The Pinkwater Report

THE REAL DEAL LA | Priciest homes on the planet: Paris and London

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one hyde park night 

London
One Hyde Park
$237 million (sale)

The city’s current record residential sale is at One Hyde Park in Knightsbridge. The duplex penthouse in the ultraluxury building made headlines in 2014 when it sold for $237 million. Consider it an oldie but goodie on TRD’s list.

The 86-unit building, which was developed by the Candy brothers, is regarded as one of London’s most exclusive — and secretive, since so few of the owners there are publicly known.

In New York, of course, some of the priciest condos, such as One57, the Plaza and the Time Warner Center, are known for having foreign buyers who don’t use their apartments as primary residences. The same is true in London — but to an even greater extent.

Indeed, there’s long been the perception that homes in some of London’s poshest neighborhoods — such as Knightsbridge, Notting Hill, Hyde Park, Kensington and Belgravia — are largely owned by people who don’t live there year-round.

“London is a passing-through city,” said Royce Pinkwater, of the Manhattan-based brokerage Pinkwater Select, which specializes in international luxury real estate. “Many people use it as a base.”

Pinkwater referred to London as the “initiator and dominator in turnkey properties” because as a secondary market, super high-end buyers don’t want to spend time renovating newly acquired property.

A September 2015 report by Savills noted that housing prices in prime London have been hit hard by higher property taxes that were imposed on home sales in December 2014. The changes have tempered price growth in the upper tiers of London’s market, according to the report. That has left the ultraluxury market, at least in the short-term, “fully taxed” and with buyers who are “slower to commit.”

In terms of record-asking prices, a mansion in Knightsbridge initially made headlines in 2012 when it hit the market for a record $453 million. Three years later, the owners of the 45-bedroom room property, 2-8a Rutland Gate, reportedly received a bid for $593 million, but rather than selling they ended up auctioning off the mansion’s contents — reportedly to make way for luxury apartments. The home was not officially on the market last month but is being watched by real estate insiders.

According to Knight Frank, $1 million buys 226 square feet in the city.

Read the full story here.


 

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