MAYFAIR MARKET UP BY NEARLY 50%
The volume of sales for residential flats and houses for the 1st quarter of 2011 was 47% higher that 2010 but still 40% off the peak of 2007. The bad news is that the aggregate value of those transactions was down by 45% on 2010 and only 25% of the total value of Q1 in 2007.
The reason for this is that there have been few sales at the top end of the market due to those buyers usually warming to the market in Q2 & Q3.
TWO SALES AT £3,000 PSF
This is borne out with two recent sales of 2,500 sq.ft. Mayfair flats in the £7.5-8M range. One of them was refurbished by a developer to a “classical but contemporary finish” – their previous development in Mount Street of a 2,000 sq.ft. Apartment was sold by Wetherell in June 2009 for a then record price of £2.360 p.s.f.
GURU OR CUCKOO?
I do not want to appear like a cuckoo; as both these £3K p.s.f. eggs were hatched in other agents nests however as Wetherell are advising on a number of future residential developments, any good market indicators will be shouted from the roof tops as Mayfair continues to catch up with other Prime Central London (PCL) areas.
SELL IN MAY AND GO AWAY?
With one of the lowest stock levels ever and with nearly 20% of the current market under offer (with only 25% of those above £5M.) any new stock coming to market in May will be extremely well received.
TO DO LIST
Instruct Agent in April, sell in May, social season in June, sort out business commitments in July, off for August, back to grindstone in September and wrap up new business in Q4 before Christmas!
NEW TO MARKET – SALES
Balfour Place: Short lease, unmodernised. £1.25M
Mount Street: 2 bedroom flat with view of Berkeley Square. £3.5M
Park Lane: Own private garden and conservatory. £4M
Davies Street: Above C of London (Cipriani). £5.45M
NEW TO MARKET – LETTINGS
Great selection of Pied-a-terres
South Audley Street – Overlooking Harry’s Bar. £650 pw
Park Lane – In & Out driveway. £750 pw
Park Street: 770 sq.ft. Under £1p.s.f. @ £700 pw
Grosvenor Square – View of Selfridge’s Clock. £795 pw
Last month I talked about quietly on the market and was told in Australia they call it a “whisper price”. Well we have one of Mayfair’s oldest period town houses (mid 1700’s) for sale.