Musings of the Mayfair London Property Finders

With the plethora of Winter auctions upon us with another company releasing their catalogue day by day, we were expecting to have seen more larger ticket  houses on the auction market by now, but what there is is few and far between.

Barnard Marcus have a terraced family house in Hurlingham Road just north of Putney Bridge next week and it may be of interest to some.   Houses in that road generally go for £1.1 – £1.2m but the guide on this one is £900K however it needs to be totally refurbished, so there isn’t much room for manoeuvre or profit if it makes it’s guide.

Other than that there is nothing whatsoever in the November auctions for more affluent owner occupiers or developers wanting a bigger ticket project. 

It is however investor and first-time buyer city, with many lots not quite reaching their reserve prices in the room but being snapped up afterwards.  Everything from little flats in St Leonards for £38K to Hampstead period wonders for £500K and in need of work are going and there has been a good supply of stock between £200,000 and £350,000.

In our view as Property Finders, it seems that the big ticket properties are again being offered privately rather than suffering the ignominy of being offered to the world at auction.  Rather like the market as a whole really.  And while some parts of London and the South East are still in the doldrums, other parts are flourishing – and it’s all due to lack of stock.

Technorati Tags: London Property Auctions, London property finders, property auctions

Tags: London Property Auctions, London property finders, property auctions

Musings of the Mayfair London Property Finders

My Osteopath has just qualified and dreams of a small shop with a flat upstairs which he can call home.  A busy-ish road would be good: one with plenty of passing trade during the day and quiet enough for him to be able to sleep at night.

The thing is, after studying for 6 years part-time, he has done well to escape without the mountains of debt most students leave with, nevermind scraping together a deposit.

He lives in Manor House but works in Islington and felt sure that there would be no possibility of being able to afford more than a shoebox, despite my reassurance that actually Islington is a pretty good bet as buyers pretty much dried up overnight during the Northern Rock crisis so confidence fell fast.

As yet, the Osteopath still hasn’t got a deposit but it got me thinking that architects, Natural therapists, Hairdressers and other new small business owners should consider jumping in if they have the funds to buy property.

This small unit recently sold on Newington Green Road for £242,000 – including a shop with basement  and enough room for a small reception area and two decent sized  treatment rooms.  In addition, there’s a one bedroom flat over the ground floor and basement with a garden and separate access from Beresford Road.  According to the auctioneer, Strettons – it was in need of work: read complete refurb.  But considering a one bedroom flat in a reasonable period conversion or new-build in the area costs about £240,000 – £242,000 seems like a good buy considering you get your business premises for free!

It’s not the first small commercial unit to go cheaply either.  One of our Clients turned down a double fronted Victorian 2 storey in Liverpool Road, again in Islington.  Arranged as 2 commercial units and 2 small flats on the first floor, t hey sold for £370,000 earlier this year.  Bargain.

If you are trying but failing to find a bargain property in London or the South East, may we suggest that Manse & Garret might just  be the best Property Finders to call?

Technorati Tags: bargain London property, bargain property, first time buyer property, property for small business owners, small commercial property units

Tags: bargain London property, bargain property, first time buyer property, property for small business owners, small commercial property units

Musings of a company of Mayfair London Property Finders

Last year in the midsdt of recession those of us dealing in the luxury goods in London were warned that the Hedge Funds were leaving London but barring my cousin, it seems that most people have decided to stay put.  At the time, our Clients were saying they would drag their heels if asked to relocate to Geneva and there was much made of the ability to work from home, either as a trader for someone else or to make the leap to self-employment.

None of this seems to have happened however as most of the major hedge funds have stayed put.

Wealth Bulletin have reported that a mass exodus is ‘overblown’, speaking to a few leading Hedge Fund Managers  at a round table organised by Hedge Fund organisation Opalesque.

He is reported to have said: “I agree that there are concerns about taxation and regulations. But something else comes into play here that I call the Wimbledon effect. London attracts the best people to one of the best tournaments. Businesses come to London because they have the best courts, the best talent, the best infrastructure, and a great championship.”

This view was apparently echoed by Lawrence Staden, managing director of GLC, which manages around $1bn (€678m) in assets. He said: “You can’t in every case just effortlessly move your family to a tax haven. What does money give you if not the freedom to decide where you spend your life?”

He cited an experience 25 years ago, when he told his wife that his then employer, Bankers Trust, wanted him to move to New York. Her response was “Send me a post card”. As a result, he didn’t go – he explained: “These things are not that easy for some of us.”

He said he did not believe that floods of funds would move for tax reasons, as the net impact of the UK’s 50% tax rate was neglible. He said: “Most people’s assets under management are less than they were two years ago. That means moving to avoid 50% tax on a smaller amount, when you were not prepared to move before to avoid 40% on a larger amount.”

He added: “Personally, I’d say that even if they put the [top rate of] income tax to 100%, I would still be in London.”

Long may it continue and for us Mayfair Property Finders to continue to deal with Hedge Funds!  If you need a fabulous property in London or the South East, the Manse and Garret Property Finders would be delighted to help.

Technorati Tags: Hedge Funds, Hedge Funds stay in London, Mayfair Property

Tags: Hedge Funds, Hedge Funds stay in London, Mayfair Property