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Remember the Biosphere dome in Arizona? The Associated Press reports (click here) that a real estate developer just spent $50 million to purchase the Biosphere 2, the glass terrarium that Texas oilman Ed Bass built 20 years ago. The developer plans to build 1,500 homes and a resort hotel on the land. For now he’s going to allow researchers to continue using the Biosphere, but no word as to what his long-term plans are. Maybe selling condos inside the Biosphere in 2050 when we’re all frying from Global Warming…
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.