While we were reading all about the London penthouse that sold for about $157 million US (or 100 million pounds), we started thinking about the ongoing high stakes real estate rivalry between New York City and London. It seems like every other week we find (and sometimes write) a story about a tony NYC or London abode selling for an unheard of sum.
Of course, there’s pricey digs selling in these two cities all the time, but not all of them make the news. We’re curious about the breakdown of the real estate news coverage for these two cities. Who gets more international publicity? This topic is feeling like a blog post all on its own however, for now, we’re going to focus in on the latest swank London penthouse that has just been taken off the market.
According to Bloomberg, the undisclosed buyer paid about 7,000 pounds per square foot for the unfurnished duplex in the Bulgari Hotel and Residences in London’s Knightsbridge neighbourhood.
Here’s the full scoop from Bloomberg:
“London’s luxury-home values have accelerated this year as international investors seek a haven for their wealth in the city’s central neighborhoods, such as Belgravia, Knightsbridge and Mayfair. The hotel is setting a “new benchmark” for prime residential real estate as its location, link with luxury retailer Bulgari SpA (BUL) and limited number of units helps boost prices, Giles Hannah, a Christie’s International Real Estate director handling the sale, said in a telephone interview.”
Looks like London is kicking serious high-end real estate butt right now, but is New York due for a comeback, or maybe a newcomer will surge onto the scene in 2012? We’ll just have to wait and see, but you can sure we’ll be buzzing all about it when fresh news comes out!