The Baldridge house in Fort Worth, TX, has been restored and modernized into a lovely Lone Star State jewel. The energy industry bigwig and his wife, who oversaw the home’s overhaul, are downsizing and have recently put the historic home on the market for $7.95 million. Built in the early 20th century for banker Earl Baldridge, the grand, three-story home is fashioned out of limestone and includes notable features such as huge columns, carved wood paneling throughout, and even a bank vault in the basement, a nod to its Wild West pedigree. All of those distinct features remain after the estate’s remodel, including the original vault, which now houses a media room. Over the decades, the mansion fell into disrepair. It was in foreclosure in 2007 when Paun Peters, president of Western Production Co., an oil and gas company, and his wife snapped it up for about $3 million. “My wife, dare I say, lusted for that house,” Peters said in an interview with Bloomberg. “She always dreamed of having herself in there and walking around on one of those balconies.” It’s understandable, because those balconies are of the most romantic variety. When the couple bought the home, it desperately needed work. The renovation took years and $4.5 million, including $500,000 just for the landscaping. “We had an almost unlimited budget on what we needed to get done,” Peters said. “We even got in Italian cypress trees from California.” The result is an 11,725-square-foot masterpiece with six bedrooms, six baths, and two half-baths. The acre-and-a-half property is surrounded by a privacy fence and hedge. The home remains true to its roots, while featuring a few modern amenities. They include a two-level garage for 11 cars, a dive pool, and an outdoor pizza oven. Not surprisingly the Peters family used the property for extensive entertaining, including weddings and fundraisers. Peters told Bloomberg he felt like he and his family were “good stewards of the house.” Now he’s ready to hand off the home to a lucky new owner looking to own a piece of Texas history. The post Historic Baldridge House in Texas Comes With Converted Bank Vault appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/baldridge-house-texas/
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Luxury home pedigrees don’t get much loftier than this. The Skouras residence in Trousdale Estates was originally built in 1956 by celebrity architect Hal Leavitt and has had a number of notable owners in the past couple of decades. The fabled Beverly Hills, CA, home was restored and redecorated by noted designer Kelly Wearstler, then briefly passed through the hands of real estate aficionado Ellen DeGeneres. It’s currently in the possession of Roger Birnbaum, former MGM co-chairman. Birnbaum has now put the 8,055-square-foot home on the market for $33,750,000. The classic five-bedroom residence was built in the ’50s for Diane and Charles Skouras Jr., who was part owner and president of a major movie theater group. Public records indicate it stayed in the Skouras family until 2002, when it was sold to Wearstler and her husband, property developer and hotelier Brad Korzen, for a mere $4,025,000. The couple proceeded to redo the house from top to bottom in their signature style, and sold it in 2006 to Hollywood producer Robert Cort. Cort and his wife, media executive Rosalie Swedlin, then sold the storied home to DeGeneres and her wife, Portia de Rossi, in 2012 for $17,400,000. The home was featured in the coffee table book “Home,” written by DeGeneres. In the book, she elaborates on her ideas about design and style, and shares intimate photos of a number of the fabled homes she’s owned, including the Skouras residence. Two years later, according to public records, DeGeneres and de Rossi sold the home to Birnbaum, who owns Spyglass Entertainment and has produced dozens of films. Under Birnbaum’s ownership, the house has bounced on and off the rental market for around $50,000 per month. It was recently taken off the rental market and put on the block for the aforementioned price of nearly $34 million. The home is attractive to Hollywood types thanks to its privacy—it’s located behind gates on a large lot in the Trousdale Estates neighborhood. The property measures nearly an acre in size and offers grand views of the hills, the city, and the ocean beyond. It features a sunny pool and lounge area with a bar and barbecue, and a number of private swimming and sunning areas. The remarkable interiors are oh-so-appealing to deep-pocketed buyers. The home features an open floor plan and is flooded with light. Inside you’ll find a music room, library, game room, and gym among many other flashy features. It also boasts a stainless-steel kitchen and a master suite with a private courtyard and fountain, as well as his-and-her baths. The home’s price has increased exponentially since DeGeneres sold the Skouras residence four years ago, but celebrity interest in Trousdale Estates remains high. The stars have come and gone from the gleaming Skourdas residence, but the home remains the same—with some key updates from its notable celebrity designers and owners. The post Fabled Beverly Hills Home Once Owned by Ellen Degeneres Is Listed for $34M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/ellen-degeneres-skouras-house/ Home trends change so fast: Once upon a hot second, wood paneling and popcorn ceilings were all the rage; next thing you know, it’s all about she sheds and shiplap! So what’s next? If your home must be hip to the latest and greatest trends, what must you run out and get right now? Look no further than this list of some of the hottest home products slated to hit it big this April. They’ll make your home smell better (no candles required), add pizzazz to your bath (sans jets), and even amp up your productivity while you sleep (in case you’re struggling to keep your eyes open through “A Brief History of Time”—RIP, Stephen Hawking!). Read on to see how helpful your home can be. For real. Scented wallpaperHaven’t you heard? Wallpaper is back—in modern metallic and even digital prints. But even these cutting-edge trends feel a little been there, done that if you’re willing to take your walls to the next level: scented wallpaper. That’s right, Wayfair has just released its Scentsible Wallpaper line, “the world’s first aromatic wallcovering.” Because why just look at lilacs on your walls when you can smell them, too? Wouldn’t it be nice if your kitchen carried a whiff of Cinnabon rolls all the time, no messy baking required? And your bathroom, well, it needs all the help it can get in the scent department. Rather than lighting scented candles or spritzing Poo-Pourri, just let your walls do the work. SodaStream for your bathtub
Countless homeowners have a SodaStream in their home so they can turn regular old water into seltzer in seconds. Well, why stop there? With the company’s newest product, SodaSoak, you can take a bath in the bubbly stuff. Talk about invigorating! Think of it as the newest iteration of those Jacuzzi jets, without the jets—just pure carbonation, baby. Memory foam pillows that help your memory
Memory foam mattresses are comfy, sure, but according to a new memory foam product called the Chegg Osmosis pillow, “Memory foam shouldn’t just remember you—it should remember everything FOR you.” Chegg, a company behind online study and tutoring tools, has invented a memory foam pillow that does just that: Stash whatever tome you’re trying to read under your pillow, and overnight, a process called “learning via osmosis” helps those complicated ideas and algorithms sink in. And students say it really works. Heather P. at Silver Springs College says, “Thanks to the Chegg Osmosis Pillow, I finally slept more than three hours for the first time since freshman year. And I had a dream about a poodle playing the piano, so that was cool.” All of this sounds pretty sweet … but before you run out and buy these things, you may wanna test your memory by asking yourself: Which holiday kicks off April? The post Smelly Wallpaper? Soda Baths? Earth’s Most Awesome Home Trends, Guaranteed! appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/smelly-wallpaper-soda-baths-most-awesome-home-trends/ As interest rates rise, fewer households refinance their mortgages. And the refinances that do get done are often very different than those initiated during low-rate periods. “When rates are low, the primary goal of refinancing is to reduce the monthly payment,” wrote researchers for the Urban Institute in a recent report. “But when rates are high, borrowers have no incentive to refinance for rate reasons. Those who still refinance tend to be driven more by their desire to cash out.” “Cashing out” is shorthand for taking out a new mortgage that’s bigger than the remaining balance on the old one and using the money that makes up the difference for discretionary purchases. As of the fourth quarter of last year, the share of all refinances that were cash-outs rose to the highest since 2008, according to Freddie Mac data. Rates have churned higher since the presidential election in late 2016, though they spent much of 2017 reversing the immediate post-election surge. It’s not clear whether the overall volume of cash-out refinances is rising. Right now they’re making up a bigger share of the pie because traditional lower-monthly-payment refis are plunging. Tapping into home equity is often a good way for owners to consolidate or manage other, more expensive, forms of debt like high-interest credit cards or bills for higher education. “As people stay in their homes longer we see people reinvesting in their homes by using equity to update their homes and do repair work,” said Rick Sharga, executive vice president for Carrington Mortgage Holdings and an industry veteran. That’s especially true for older Americans, he added. “We’ve seen a huge expansion of the types of retirement options people have. One is aging in place and retrofitting your house.” The challenge will be making sure that the new wave of equity cash-outs isn’t like the one that helped torpedo the financial system a decade ago. (The Urban Institute and others have shown that refinancing activity, not home buying, was responsible for inflating the housing bubble.) In the last go-around, many homeowners “blew the money,” in Sharga’s words, on splashy purchases like vacations and boats. But lenders were complicit too, offering loans that were as much as 120% of the existing value of the home. In the wake of the crisis, lenders and consumers alike are much more aware that home prices can also go down, Sharga noted. He also expects to see more cash-out refis as homeowners shift away from home-equity loans and lines of credit, which no longer carry the same tax deductibility they once did. The post Cash-Out Mortgage Refis Are Back. Will Homes Become ATMs Again? appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/cash-mortgage-refis-back-will-homes-become-atms/ Groovy, baby. Comedian Mike Myers has finally sold his SoHo penthouse for just under $14 million, as reported by 6sqft. According to the Wall Street Journal, the “Austin Powers” star bought the 4,200 square-foot Manhattan abode with a private roof deck back in 2007 for $7.9 million, just after it was built. The comedian initially listed the duplex in 2015 for a hefty $16.95 million, the first time this apartment was offered. The funnyman may have justified the massive price hike after undertaking a renovation of its current sleek and modern interior, including floor-to-ceiling custom bookshelves, a custom sound system, and a landscaped outdoor space that includes a dining area with pergola, trees, and roses. After the property bounced on and off the market, with a price drop to $15.95 million, the winning number appears to be the current asking price of $13.95 million. The listing is currently in “pending sale” status on realtor.com®. Even with the price drop and renovation bill, Myers still brings the mojo when it comes to real estate. The buyer must have gone wild for the well-appointed boutique building from 2006, the high-floor views that rise above roof levels on the seventh floor, and loft-style living with 14-foot-high ceilings. The elevator opens directly into the apartment, with a living room that wows with floor-to-ceiling windows, a fireplace, and an adjoining kitchen with maple and aluminum cabinetry and stone counters. A powder room and an additional bedroom suite that could also be used as an office, plus a balcony, all grace this floor. Stairs with an overhead skylight lead to a rooftop terrace with multiple seating areas, landscaping, and outdoor dining, along with panoramic views of the city. The lower level houses the master suite, complete with closets and bathroom. Two more bedrooms and a laundry room complete the home. White oak floors run throughout the unit. SoHo is certainly a draw, known for its cobblestone streets and cast-iron facades. It offers not only the old and historic but the chic and new, with high-end shopping and dining, and markets like Dean & Deluca, along with art galleries. Now, of course, there are also the wealthy celebrities. The lively neighborhood is close to Tribeca and the West Village. The actor also reportedly engaged in a less-than-successful real estate flip in Tribeca, unloading a never-lived-in condo for $14 million in March 2017 that he had purchased the previous December for $14.675 million, the Real Deal reported. With real estate transactions out of the way, the Canadian star may now decide to focus on his day job in the movies. He is set to appear in the thriller “Terminal,” and stars in the biopic “Bohemian Rhapsody.” It’s also rumored that there will be an “Austin Powers 4.” Shagadelic! The post Comedian Mike Myers Finally Sells Soho Penthouse for $14M appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/celebrity-real-estate/mike-myers-finally-sells-soho-penthouse/ Olympic gymnast Aly Raisman’s childhood home vaulted over the competition and wolf-jumped into the top spot in our weekly peek at the most popular homes on realtor.com®. As we recently reported, a buyer with big dreams can live in the five-bedroom estate where the two-time gold medalist lived as a child. Finishing with the silver medal this week is the internet’s favorite wacky, decor-heavy home in Detroit. The home crammed with kitschy knickknacks continues to rake in the clicks—and it’s still available for $550,000. Other properties that soared above the rest this week included a historic home in Missouri built by a founder of the pony express, an eerie waterfront villa in New York that’s sat empty for 70 years, and a megamansion in L.A. that just had a $10 million price slice. Even if you don’t have $90 million to spend on a stylish SoCal mansion, we invite you to leap into the rest of this week’s most popular properties. 10. 1430 Wheatsheaf Ln, Abington, PAPrice: $225,000 (opening bid) ——-- 9. 1301 South St, Lexington, MOPrice: $125,000 ——-- 8. Carleton Is Lot 1, Cape Vincent, NYPrice: $495,000 Constructed in 1895, it was used until 1927. During the years of war, contractors were allowed to remove the interior doors and windows, leaving the villa open to the elements. Both the stone foundation and the wood frame deteriorated, and this beautiful old mansion also comes with no utilities. “The villa would require an extensive rehabilitation,” says listing agent Barry William Kukowski. “If it was restored, the tour boats would visit it as well as other organizations. The Cape Vincent, NY, area could use that economic shot in the arm.” ——-- 7. 117 Countryside Dr, Chagrin Falls, OHPrice: $321,000 ——-- 6. 10979 Chalon Rd, Los Angeles, CAPrice: $90,000,000 ——-- 5. 2164 Olive Ave, Lakewood, OHPrice: $155,000 ——-- 4. 1140 S Pittsburgh St, Connellsville, PAPrice: $299,000 ——-- 3. 292 Main St, Florida, NYPrice: $28,000 ——-- 2. 450 W Grixdale, Detroit, MIPrice: $550,000 ——-- 1. 21 Aly Raisman Way, Needham, MAPrice: $2,499,000 The 9,000-square-foot home includes a grand foyer, chef’s kitchen, and large family room. For Olympic hopefuls, the basement still has a gym where the future gold medalist started her training. The post Aly Raisman’s Childhood Home Vaults Into Top Spot of Most Popular Homes appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/aly-raisman-childhood-home-most-popular/ A new listing in New Orleans is truly one of a kind. The only dome-shaped home in the Big Easy is on the market for $399,000. Based on designs by R. Buckminster Fuller, the spherical shape is a rarity for this part of the country, according to listing agent Patty Willhite. This dome home was built in 1975 and has had just three owners. The sellers, who have children and are looking for more space, purchased the place in 2006 for $238,119. They listed the home last summer for $425,000, but there were no takers. Although dome homes aren’t proliferating in this era dominated by McMansions and tiny homes, they deserve a second look. The geodesic design Fuller created in the ’50s was proposed as a money-saving solution to an impending housing crisis. The homes are built strong and make efficient use of space and energy. Although this one hasn’t been specially fortified to handle a natural disaster, these odd-shaped abodes reportedly withstand hurricane gales and even earthquakes better than conventional builds, thanks to their geometric design. One big selling point of this home is the surprisingly spacious interior. It’s quite unexpected given that the door to this dome home looks gnome-sized. “You walk in, and it’s just this big, open space,” Willhite says. Another plus? It’s a perfect party pad! “It’s got a lot of entertaining space, especially opening up to the side patio,” adds Willhite. The 1,608-square-foot home has two bedrooms and two baths. The open layout features two large skylights, and living, dining, and kitchen space with access to a side patio. There’s also a grassy backyard. A bedroom suite is on the main level, while the second level holds the second bed and bath, along with space for an office or sitting area. The white interior has been freshly painted. The kitchen has been updated with stainless-steel appliances and granite counters, and the baths are relatively new, although the next owners may want to spruce them up a bit. The charming abode is tucked away in the quiet Black Pearl neighborhood, between the Mississippi River and St. Charles Avenue, blocks from the street car line. “It’s the kind of house that’s going to take the right buyer who wants something fun and different, and doesn’t want a cookie-cutter house,” Willhite says. Plus, bragging rights for being (probably) the only person in NOLA with a dome home. The post The Only Dome Home in New Orleans Can Be Yours for Just $399K appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/unique-homes/dome-home-new-orleans/ The impact of two long years of declining numbers of homes available for sale is readily apparent as this year’s go-go spring buying season gets started in earnest. The proof: A crowd of home buyers—including many who’ve missed out in previous seasons—is driving prices to record heights, according to a preliminary analysis of realtor.com® data for the month. Talk about March madness! “Never in history have there been more eyes on fewer homes than today,” said Javier Vivas, director of economic research at realtor.com. “The price gains observed in the last days of March tell us the market is on pace to see half of the homes listed above $300,000 this summer. This means buyers are not just having to pay more for the same home—they’re also seeing the mix of what’s available change more rapidly.” Listing prices have already overtaken last summer’s high: $275,000 in July 2017. The median listing price for March is $280,000, the highest point since realtor.com began its monthly analysis of inventory data in early 2012. That’s also an 8% increase over March 2017. There was just a small increase in housing inventory, which grew 3% from February to March. However, the total is still down 8% from March 207. The influx of 480,000 new listings won’t be enough to bring relief to buyers—it’s 14% higher than the previous month, but 1% lower than last year. Plus, the new listings disproportionately favor higher-income buyers. Vivas said his team recorded a healthy injection of new listings above $350,000, while the number of new listings in the $200,000-$350,000 range was anemic. And below $200,000? Pretty much nonexistent. “This bodes well for buyers in the upper and luxury tiers as they see more options surface, but paints a darker picture for the entry-level market,” noted Vivas. “If this pattern holds, 1 in 12 listings nationally will be listed above $1 million this summer, while only 1 in 3 will be listed under the $200,000 sweet spot targeted by half of all buyers.” Among the largest 100 markets in the country, 36 are still seeing homes sell at least a week faster than this time last year. This includes colder weather markets, which are thawing faster than expected and quickly catching up to the rest of the country. “Nationally, homes are still moving faster than last March, but more critically, supply in the market is carrying baggage from even larger drops in the last two spring home-buying cycles,” Vivas said. “The cumulative effect means it will be a languid search for most home buyers this season as they face the most competitive, harshest conditions yet.” Whew! Want to know which markets are the most cutthroat? Our hot list shows the metropolitan centers where homes get the most listing views on our site and spend the fewest days on the market. This month, tech-fueled San Francisco again held onto the No. 1 spot. Buffalo, NY, jumped 17 spots to break into the top 20 for only the second time since realtor.com began tracking this data in 2013. The previous time was June 2015. The next biggest mover was Boston, which ascended 14 spots. Note that when we talk about metropolitan markets, they often encompass other towns and suburbs. The Boston metro, for example, includes neighboring Cambridge and suburban Newton, as well as part of New Hampshire. While California dominated the list as usual with 11 markets, eight other states were represented: Colorado, Texas, Massachusetts, New Hampshire, Ohio, Idaho, New York, and Michigan. Let’s check it out! The hot list
The post The Hottest Real Estate Markets in America, March 2018 appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/hottest-real-estate-markets-america-march-2018/ A California ballot initiative, if approved by voters in November, could add a swell of homes to the Golden State’s ridiculously tight housing market. The Property Tax Fairness Initiative would make it much more affordable for homeowners who are aged 55 and older, disabled, or in natural disaster–ravaged communities to sell their current home and buy a new one within the state without being hit by crushingly higher property taxes. This could encourage older sellers to put their family homes on the market, easing the increasingly severe housing crisis, say real estate professionals. The California Association of Realtors®, which is spearheading the initiative, collected nearly 1 million signatures to ensure that the proposal makes the Nov. 6 ballot. The signatures were submitted earlier this week, guaranteeing it a spot on ballot. (A similar bill was introduced by State Assemblyman Marc Steinorth in January, but has yet to come up for a vote.) “We have hundreds of thousands of senior homeowners who have lived in their homes for many, many years who have enjoyed a lower tax base,” says Steve White, president of the California Association of Realtors. “But at a time when they need to downsize, retire, or move closer to their families, they’re essentially trapped in their homes” if they don’t want to face higher tax bills. This initiative “would free up a lot of homes for sale, largely family homes,” he says. “That’s what our buyers in California need.” The state’s Legislative Analyst’s Office says the initiative could open the door for tens of thousands of homes to hit the market annually—although local governments would also lose out on tax revenue. While a lack of homes for sale has driven up prices in real estate markets nationwide, the problem is acute in California because of Proposition 13, the 1978 voter-initiated law that freezes property values at their last sold price and caps annual property tax increases at 2%. Proposition 13 has been a boon to longtime homeowners in the many California towns where prices have appreciated dramatically. However, the downside is that if they sell, they often can’t afford to buy another home at today’s prices. (When a home is sold, it is reassessed for tax purposes at 1% of its sale price, which then becomes the new owner’s base rate.) But if voters approve the initiative, moving to cheaper parts of the state could become much more affordable. If they buy a home for the same price or less than the sold price of their old home, they would pay roughly the same percentage of property taxes. If they buy a more expensive home, the assessment will be the difference between the price at which they sold the old home and the price they paid for the new one added to the tax base of their previous home. (Currently, sellers can keep their rates low only if they move within the same county or between 11 of the state’s 58 counties.) “It becomes an incredible advantage,” says Patrick Carlisle, chief marketing analyst at San Francisco–based Paragon Real Estate, of the initiative. He points out that someone who bought a home in San Francisco in 2009 would be paying half the property taxes as someone who buys a similar house today. But he doesn’t think a measure like this could lead to an influx of more affordable homes hitting the market. “People who are in their 50s and their 60s who are downsizing don’t [typically] live in starter homes,” Carlisle says. They’re more likely to live in family homes of three to five bedrooms. Still, he says, “every little bit helps.” The downside to lower taxesUnfortunately, a smaller tax base for some means fewer services for others; the state’s Legislative Analyst’s Office calculates that schools and local governments stand to lose billions of dollars each year in property taxes if the initiative passes. Local governments “don’t want someone from San Francisco, who is wealthy, coming in and buying a big house,” says Carlisle. “They would keep their low property tax bill to the disadvantage of the new county.” It could also lead to rising prices in the places where sellers from wealthier areas of the state are settling in as they compete for properties, he says. That could price some locals out of the market. “It appears to have a lot more to do with increasing the number of real estate commissions than addressing California’s housing crisis,” says Chris Hoene, executive director of the nonpartisan California Budget & Policy Center, which analyzes state policy issues. And homeowners “never have to pay [their] fair share of [their] taxes.” In exchange for the tax cut, he believes the number of homes to hit the market would be only a drop in the bucket compared with what’s needed. “It’s deeply ironic that the [original] initiative [Proposition 13] was initially focused on keeping seniors in their homes,” Hoene says. “And now, 40 years later, we’re saying that’s a problem and we need to provide them an incentive to move.” The post California Dreamin’: Voters’ Decision Could Free Up More Homes for Sale appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/california-voters-decision-could-free-up-more-homes-for-sale/ A brand-new estate in Malibu, CA, is willing to make your acquaintance for $49.5 million. This week’s most expensive listing on realtor.com®, it’s also the site of a home formerly owned by “Friends” co-creator Marta Kauffman, according to the Real Deal. The TV producer sold the property in 2007 for $10,725,000, and the 4,400-square-foot home on the premises was razed. In its place is a new Cape Cod–style compound designed by Malibu-based architect Doug Burdge. The property was initially listed a year ago for a hefty $57.5 million. It’s now back on the market with a reduced price. But it’s fair to be bullish on this property in the exclusive coastal town, which has attracted the rich and famous, including celebs such as Edward Norton, Julia Roberts, and Robert Downey Jr. This waterfront home offers plenty of room to entertain an entire cast of friends and family. Sitting behind gates on 1.72 acres of prime oceanfront land, the home has six bedrooms and 7.5 baths. A one-bedroom guesthouse and deeded beach rights to the cove below are included. The two-story main home features high-end finishes, including oak flooring, multiple french doors, a bright-white interior, and jaw-dropping views of the ocean. The open plan includes a great room with fireplace and built-ins; chef’s kitchen with stone counters, marble island, and banquette; formal dining room; elevator; and office. The second level features the owner’s suite with a wraparound oceanfront deck, dual closets, and luxe baths. Outdoor amenities include a covered pavilion with fireplace, kitchen with pizza oven and grill, two stone bars, pool with spa, sunken lounge area, pool bath, and fire pit. Chris Cortazzo holds the listing. The post Oceanfront Malibu Estate for $49.5M Is This Week’s Most Expensive Listing appeared first on Real Estate News & Insights | realtor.com®. via https://www.realtor.com/news/trends/oceanfront-malibu-estate-most-expensive-listing/ |
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