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​Property Report April 2003

April 2003

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Mayfair's Finest Properties    

Green Street



GREEN STREET, MAYFAIR, W1


Your view of Mayfair!
This Fabulous View over Green Street Gardens from both the
Reception Room and Bedroom of this Stunning One Bedroom
Split Level Maisonette can be yours now!





£530 pw
Unfurnished




Three Kings Yard




Woods Mews






THREE KINGS YARD, MAYFAIR, W1


Charming One Bedroom Flat within
Secure Courtyard only a couple
of minutes walk from Bond Street
is available for rent now.





£325 pw
Unfurnished






WOODS MEWS, MAYFAIR, W1


Stunning, Newly Constructed and Refurbished Four
Bedroom Mews House set in the Heart of Mayfair.
Beautifully Furnished to the Highest Standards
with the added benefit of One Car Parking Space.





£2,200 pw
Furnished/Unfurnished




Graphic


BROOK STREET
Shop in Bond Street,
Dine at Claridges

Pied A Terre in the Heart of West End
Reception Room, Kitchen, Bedroom
with En Suite Bathroom,
Guest Cloakroom


£355,000
Sole Agents






 
 
  


 
 
Brook Street



 
UPPER GROSVENOR ST.
Wired for Sound
Refurbished Flat in Portered
Block with Integral HiFi System

Reception Room with Open Plan
Kitchen, Bedroom with En Suite
Bathroom, Bedroom Two,
Shower Room.



£540,000
Selling Agents







 
  

Upper Grosvenor Street
 
MOUNT STREET
Mayfair Outside, Modern Inside
Lateral Flat with
Eclectic Interior Design

Reception Room, Kitchen/Breakfast
Room, Master Bedroom with En Suite
Bathroom, Guest Bedroom with
En Suite Shower, Guest Cloakroom.



£845,000
Sole Agents






 
  

 
Mount Street

Quality still selling well

“Everything is worth what its purchaser will pay for it”
Publilius Syrus (~100 BC), Maxims

Volume of property is down over all markets but in Mayfair (and we believe other prime residential areas) high quality properties are still finding the buyers.

SALES REPORT


Vendors are sticking to their asking prices although some are taking offers and others would prefer to withdraw their properties rather than take an offer. Lack of anywhere else to “park their money” determines the vendor’s attitude and this is countered by the buyers temptation to buy because their return on cash in the bank is so negligible or they can afford to borrow. The result is that property is still being sold for record prices.

Basement Flat in Mount Street Doubles in 10 years
A 2/3 bedroom flat sold in 1993 for £160,000 on a 57 year lease has just sold for £310,000 almost doubling in 10 years but with a shorter leasehold interest

Views of Green Park and Record Price
The right property at the right time, in this case after 2 years on the market we still achieved a record price for a large luxury flat on at an asking price of £2,950,000 equating to over £1,100 per square foot.

Newly built Mayfair Town House with Garage & Garden
Off Park Lane in Culross Street a newly built house with lift and air-conditioning sold on an asking price of £2,950,000 equating to nearly £900 per square foot.

LETTINGS REPORT


There have now been definite signs of increased activity in the rental market after such a quiet first quarter, due to the downturn in the number of Americans being relocated to London and the weaker outlook for companies. Rents have adjusted to market demands, with landlords being more realistic and with the increase in supply the tenants have been tempted back into the market.

Living by The Ritz
Showing the return of the corporate tenant was a letting of a 5 bedroom luxury flat opposite the Ritz. Rent Guide: £3,000 p.w.

Mayfair Village
On the corner of Mayfair’s “High Street”, a 2 luxury bedroom flat. Again let to Americans. Rent Guide: £800 p.w.

Park Lane
Luxury one bedroom flat in 24 hour serviced block. Rent Guide: £600 p.w.

Market Trends


Wetherell see a continued market for quality and location for both the sales and rentals markets. Volume of business will be down overall but for the estate agents who are offering the quality stock it will be an exciting year ahead.



NAEA
 
 





Mayfair’s Leading Estate Agent

Wetherell


Telephone

We sell well



Ombudsman Scheme
 
 





No.79 102, Mount Street, Mayfair, London W1K 2TH APRIL 2003





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