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​Property Report November 2002

November 2002

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Mayfair's Finest Flats    

Farm Street



Carpenter Street



FARM STREET, W.1

Maisonette with Roof Terrace
& Private Parking


A Duplex Flat with 26′ South Facing
Reception Room in this small block in one
of Mayfair’s finest roads. Two Reception
Rooms, Three Bedrooms, Two Bathrooms.




£1,250,000

Sole Agent
 







CARPENTER STREET, W.1

Stylish Pad
off Mount Street


Second Floor Flat in block
with Lift & Caretaker.
Reception Room, Two Bedrooms,
Bathroom, Shower Room.




£695,000

Joint Sole Agent : Beauchamp Estates
 







Mount Street



Curzon Street



MOUNT STREET, W.1

Seven Windows Overlooking
Mount Street Gardens


A South Facing Flat in Mayfair Village.
Interior Designed by Colefax & Fowler.
Reception Room, Two Bedrooms,
Bathroom, Shower Room.




£800,000

Sole Agent
 







CURZON STREET, W.1

Southerly Views
across Shepherds Market


Fourth Floor Dual Aspect Flat
with Long Lease and Lift.
Reception Room, Two Bedrooms,
Bathroom.




£550,000

Sole Agent
 







Charles Street



Berkeley Street



CHARLES STREET, W.1

First Floor “Freehold” Flat off
Berkeley Square


In this Period Building undergoing
Refurbishment. An Elegant Flat with
12′ Ceiling Heights. Reception Room,
Two Bedrooms, Two Bathrooms.




£875,000

Sole Agent
 







BERKELEY STREET, W.1

‘Twixt The Ritz’
and Berkeley Square


Fifth Floor Flat in Period Block
with Lift and Porter.
Reception Room, Two Bedrooms,
Two Bathrooms.




£650,000

Sole Agent
 







Upper Grosvenor Street



Upper Brook Street



UPPER GROSVENOR STREET, W.1

Penthouse with
300 Square Foot Terrace


An Elegant Interior Designed
Apartment in Grand Period Building
off Grosvenor Square.
Reception Room, Conservatory,
Two Bedrooms, Two Bathrooms.





£1,675,000

Main Agent
 







UPPER BROOK STREET, W.1

Duplex Penthouse In
Period Mansion


Cutting Edge Design & Technology meet
in this Chic Apartment with Air Cooling,
Programmable Lighting and Lift.
Two Reception Rooms, Two Bedrooms,
Two Bathrooms.





£2,850,000

Joint Sole Agent : Knight Frank
 







Charles Street



Penthouse



CHARLES STREET, W.1

Top Floor Flat
with Share of Freehold


In this Period Block with Redecorated
Common Areas, a Charming Apartment
with Roof Terrace. Two Reception
Rooms, Three Bedrooms, Two
Bathrooms, Lift.





£1,800,000

Sole Agent
 







MAYFAIR’S FINEST PENTHOUSE

Mayfair’s Finest Penthouse
for Sale


With Views Towards Hampstead.
The City & Westminster.

 
Sole Agent
 







Curzon Street



Chesterfield Hill



CURZON STREET, W.1

Dine at the Mirabelle

A Recently Refurbished South Facing
Flat in block with 24 hour Porterage.
Reception Room, Two Bedrooms, Two
Bathrooms, Lift and Porter.




£450,000

Sole Agent
 







CHESTERFIELD HILL, W.1

Move in by Christmas

Move by Christmas into this spacious
and modern Mayfair Townhouse
in Chesterfield Hill.
Ideal for entertaining on a grand
scale with L-shape reception
and dining for 12-14 people.









 
Mayfair Market Report
 



MARKET REPORT

Our marketing of new property in both sales and rentals for November are seasonally high but gives us the opportunity to continue with our previous market experience of a busy run up to Christmas and an early start to the buying season in the New Year.

The stock availability is still not as high as other residential areas of central London but at least we can offer the buyer or tenant a better selection than in the last 18 months.



MOVING UP OR MOVING OUT

The question, “Why are so many people selling?” is answered by the fact that our clients, the sellers, are either moving up into larger property or moving out of the area altogether. Lower interest rates combined with affordability are still encouraging buyers to look at property that suits.

On the rental side of the business, corporations are not renewing their yearly tenancies and there are few companies willing to commit at present. The main demand is coming from individuals who are looking from other areas such as South Kensington or Regents Park, seeking value for money in Mayfair rental properties.



UP OR DOWN?

Press reports on the present market portray a very confusing picture to those thinking of moving. Rises in prices of over 20% in some areas of the country whilst other reports claim the top end of the market in central London has “run out of steam.” The rental market press reports are full of stories regarding “the end of the buy to let market”.

Our vendors are sticking to their asking prices but some of our buyers are not encouraged to venture out into the cold to view properties unless they feel a bargain is to be had! The rental market is demand led and not purely price sensitive.

Interest rates don’t appear to be on the rise, with the smart money on a further reduction. This will help manufacturing industry but in our opinion will not encourage any further surge in property prices, as the correction has already been put into the price/affordability equation. As to the rental market asking prices have not been reduced, however some landlords are taking a commercial view as to income stream in the immediate future as opposed to maintaining their stance on price.





           

SUPPLY & DEMAND

As with any commodity once the supply increases it enables the buyers and tenants to view a wider selection of property and possibly put them in a stronger bargaining position. Therefore the present market should prompt those buyers or tenants sitting at home to grab their coats and hats and start looking at property again before they miss out on the wide selection presently available.


TOP END OF MARKET

Mayfair houses and flats at the top end of the market are still selling well and we have strong interest and enquiries for “that perfect property”. An exciting new instruction is a modern penthouse overlooking the whole of Mayfair and beyond towards the City, Westminster and Hampstead. A true penthouse with terraces and balconies surrounding the duplex, the penthouse has three reception rooms, four bedroom suites and a large kitchen/breakfast room with separate staff bedroom and shower room. Other small luxuries include two private car parking spaces, two large terraces and 24-hour porterage. £5.5 million for the 999 year lease.

A new house to come available in the letting market is a recently modernised period townhouse in the heart of residential Mayfair featuring a patio garden, air cooling (if needed!), lift to all floors, marble bathrooms and staff accommodation. The house is planned for entertaining with first floor L-shaped reception, dining room to seat 12/14 people and a wonderful kitchen / conservatory room. Available from December for Christmas celebrations at £3,500 per week.



MARKET VIEW

On the selling side we now have a better selection than we have had for over 5 years and viewings are recommended. On the rental market we have now taken on a good selection of 1,2, & 3 bedroom flats between £600-1,000 p.w. with quite a few being unfurnished.



Good times ahead
for those looking to live
in London’s No.1 area.






NAEA
 
 





Mayfair’s Leading Estate Agent

Wetherell

Telephone

We sell well


Ombudsman Scheme
 
 





No.74 102, Mount Street, Mayfair, London W1K 2TH NOVEMBER 2002


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