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.

Well you learn something new everyday dont you today I found out marni is a complete idiot.

if you put some punctuation in mitzy, that might make sense

impressive intra-day turnaround

Marni. Why would you think a stockholder would be influenced by a member of a internet board, unless he / she were a complete idiot.

well you do get new investors in life.......we all have to start at some point.

and there are some good informative posts, however you do get some rampers / derampers and through time we get to find out

another positive move today to add to the intra-day turnaround yesterday a break through 16p would make this really interesting with 25p the next ceiling

David Shamoon has built up a 8/10% stake according to the Telegraph.

post the link here it would be useful

buyers now in at over 15p looking +ve

volume over 4M already today and new high for the day

not too late to get in before the herd, only just starting it's ascent IMHO and a penny here or there will not matter if this does indeed double, DYOR

volume swelling, breakthrough 16p and the brakes are off

Looking great tristan more to come I reckon.

oh god, mitzy at it again.....pumped a month ago and a week later dumped them.....afraid to say halifax may be right in this instance

told ya this would be going north

Marni read my posts I sold @12p I do not hold at the mom...

26p short term target i.e. next resistance based on chart technically

chart looking positive
volume magnificent this week
newspaper article positive about stakebuilding

Negative, and it is a big negative is that covenant news has not been released as to state that they have been relaxed, so as always wanted to add some caution that please keep this risk element in your decision making.

CLOSED my position, over on another thread some of the rumours of positive news are known Pump and Dumpsters, moved to cash DYOR!

if no RNS comes out people who bought on rumour will head for the door before close and leave us holding the baby, sorry but had to reduce the risk of holding, of course will be kicking myself if these rise, please please do your own research!

Well done for making a profit.