Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Battersea Power Station Home Prices ‘Defying All Logic’

Recommended Posts

http://www.theguardian.com/business/2014/nov/28/battersea-power-station-home-prices-defying--logic

New house price data released on Friday seemed to suggest that sanity was returning to the market – but there was little sign of that at one London development, where a studio flat in Battersea power station that sold for close to £1m in the spring is about to go back on the market with a price tag of up to £1.5m. And it has not even been built yet.

The flat is one of 254 luxury apartments that were launched off-plan in May at a lavish marquee party where prospective buyers were serenaded by Elton John. Prices for studios started from £800,000, while one-bed flats cost £1m or more and four-bed homes carried price tags of £4m or more. Construction has not yet started and they are due to be completed in late 2018.

Henry Wiltshire, an upmarket estate agent that is setting up an office in nearby Vauxhall, is close to being appointed to handle the resale of the studio apartment on the fifth floor of the power station. Kyle Spence, the firm’s sales director, said the vendor was “someone we met at Cityscape [a property conference] in Dubai,” who hopes to resell the apartment for between £1.4m and £1.5m.

Impressive flipping especially as the flat doesn't even exist! A nice easy profit for nothing.

“Until then I had no idea you could get rich without working.” Marx

Share this post


Link to post
Share on other sites

That reminds me of the market in tulip variety futures that sprung up during the tulip mania bubble - the rights to hybridised tulip bulbs that hadn't been bred yet exchanged hands for very large sums of money

Edited by Si1

Share this post


Link to post
Share on other sites

http://www.theguardian.com/business/2014/nov/28/battersea-power-station-home-prices-defying--logic

Impressive flipping especially as the flat doesn't even exist! A nice easy profit for nothing.

“Until then I had no idea you could get rich without working.” Marx

Except that there is no profit. The owner is going to list the property with an asking price of £1.5 million. Good luck with that. In the real world, they've already lost $100,000 due to the fall of the pound versus the dollar.

With the fall of the oil price reversing the flow of money from the Middle East and Russia to London, the party is over for high-end London prices.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   202 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.