The Most Expensive Flat In Britain

The Most Expensive Flat In Britain

Sometimes even us seasoned investors are amazed by how different some of the international markets are compared to the New Zealand Real Estate Market. Being the owner of a $2.5 million dollar Penthouse I often take a peek at what is selling around the world in the Penthouse market. Just a few days ago the herald ran an article featuring what is now the most expensive flat in Britain. It falls a long way short of the most expensive apartment or flat in the world but the price tag is pretty impressive to say the least and is many many times more expensive than New Zealands most expensive apartment. Here is the article…. A three-storey penthouse overlooking Hyde Park has been sold for £136 million ($277 million), becoming the most expensive flat bought in Britain. An unnamed buyer, using lawyers in Ukraine, has bought two apartments in the newly opened One Hyde Park development in Knightsbridge. They have been knocked into one to create a 2300sq m penthouse with a wine cellar and access to room service at the neighbouring Mandarin Oriental hotel, documents filed last week at the Land Registry show. The price eclipses the value of landmark properties elsewhere in the world. In Beverly Hills, the 1.5ha Hearst mansion, where John and Jacqueline Kennedy honeymooned, is on the market for US$95 million ($119 million). And in Manhattan, luxury apartments in the Plaza hotel overlooking Central Park cost a little over US$50 million. One Hyde Park has been developed by thirtysomething brothers Nick and Christian Candy, who began their property career with a £6000 loan from their grandmother...

Should You Buy, Sell or Rent?

Should You Buy, Sell or Rent? It’s not surprising with everything we’ve written about house prices in recent weeks, your editor has gotten plenty of emails asking for personal advice. Unfortunately, I can’t give individual personal advice. But what I can do is repeat what I’ve written here several times before. If your finances aren’t stretched – and you believe you’ll keep your job – then unless you want to lock in a profit on your home, you may be better off not selling… even if it means seeing the value of your home fall. On the other hand, if you’re paying out a high proportion of your income on mortgage repayments and you’re concerned about servicing the loan, then you should seriously consider selling up and getting out. That could mean renting somewhere. Or if you think prices will fall, but you’re not entirely convinced, then you should at least think about moving to a smaller or cheaper home. At least that way you’re reducing your debt level and you still get to stay in the property market – even though the value will fall. Is it worth it? If you’re an investor, there’s no getting around it. You’ve got to do the numbers. Are you really making as much on that investment property as you think you are? Is it really worth financing a property for another ten years with an interest-only loan? Look at the numbers. For most property investors it means sacrificing income now in favour of capital gains in the future. If there aren’t any future capital gains then why are you sacrificing current...