ridiculous house prices

[SkinnyGoomba]

Originally Posted by montecristo#4

Because if he used the word "rich", it would mean the guy is making over $100,000 per year.

really?

I dont think thats truely considered rich in NJ where i am from, comfortable maybe, but not rich.

Its my understanding that a person isnt SEC certified unless you are making $200k + each year.

 

[zupermaus]

These two babies have just come onto the market, not spectacular but their audacity is: Kensington, detached: $160 million, 10 bed, indoor pool:

Belgravia, single rowhouse $180 million, 12 bed, indoor pool (every 3 windows along is a new house)

 

[Laffertron]

The rich people who buy these places are absolute suckers. The trick is to just shop around and buy the cheapest house you can find.

 

[George]

Originally Posted by Laffertron

The rich people who buy these places are absolute suckers. The trick is to just shop around and buy the cheapest house you can find.

Lafferton, In the UK over the last say 10 years or so people have been buying houses not too live in but as investments and believe you me they've made some serious cash doing so. There isn't really a shortage of houses in the UK par se, there is perhaps a shortage of "desirable" houses. Desirable in the sense that they are near good schools, have good local amenities etc. This is what causes the severe inflationary pressure on houses in good areas, basically too many people chasing too few houses so the house price rockets (that's capitalism for you). Too be honest the UK is in serious trouble, I would say more so than the States. People are beginning to struggle servicing their debts, Diesel fuel for example is about £1.30 a litre which is about £5.90 a UK gallon which at current exchange rates and adjusting for the US gallon about $9.60 a gallon.

 

[Manton]

$180 million for one (admittedly very nice) attached row house? I don't think there is a single residential property in Manhattan that ever sold for even half that much.

That's not even close to a truly spectacular house by London standards. A comp in New York would be a 25' brownstone (not a beux arts mansion) somewhere between Madison and Lex in the 80s or 90s. I don't think you could even get $20 mil for one of those. $180?

I did a quick reality check and found a really grand beaux arts mansion on 68th for $40 mil. That's a much nicer house than the Belgravia terrace house above.

When did London become 15x more expensive than New York?

 

[captoe]

henry t. sloane mansion aka thomas crown's townhouse. well the front at least. nobody was stupid enough to buy.

http://ny.curbed.com/tags/sloane-mansion

 

[Another New Yorker]

Originally Posted by Manton

$180 million for one (admittedly very nice) attached row house? I don't think there is a single residential property in Manhattan that ever sold for even half that much.

That's not even close to a truly spectacular house by London standards. A comp in New York would be a 25' brownstone (not a beux arts mansion) somewhere between Madison and Lex in the 80s or 90s. I don't think you could even get $20 mil for one of those. $180?

I did a quick reality check and found a really grand beaux arts mansion on 68th for $40 mil. That's a much nicer house than the Belgravia terrace house above.

When did London become 15x more expensive than New York?

Indeed. My richest friend owns two massive townhouses on 17th and 8th ave (next door, six stories, 8 bedrooms each, massive living room, massive kitchen, a nice roof, a private garage like in the suburbs [!!!]) and they only go for about 40-50 mill each last he asked his parents. A penthouse on Broom st. and the river with 6 bedrooms went four about 30 mill according to another friend who lives in one. On Chambers and west broadway a penthouse is only in the 20's. And though the people I knew who lived in the UES have all moved out, i recall a 4 bedroomer in the 60's went for something in the low 20's high 10's.

These neighborhoods are all where Wall St's kings live and I fail to see why America's socialites and the Sachs "fat cats'" residences are so much cheaper than their English counterparts'.

 

[unjung]

This is an old thread. How much have prices dropped? On RightMove I'm seeing apartments in the City for what seem pretty reasonable, about four times what a similar place would be in my city, and my city is relatively forgettable.

 

[milesdavisjr]

I think house prices in the UK have gone down
unless its its central London where all good houses were owned by Arabs...then came the Russians who bought them out and then came Chinese...now interestingly Russians and Chinese are buying up all stately country houses...and on a flip side Arab spring kinda heped to tip the balance...few wealthy Arabs would rather stash their money in UK than US