Originally published Tuesday, January 23, 2007 at 12:00 AM
$335,000 for London home the size of a closet
Location, location, location. Almost anywhere else, the tiny dilapidated studio wouldn't attract much more than mice. But this is London...
The Associated Press
LONDON — Location, location, location. Almost anywhere else, the tiny dilapidated studio wouldn't attract much more than mice. But this is London and the 77-square-foot former storage room — slightly bigger than a prison cell and without electricity — is going for $335,000.
The closet-size space in the exclusive Knightsbridge neighborhood may be only about the size of a ship's galley, said real-estate agent Andrew Scott, who's handling the sale. "But it's permanently anchored to one of the wealthiest neighborhoods in the world."
At more than $4,340 a square foot, the mortgage buys a spot within walking distance of tony stores like Harrods and London's iconic Hyde Park. Originally conceived as a maid's room, the apartment at 18 Cadogan Place hasn't been used in years and is littered with trash bags and crumbling paint.
A coffin-sized shower is en suite, and storage is provided by a shallow closet and 10-inch-deep shelves cut into the wall. Two hot plates and a small sink make up the kitchen. Two dirty windows allow light to filter into the basement room, and the fire escape could conceivably double as a shared patio.
With no electricity or heating, Scott said, it would cost an additional $59,000 to make the room habitable.
"It is an investment," he said, as he stretched his arms the width of the room, laying his palms flat on opposite walls.
The price of this dark, mildewy room illustrates the astronomical rise in property values across London. In the past year, the city has seen average residential property prices increase 22.4 percent, to about $703,000, according to figures released Monday by Rightmove, which tracks the British property market.
Prices in London's most desirable neighborhoods have grown even faster, with average house prices in the borough of Kensington and Chelsea — where Cadogan Place is located — rising 61.8 percent over the past year to a jaw-dropping $2.2 million.
Ultra-high-end property prices in London are the most expensive in the world, with some recent sales hitting $5,900 per square foot — making the Cadogan Place studio a bargain by comparison, according to research published last year by CB Richard Ellis Group.
Exclusive properties in New York can go for about $5,300 per square foot, while those in Hong Kong sell at around $3,950 per square foot.
Scott said he already had three offers on the property, which might go to auction. Size, he added, is in the "eye of the beholder."
"If you thought of this as the cabin on a boat, you'd say, 'It's pretty spacious,' " Scott said.
Copyright © 2007 The Seattle Times Company
Details emerge about Fort Hood suspect's history
Pa. locals, Flight 93 families united by history
UPDATE - 07:24 PM
Obama asks House to vote on health care bill
Police: Fla. shooting suspect was angry at company
Families share stories of those killed in Texas

Mourners gather at KeyArena for slain officer's memorial
Mourners gathered at KeyArena for the memorial service of Seattle police Officer Timothy Brenton on November 6, 2009.
nwjobs

Post a comment

Michelle Goodman blogs about work/life balance.
How to tell your office you're gravely ill
Post a comment
nwautos

Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment
- Suspect in officer's slaying shot by police
- Suspect shot as city mourns slain officer
- Flags were key link to cop slaying, bombings
- Mourners gather at KeyArena for slain officer's memorial
- Thunder and lightning again lighting up sky
- Briefs | Soccer: New Mexico suspends hair-pulling player Elizabeth Lambert
- McGinn pulling away as late ballots come in
- Datsun 210 sought in police shooting
- Voters expand same-sex rights
- Details emerge about Fort Hood suspect's history
- UCLA game thread
907 - Suspect shot as city mourns slain officer
389 - Police respond to shooting at Tukwila apartment
294 - Troubling portrait emerges of Fort Hood suspect
274 - Weapons, bomb-making materials found in suspect's apartment
262 - McGinn widens lead over Mallahan in Seattle mayoral race
175 - Schools emerge as new tactic in gay marriage votes
93 - Referendum 71 show's Washington's strategy for marriage equality is working
67 - Huskies suffer another heartbreaking loss to UCLA
62 - Using anti-shooter tactics, civilian Army police officer brought down gunman
60
- Suspect shot as city mourns slain officer
- Recipe: Penne with Smoked Turkey Sausage
- Suspect in officer's slaying shot by police
- Flags were key link to cop slaying, bombings
- Nancy Leson | An elegant offshoot of Seattle's Wild Ginger in Bellevue
- Voters expand same-sex rights
- Tim Lincecum charged with misdemeanor possession
- Shoreline man killed when struck by falling tree part
- Green River Valley: Anxiety ebbs over flooding potential
- Thunder and lightning again lighting up sky









