Luxury Real Estate

Courtesy of: Frederick Peters of Warburg Realty

I assured my daughter that she and her husband would not have much trouble finding a good place to buy at a good price when they moved to London last month. London, I figured, was like New York: beginning to rebound but still basically a buyer’s market. I was wrong. The flat she found, in a great area between the two big parks in Battersea, seems to be the hottest ticket in town. Everything she has seen and liked has already sold, but this one has six offers in the eight days since it has been on the market and is now going to sealed bids.

So I wondered, am I misperceiving my own market as well? Is it even more active than I believed? Maybe so. The evidence is quite solid that when properties are well priced and well located, they are receiving a lot of interest. And a number of bids. And sometimes higher bids after an offer is accepted.

Now all this interest is dependent on one thing: price. The most desirable property, in the most desirable location, will still not sell if it isn’t priced right. But if it IS priced right, it can move fast. A lot of buyers have moved back into the market who want to take advantage of lower prices and low interest rates. Hence eight buyers for the well located flat in Battersea, or on West End, or in the West Village. Apparently it’s an international phenomenon.