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The Playbook

Real Estate

Judy Dutton

theplaybookmb.com

Holly Erker lived in Las Vegas for years utterly oblivious to the fact that down the street, beneath her feet, lurked a subterranean bunker. Built in 1978 for Avon executive Girard Henderson and his wife, Mary, this 14,620-square-foot, three-bedroom, four-bath underworld was designed to simulate the outdoors with a programmable sky, grotto-style pool, and casino (because, Vegas). Today, this Cold War-era relic—along with a rather unassuming house that was later built above it—is owned by the nonprofit Stasis Foundation and has been listed for $8.5 million. Here, Erker explains how she became the bunker’s listing agent and reveals jaw-dropping details about what’s inside.

Q: What was your first encounter with this bunker? 

“I actually lived right down the street from this underground bunker for many years and didn’t even know it. At that time, it wasn’t publicized; it was very discreet on top compared to what was underground. My first exposure was during a historical home tour in 2017 hosted by the Nevada Preservation Foundation. When the nonprofit’s owners decided to sell, they called a couple of brokerages. I got this inquiry because I specialize in unique vintage homes. And because I had lived by the home and was familiar with it, they gave us the exclusive listing.”

Q: What do you love most about this property? 

“They made it look like a resort: The columns are palm trees, murals wrap around, the pool is tranquil, and the sky has different lighting settings transitioning from day to night, giving an organic aboveground feel. The detail is amazing.”

Q: Are underground bunkers tough to sell? 

“Yes. It has been listed twice before, previously at $18 million. I knew it was going to come down more to press and PR than just putting the listing on the MLS. Thankfully, Mr. Beast toured the property and 

. I think the national press and exposure out of market is going to lead to success more than our local Vegas market.”

Q: Have you gotten inquiries from buyers yet? 

“There’s been a couple of inquiries, but nothing solidified.”

“It’s a fascinating market. I think it’s people’s fun houses, spaces where people with money just want something silly. I don’t know if it’s eligible to receive a short-term rental license. I anticipate that whoever purchases the house will utilize it as a venue space for commercials, videos, and private events of up to 200. My hope is whoever purchases it turns it into a historic designated site.”

Check out more photos of the property below, or 

Underground bunker listed for sale for $8.5 million

This subterranean escape features fake trees, simulated sunrises, a pool, a casino, and more.

Finally, the $8.5m underground bunker you’ve been looking for

People may move to Florida to soak in the sun, but 

 takes this idea to a new level as the first solar-powered community in the US. Located about 20 miles from Fort Myers, this town is also designed to improve your health with an extensive network of bike paths, walkways, and social events so that newcomers get to know their neighbors and cultivate a support network. Here’s how Babcock Ranch’s founder, Syd Kitson, CEO of Kitson & Partners, built this new type of town.

What inspired you to build Babcock Ranch?

 “My vision was born out of a passion for the environment and an aspiration to leave the Earth better than when I came into it. I set out to create the most resilient community in Florida and prove that creating a model for sustainable development is possible. Babcock Ranch illustrates to the world that building with nature—not against it—is possible, scalable, and financially accessible to all.”

 “After the 91,000-acre Babcock Ranch property was purchased in 2006, the hurdle was showing ‘proof of concept’ for a type of town that had never been built. In 2008, Babcock Ranch secured a commitment for solar generation from Florida Power & Light (FPL), but legislative approval was needed because solar was not cost-competitive with traditional natural gas–generating plants. Legislative requests failed, delaying construction until 2015 when solar generation costs became comparable to fossil fuels, eliminating the need for legislative approval. We spent 12 years carefully planning the community. Initially, national homebuilders were hesitant about Babcock Ranch’s green building and sustainability standards. Smaller and regional builders were the first to buy in, and their early success demonstrated there was demand to get the national builders on board with the project.”

 “The first residents moved in in January 2018. By the end of 2025, the town is expected to have 15,000 residents. Babcock Ranch offers sustainably built single-family homes, townhomes, condos, villas, and coach homes for sale starting in the high-$200s to over $1 million. [There are] two rental home neighborhoods with monthly rent starting in the mid-$1,000s, which allow residents to live in a sustainably focused town without the immediate financial investment of home ownership. And we’re continuously evolving, planning for 20,000 residences, 60,000 people, and six million square feet of commercial space with an array of shopping, dining, entertainment, recreation, health care, and services.”

How much of the town’s energy do the solar panels provide?

 “The town generates more clean energy than the town consumes and is one of the few places in Florida where you can see FPL solar energy centers, solar trees, electric vehicle charging stations, and battery storage in one place. All homes receive a Bronze Standard of Certification or higher from the Florida Green Building Coalition, which makes them exceptionally energy-efficient.”

 “Yes, I am a proud resident, and it’s been incredibly rewarding to see this vision come to fruition around me. Some of the most notable aspects are how the town was thoughtfully designed with health and wellness at its core, with a walkable design and 50% of the footprint dedicated to greenways, parks, and lakes. Many of our residents relocated here in search of a healthier lifestyle. One resident, after a car accident, was told her injuries would leave her with 60% use of one leg. She relocated here and now defies these odds, running three to eight miles every day in the trail network. Another resident faced with the tragedy of losing his wife six months after moving [here] turned to the outdoors to heal, spending 340+ days a year training for competitive races and ultra marathons in our nature paths. He credits his hobby and the outpour of support from the community for helping him navigate his journey through grief.”

The benefits of living in America’s first solar-powered town

Babcock Ranch is not only good for the environment, but also good for your health.

The perks of America’s first solar-powered town

Ever travel to Italy and wish you could stay for good? This is what inspired Australian expat Nikki Taylor to move to Italy in 2014 and establish 

 to help other foreigners follow in her footsteps. Taylor’s work helping her clients purchase property in Italy has been featured on reality shows, including HGTV’s 

. Here’s what she’s learned about buying homes in Italy, including her own.

Where do you live in Italy, and what’s it like?

 “I am based in Puglia, the number one place for tourism and foreign investment in Italy at the moment, and life is very chill and laid back. I plan to stay here, as I feel totally at ease and at peace, and I’m also raising two little boys.”

How did you end up purchasing your property in Italy? 

“I have bought two homes in the region—my previous property in Ostuni and my current home in Martina Franca, which I bought in 2023. Valentine’s Day was the day I made the offer, the best romantic gift I could ever give myself and my two little boys. I was walking around my neighborhood and I came across the house. I was so specific about what I wanted for my dream home: a swimming pool, a view of Locorotondo, and a flat garden for my boys. I have done some renovations to the property and still have quite a bit to do to modernize it, but it’s a great blank canvas. It has already gone up considerably in value.”

There must be a steep learning curve to buying a home in Italy. Did you make any mistakes in the early days? 

“If I could do it all over again, I would have worked on my poker face when doing the initial viewing, as the sellers could see how in love with the house I was... so much so that I ended up paying over the asking price! Not by much, but it was all worth it.”

What’s up with those $1 homes everyone sees for sale in Italy? 

“The topic of the $1 homes always amuses me, as I really do believe it’s a clever marketing tactic, but also something that is really a terrible investment. The properties are located in areas that are so remote, lack services and amenities, and are not interesting from a tourism perspective. Most of the towns that are offering these homes require that you live there as a main residence, and the restoration needs to be done within a certain time frame. You could easily invest between €50k–€100k [$57,847–$115,694] in restoring these properties, and it would be extremely unlikely to recoup that investment should you need to sell the property down the line.”

Even if the $1 homes are bad investments, are there bargains? 

“It was off the back of the $1 homes that I launched the very first weekly digital property magazine, 

, where I showcase affordable homes throughout Italy that do not have the restrictions and limitations of the $1 homes, and that are already turnkey and ready to rent out on the tourist market. There are a lot of properties located in excellent areas that are extremely well priced. In high-demand regions such as Tuscany, Puglia, and Sicily—which are the top three regions to invest in from a holiday rental perspective—you can find doer-uppers at excellent prices.”

What advice do you have for others who want to buy a home in Italy, especially an investment property? 

“Buying a property to use for investment purposes is something that has grown in demand over the last 10 years, given the popularity of Italy for weddings, retreats, wellness, and culinary tours. Someone who buys a property in Italy could not only utilize it for a holiday rental perspective, but also to run retreats and events, which would further enhance their ROI.”

What’s the renovation process like in Italy? 

“Even if you have the skills to renovate the property, you wouldn’t be able to restore it yourself without the proper building licenses. The permit process depends on which region you invest in and also on how good your contacts are at the local municipality to get a permit approved quickly. In Puglia, it can take up to two years, depending on what you want to do. Flipping in Italy is not really a thing, as the properties do not go up significantly in value, unless you’re buying at an extremely low price in a top area for tourism.”

Got any crazy homebuyer stories to share from the front lines of Italy?

 “This was a doozy, and hopefully something I never ever have to see again: I was on a scouting trip with one of my private American clients over in Umbria and Tuscany. When we arrived at the property, the agent was looking very sheepish next to the seller, an elderly lady who had been visibly crying. She was explaining to us about the decline in her husband’s health and how the children never visited. We didn’t think anything of it at the time, and she started to show us the property. It is very common in Italy for the seller to be present at the viewing. When she opened the French doors to the bedroom, we saw her husband on the bed, eyes closed, hands stiff as a board! My client, braver than me, checked his pulse—he was gone. I wonder to this day whether the seller knew he had passed away just before we arrived and hoped that my client would want to buy the property, so she went ahead with the viewing all the same. Nonetheless, it was a very surreal experience.”

Need more of la dolce vita? Check out more properties and stories from Taylor below.

The truth about $1 homes in Italy

Are these dreamy deals a scam? An Italian property consultant sets us straight.

The truth about those $1 homes in Italy

Terra Martin manages a bar in Tescott, KS, called the Lumberyard, but also moonlights—or moondays?—as a 

. Not much happens in this tiny 266-person town, but that changed recently when one of the bar’s regulars walked in complaining that he couldn’t sell his missile silo.

Built in 1960 to store (and, if all hell broke loose, launch) a nuclear-equipped Atlas intercontinental ballistic missile, the Rolling Hills Missile Silo was decommissioned after the Cold War. It fell into the ownership of Paul Novitske, who’d been trying to offload it for months with no luck. Once Martin heard of his struggles, she decided to help him out.

 Martin devised leaned heavily on humor, as well as the property’s potential versus its dark past: “Whether you’re planning: The ultimate prepper haven, a secure data center, a luxury underground home, the most insane Airbnb on the planet, a climate-controlled wine cellar, a mushroom farm, an underground art gallery, a high-security collectibles vault, a private bunker party venue, a film location like no other… The possibilities are as endless as the space below your feet. The sky isn’t the limit, because this fortress is underground.”

Here’s what happened when Martin put this unusual property on the market for $1.3 million.

How’d you end up selling this missile silo?

 “I have been in real estate for about five years and a bar manager for two in a small town close to the silo. The Lumberyard has regulars who come in every single day, just like any other bar. Well, one of our regulars—the seller, Paul Novitske—had listed the property himself without an agent. After a couple of months of trying to do it on his own, he approached me about what my thoughts were on listing it, what plans I would implement for marketing and selling the property, and we immediately got started.”

Did you face many challenges listing this property?

 “The only challenge I’ve faced is entering it into our MLS [multiple listings service]. There were so many different opinions on how it should be listed, but ultimately, I decided to list it as residential because that is what it is zoned as with our county. Other than that, it’s been smooth sailing and an amazing learning experience.”

What’s it like inside the silo? Have you toured it?

 “I was inside of it before he even had it listed, and it’s beyond what you could imagine. It’s easily the coolest thing I’ve seen. When you go in, you immediately feel the temperature change once you go down five to 10 steps. The temperature is constantly between 54° and 62°. At the bottom of the stairs, there’s a long hallway with sharp turns because they’re still technically in the ‘blast zone.’ They allow for the debris of an explosion to have somewhere to go without damaging anything. You’ll come to a set of two steel doors, weighing 3,000 tons each. This is called the ‘Entrapment Zone.’ This was so that if someone comes in, they go through the first door, close it behind them, pick up a phone, and say who they are. If they can verify with the camera that they are indeed who they said they are, they will unlock the second door. But if you were lying about who you said you are, they would trap you between the two doors. You’ll then get to the first area of usable space. This area also has an escape hatch: When you open the hatch, two tons of sand drops, you climb the mountain of sand, get to the ladder, and climb out.”

How’s the response been to this property?

 “Astronomical! The response has been a whole lot of questions and curiosity about the property itself. This is such a unique one that people have flocked to it. We got the property listed on Zillow Gone Wild, and I’m doing an interview at the missile silo this Tuesday with KCTV5. I’m very grateful for the opportunities and exposure that this specific property has given me and my brokerage.”

Who has contacted you to purchase this property?

 “Out of the people who have reached out in a serious way with intent to purchase, I’ve had people who do crypto, and some families that would want to turn it into a home. But I’d say investors are the ones who are most interested. Most of the families that have reached out are investors already. We have not received any offers yet, but we did have a group give us a letter of intent to purchase. But as of right now, the silo is still active and for sale.”

See more photos of this wild property and its intrepid real estate agent below.

Missile silo for sale for $1.3 million

How this Cold War relic ended up for sale for $1.3m—and what it could become next.

Man walks into a bar, ends up listing a missile silo

Curious what real estate investors across the US have been up to lately? A new report offers some eye-opening answers.

 found that investors represented 13% of buyers and 10.8% of sellers last year. All told, they purchased 610,000 homes in 2024 (up slightly from 608,000 in 2023) and sold 509,000.

Do the math, and you’ll see that investors acquired about 101,000 more homes than they put on the market. That’s the slimmest spread seen since 2020, and less than half the net gains made during their pandemic-fueled homebuying peak of 2022, when investors snapped up 260,000 more homes than they decided to dump.

“The market saw the smallest net investor buying activity in five years,” explains 

In other words: Even though everyone knows that hordes of homebuyers have been struggling with 

, and other challenges, investors are also slowing down to take a breath and assess whether expanding their portfolio is a good idea.

To offset higher housing costs, investors are heading where the bargains are: Nine of the top 10 markets for investor buyers boasted median purchase prices below $300,000; five were even under $200,000. That sounds downright heavenly compared to the nationwide median of $440,000.

“These price trends underscore the trend of stronger investor activity in more affordable markets,” explains Realtor.com economist Hannah Jones.

So, where are these deals? Investors represented the highest share of 2024 buyers in the following states:

“These states are generally affordable but have seen rental prices hold up better than national rents, creating an opportunity for investors,” Jones said. “In fact, Kansas City, which straddles the Kansas–Missouri border, saw the highest rental price growth in the country in April 2025, but it remains affordable relative to local incomes.”

Where are investors selling the most homes?

Although investors picked up a few more homes last year, they were far more eager to pawn them off: Investor sales hit a record high, representing 10.8% of all sales, up from 10.1% in 2023.

Investor sales were most prevalent in Oklahoma (16.7%), Missouri (16.7%), Georgia (15.9%), Nevada (14.3%), and Utah (14.3%). Interestingly, “The list of top states for investor sellers looks similar to the top locations for investor purchases, indicating that investor activity is heavily concentrated in certain markets,” observes Jones.

Last but not least, the report contained one more record-high worth celebrating: Smaller investors who own fewer than 10 properties made up 59.2% of purchases in 2024, while large investors fell to just 21.7% of purchases, the lowest share since 2007. Props to all the little guys for gaining ground against big players!

Where investors are buying homes: 10 affordable markets

New research reveals which markets investors are loving, and leaving behind.

Where investors are buying homes: 10 crazy affordable markets

Every summer bucket list includes a beach house. But if you hope to graduate from renting a sandy retreat for the week to outright owning a home by the sea, can you afford it? Realtor.com’s 

 rankings prove you absolutely can—if you know where to look.

The very best beach town for bikini-slim budgets is Pascagoula, MS, a Gulf Shore escape where the typical listing will run you a mere $165,610. Not bad, right? In fact, 11 of the 12 picks on the list boast asking prices below the national median of $431,250.

 is just the start. Rising insurance and maintenance costs have forced many investors to question whether beach homes are too big a gamble.

“Beach homes used to be a cakewalk, but now it’s a whole different ball game,” says 

, a retired Green Beret and real estate broker in San Antonio. “My property on the Gulf went from $3,200 a year for insurance to over $11K, and that’s if you can even get coverage without bizarre exclusions. Throw in new flood zone redeterminations and wild HOA fee hikes, and your profits are wiped out in an instant.”

“Honestly, coastal property makes me more nervous than my first million-dollar listing, despite loving beachfront real estate,” agrees Los Angeles real estate agent 

. “I’ve seen changes that would shock most investors. Insurance costs broke another record at my Marina del Rey listing yesterday. The owner just got hit with a $68K annual premium, up from $15K last year, while his neighbor two blocks inland pays $7K.”

In addition to hurricanes, slow-and-steady beach erosion has caused some homes to simply 

“My Malibu client just spent his entire summer rental income on mandatory seawall repairs,” says Kang. “Another had to install $100K worth of water barriers just to keep his insurance.”

Although owning a beach home isn’t the easy, dreamy investment that perhaps it used to be, some investors still think it’s worth it—with some changes to their strategy.

“I haven’t sold yet. I just had to adapt,” says Rodgers. “I cut the rental period down to high-season months, raised rates by 22%, ended low-season bookings, and promoted high-end upgrades to make it work. You have to run it like a hospitality business now, not a passive rental. The ROI is still there, but only if you are actively managing risk, costs, and guest experience. Otherwise, you’re just financing someone else’s vacation.”

“Beach properties are now riskier,” agrees Idaho-based real estate investor 

, who has reinvented his approach to stay solvent. “We improved our rental by presenting the property as a luxury destination, adding concierge services with dining, boat tours, and fitness sessions,” he says. “With this rental arrangement, we earned 18% more on rental income last year compared to the previous year. However, our profits have decreased a little since we now pay more each month for maintenance and insurance.”

If you’re shopping for a beach house and hoping for a deal, it may pay to search a bit inland for cheaper properties and insurance rates. Elevation is also your friend. “My elevated properties keep attracting loads of cash because people finally understand storm surge math,” says King.

Certain oceanfront areas are also experiencing a steep drop in prices—like Florida.

“It’s a great time to buy if you’re looking for opportunities as an investor in areas like Florida, which saw a huge run-up of people heading there during the pandemic, but their jobs have required them to return to the office,” says Florida real estate agent 

. “If you’re in the market for a vacation property that you can rent out and possibly use as a second home, there are an abundance of choices.”

 Beach home bargains can still be found as long as you check the fine print, so don’t be afraid to slap on some sunscreen and shop around.

Best affordable beach towns in the US

Ocean waves outside your door don’t need to cost a fortune.

America’s 12 best budget-friendly beach towns

 is the proud owner of a one-acre island off the Gulf Coast of Florida, which he bought five years ago with two friends (entrepreneur Adam Miller and public relations specialist 

) by pitching in around $20,000. They started out using the island for family camping and fishing trips, but as word of their island grew and led to 

, it became clear that this purchase might pay off in other ways. Today, the island is worth $200,000 to $400,000, with discussions underway with a university to turn it into a research base. Here’s how Cossette and his buddies ended up with this dreamy yet challenging out-of-the-box investment.

How did you end up buying a private island? 

“It started as a random conversation with a buddy who crashed at my Airbnb during Covid. I mentioned the idea of renting raw land to campers for proof of concept, then borrowing against that income to develop. The next morning, he said, ‘Let’s buy an island.’ He had one picked out. That weekend, he went out to the island, and within a week, we were under contract. It was just weird enough, he asked me to come in as a partner, since banks wouldn’t finance any of it, and I knew I’d regret not doing it more than doing it. So I agreed.”

 “It’s off the Gulf Coast of Florida near Crystal River. About 1.2 acres total, with one acre above water, and technically two islands connected by mangroves. It’s wild, overgrown, and has zero infrastructure, which is part of the charm and the challenge. I love the raw nature and uniqueness … I don’t love the red tape and hurricane risk.”

“The original idea was to rent it to off-grid campers on Hipcamp.com, show some income, then finance development. We still plan to do something along those lines—maybe glamping, events, probably nothing for a while since we have small kids and our own businesses. Every plan hit a permitting wall, so we’re leaning into creative, light-footprint ideas and patience.”

What are the main challenges of owning an island? 

“Everything’s harder than you might think. You’re dealing with environmental agencies, wetlands, protected species, no utilities, barge access, tide levels, wind patterns, and then throw in hurricanes. Building anything permanent is a logistical and regulatory maze. We’ve talked about underground containers or collapsible structures to survive storms. It’s basically the opposite of buying a city lot and pulling a permit.”

Can you ballpark how many private islands exist in the US, and how many are currently available to purchase? 

“There are hundreds of private islands in the US; at any given time, there are 100–200 privately owned islands listed for sale across the country. I know there are clusters off Florida’s Gulf Coast where ours is and others off the Eastern seaboard, the Great Lakes, and even the ‘third coast’ of Texas. Many are in rivers or lakes, not just oceans.”

What was your background in real estate investing before buying this island? 

“I’ve been in real estate for 20+ years as a broker/owner of a RE/MAX office in Austin [TX]. I’ve done residential flips, STRs, LTRs, built an Airbnb duplex, own a 12-unit apartment complex that I self-manage, and I’ve even used seller financing and subject-to creative financing to scale. I’ve always been about pairing cash flow with creativity, but the island’s probably the most eccentric play and one of the more outside-the-box things I’ve done.”

Got any advice for investors or regular folks who might want to try buying a private island? 

“Unless you love weird problems or want to use the land for your own enjoyment purposes, I wouldn’t do it if you want to try and develop anything. If it’s already been developed or there’s infrastructure on there, it’s going to be a lot more expensive. At least you can avoid all the red tape and agency interference. But definitely have a strategy, even a loose one, don’t overpay for fantasy, and talk to locals before you close. What surprised me most was how little most people actually do with their islands. You’ve got to get scrappy and creative if you want to monetize it.” 

Craving more sandy eye candy? See more photos of Mike’s dreamy island paradise below.