12
Aug
Mayfair Market Report 2010
Those interested in what is happening on their London office
doorstep may enjoy this August Market Comment from Peter
Wetherell.
Peter is recognised as THE expert on the Mayfair market and runs
a luxury boutique brokerage in smart Mount Street, Mayfair.
"Years ago a dignified elderly lady came into my shop in Mount
Street and informed me that she would like to sell her Mayfair
apartment as her husband of considerable years had passed
away.
Reputation, Flowers and No Touting
She told me that apart from our reputation; the two reasons for
trusting my estate agency in this most important disposal were that
she had always admired the flowers that were displayed outside my
office and for the fact that I was the only estate agent who had
NEVER sent her a “touting letter”.
You know the sort; “we have a wealthy buyer who wants to buy
your home, usual fees required”. Miraculously this same
buyer also wants to buy the 3,000 other homes in your area which
received the same touting letter.
Nowadays the more sophisticated agents, or should I say the
marketing savvy ones, now favour the leaflet drop.
This form of marketing has for many years been the tried and tested
medium for plumbers and mini cab drivers (who favour the business
card size), pizza delivery firms (who prefer the fold out map) and
now estate agents who have adopted the A5 card (half A4).
Key Marketing Advantage
No leaflet is without its “key marketing advantage”, an
aspect of your business or sales that sets you apart from the
competition. This has been the subject of my recent thoughts
and research as I have been preparing our next leaflet – yes
we do embrace this marketing medium, we do after all have to
compete in a very tough market place!
Most Houses sold
Looking back at the residential Mayfair market for 2010 one
compelling fact shouted out at me; Wetherell have sold more houses
this year than any other estate agent. In fact we have sold
more than half of all the houses sold in Mayfair over the last 8
months and at prices that in some cases match the heady days of
late 2007 and spring of 2008.
£2,500 per square foot
Our most expensive sale of a Georgian Grade II listed mansion with
garden and mews sold for £25M being nearly £2,500 per
square foot (£p.s.f.). An off market sale (no details or
website presence) of a low built house in “Mayfair
Village”, the heart of the area within a short stroll to
Harry’s Bar, also achieved the magic £2,500 p.s.f. off
an asking price of £12.5M.
Relative Value
Other sales of houses in Mayfair showed comparative good value to
our close neighbours of Knightsbridge, Belgravia and Chelsea.
A period two bedroom townhouse at £2.25M would look
cheap in Knightsbridge Village as would a Victorian red brick
mansion house at £9M seem cheap in Pont Street.
One recent sale of Georgian townhouse in Upper Brook Street for
£7M would seem a bargain in comparison to some of the sales of
Chelsea townhouses. A wide fronted house that sold for
£1,500 p.s.f. requiring modernisation but situated in a
private cul de sac off Grosvenor Square would compare with many a
Belgravia house.
New to Market
We are currently preparing our exciting and exclusive new to market
offerings. They are all freehold, which for a Mayfair house
20 years ago would have been unheard of.
In Red Lion Yard (named after the public house now being converted
into a private house) is a low built townhouse with a separate
smaller mews house with garaging jointly for sale at
£6.75M.
In Chesterfield Hill, one of Mayfair’s exclusive residential
streets is a corner townhouse with a double height library and a
reception room at the top of the house with a large glass skylight.
£5.75M.
Also in Chesterfield Hill is a large family townhouse with great
reception rooms, a terrace plus a lift at £7.25M.
In South Street we are renting a large corner house with terrace at
£5,000 p.w. with substantial terrace, garage and media
room.
In Woods Mews we have a low built corner house with a large
conservatory plus garaging and access to the “Secret
Gardens” at £3,500 p.w.
Enjoy
I am pleased to say that the revival of Mayfair as a residential
area continues as more office buildings revert back to former
residential use; over the last 20 years I have sold over 90 such
buildings and am keen to mark that figure up to a century.
On that cricketing metaphor I wish you a pleasant August.
Kind Regards
Peter Wetherell
Wetherell
020 7529 5560
10th August 2010
http://property.wetherell.co.uk/detail/5-bedrooms-House-For-Sale-Red-Lion-Yard-Mayfair-London-W1J/s64026
3 7 Red Lion Yard, W1J 5JR, £6,750,000
Two freehold houses to be sold jointly in this cobbled courtyard at
the western end of Charles Street.
http://property.wetherell.co.uk/detail/4-bedrooms-House-To-Let-South-Street-Mayfair-London-W1K/l65931
15 South Street, W1K 2XB, £5,000 per week
This fabulous townhouse is set over five floors and is situated in
the heart of Mayfair village. The house boasts four double
bedrooms, media room and garage.
http://property.wetherell.co.uk/detail/3-bedrooms-House-To-Let-Woods-Mews-Mayfair-London/l67725
1 Woods Mews, , £3,500 per week
A charming three bedroom mews house divided over four floors of
approx. 3,313 sq ft with direct access to one of Mayfair's glorious
secret gardens.
http://property.wetherell.co.uk/detail/3-bedrooms-House-For-Sale-Chesterfield-Hill-Mayfair-London-W1J/s72644
10 Chesterfield Hill, W1J 5BP, £5,750,000
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