High-end property sales
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by: david field
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Whilst the majority of the UK is struggling to make ends meet amid the credit crunch, there is a certain percentage of the housing market that is seemingly unaffected by the crisis as drops in prices hardly makes a difference. At the top end of the market, properties are still being exchanged for millions of pounds, and these figures are rising despite the state of the market further down the scale.
A recent development in New York is Fifteen Park Central West, an apartment block which boasts wine cellars, private libraries and a 12-hour-a-day chef service. It was developed by brothers Arthur and William Zeckendorf and unsurprisingly, the apartments are being sold for staggering prices. The cheapest can be bought for a mere $5m, whereas some of the top-end properties have gone for sums as huge as $40m. In total, they have sold $2bn worth of apartments within the space of 2 years, an amazing achievement; but if the demand is there, then people will supply the properties.
There has always been an increasing gulf between the rich and the poor, but it now seems that the same is happening for the rich and the super-rich. Being a millionaire is not the elitist thing anymore, people need to become multi-million or billionaires in order to get recognition in society.
This is all happening whilst the housing crisis shows no signs of letting up at the lower-end of the market. Mortgage approvals are at a record-low and home repossessions are also on the increase as people struggle to make their repayments. Because of this, the market has seen an increase in the number of mortgage bonds being taken out by mortgage companies, as they seek to gain surety on any money that they hand out.
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If you want more information about mortgage bonds or surety bonds, contact the experts at Bryant Surety.
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