Word: pricing
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...elevator and a garden - belongs to a Swiss family who, according to Tom Tangney, estate agent for realtor Knight Frank, make their money in finance. Tired of paying the upkeep on a place they hardly use, they've put it on the market for $18.5 million. And at that price, "I expect the buyer will also be non-British," says Tangney...
...mail. At Selfridges department store, a new one-stop luxury section called the Wonder Room brings together the classics - Chanel watches, Tiffany silverware, Hermès scarves - with more audacious items like the gold-plated, diamond-encrusted Vertu phone decorated with a ruby snake and costing $370,000, the price of a one-bedroom apartment in South London. Catering to foreign tastes, exclusive wine bars are serving more sake, while the city's best butchers offer halal meats. Restaurants and members' clubs that used to be the domain of the old-money English are now mini-Babels, buzzing with...
...sales of premier homes have been unaffected, realtors say. According to Knight Frank, demand for homes in neighborhoods such as Belgravia, where Russian billionaire Roman Abramovich lives, Knightsbridge, the home of Harrods, and Mayfair, where the black-Amex set get their suits made at Savile Row, pushed the prices of prime real estate up by almost 40% between the summer of 2006 and summer 2007. In 2006, almost a quarter of properties costing $16 million or more sold through Knight Frank went to Russians; Middle Easterners bought 16%. "If somebody wants to live on Belgravia's Eaton Square, there...
...success of New York's cultural cluster, its preeminence rests on shaky ground because of something else the city is well known for: breathtaking real estate prices. By the last quarter of 2007, a year when home prices in most of the rest of the U.S. were dropping, sometimes sharply, the average cost of a Manhattan apartment was a record $1.4 million, up 17.6% from one year before. Even across the East River in Brooklyn, the average price was a hefty $661,000, up from...
...those price points, the Emerald City starts looking more like the Forbidden City, at least for people getting by on a stage designer's income. Except for the lucky few at the top, the arts do not pay. And it doesn't help that every year thousands of arts graduates tumble out of American universities and into the ranks of the city's cultural proletariat - all those actor-waiters and artist-housepainters...