luxury homes

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Foreclosures Soar on Homes Over $1M

Foreclosures on million-dollar homes way up since last year

(Newser) - The housing crisis, having wreaked havoc on low- and middle-income homeowners, is moving into the mansion set. Foreclosures on $1 million plus homes have almost doubled since last year, MSNBC reports, and more than doubled for homes over $2 million. The reasons are familiar: layoffs in the executive and professional... More »

Rich Turn to Pimping Basements

Media rooms, arcade games, full gyms making downstairs space not so musty

(Newser) - Basements are no longer the lowly underbelly of the high-end home. With the rise of home-theater technology, and widespread community opposition to mansion expansion, wealthy homeowners are increasingly turning basements into underground playgrounds, Portfolio reports, featuring everything from faux-'50s diners to recording studios to saunas. “Whether you have a... More »

Peek at Perks in $2B Mansion

Mumbai mogul plans 27-story abode

(Newser) - The world's fifth-richest man, Mukesh Ambani, beat the competition with plans to build the first billion-dollar home to grace this earth, Forbes reports. In fact, his 27-story high-rise in India will cost $2 billion when it's done next year. Some of its frills:
  • Nine elevators dot the lobby.
  • 80% of
... More »

Slump Stings Vegas McMansion Owners

Curious aspect of swelling home inventories: unsold palaces

(Newser) - The housing crisis has caused the number of homes for sale across the country to grow, but in Las Vegas, brokers are dealing with an unusual aspect of swelling inventory—an excess of $1 million-plus listings. Although they're luxury properties with pools and excesses of polished marble, those constructed more... More »

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