MARKET REPORT -
MAYFAIR STILL STRONG
Sales continue during the "summer recess"! The 3 bedroom penthouse at One Carlos Place has been sold for full asking price (£1.85m) and a two bedroom, 3rd floor walk-up in South Audley Street is under offer on an asking price of £525,000 for a 37 year lease.
SPEED OF SALES - SPEEDY SALE
POSSIBLE BUT 4 MONTH AVERAGE!
Our database indicates that 20 properties have sold since the beginning of July from a short lease 2 bedroom flat off Berkeley Square @ £295,000 to a split level penthouse overlooking Green Park @ £8.5 million. It is interesting to note that one house sale in Hill Street @ £2.5 million had been on the market since October 1997 but a duplex penthouse overlooking Berkeley Square achieved a record price after being on the market for only 2 months! Thirteen of the properties sold were placed on the market during 2001.
PARK LANE PLACE - RECORD SPEED
Visit the website at www.parklaneplace.co.uk
OF SALES AT RECORD PRICES
Over the last 6 weeks we have exchanged contracts on 80% of the flats in this luxury development on Park Lane amounting to nearly £20m at average values over £1,000 per square foot (p.s.f.) and headline rate at £1,250 p.s.f. Currently 3 flats are under offer with 2 remaining.
BEWARE AGENTS BEARING GIFTS! -
THE £ VALUE OF PROPERTY
As is widely reported there is a lack of instructions, at the end of the last boom in 1989 we had approximately 150 - 180 properties available in Mayfair at any one time. Today we have between 80 -100 proerties and we have noticed some estate agents are very keen to attract instructions through preying on the vendors' avarice.
We have recently inspected a number of properties where clients are considering the sale of their properties and have seen a number of estate agents. In each case, Wetherell advise on recent comparable
properties sold in the Mayfair market, comparisons given of current competition in the market and most importantly the strength of demand for the type of unit in question.
We always support our opinion of value through comparables and market knowledge. Often the highest valuation from an agent is not necessarily the best valuation! Always ask your agent to substantiate their valuation as Wetherell feel that in this market properties need to be correctly priced at the outset of marketing.
CURRENT MARKET -
Wetherell currently have an excellent selection of modern houses all finished in contemporary style. Behind Grosvenor Square in Binney Street is a reconstruction of part of the old Revlon building to create an ultra modern 3 bedroom house with air-conditioning, piped music and security system. A perfect entertaining space with two receptions, a roof terrace and a gym; the price is £2.9M for the 123 year lease.
Two further houses have been built in Culross Street, south facing with private garage, garden, lift and air conditioning the 99 year leases are at £2.95M each. In Chesterfield Hill a freehold corner house, more Notting Hill than Mayfair, gives clean white space for a family house at £2.15M.
On the apartment front, again in modern style, a penthouse for entertaining in Upper Brook Street, with two receptions rooms and a roof terrace is on offer at £2.85M for the 99 year lease. In more traditional style there is a lateral apartment of over 2,000 square feet overlooking Mount Street Gardens.
MARKET VIEW - GOOD
When the dealers are paying full current market prices for property to refurbish and resell at new, as yet, unachieved values then any property currently available in Mayfair is a good investment.
Buy now whilst stocks last!