ridiculous house prices

Discussion in 'General Chat' started by zupermaus, May 27, 2008.

  1. zupermaus

    zupermaus Senior member

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    Worlds most expensive property prices finally cooling: $400,000 is cheaper than cheap in London (about $150,000 below average small property price). Even though the prices have cooled it would buy you a one bed flat in a project, in the outskirts. [​IMG] What rowhousing buys you in the endless suburbs (definitely not upmarket areas either), near 10 miles from the centre. Bear in mind last year these places would have been worth $60,000 more, after a decade of climbing price hikes. These are now seen as bargains: 3 bed rowhouse $850,000 [​IMG] 4 bed rowhouse $900,000 [​IMG] 5 bed semi-detached $1.7 million [​IMG] However in central London, the prices go up staggeringly. Its the most expensive land in the world: 7ft 6 inch by 3ft 4 inch studio (with toilet under the shower under the bed), $210,000 -formerly a wardrobe and rented out at $290 a week. [​IMG] 6ft by 12ft sized room unfurnished, $345,000 [​IMG] single room studio in this rowhouse, $610,000 [​IMG] 2 bedrooms, ex stables block in row (stoop to get in the door): $6 million [​IMG] ex-office, needs total refurbishment and conversion (and windows?), end of row $6 million [​IMG] 5 bed rowhouse, $12 million [​IMG] 6 bed, end of row: $13.22 million [​IMG] large end of row, unspecified bedrooms, $50 million [​IMG] 12 bed but possibility for up to 40, single rowhouse (every 5 windows along is a new house): $120 million [​IMG] ^These very rarely come on the market, one offer of $400 million was refused though it would have made it the most expensive property on the planet. 12 bed detached mansion (no rowhouse mate), $128 million [​IMG] penthouse overlooking Hyde Park, $210 million (normal flat here $50-170 million) [​IMG] [​IMG] ^It is thought that each flat is fitted with bullet-resistant walls and windows. There is underground parking for 115 vehicles and private lifts direct to each residence The site will also have an underground passage to the near-by Mandarin Oriental hotel, where 36 staff will be on hand to cater to residents’ needs. Unbuilt conversion of an art deco office into 6 apartments, in St James' district, $240 million each, the most expensive property sold in the world: Here: http://property.timesonline.co.uk/to...icle3559490.ec Large upmarket districts include Chelsea , Kightsbridge, Holland Park, Clerkenwell, Kensington, St James', St John's Wood, Marylebone, Fitzrovia, Piccadilly, Mayfair, Bloomsbury, Notting Hill, Hampstead, Highgate, Richmond, Twickenham, Kew and Belgravia: Chelsea and Knightsbridge: [​IMG]
     


  2. zupermaus

    zupermaus Senior member

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    Its not what the prices are, but what you get for them, bearing in mind British homes are far smaller than North American counterparts:

    May 2008 (double the prices for $)

    Greater London
    Average Cost: £358,500
    Detached: £754,485
    Semi-detached: £408,264
    Terraced: £377,503
    Flat: £307,063
    \t

    Change in last quarter: 0.6%
    Change in last year: 5.5%
    Sales: 22576
     


  3. Xericx

    Xericx Senior member

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    i actually dig that little capsule. it'd be cool just to have a place to take a nap, shit, shower and shave.
     


  4. lifersfc

    lifersfc Senior member

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    UK home prices are next. HBOS already has them going down for the past 6 or so months. On a debt-to-income basis, UK consumers are much worse off than US consumers ever were. The bubble burst will be even more catastrophic.
     


  5. Manton

    Manton RINO Dubiously Honored

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    Reminds me of Tokyo circa 1989.
     


  6. Epaulet

    Epaulet Affiliate Vendor Affiliate Vendor

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    Those little row houses look pretty nice, actually.

    I think a lot of people would jump on them in Brooklyn (the nice parts) at that price.
     


  7. dkzzzz

    dkzzzz Senior member

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    NYC is cheap!!!!
    These prices in London are understandable, where else can you have a life in England...
     


  8. Piobaire

    Piobaire Not left of center?

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    Hard to believe anyone would pay that kind of cash to live in such tiny places. What sort of qualifying do you need for a mortgage in the London area?
     


  9. johnapril

    johnapril Senior member

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    A wealthy fellow in Bombay is currently building a 22-storey "home" for over $2 billion.
     


  10. imageWIS

    imageWIS Senior member

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    A wealthy fellow in Bombay is currently building a 22-storey "home" for over $2 billion.

    Why John, why the understatement?

    Jon.
     


  11. contactme_11

    contactme_11 Senior member

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    How do people in europe afford to live?
     


  12. SkinnyGoomba

    SkinnyGoomba Senior member

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    Those little row houses look pretty nice, actually.

    I think a lot of people would jump on them in Brooklyn (the nice parts) at that price.


    thats what i was thinking, i know my gramps house in bay ridge is about 850k, not sure what the current market value is, but he isnt selling anytime soon.
     


  13. SirSuturesALot

    SirSuturesALot Senior member

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    What kind of salary is needed to afford a $12 million home? It sounds like even those who would be considered fairly well off would take forever to pay off one of these houses. Is quality housing simply out of reach for all but the Fortune 100 CEOs?
     


  14. SkinnyGoomba

    SkinnyGoomba Senior member

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    i would think that a 12 million dollar house is reserved for the elite in wealth.
     


  15. zupermaus

    zupermaus Senior member

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    ^we all dont live in London, thankfully. The vast majority of Londoners commute to the centre, with population densities in some areas as low as 4000 residentially per sq. mile rising to 400,000 by day.

    You should see other prices, random things:

    bunch of grapes, $12
    entry to a nightclub on Saturday (and 500,000 happily pay), $40 ($20-30 any other night)
    cocktail, $24
    bottle of beer in a bar $6
    single entrance ticket to 15 (out of 650) Buckingham Palace rooms: $32
    cheap single hotel bed in centre $110

    According to the National stats office the average salary in London is $86,000 a year ($210,000 in the richer areas). If however you read between the lines as there are literally millions of millionaires, the real wage for the average Londoner is about $50,000.
     


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