London may be the world’s most over-priced real estate market.
In trendy Knightsbridge, a 77-square-foot former storage room is being marketed as a studio apartment. The asking price – $335,000 or $4,340 a square foot.The basement room has a tiny shower and a shallow closet, two hot plates and a sink. Adding electricity and heat to make the place habitable will cost an additional $59,000.
“It’s an investment,” says Andrew Scott, the real estate practitioner handling the saleUltra high-end properties in London are the priciest in the world, averaging $5,900 per square foot, making that basement studio look like a bargain.— The Associated Press (01/23/07)
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