Destroyed Housing Affordability In Many Places...But Some Refuges Remain


by Tyler Durden
Sat, 08/11/2018 - 20:00


Authored by Ryan McMaken via The Mises Institute,

From crime rates to life expectancy to income levels, statistics at the national level are next to useless when it comes to measuring the daily lives of ordinary people in the United States. This is because the United States - which is a huge and geographically diverse country - is simply too large to be summed up in a single number. This sort of generalizing is inappropriate for pretty much any place that's larger than a single metro area, but it's especially bad when applied to a place like the United States. Even the larger European countries are much smaller, more compact, and less diverse than than US.

The importance of looking at things on a more local level is perhaps most important when looking at issues of homes and home prices. After all, even people who have never studied housing know that housing tends to be highly dependent on local issues, such as climate, local amenities, and access to employment. Many people already know that a four bedroom house in a nice Cleveland suburb is dirt cheap compared to a house of the same size in, say, San Diego, California.

So, it shouldn't be terribly surprising to find that in many parts of the United States, buying a home continues to be quite affordable by historical standards. This fact has started to attract some attention in recent years. In her column titled "Opting Out of Coastal Madness to Live a Low-Overhead Life," Anne Trubek discusses how its possible to live comfortably on $40,000. But here's the rub. To do this, one has to live in an un-sexy midwestern city - albeit in a neighborhood with tree-lined streets and solid, four-bedroom houses.

Statistical data seems to bear this out as well. In June, the Brookings Institution released a new study showing that housing affordability varies greatly from coastal cities to the American interior. And by coastal, they mean "ocean coast." Living near the coastline of the Great Lakes, apparently brings with it even more affordability:


Source: Brookings

The basic premise of the research is to analyze affordability based on the fact that "U.S. median house prices have been roughly 2.5 to 4 times median income."Comparing current home prices to incomes in each area, the report concludes:

Metropolitan areas with low price-income ratios are located in very different parts of the country from high-priced metropolitan areas (Figure 5). The lowest ratio metros are mostly located in the Midwest, especially clustered around the Great Lakes, and scattered across Texas. The metros with the highest ratios are primarily along the Pacific and Northeast Atlantic coasts. South Florida, Colorado, and several smaller metros along the Southeast coast also rank among the most expensive areas. Across the U.S., most states have more metro areas with price-income ratios in the normal range (2.4-4.3) than metros with outlying values.​
Comparing against incomes, of course, is important. It's surely easy to find places where home prices are at rock-bottom levels — in places with depressed economies.

In this case, however, we'll be looking at incomes in relation to housing prices, and it is not at all a given that places with good job markets must also have unaffordable housing.

Texas, for example, has for years had a substantial amount of employment growth. Yet according to the Brookings report, the state has numerous metro areas with "low" and "very low" price-income ratios on housing.

The focus here is on middle-income families, and on for-purchase housing. Low-income households and renters face a different set of challenges, but even middle-income households may daily be told through the media that housing in the United States is quickly becoming unaffordable. Except those articles and news clips tend to focus on housing in places like Seattle, or along the California coast. And there's no arguing with the assertion that places like that are "unaffordable" for many middle-income people.

And as the Brooking article notes, and as I've noted, the lack of affordability in places like California can often be blamed on state and local government measures designed to limit the construction and diversification of housing. Zoning laws and other regulatory barriers to new housing production have decimated housing affordability of housing in many coastal cities. Cities like San Francisco and Seattle have essentially become playgrounds for the wealthy in which existing homeowners fight tooth and nail any attempt to allow sizable amounts of new housing construction. They do this, they tell us, to preserve "the character of the neighborhood." But what they're really doing is using government regulations to drive up the prices on their own real estate, while driving lower-income people further and further out into the periphery. Oh sure, these Progressive guardians of the local "quality of life" might allow a handful of subsidized housing units to be built. After all, somebody has to make your cappuccino or do your dry cleaning. But the overall effect is to ensure few people can afford to move in.

This issue, however, is far less prominent in the un-stylish cities of the interior where city officials still welcome new construction and new housing — and where there's a greater abundance of less-expensive land.

Still Affordable by International Standards
I started out by noting it's a bad idea to ignore the enormous regional differences in the United States when considering aggregate data. And that's true.

It is interesting to note, however, that even when we include the price of California and New England coastal housing in our analysis, housing in the United States is still less expensive than in most other wealthy countries.

According to the OECD, housing expenditure in the United States is 18 percent of gross adjusted disposable income. That's the third-lowest in the OECD. Moreover, housing costs in the US by this metric are only 75 percent the size of what they are in Denmark and the United Kingdom. US costs are 78 percent the size of housing costs in Italy.



Americans also tend to get more living space for what they pay.
For example, the OECD notes that in the United States, there are on average 2.4 rooms per person. Only Canadians have more rooms per person. In Switzerland, Spain, Denmark, and Japan, however, there are only 1.9 rooms per person. That's one-fifth less than the average in the US.



And the number of rooms aren't the only metric by which US homes are bigger. According to the BBC, floor space in newly built homes in the United Kingdom is less than half of what it is in the United States:



Federal Policy Favors Those Who can Get Into Expensive Markets
As the Brookings report notes, however, federal policy puts homeowners in more affordable markets at a disadvantage by favoring rapidly appreciating real-estate in pricier markets:

In low-priced areas, even families that have paid down their mortgages find it difficult to build wealth. That makes it harder for them to supplement retirement savings or borrow against home equity for their kids’ education. Federal tax policies that strongly favor owner-occupied homes over other asset types are not well suited to support middle-class wealth building in lower-price locations.​
Another new study, recently profiled at Bloomberg, shows how post-2008 banking regulations favor building wealth through high-priced real estate over other options, such as building a family business.

So, for middle income people in a city where home prices are not appreciating very much, owners will be at a disadvantage — thanks to federal tax and regulatory policies — more than someone who sacrifices other important household expenses in order to live in a pricey market.

When it comes to simply putting a roof over one's head, however, there are still many markets in the US where it's possible to buy a house at a price that's manageable for middle-income households. It's true that these places are not the glittering stylish cities often featured in movies and sitcoms.

Those places tend to be controlled by wealthy Progressive elites who don't want anyone new moving in.

https://www.zerohedge.com/news/2018...ordability-many-placesbut-some-refuges-remain
 

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#32
How 3D Printing is Revolutionizing Housing

by TDB
Sat, 08/11/2018 - 09:00


by Luken Surge Via The Daily Bell

The housing industry is like a roller coaster.

The housing crash left houses empty and people homeless. Some neighborhoods are still littered with empty and decaying homes, some having stood empty going on 10 years now.

By this point, a lot of these homes aren’t even worth repairing. Since the crash, there has been a lot of conversation, and demand, for more housing options.

And why not? Engineers have discovered cheaper, more eco-friendly and sustainable housing options. Why not use them?

Current homes were built between 40 and 100 years ago. They now show signs of wood rot, weakening foundation, insect infestations, and mold. And without modern insulation and windows, residents shoulder high power and heating costs.

These problems will only get worse as time goes on. But what’s going to replace them?

Will people build more of the same, or start building smarter?

New Era of Housing
If you imagine a “Jetsons” style future, you may be disappointed. Likely most structures will resemble current styles, but with hidden improvements in the materials and design.

When the market demands something new, the industry will eventually abide.

Alternatives to traditional homes are already popping up. And surprisingly, a lot of these options are significantly cheaper than current construction methods. Plus, many of these homes continue to save you money in efficiency in the long term.

How It Works:
3D printing a house works the same way as 3D printing on the smaller scale. Companies use a machine, choose from a range of building materials, program a layout, and then the machine does the work.

The early models of 3D printed homes created domed structures that looked more like cement igloos, and other easy shapes. But this technology is getting more sophisticated fast! Companies are developing more modern and complex models that will appeal to today’s market of home buyers.

What Problems Do 3D Printed Houses Solve?
3D printed homes are affordable
After the housing market crash, there are more people than ever on the search for cheaper housing options. Some models of the 3D printed homes can start as low as $4,000.


While there are some luxury features that you can add on for more, it’s still nothing compared to the cost of building a standard-model home.

Building materials are more eco-friendly
A lot of building materials used in 3D printing have a natural resistance to mold and insect infestations. 3D printed homes are built to be strong and sturdy while taking the environment into consideration.

Many companies are making use of yesterdays trash by recycling plastics, glass, and other materials. This solves two problems at once: the housing crisis and reducing waste.

By using recycled materials to 3D print a new home it helps keep cost down for the buyer and takes better care of our planet at the same time.

3D printed homes are energy efficient
Energy efficiency is on the mind of developers as well. 3D printed homes are designed intelligently in order to keep monthly costs as low as possible. You can still have all your normal conveniences without the high costs.

3D printed homes can be built fast
Some can be completed in a matter of hours and still offer all the necessary accommodations a person, or small family needs. Even the more advanced models only take a few days to construct.

But the speed does not mean lower quality.

I once lived in an expensive neighborhood and would literally watch houses go up in a matter of weeks. While that sounds like it would be a good thing, within 5 years of being constructed the houses started breaking down a lot.

The house we lived in was only 5 years old and already baseboards were coming off the walls, wooden floors were warping, and more minor issues were popping up everywhere. Within those 5 years there were way more issues with the house than there should have been.

Dive deeper into the how’s and why’s of 3D here.

Housing the Homeless
There were around 554,000 homeless people in America in 2017, with 193,000 of them unsheltered. And out of that number of homeless, 40,000 of them were veterans according to U.S. Department of Housing and Urban Development (HUD).

There is no reason to have this many people homeless and unsheltered when technology like 3D printing exists. Especially when these numbers are worse in places where housing is especially expensive.

And in the meantime, some estimates say it costs $31,000 per year, per homeless person, just to police them. This doesn’t even begin factoring in the costs of shelters and homeless care programs.

Jeremy Faludi, a teacher at the Minneapolis College of Art and Design, summed up the greatest benefit of 3D printing of all: “It is putting the means of production into the hands of the local people”.

Housing does not have to be dominated by the super wealthy, whether that is here in the United States or around the world.

An Urban Solution:
One of the most popular urban concepts for housing the homeless were the hexagonal 3D printed structures. These are structures that can be constructed quickly and cheaply. And they easily integrate into the urban landscape.



It’s a much better option than having people sleeping on the sidewalks. It would be a much better investment of city cash than using police and prisons.

There are a few different versions, from stand-alone structures to a model that stacks the 3D printed hexagonal pieces vertically, allowing for the whole thing to be attached to the side of a building.

Getting Started
If you want to get started building your own 3D house, check out this guide here for a list of companies that sell and build 3D constructed homes. They will work with you to design the kind of home you want, plan its features, and get started.

When everything on their end is ready to go, they will come out with their machine and put it all together for you. Or, they will bring the pre-fabricated pieces and install it on-site.

Either way, it is a pretty simple process for the homeowner.

Different Kinds of 3D Printed Housing



There are a number of different options when it comes to what they are made of and how they are made. While the field is still new, in time more and more styles and material options will hit the market. Here is a look at the options being developed now:

Materials:
Cement is the biggest building material currently. There are a few different kinds of cement already available, and a lot of development is going into creating new eco-friendly cement alternatives.

One of the biggest cement alternatives being developed is hemp concrete. Raw materials from the hemp plant create a strong cement for printed homes.

Another common alternative is plastic. There are organizations that are developing machines that can use shredded recycled plastic for printing material.

Polymers and foams are also proving to be a viable material for 3D printing construction projects. Foams and polymers have different properties that can make them more durable in different climates.

For example, Proto3000 is creating a high-temperature resistant material that can be used for both small grade printing projects up to things like construction and housing.

This means homes can be made out of materials that directly help with terrains and climates. A heat-resistant home will be cooler for hotter climates, while mold resistant materials will help in damp regions, and the list goes on.

Styles:
There are two main ways that 3D printed houses are made. Either they will bring a machine out and print it right there on site, or they will print the pieces off-site and then bring them to the site and install them.

The early version of 3D construction has come a long way. The dome is a popular style for those looking for an abstract or artistic feel. Though, even this style has evolved as they now look more like conch shells.

A few other options include arched, hexagonal, boxed, cylindrical, and a few other complex geometric shapes. There are a number of construction companies focusing on creating prefabricated models that can create more modern styles like cottages, ranches, and even multi-level homes.

And the United States is not the only country getting into this 3D construction thing. China has successfully printed a 2-story building. And it only took them a month and a half to print a house that would have taken them normally up to 6 months to build.

Whether you want an artistic abode, an eco-friendly cottage, or a full family home 3D printing is growing so fast that it might soon be the future of all three.

The tidal wave of change is upon us and these 3D printed houses could one day be the new norm.

Like any automation, this means job losses for people in the building sector. But click here to learn why that is not a bad thing for individuals or the economy.

You don’t have to play by the rules of the corrupt politicians, manipulative media, and brainwashed peers.

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https://www.zerohedge.com/news/2018-08-08/how-3d-printing-revolutionizing-housing
 

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#33
The 3-D option is interesting, but you will still need a mexican to lay the plumbing and pour the slab, that is unless you don't mind a wood frame floor that creaks and is drafty. Then you still need a white guy to oversee the site and make sure none of the illegals are drunk at 9am.
 

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#34
I’ve noticed that the people that tell you real estate is not passive income have absolutely no clue, they probably never have been a landlord or they gave it a shot and failed, they are probably stuck in the daily grind with a 40 hour 40 year job and they are probably bitter because of this. I’m always getting into internet beefs, here’s a few of their points that I ignore. if they prefer punching a clock, commuting to work and answering to the boss, have at it.....

Being a landlord is not passive, it is a job. One exception, you own the house outright and are willing to give up 50% or more in commissions, fees, repairs, etc. Otherwise you must work. I never knew a successful landlord that did not work harder than I did.

having renters absolutely blows! I'm getting out and I only had 1 house rental

yup, i was sitting on my bed, no where near the incident when suddenly crash boom the bifold door that closes my washer/dryer fell out of the rail...no reason at all...stuff happens when you own a house. eventually even the newest of properties turns old and things start going wrong. i bought 7 year old construction 10 years ago...the water heater failed and flooded everything. every 2 years i need a shot of freon because the central air has a leak somewhere in the house, a furnace goes, the faucet handles strip..it's always something

sure...do nothing except fix the heat, air, plumbing, backed up toilets, collect rent from people who refuse to pay you, go to court, repaint, refix, look for new tenants, do background searches, exterminate, change locks, keep up with your township and state law changes, get inspections and potentially do it all over again next month.

The poor fellow we rent our apartment from ($475 a month for a 1bd 1 bath) is here all the time working on units, tending the lawn, replacing carpets and wood trim. I think the complex has 24 units and I know he paid $600,000 for it several years ago (I looked up the tax records). If everyone pays on time, he pulls in $11,400 a month before taxes, expenses, utilities (water, sewer and garbage are included in the rent). I sit in my chair clicking on a button and selling 1000 shares of Endocyte for $15,000 that I bought for $1200 last year and watch him work while I drink my coffee and read a book. I guess I am a clicker and others are plungers.
 

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#35
Where the wild things were: Brooklyn’s Greenpoint waterfront - once populated by shipyards and sugar refineries, then a playground for punks, squatters and graffiti artists - is cashing in on its view across to Manhattan

  • Photographer Nathan Kensinger has been exploring and tracing the shoreline’s evolution for nearly 15 years
  • In 2005, the city decided to rezone around 200 blocks in Greenpoint and Williamsburg, paving the way for a tide of development
  • The neighborhood’s low-rise character of warehouses is being replaced by steel and glass towers
  • The historically working-class Polish neighborhood is expecting thousands of new residents
http://www.dailymail.co.uk/news/art...ining-towers-industrial-past-starts-fade.html
 

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#37
Inside Hong Kong’s cage homes
Vox



Published on Aug 15, 2018
When houses are the size of parking spaces.
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With original music by Tom Fox: https://m.soundcloud.com/user-416166523

Hong Kong is the most expensive housing market in the world. It has been ranked as the least affordable housing market on Earth for eight years in a row, and the price per square foot seems to be only going up. The inflated prices are forcing Hongkongers to squeeze into unconventionally small spaces that can affect their quality of life.

Tens of thousands of Hongkongers are living in spaces that range from 75 to 140 square feet. To put that in perspective, the average parking space in the US is about 150 square feet. And in the most extreme cases, Hongkongers have resorted to homes the size of a coffin.

I spent some time exploring the living situation in Hong Kong to find out why housing has become so expensive and spaces so tight.

To understand how Hong Kong’s housing market turned out this way and see how it’s affecting people’s lives, watch the final episode of Borders Hong Kong.

Subscribe to our channel! http://goo.gl/0bsAjO

Vox Borders is an international documentary series by Emmy-nominated producer Johnny Harris exploring life at the edge of nations. For more, visit vox.com/borders.

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#38
Luxury Apartment Sales Plummet In New York As Sellers "Capitulate"


by Tyler Durden
Mon, 08/20/2018 - 22:25


Sales of luxury apartments that cost $5 million or more in New York City have plummeted more than 31% over the first six months of this year, and sellers are trying to make up for the drop in sales by slashing prices to meet buying demand.

A market report by Stribling & Associates, a New York-based brokerage, noted the fact that sales in this luxury category have fallen drastically year-over-year. It found that the drop in sales was concentrated in newer condominiums, where supply has been overwhelming, according to a follow up on the report by WSJ.

Back in February, we predicted that this would inevitably happen, when we noted that the market was being flooded by supply of higher end apartments while builders neglected sub-luxury housing in favor of chasing higher margins.

The report also found that sales of older luxury cooperatives that were priced over $5 million rose roughly 10% in the first half of this year, but that was based off easy comps, as there had been a slow start to 2017, which was the slowest year for luxury co-ops since 2013. Luxury cooperatives purchases, which include many buildings that surround Central Park, include buyers purchasing shares in a corporation instead of buying the deed to the apartment.


Chart source: WSJ

According to Donna Olshan, a broker who monitors contract activity for high-end apartments, most deals that are getting done in the luxury apartment space are the result of sellers "capitulating to reality" and cutting prices to hit buyer bids, who have enjoyed a flood of supply recently.

"The contracts that are getting done in the luxury end of the market are the result of sellers capitulating to reality."

These apartments, which saw their prices soar in 2014 and 2015, have since stagnated on the market, or simply fallen lower. One such example includes a five bedroom penthouse at 11 N. Moore St. in Tribeca was first listed for $40 million in January 2014, but has since seen its price cut three times, until it was eventually sold for $20 million last Thursday.

This report comes less than two months after we reported a sharp drop in Manhattan apartment rents and less than 6 months after we predicted that a focus on luxury building only could flood the market with supply.

Manhattan rental units with three or more bedrooms accounted for 12.2% of new leases in May of this year, the largest share since Douglas Elliman Real Estate started tracking the data in 2011: a deluge of high end supply. Excluding renewals, renters signed leases for 767 apartments in this category - a 20% increase from a year earlier. Meanwhile, the median rent for these homes fell 5.8% from a year earlier to an average of $5,650. By comparison, rental rates for two-bedroom units dropped 4.6% to $4,295, while rents for one-bedrooms moved ever-so-slightly higher, climbing 0.3% to a median of $3,459.



This is what we observed in February::

There is just one problem: developers are putting up the wrong kinds of buildings, focusing almost entirely on the luxury segment. However, as discussed here recently, the luxury market is by now largely overbuilt, while the shortage of affordable rental housing is growing, as developers remain hamstrung by the now record-high cost of construction.
Here are the facts: in 2017, apartment completions in the 150 largest U.S. cities jumped to 395,775 units, higher than 2016 production by a staggering 46% and more than doubling the long-term average, according to RealPage. However, instead of focusing on the mid-range, luxury, upscale buildings accounted for between 75 and 80% of the new supply in the current cycle.​

Kirk Henckels, a broker and vice chairman of Stribling & Associates, didn’t seem to know how to make sense of a price correction of this magnitude without a broader recession or stock market fall.

It is generally rare to see falling home prices without a “relatively catastrophic triggering event” like a stock market collapse, Mr. Henckels said, adding, “It is very clear that this market is enduring what is the kindest, gentlest major price-correction in memory.”

There is another way of looking at the problem, Kirk. Perhaps instead of describing it as “the kindest, gentlest" price correction in memory, analysts, brokers and realtors would be better served wondering if this sudden, sharp drop in prices may actually be the canary in the coal mine for a much larger problem.

https://www.zerohedge.com/news/2018-08-20/luxury-apartment-sales-plummet-new-york-sellers-capitulate
 

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#39
Model-Turned-Escort Auctioning Off Virginity To "Buy House For Mum"

by Tyler Durden
Fri, 08/24/2018 - 22:55


A 23-year-old, 5'9" 110 lb. model from Azerbaijan is selling her virginity online in the hopes of buying a house for her mother and traveling the world.



Mahbuba "Maria" Mammadzada - one of Azerbaijan's most successful models currently living in Turkey, wants to make her mother "proud" by selling her virginity. The minimum bid currently stands at €250,000 ($290,612).



The winner will receive a doctor's certification that she is indeed a virgin, and will need to take Maria's virginity in Germany "for legal reasons," though the buyer can choose a hotel of his choice. The highest bidder can also bring their own doctor, or visit another doctor in Germany to verify virginity one day before the "event."



Her profile at Cinderella Escorts reads:

"I want to sell my virginity on Cindrella Escorts and because I want to have a house for me and for my mom, so finally we could live in our own place, and also to travel all over the world with Mom. I wanna live in Usa and continue my Modeling career there with one of the Top Modeling Agencies, Worldwide. So my dream can come true. I love dogs, and I dream to open a shelter for dogs in my country. My mom did everything for me till now, and now its my turn, to make her proud of me.​

Go ahead, make her mum proud!

https://www.zerohedge.com/news/2018-08-24/model-turned-escort-auctioning-virginity-buy-house-mum
 

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#40
Squatting on the Squatter
The Americans with Charlie LeDuff


Published on Nov 5, 2014
Detroit is emerging from bankruptcy. No better time to invest. But you ought to know that squatters are peskier than bedbugs.

Charlie LeDuff and the boys are in the Motor City this week, following up on a outrageous story that puts a new twist on the old saying: "A man is the king of his castle."

Click here for more: http://bitly.com/1zwSDU2