Experts pour scorn on £100m asking price of Belgravia property

Experts pour scorn on £100m asking price of Belgravia property




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A six-floor terraced property in the prestigious Belgrave Square in London has gone on the market with a record asking price of £100 million. 

In times of great prosperity this would seem extravagant, but when it comes to the worst housing market crash in decades, many are calling the price tag ridiculous.
 
If the property was sold for £100 million, it would be £20 million more expensive than the record for this type of property – a Kensington house bought for £80 million in 2006.
 
Property agent Charles McDowell doubts the seller will find success, commenting: “At the 'uber-prime' end of the market, with few exceptions, buyers expect a price adjustment. To ask £100 million for such a house and expect it to be paid is ridiculous.”
 
The house boasts 21,000 sq ft of living space, 20ft ceilings and its own mews house along with a number of other luxuries – but has been said to only have a small garden.
 
Andrew Langton, chairman at Aylesford, an agent that has been involved with some of the capital’s largest property deals, said: “Unlike in the previous property crashes, buyers are now far more clued-up. The billionaire Russian who has survived the crash will come back knowing that asking prices are 30% less than what he was asked a year ago.”
 
Only a small number of estate agents have been allowed inside the property by seller Musa Salem, a Lebanese private developer, however a house on the other side of the square has been put on the market for a slightly more reasonable £80 million, whilst another Belgrave Square property has been on and off the market for four years with an asking price of £32 million.  
 
Managing director of Black Brick Property Solutions, Camilla Dell said a sale this optimistic would “skew everything else in the top end,” adding: “I know there are people around who would spend £30m-£40m on a house, but even they need something special in a property, and would expect it to have a private road or a large garden for that sort of money.”

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