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.

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

TW. financing successfully complete, awaiting MNR to do the same with their covenants and also triple

technical retest perhaps of 10p support level

successful retest and now look at it move northwards 15p resistance here we come

wakey wakey as this rockets northwards

whoooooooooooooooooooosh!

Bought more today and TAP another unloved property share.gl.

RNS later perhaps of notifiable interest

Finished up 20% I'm holding from 6p so happy to hold.

24p next stop

progressing well

my other holdings LOOK are doing well and TFC is starting to motor

I like battered sectors namely property and transport

What are you likely to have for breakfast tomorrow?

Egg & bacon.

Nice chart forming back to 25p soon.

Large sells going through, no news to support the recent rise, so no surprise this is falling back equally as quick.

Could soon have to change the topic heading to Minerva Overvalued