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Inside Real Estate (Nov 11th, 2017)

Senate Republicans have unveiled their own tax reform plan which would keep the mortgage interest deduction rate at its current cap of $1 million rather than cutting it in half. The bill from the Senate also completely eliminates the property tax deduction. It would also lower the corporate tax rate to 20 percent but delay the execution for one year. The plan also retains tax credits for low-income housing. The National Association of Realtors has issued a statement saying that they are still reviewing the proposal and that preserving the mortgage interest deduction alone is not enough to protect and promote homeownership. – CNN

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New York brokerage Douglas Elliman has announced a new agent-facing platform that will be built in partnership with two Zillow Group brands, StreetEasy and Bridge Interactive. The new service will launch in early 2018 in New York City and will allow Elliman agents to enter and update listings in one location and be published to both Elliman's internal systems and StreetEasy. Elliman plans to use Bridge Interactive to send listings to MLS services, allowing Elliman to expand the platform across New York and to the other areas Elliman serves including Connecticut, Florida, California, Massachusetts, and Colorado. – INMAN

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A penthouse in New York City’s One57 skyscraper brought in $36 million at a foreclosure auction. The penthouse was owned by Nigerian businessman Kolawole Akanni Aluko who purchased the home through multiple shell companies for $50.9 million in 2014. The 79th-floor unit has four bedrooms and 6,240 square feet of living space. The buyer has not been revealed. – BLOOMBERG

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Redfin released earnings data showing that revenue increased year over year to $109.5 million during the third quarter. Analysts had expected revenue of $110.6 million and Redfin stock fell after the announcement. The company achieved a gross profit of $39.3 million, an increase of 27 percent year over year. “Redfin’s brokerage market-share gains accelerated again in the third quarter, with strong traffic growth and steadily increasing sales in all of our new businesses,” said Redfin CEO Glenn Kelman. Visitors to the website and mobile application increased by 38 percent to more than 24 million monthly average visitors. The company, which offers lower commission rates, reports it saved customers more than $37 million in fees based on a total five percent commission. Redfin is also rolling out new offer-writing software, Redfin Fast Offers, that promises to make the agent more productive and help customers get offers in faster. – TECH CRUNCH

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Facebook is getting deeper into the residential real estate rental market with new updates to its Marketplace section. The social search company has added custom filters for location, bedrooms, price, square footage, and more. It is also integrating listing feeds from Apartment List and Zumper to offer hundreds of thousands of listings across the US. Landlords, agents, and brokers can also upload properties and can add 360-degree photos. – CNET

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Zillow predicts that home values will rise in every major US metro over the next year and that a 20 percent down payment on the median-priced home today will cost thousands of dollars more just one year from now. Zillow predicts that the median home will be worth $6,275 more a year from now and the average buyer will need to save an additional $105 a month toward a down payment. In San Jose, where the median price is expected to increase by as much as $35,934, a buyer would need to save an additional $599 per month just to keep up. At the other end of the spectrum, St. Louis buyers would need an additional $55 a month as prices are expected to go up by $3,324. Over half of all first-time buyers now put down less than the traditional 20 percent down payment. – CURBED

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HOT PROPERTIES OF THE WEEK

The most expensive listing in New Zealand is a mountain lodge outside of Queenstown and overlooking Lake Wakatipu. The 14-acre property is priced at NZ$33 million (US$22.9 million). The main house is a four-bedroom, 10,700-square-foot home built in 2013. The land also has a platform for an additional building. The estate known as Twin Peaks View is located within Wyuna Preserve. The residence is the third most expensive home ever listed in New Zealand. Despite the upcoming ban on many foreign buyers, the agent listing the property predicts it will most likely sell to someone from outside New Zealand. – MANSION GLOBAL

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Rosie O’Donnell is listing her estate in South Nyack, New York for $10.79 million. The property is a compound of five homes on 2.4 acres, several of them facing the Hudson River. The seven-bedroom main house is also being offered individually for $5.3 million. Built in 1906, the Dutch Colonial home has a screening room, dock, tennis court, carriage house, and a pool with a waterfall. O’Donnell’s mansion in Saddle River, New Jersey is also for sale for $5.9 million. Over the summer she purchased a triplex penthouse in Manhattan for $8 million. – NY POST

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Fleetwood Mac bassist John McVie is selling his home in Honolulu, Hawaii for $6.25 million. McVie purchased the home in 2006 for $5 million. The five-bedroom home in Diamond Head has large picture windows, a media room, and a breakfast area. The home is on a corner lot with a swimming pool and barbecue. McVie listed his Los Angeles home for $2.995 million earlier this year. – LA TIMES

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CLICK ROULETTE

HEATING YOUR HOME USING BITCOIN

Mining for warmth in Siberia

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