August 2015 – When to Buy?
Buy your convertible car in November preferably when it is raining but not your umbrella which should be bought in August when the sun is shining.
So when buying your Mayfair property when better than at the height of summer when the availability of stock is at its highest and the competition of buyers its lowest?
You need the choice because you cannot afford to make a mistake. With Mayfair transactional volumes for H1 down 33% on 2014 and half of 2013 due to increased stamp duty you need to know that you are buying best in class.
In this report I highlight 6 properties which I believe to be “best in class”.
Mayfair houses represent far better value on a £psf basis than lateral apartments and come without the service charges.
HOT PROPERTY: A Grade II listed 5 bedroom house (c1898) in an extremely quiet location in the heart of Mayfair Village. With just over 3,500 sq.ft. the house is freehold with a west facing roof terrace plus separate patio. The house features a 35 foot Family Room and 2 other reception rooms and is priced at £7.25M (£2,047 psf).
Wetherell currently have on and “off the market” 20 Mayfair houses; ten up to £10M and the other half over.
Architecturally “Piano Nobile” is the first floor of a large Palladian or Georgian house, containing the principal rooms and considered to be the best floor.
In Mayfair with varying styles and periods of building the 1st floor of a residential apartment building is still usually considered the best unit in the building – unless of course there is an amazing penthouse of comparable value or more.
Wetherell currently have ten 1st floor flats either openly or quietly on the market.
BEST IN CLASS: A large lateral apartment with an 80 foot width and 3.4 metre ceiling height. Ideal for a stunning art collection. £18M.(call 020 7529 5566 for further details)
Mount Street has been the success story of the last decade and is now considered to be the top luxury retail destination location in Mayfair / London / World. In parallel to this the demand for residential has never been higher with an entry level of £3K psf.
SWEET SUITE: A 2nd floor 1,000 sq.ft. interior designed apartment in one of Mount Street’s most architecturally distinct terracotta buildings right opposite The Connaught. Longest lease of 110 years at £3.75M
V.F.M. – VALUE FOR MONEY
If you can still buy a flat in Mayfair under £2,000 p.s.f. then it is rare and either on a mid to short term lease. To buy a long lease represents great value for money.
Quite a high percentage of properties sell only AFTER a price reduction – it shows that the vendors are keen to sell, the buyer senses a better deal and are self-satisfied and glad that they waited by not “pouncing” too soon.
HOT PROPERTY: Wetherell have a white stucco building – with pillars – south facing which was converted into 6 apartments. The 3rd floor three windows across flat of 2,153 sq.ft. has its own private conservatory and roof terrace and with a long lease of 116 years comes just under £3K p.s.f. @ £6.25M
ONE AND ONLY – GROSVENOR SQUARE
There is only one lateral apartment currently available on the market in Grosvenor Square so this can genuinely be called a rare opportunity.
The Square is embarking on its most important and exciting decade in almost a century and will once again become London’s No.1 square.
ON INSTRUCTIONS FROM GROSVENOR: 5 Windows across, originally a 3 bedroom now a luxury 2 bedroom apartment with a completely separate self-contained staff studio plus underground garaging and of course porterage. Stunning views over gardens. New 130 year lease @ £10M.
CONCLUSION – AT LAST!
Wetherell are instructed on over £1BN worth of prime property of which about a third is “off market” with no online or marketing presence. Many of Mayfair’s finest properties never “hit” the market. If you can count only a few handfuls of buyers then you do not need to have the theatre of the World Wide Web having a tour of the property in cyberspace.
For all your Mayfair property enquiries contact us today.
No-one knows Mayfair better than Wetherell.