Wednesday, January 24, 2007

The Real Estate Blues

Reader Fatslug the Impetuous has tipped us off to an interesting article about London real estate prices:
Almost anywhere else, the tiny dilapidated studio wouldn't attract much more than mice. But this is London and the 77-square-foot former storage room — slightly bigger than a prison cell and without electricity — is going for $335,000.

The closet-sized space in the exclusive Knightsbridge neighborhood may be only "about the size of a ship's galley, said real estate agent Andrew Scott, who's handling the sale. "But it's permanently anchored to one of the wealthiest neighborhoods in the world."

It gets better.
A coffin-sized shower is en suite, and storage is provided by a shallow closet and 10-inch-deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow light to filter into the basement room, and the fire escape could conceivably double as a shared patio.

With no electricity or heating, Scott said it would cost an additional $59,000 to make the room habitable.

Topped off by the ultimate bit of estate agent BS:
"It is an investment," he said, as he stretched his arms the width of the room, laying his palms flat on opposite sides of the wall.

Fatslug's comment:
How the #$%@ do you afford it there???

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Blogger Buckeye, Dealer of Rare Coins said...

Someone will buy, spend at least 100,000 rehabbing it. Then they'll turn around and resell it for at least 500,000. Or rent it for really apalling high rates.

That sort of money here in Dayton gets you a McMansion with an actual yard and actual windows.

6:01 PM  
Blogger oldest kid said...

Here in Houston you could buy an entire ranch for that price--including electricity and some cattle.

11:34 PM  
Blogger Schmutz said...

If there is no electricity, how do the hot plates work - by rubbing the two cords together?

1:24 PM  

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