Buying & Selling: $335K for 77 Square Feet

That's the price for this rather cozy little abode, located in the heart of London. As the article notes, the price is an example of "location, location, location" taken to the absolute extreme:

At more than $4,340 a square foot, the mortgage buys a spot within walking distance of tony stores like Harrods and London's iconic Hyde Park. Originally conceived as a maid's room, the apartment at 18 Cadogan Place hasn't been used for years and is littered with trash bags and crumbling paint...The sale of this dark, mildewy room illustrates the astronomical rise in property values across London, which in the past year has seen average residential property prices increase 22.4 percent, to about $703,000, according to figures released Monday by Rightmove, which tracks the British property market.

If nothing else, this is a good reminder that the epidemic of soaring property values--and corresponding lack of affordability--is not confined to the borders of the U.S. alone.

I understand that David, aka Bubble Meter, is going on vacation. Maybe he can look into the bubbiliciousness of merry olde Englande while he's overseas. :)

Posted at January 24, 2007 02:06 PM

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That's the price for this rather cozy little abode, located in the heart of London. As the article notes, the price is an example of "location, location, location" taken to the absolute extreme: At more than $4,340 a square foot, the mortgage buys a spot within walking distance of tony stores like Harrods and London's iconic Hyde Park. Originally conceived as a maid's room, the apartment at 18 Cadogan Place hasn't been used for years and is littered with trash bags and crumbling paint...The sale of this dark, mildewy room illustrates the astronomical rise in property values across London, which in the past year has seen average residential property prices increase 22.4 percent, to about $703,000, according to figures released Monday by Rightmove, which tracks the British property market. If nothing else, this is a good reminder that the epidemic of soaring property values--and corresponding lack of affordability--is not confined to the borders of the U.S. alone. I understand that David, aka Bubble Meter, is going on vacation. Maybe he can look into the bubbiliciousness of merry olde Englande while he's overseas. :)