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77 sq. feet for $335,000? Welcome to London
Topic Started: Jan 22 2007, 09:33 PM (475 Views)
JanaW
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77 sq. feet for $335,000? Welcome to London
Symptom of market where values rose more than 22 percent in a year

Updated: 18 minutes ago
LONDON - Location, location, location. Almost anywhere else, the tiny dilapidated studio wouldn’t attract much more than mice. But this is London and the 77-square-foot former storage room — slightly bigger than a prison cell and without electricity — is going for $335,000.

The closet-sized space in the exclusive Knightsbridge neighborhood may be only “about the size of a ship’s galley, said real estate agent Andrew Scott, who’s handling the sale. “But it’s permanently anchored to one of the wealthiest neighborhoods in the world.”

At more than $4,340 a square foot, the mortgage buys a spot within walking distance of tony stores like Harrods and London’s iconic Hyde Park. Originally conceived as a maid’s room, the apartment at 18 Cadogan Place hasn’t been used for years and is littered with trash bags and crumbling paint.

A coffin-sized shower is en suite, and storage is provided by a shallow closet and 10-inch-deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow light to filter into the basement room, and the fire escape could conceivably double as a shared patio.

With no electricity or heating, Scott said it would cost an additional $59,000 to make the room habitable.

“It is an investment,” he said, as he stretched his arms the width of the room, laying his palms flat on opposite sides of the wall.

The sale of this dark, mildewy room illustrates the astronomical rise in property values across London, which in the past year has seen average residential property prices increase 22.4 percent, to about $703,000, according to figures released Monday by Rightmove, which tracks the British property market.

Prices in London’s most desirable neighborhoods have grown even faster, with average house prices in the borough of Kensington and Chelsea — where Cadogan Place is located — rising 61.8 percent over the past year to a jaw-dropping $2.2 million.

Ultra high-end property prices in London are the most expensive in the world, with some recent sales hitting $6,000 per square foot — making the Cadogan Place studio a bargain by comparison, according to research published last year by CB Richard Ellis Group Inc.

Similar properties in New York can go for about $5,000 per square foot, while those in Hong Kong sell at around $4,000 per square foot.

Scott said he already had three offers on the property, which might go to auction. Size, he added, is in the “eye of the beholder.”

“If you thought of this as the cabin on a boat, you’d say, ’It’s pretty spacious,’ “ Scott said.

© 2007 The Associated Press. All rights reserved
If slaughterhouses had glass walls the whole world would be vegetarian.
Linda McCartney
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theonlyfab4fan
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I AM THE BIGGEST JOHN FAN!
I`ll take a pass on it. :D
You say you want to save humanity but it`s people that you just can`t stand
John came to me in a dream and this is what he said. "I had a vision of a man on a flaming pie, and he told me that Betsy with a B not Lisa with a L is the biggest fan of mine". John trumps 'the boss' !

I WAS ROBBED BY THAT DEVIL WOMAN

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maccascruff
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theonlyfab4fan
Jan 22 2007, 02:36 PM
I`ll take a pass on it. :D

Me, too. I've been on that street. It is a nice neighborhood.
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JanaW
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It better be! :wacko: :wacko: :wacko:
If slaughterhouses had glass walls the whole world would be vegetarian.
Linda McCartney
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JeffLynnesBeard
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Property prices in London are astronomical. We rent - there is absolutely no way on earth we could afford to buy anything in London or Greater London (the larger area which circles London) and have no hope of getting on the property ladder here. It's a very sad situation that, unless your parents are wealthy and can afford to give you a massive handout or you inherit wealth/property then buying your own home is getting beyond the reach of most 'ordinary' people, unless they're allowed to live at home with their parents until they're in their mid-twenties & save up enough for a deposit.

Needless to say, I don't see myself living in London for the rest of my life.
...and in the end, the love you take is equal to the love you make.
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JanaW
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I understand totally...I would rather live in the back of my car than move in with my mother! Besides, she would allow me to live in the back of my car before she even suggested it


BTW...I know where you can get a 77 square foot 'bargain' closet with a coffin sized shower!
If slaughterhouses had glass walls the whole world would be vegetarian.
Linda McCartney
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JeffLynnesBeard
Jan 23 2007, 06:29 AM
Property prices in London are astronomical. We rent - there is absolutely no way on earth we could afford to buy anything in London or Greater London (the larger area which circles London) and have no hope of getting on the property ladder here. It's a very sad situation that, unless your parents are wealthy and can afford to give you a massive handout or you inherit wealth/property then buying your own home is getting beyond the reach of most 'ordinary' people, unless they're allowed to live at home with their parents until they're in their mid-twenties & save up enough for a deposit.

Needless to say, I don't see myself living in London for the rest of my life.

I hate to hear that for you Andy, as property ownership is a great way to build wealth in equity. What's the most affordable area near London for "commoners"?
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JeffLynnesBeard
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It depends on how you define 'affordable'! ^_^ According to lenders, you should only get a mortgage five times your salary (and I think that's a little excessive, to be honest), so there would be nothing really suitable for us in London or the South East of England and we're talking at least 45-50 miles North of London before you even are able to start talking about decent property which I could afford to buy... and paying rent isn't conducive to saving up enough money for a deposit anyway. It's a vicious circle. :hmm:

Real estate in England, unless you really go to the North, is a ridiculous price compared with incomes.
...and in the end, the love you take is equal to the love you make.
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JanaW
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The bottom will drop out evenutally like it did in Japan. My husbands uncle owns a lot of property in Japan (he's Japanese...and lives there), and he says it is worth far less than it was 15 or 20 years ago. Things can only go so high, before they price themselves out of a market and self-destruct.
If slaughterhouses had glass walls the whole world would be vegetarian.
Linda McCartney
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JeffLynnesBeard
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JanaW
Jan 23 2007, 05:13 PM
The bottom will drop out evenutally like it did in Japan. My husbands uncle owns a lot of property in Japan (he's Japanese...and lives there), and he says it is worth far less than it was 15 or 20 years ago. Things can only go so high, before they price themselves out of a market and self-destruct.

People have been predicting a crash for years, but it never seems to happen & hasn't in the UK since the late '80s. Naturally, for people who can't get on the property ladder, a crash is wonderful, but for people who have recently bought property it means negative equity & repossessions, something I wouldn't wish on anyone seeing as it happened to my parents during the last crash - they virtually lost everything.
...and in the end, the love you take is equal to the love you make.
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JeffLynnesBeard
Jan 23 2007, 12:21 PM
JanaW
Jan 23 2007, 05:13 PM
The bottom will drop out evenutally like it did in Japan.  My husbands uncle owns a lot of property in Japan (he's Japanese...and lives there), and he says it is worth far less than it was 15 or 20 years ago.  Things can only go so high, before they price themselves out of a market and self-destruct.

People have been predicting a crash for years, but it never seems to happen & hasn't in the UK since the late '80s. Naturally, for people who can't get on the property ladder, a crash is wonderful, but for people who have recently bought property it means negative equity & repossessions, something I wouldn't wish on anyone seeing as it happened to my parents during the last crash - they virtually lost everything.

Andy, it's really worse than I thought. 50 miles?? I really feel for you and Fiona. And I really hate to hear that about your folks. :hmm:

But the bubble will eventually burst. It has started to happen here in the US and is spreading to smaller home markets. It's slowly but surely becoming a buyer's market here.

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JanaW
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Unfortunately, it will happen. I would never wish it on anyone either, but it is inevitable.

In high school I dated a guy who eventually ended up moving to London and lived there for probably 20 years. He owned his own company, did something in the oil business and became a multi-millionaire. He owned a flat within walking distance of Buckingham Palace, and I know he said that the cost of property was outrageous. I think he sold it 10 years ago and moved back home to care for his aging Mom. Damn, I should have married him....lol. He sold his company and plays golf everyday now.
If slaughterhouses had glass walls the whole world would be vegetarian.
Linda McCartney
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JeffLynnesBeard
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beep
Jan 23 2007, 05:40 PM
JeffLynnesBeard
Jan 23 2007, 12:21 PM
JanaW
Jan 23 2007, 05:13 PM
The bottom will drop out evenutally like it did in Japan.  My husbands uncle owns a lot of property in Japan (he's Japanese...and lives there), and he says it is worth far less than it was 15 or 20 years ago.  Things can only go so high, before they price themselves out of a market and self-destruct.

People have been predicting a crash for years, but it never seems to happen & hasn't in the UK since the late '80s. Naturally, for people who can't get on the property ladder, a crash is wonderful, but for people who have recently bought property it means negative equity & repossessions, something I wouldn't wish on anyone seeing as it happened to my parents during the last crash - they virtually lost everything.

Andy, it's really worse than I thought. 50 miles?? I really feel for you and Fiona. And I really hate to hear that about your folks. :hmm:

But the bubble will eventually burst. It has started to happen here in the US and is spreading to smaller home markets. It's slowly but surely becoming a buyer's market here.

Thanks Chad. You never know what life is going to throw at you, but that's the way things are at the moment. It would take an incredible crash to make property affordable to 'ordinary' folks in the South East! ^_^
...and in the end, the love you take is equal to the love you make.
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JanaW
Jan 23 2007, 05:40 PM
Unfortunately, it will happen. I would never wish it on anyone either, but it is inevitable.

In high school I dated a guy who eventually ended up moving to London and lived there for probably 20 years. He owned his own company, did something in the oil business and became a multi-millionaire. He owned a flat within walking distance of Buckingham Palace, and I know he said that the cost of property was outrageous. I think he sold it 10 years ago and moved back home to care for his aging Mom. Damn, I should have married him....lol. He sold his company and plays golf everyday now.

For some reason this is reminding me of a friend of mine and her story about this furniture mover that wanted to date her, she said "yes" and then when he came to the door she had her roommate give some lame excuse so she wouldn't have to go on the date. Then she avoided him as much as possible ... indicated to me that she felt he was just a skinny rail of a guy.

Turned out to be Alan Jackson (only relevant if you're familiar with Country music).


... I've got ramblitis again folks, sorry. :blush:
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JanaW
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Icarus, that is the kind of luck I have!...lol. This guy has never married. He did have an East Indian girl he lived with in London for a few years. Damn...while I was divorced I should have looked him up.... :D JUst think, I could have lived in LONDON! He could have been off working and could have been chasing Beatles all over! :whistle:
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Linda McCartney
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Queenbee
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Icarus
Jan 23 2007, 02:04 PM
JanaW
Jan 23 2007, 05:40 PM
Unfortunately, it will happen.  I would never wish it on anyone either, but it is inevitable.

In high school I dated a guy who eventually ended up moving to London and lived there for probably 20 years.  He owned his own company, did something in the oil business and became a multi-millionaire.  He owned a flat within walking distance of Buckingham Palace, and I know he said that the cost of property was outrageous.  I think he sold it 10 years ago and moved back home to care for his aging Mom.  Damn, I should have married him....lol.  He sold his company and plays golf everyday now.

For some reason this is reminding me of a friend of mine and her story about this furniture mover that wanted to date her, she said "yes" and then when he came to the door she had her roommate give some lame excuse so she wouldn't have to go on the date. Then she avoided him as much as possible ... indicated to me that she felt he was just a skinny rail of a guy.

Turned out to be Alan Jackson (only relevant if you're familiar with Country music).


... I've got ramblitis again folks, sorry. :blush:

:hyper: :hyper: :hyper: :hyper: :hyper: :hyper: :drool: :drool: :cry: :cry:

ALAN JACKSON!!<span style='font-size:14pt;line-height:100%'>That man can eat crackers in my bed any time ~ ~ or anything else he may find interesting. MEMEMEMEMEMEMEME</span>

PEACE and love to my friends, Judy

When the Power of Love over comes the Love of Power, the world will know Peace.
-Sri Chinmnoy Ghose

Till me meet again ~ I Love you Mike! You were one of a kind.
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JanaW
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ROFLMAO!!!....Judy it looks like Maxine is saying that....it looks perfect!
If slaughterhouses had glass walls the whole world would be vegetarian.
Linda McCartney
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Rose
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Well, here's another clue for you all, the Walrus was Paul...
Icarus
Jan 23 2007, 02:04 PM
For some reason this is reminding me of a friend of mine and her story about this furniture mover that wanted to date her, she said "yes" and then when he came to the door she had her roommate give some lame excuse so she wouldn't have to go on the date.  Then she avoided him as much as possible ... indicated to me that she felt he was just a skinny rail of a guy.

Turned out to be Alan Jackson (only relevant if you're familiar with Country music).



Great story! :sweet:

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"I'm in awe of McCartney. He's about the only one that I am in awe of. He can do it all. And he's never let up... He's just so damn effortless." ~ Bob Dylan
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maccascruff
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beep
Jan 23 2007, 10:40 AM



But the bubble will eventually burst. It has started to happen here in the US and is spreading to smaller home markets. It's slowly but surely becoming a buyer's market here.

The bubble has burst here in Colorado. This state leads the US in foreclosures. I hear you about trying to save and paying rent. I will probably never own again, as I don't have wealthy parents. I also don't want to take on a 30 year mortgage at age 55, so I might as well rent and let somebody else worry about the repairs. The condo market has really been hit hard. I wish I had the money to pick up a foreclosure house, but I can't even do that.
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JeffLynnesBeard
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http://money.independent.co.uk/property/ho...icle2193741.ece
...and in the end, the love you take is equal to the love you make.
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MarthamyDear
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I saw a segment on tv regarding "that" property........and believe me, delapitated was a kind word for it! :blink: It was a sh*t-hole........if noone bothered to pay that exorbitant price, then the owners would be forced to drop it to a more reasonable amount! I also live in an area of the U.S. (Northeast, Boston), and prices have been inflated for awhile, the market has softened quite a bit. It's a good time to jump into the market for sure........the flip-side, are people like my parents who should have "cashed out" when it was at a high, to maximize their investment, they need to downsize and would have done well with a ton of equity! I feel sorry for anyone living in a pricey market wanting to buy real estate :(
And it really doesn't matter if I'm wrong, I'm right.......Where I belong I'm right..........Where I belong.
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