Anyone taking the CLHMS designation class from the Institute for Luxury Home Marketing has heard about the apartment in London for $335,000. Sound inexpensive? Not when you learn that it's only 77 square feet - the size of a closet. This is $4,350 per square foot.
This price is dwarfed by the new luxury flats at One Hyde Park in London. Two years from completion, it's been announced that Sheikh Hamad, foreign minister for Qatar, is paying $200,000,000 for his luxury penthouse. This is about $8,500 per square foot.
Just in 2007 luxury residential prices in central London have increased 20%. Savills is quoted as saying that annual price inflation for trophy properties valued above $10,000,000 is 50% annually. London may be the most expensive residential real estate in the world.
Relocation to London, anyone?
Peggy - here's a photo. Here's another one. Don't fall in love - they estimate it will take another $60,000 to make it habitable.
Chuck - absolutely - it would have the fame factor increasing the price.
Lola - I feel sorry for the people needing to buy in London when prices have gone up so much, particularly with all the non-English buying there.
Tony - I'm not sure who was smarter - your father or your grandfather! G.ood for them, and you