Friday, August 29, 2008
Happy Friday Chelsky property owners! Just in case you missed it, and were contemplating using your maison de ville as collateral for a 25-Flightpack from Netjets, Bloomberg reported prestige UK estate agents Knight Frank admission/calculation that high-end Central London props registered their first year-on-year price falls since 2003 in the YTD ending July, following the fourth straight month of consecutive MoM declines. Credit Crunch, City Bonuses blah blah blah you know the drill. Yet, London continues to be the magnet for the uber-rich with mega-props (i.e. those > GBP10million)continuing to register gains. FOr those tempted, I will again remind them that I reckon most buyers non-Sterling buyers will eventually be able to purchase their dream pied-a-terre in London's capital at 35% discount from peak values and a further 30% discount from a diminishing sterling rate of exchange. Vertigo, indeed!