18-year-old Daniel Radcliffe, star of the Harry Potter film series has just paid $4.3 million for a condo in New York. The condominium in question is a glass walled, fifth floor apartment in SoHo, a bohemian New York district.
It seems unlikely the film star will actually move in, as the apartment was almost immediately offered on the rental market by Gilmore Jacobs, a firm set up by Radcliffe’s parents in 2000 to maximize his earnings – asking rent $20,000 per month. Harry Potter joins a growing list of wealthy Brits buying in to the New York luxury condo market and taking advantage of the current weak dollar.
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Price per square foot can be an interesting approach to pricing real estate and we though it would be interesting to compare luxury condominium prices around the world to other types of space for sale. How much space in a luxury condominium would you get for £100,000? These prices are based on Knight Frank’s annual wealth report 2007 and may have changed slightly since then. These are the top ten contenders.
1. London
London currently tops the list. £100,000 buys you 43.5 square feet. Coincidentally, this is exactly the same footprint as the Ford Escape, an American SUV. So you can rest assured you will be able to park the car at this price.
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While global investors worry about the United States subprime crisis, the mounting capital outflow from the US to Asia is pumping up certain Asian property markets. One in particular, Singapore, has seen rents for private residential units rise by 31.2% from the middle of 2006 to 2007, and rental rates for prime office space occupied largely by foreign companies has risen 13.9% in the second quarter of 2007, reaching an average of S$10.33 (US$6.84) per square foot.
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Monday, December 3rd, 2007
Posted by Overseas Property Mall in
Condominiums
We seem to have been spending more and more time recently looking at the various condo markets around the world. This was an organic occurrence, mainly because the luxury condominium market seems to be providing much of the fuel for property growth in some countries. London’s condo market for instance is shoring up almost the entire U.K.’s market with new developments such as One Hyde Park, looking to generate more profit than the entire West Midlands. This applies to the US market also, with record breaking prices for condos in New York despite the current housing crash, with prices on all but luxury properties falling at an alarming rate and record foreclosures.
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A luxury flat in Hong Kong has set a new record as the most expensive apartment in Asia. The price was a whopping US$36.3 million. The penthouse in Hong Kong’s upscale Mid-Levels district sold earlier this month for a record US$5,142 per square foot, the South China Morning Post reported on Saturday.
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Record prices are still being achieved in the luxury condominium market all round the world. This is a selection in no particular order. Some have yet to be build and have sold purely on spec.
The Marq, Singapore.
The price of a condo in Singapore crossed the $5,000 per square foot this year when a single unit sold for $31 million. The first phase of the “invitation only” release all sold within a few weeks of release. Condos in The Marq cover an entire floor and include a 15 meter lap pool with every unit. No release date has been set yet for the next phase of the development. The bulk of the purchasers are said to be foreign.
The Time Warner Center, NYC.
In 2003, the Time Warner building in Manhattan broke all existing US records, selling a single condominium for $45 million – unfinished. Time Warner Center is one of the largest, most expensive multi-use developments constructed in New York City. This building houses the world headquarters of a major corporation; 211,00 square feet of additional office space; three jazz performance halls; almost 200 luxury condominiums; a high-end retail mall “The Palladium”; and a 251-room, five star Mandarin Oriental Hotel. Although rumors of an agreed sale of the Pierre’s penthouse at over $50 million may soon dwarf this.
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