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​Property Report December 2002

December 2002

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Mayfair's Finest Pied A Terres    

Curzon Street



Brook Street



Long Lease Flat With Southerly Views
Across Shepherd Market


CURZON STREET, MAYFAIR W.1

Reception Room, Kitchen,
Two Bedrooms, Bathroom.


£550,000

Sole Agent
 







Second Floor Flat between Claridges
& Bond Street


BROOK STREET, MAYFAIR W.1

Reception Room, Kitchen, Bedroom,
En Suite Bathroom, Guest Cloakroom.


£355,000

Sole Agent
 







Grosvenor Square



Grosvenor Square



Grand One Bedroom Flat Overlooking Square

GROSVENOR SQUARE, MAYFAIR W.1

Reception Room, Kitchen, Bedroom
with En Suite Bathroom & Dressing
Room, Guest Cloakroom.



£800,000

Sole Agent
 







Rear Flat Overlooking Quiet Mews

GROSVENOR SQUARE, MAYFAIR W.1

Reception Room, Kitchen,
Two Bedrooms, Two En Suite
Bathrooms, Guest Cloakroom.



£650,000

Selling Agent
 







 
2002 Mayfair Market Round Up
 


Upper Brook Street

UPPER BROOK STREET, W1
A hidden House to the west of Grosvenor Square opening onto
Private Communal Gardens. Sold. Asking Price £2,000,000


BURGUNDY NOT BORDEAUX!

If the 2002 residential property market in Mayfair were likened to a wine, the comparison would be the Pinot Noir grape of Burgundy rather than the more plentiful Cabernet Sauvignon of Bordeaux!

Both Burgundy and Mayfair are much smaller in area and specialised, rather than the larger wine market of Bordeaux compared to property in the rest of the prime residential London markets of Belgravia, Knightsbridge, Kensington and Chelsea, Holland Park etc.

As in previous years the residential market in Mayfair has been limited by volume, although contrary to previous years the quality of product offered has been of far higher finish and is now of a quality comparable to other areas of prime residential London. This has been led primarily by the new Mayfair developments being offered at 41 Upper Brook Street, Gloucester House (over the Hard Rock restaurant), Curzon Square (at the Hilton Hotel end of Park Lane) and Park Lane Place (at the Marble Arch end).

Mayfair has always been a locality for the discerning purchaser and buyers tend to delay their purchase until the exact prerequisites of their requirement are satisfied.





SUPPLY NOT DEMAND

Mayfair is governed by supply and not dictated by buyers’ demand, however the competition in 2002 for the right property resulted in substantial price rises due to competition between buyers.

A freehold mansion house in Charles Street comprising main house, garden and adjoining mews house with garaging sold on an asking price of £12.5 million, creating a record for a house in Mayfair at over £1,200 per square foot. This showed a substantial rise from the previous sale of the same house in early 2000 when it sold for £7.3 million equating to £750 per square foot, giving an annual percentage increase of approximately 25%.



       

An example of a 20%+ annual increase was a Wetherell instruction in South Street; the former home of Joan Collins, being one of Mayfair’s finest original Georgian houses, grade II listed which sold on a 53 year lease for around £2 million.

A substantial rise was a one bedroom flat, which Wetherell sold in a new development at Carlos Place, in Mount Street, which at the end of 2000 sold for £475,000 and was resold in the summer of 2002 for over £600,000.

A price increase of over 25% was on a two bedroom flat sold by Wetherell in Berkeley Street at the end of December 2000 for £470,000 and subsequently resold in the summer of 2002 for £650,000.




RECORD SALES

2002 also saw the launch of MWB’s Park Lane Place development and successful sale of 14 flats, amounting to over £20 million of property, sold by Wetherell and Knight Frank in a two month period at an average rate of £1,100 per square foot and a headline rate of £1,250 per square foot for the units overlooking Hyde Park.


LACK OF SUPPLY

The general market for Mayfair was highlighted, as usual, by the lack of supply. The Wetherell Database of property sold in the area shows a total of 108 sales amounting to £162 million of property at asking prices, creating an average sale price of approximately £1.5 million.

Of those sales 87% were for flats, of which Wetherell were instructed on 45%. The reamaining 13% of the market related to houses, where Wetherell were instructed on over 60%.

Sales of property over £1 million accounted for 45% of the market and it is interesting to note that 45% was also the figure relating to sales of property with leases below 40 years in length.

The strongest segment of the market was 2 bedroom flats (which accounted for 45% of the market) followed by 3 bedroom flats (accounting for 25%) then 1 bedroom flats (accounting for 21%).








NAEA
 
 





Mayfair’s Leading Estate Agent

Wetherell

Telephone

We sell well


Ombudsman Scheme
 
 





No.75 102, Mount Street, Mayfair, London W1K 2TH DECEMBER 2002



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