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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.

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
020 7529 5560

10th August 2010
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.
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.
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.
10 Chesterfield Hill, W1J 5BP, £5,750,000