Property market out of flavour...but 4.25 to 1.25 that is an over reaction surely!

Lancaster Gate - dubbed the Lancasters is one of their projects in London. Are property prices falling in London...

From The Sunday Times
February 17, 2008
Super-rich snap up apartments in world's most expensive residential scheme

RECESSION, what recession? The super-rich are snapping up apartments at the world's most expensive residential scheme at Londons One Hyde Park as if they were going out of fashion.

According to data released exclusively to The Sunday Times, half of the 80 apartments at the luxury scheme designed by Richard Rogers have already been contracted to be sold even though the project will not be completed until 2010. Knight Frank, one of the estate agents handling the Knightsbridge development, said sales already totalled more than 500m and the average apartment price had reached 20m.

Wealthy oil barons, Russian oligarchs and hedge-fund managers are shelling out at prices that break down to almost 6,000 per square foot for the chance to own one of the apartments. That figure is up from 4,000 per square foot in late 2006.

The sales reflect Londons status as a global city, with 39% of the buyers hailing from Russia, 25% from the Middle East, 14% from Britain and 11% from continental Europe. The highest price paid for an apartment at the scheme is rumoured to be more than 100m. The interiors are the work of Candy & Candy, the interior design company run by Nick and Christian Candy, two brothers in their early thirties who have become multi-millionaires by creating fantasy homes for people with limitless budgets.

The site will have an underground passage to the nearby Mandarin Oriental hotel, where staff will be on hand to cater to residents needs.

CPC, the Guernsey-based investment company owned by Christian Candy, has an equity stake of more than a third in One Hyde Park. The scheme is also backed by Sheikh Hamad bin Jasim Jaber al-Thani, foreign minister of the Gulf state of Qatar.

Liam Bailey, head of residential research at Knight Frank, said sales of so-called super-prime homes in London worth 10m or above had more than doubled in the three months to the end of January compared with the same period last year.

He said: It is quite extraordinary the way the super-prime market has continued to surge ahead. Sales of homes worth 1m-5m have slowed, but once you get above 5m, and certainly above 10m, they are still powering ahead.

w bottom forming nicely

25p would only take us back to Jan 12 th.

Up 50% now.

relax it's only 50% up, wake me up when it's 300% lol

happy days at last, stelios are you interested in MNR, then you will have to BID against Kifin and perhaps Limitless...All IMHO please DYOR

this is just the beginning, back on peeps radars, more rises to come from this lowly bottom, any positive news and we could see this double in a day in the very near future IMHO

If you believe property has bottomed now is a great time to buy cheap property plays.

jumped ahead of itself, pull back is good and normal as profit takers depart, setting up for the next rise over time, who cares about the odd penny per share if it doubles from here on the next leg up

why should property prices have bottomed with companies laying off employees both commercial and domestic property prices still have quite some way to fall inmho? probably at least a further 15-20%.

property prices have a way to fall a lot more, credit is still tight, and mortgages are only being loaned to people with good credit score.

20% off MNR SP will bring it down from current 10p to 8p but they are only this low because of covenants, recall these were well above 400p

30%+ rise today with over 10M volume

vultures are hovering over the property sector, read the earlier article and did anyone read about Stelios

this is priced to go bust remember with some covenants to be tested in June, however recently property companies have had their covenants relaxed/negotiated e.g. QED rocketed from 9p to 30p when they announced such news recently

always a risk/reward scenario and I see these worth the risk as always IMHO and please DYOR

The question which has to be answered is do they have the resources to complete their projects?

If it can pass 15p theres nothing till 25p.

support 10p

resistance 15p

British Bulls web-site have Buy confirmed tonight so I would expect a rise to 12p Tuesday.

some large buys yesterday, could we see some positive RNS today

lots and lots of 75k buy AT trades yesterday and this morning already

LSE prices are completely wrong this am its about time they sorted themselves out after all they get paid large amounts for doing nothing.

good reversal trend set matched by crescendo style volume is there anything you like more than a voluminous bottom?

Take a look at TAP yas I'm keen .

sure this is on more peeps radars after yesterday