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Inside Real Estate (Dec 2nd, 2017)

Microsoft is redeveloping their 500-acre campus in Redmond, Washington. The massive overhaul will take seven years and will reconfigure the property into a small city with team neighborhoods. The new design prioritizes pedestrians and bicyclists, moving all cars into underground parking areas. A two-acre open green space will be able to host 12,000 people. The campus will include walking trails, two soccer fields, a cricket field, and retail space. The two sides of the campus will be linked via a pedestrian bridge and a light rail station will connect with the Link Light Rail which is expected to arrive in 2023. – ZD NET

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The buyer who picked up New York City’s most expensive condo ever sold in foreclosure has now been identified. David Lowy, son of Westfield Corporation co-founder Frank Lowy paid approximately $36 million for Kola Aluko’s penthouse in the luxurious One57 building. Lowy just listed his own apartment at One57 for $27 million. Lowy purchased that unit in 2015 for $28 million. Lowy’s current unit is on the 67th floor and has three bedrooms and 4,116 square feet of space with views of Central Park. His new penthouse has is on the 79th floor with four bedrooms and 6,240 square feet of living space. – WALL STREET JOURNAL

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Redfin is rolling out a concierge service for home sellers. The program will be available in Los Angeles and Washington, DC as part of a trial program. For a two-percent listing fee, the Redfin Concierge coordinates and pays for deep cleaning, painting, staging, and landscaping. Each home gets a custom action plan with recommendations. The service is available for homes priced at $500,000 or higher and the fee does not include the buyer’s agent commission. – THE REAL DEAL

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StrideUp, a UK startup that lets you buy a portion of your home has raised £1.6 million ($2.164 million) in seed funding. The startup helps you buy a home by only purchasing a portion and renting the remainder. The shared ownership platform was founded by Sakeeb Zaman and Rohan Trivedi in 2016 and was created to provide a mortgage alternative for first-time homebuyers. Prospective buyers apply on the StrideUp website and receive a budget for the maximum property value they are approved for. The buyers are responsible for finding the property and then the startup helps you determine a fair offer. The startup’s institutional investors partially buy the home and receive rent as well as payments as the buyer increases their stake or sells the home. StrideUp charges fees to the investors. – TECH CRUNCH

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T. Boone Pickens has listed his Mesa Vista Ranch in the Texas Panhandle for $250 million. Starting in 1971, Pickens spent decades amassing nearly 65,000 acres that include lakes, rivers, and wildlife habitats. Pickens, who is 89 and in poor health, has said he is getting his affairs in order and wants his ranch to be in good hands with someone who will preserve the land. Much of the proceeds of the sale will go to the T. Boone Pickens Foundation to fund ongoing charitable efforts. The main lodge can host 52 guests and there is a tennis court, shooting range, miniature golf course, and a 30-seat home theater. A dog kennel is home to 40 bird dogs with a veterinary clinic and a vet on call. Boone’s home is on a lake and has 11,500 square feet of space. The ranch is being sold complete with furnishings, the equipment, even the dogs, as a turnkey operation. Pickens also recently listed his home in Dallas for $5.9 million. - DALLAS MORNING NEWS

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HOT PROPERTIES OF THE WEEK

Ellen DeGeneres and Portia de Rossi have dropped the price on their Santa Barbara home. The couple bought the estate for a reported $26.5 million and later purchased two other lots nearby creating a total compound of 16.88 acres. It was listed for $45 million in March and is now listed for $39.5 million.  The Villa was built in 1934 by architect Wallace Frost and has six bedrooms, a media room, and multiple libraries. The grounds feature olive and eucalyptus trees, fountains, gardens, and a Roman-style pool. DeGeneres added an entertainment pavilion known as Jordan Hall that includes a lap swimming pool and tennis court. Earlier this year, the couple purchased an oceanfront home in Carpinteria, California for $18.6 million. – CURBED LA

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Simon Cowell is reportedly in escrow on a $25 million oceanview home in Malibu, California. The 10,000-square-foot home has seven bedrooms, a pool, and a tennis court. The property extends over nearly two acres in the Puerco Canyon area. Cowell already owns a $15.5 million house in Beverly Hills and also has a home in London. – TMZ

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Gerard Butler has listed his duplex loft in the Chelsea area of New York City for nearly $6 million. He purchased the home in $2.575 million in 2004 and worked with architect Alexander Gorlin and film designer Elvis Restaino to create a bohemian retreat in a converted manufacturing warehouse. The 3,150-square-foot duplex was featured on the cover of Architectural Digest in 2010. The modern vintage style features mahogany doors, a ceiling fresco in the foyer, artfully distressed plaster walls, massive columns and crystal chandeliers. The first floor has an open kitchen with commercial grade appliances with living and dining areas as well as an office with a guest bedroom. The second floor has a large master suite as well as 1,200 square feet of private outdoor space. – NY POST

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