Cheap Breakfast in Belgravia - Impossible?
Sep 7th, 2004, 03:30 PM
#42
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nytraveler your property references are misleading. "A modest town house" - a town house by its very nature is not a country estate, hence its high price (and 2m is nothing) seems ambiguous coupled with your decription. What's an average apartment? 2 bedrooms, but how many square feet? What tenure? etcetera, please be more explicit.
In London one can buy a townhouse in Trevor Sq. Knightsbridge for only 400k... Sounds a bargain, but it's on a 5 year lease. Details are everything.
In London one can buy a townhouse in Trevor Sq. Knightsbridge for only 400k... Sounds a bargain, but it's on a 5 year lease. Details are everything.
Sep 7th, 2004, 03:31 PM
#43
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Ok you win. Our house payment is about
$1,700.00 per month, I paid $207,000.00
A 1 million dollar home payment would be
about $6,000.00 per month or $1,500.00
per week. I don't know what the wages are in New York but, damn!
$1,700.00 per month, I paid $207,000.00
A 1 million dollar home payment would be
about $6,000.00 per month or $1,500.00
per week. I don't know what the wages are in New York but, damn!
Sep 7th, 2004, 03:34 PM
#44
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m_kingdom2, in North America almost all residential properties are bought outright. Few properties are purchased on a 99-year-lease or any other lease scheme. There are some exceptions, of course, but that's why the lease/tenure issue has not arisen yet.
Sep 7th, 2004, 03:52 PM
#48
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Bigboy -
I don;t know salaries in Arkansas - but I would anticipate that those in NYC are much higher. (I just had to hire a new junior staffer at work - the salary range was $50-$70,000).
Also, people have smaller - or no - cars. And they spend much more of their income on housing than in most parts of the country.
Also, a lot of people simply can;t afford to live in Manhattan. My parents live in a suburb about an hour from the city. They have a modest 3 bedroom house (about 1600 ') from the 1940's on a 70 X 100 plot. The county recently reasseed all housing for tax purposes. Their new assessment valuation is $470,000.
New York - and many other world cities - are justt way more expensive than small towns.
I don;t know salaries in Arkansas - but I would anticipate that those in NYC are much higher. (I just had to hire a new junior staffer at work - the salary range was $50-$70,000).
Also, people have smaller - or no - cars. And they spend much more of their income on housing than in most parts of the country.
Also, a lot of people simply can;t afford to live in Manhattan. My parents live in a suburb about an hour from the city. They have a modest 3 bedroom house (about 1600 ') from the 1940's on a 70 X 100 plot. The county recently reasseed all housing for tax purposes. Their new assessment valuation is $470,000.
New York - and many other world cities - are justt way more expensive than small towns.
Sep 7th, 2004, 04:01 PM
#51
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In Mayfair you'd probably get a 700sq foot apartment in an average block on a 70 year lease for 1.1m dollars - space in London is increasingly in demand.
100 sq foot landing in building are being converted and sold for apartments for around 200kUSD.
100 sq foot landing in building are being converted and sold for apartments for around 200kUSD.
Sep 7th, 2004, 04:06 PM
#52
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M-kingdon -
Sorry in NYC "buy" is outright purchase - no terms of lease. Houses are all freehold.
Apartments -
if its a condo its freehold.
If its a co-op you are are really buying shares in a corporation - equivalent in # to the size of you apartment. But the corporation owns the building and land freehold.
Condos require payment of property taxes and common charges (employee salaries, heat, water etc) in addition to whatever mortgage is owed to the bank. Co-ops require payment of monthly maintenance charges (including property tax, salaries, heat, water etc.)
An AVERAGE apartment - for the $1 million - might be about 1,600 - 1,700 square feet. For a large apartment - 2,000 feet plus - the cost would be considerably higher. Also a luxe building (full staff, health club with pool etc) - would be considerably higher.
It's not like in London where someone else owns the land and you only sort of buy the house.
Sorry in NYC "buy" is outright purchase - no terms of lease. Houses are all freehold.
Apartments -
if its a condo its freehold.
If its a co-op you are are really buying shares in a corporation - equivalent in # to the size of you apartment. But the corporation owns the building and land freehold.
Condos require payment of property taxes and common charges (employee salaries, heat, water etc) in addition to whatever mortgage is owed to the bank. Co-ops require payment of monthly maintenance charges (including property tax, salaries, heat, water etc.)
An AVERAGE apartment - for the $1 million - might be about 1,600 - 1,700 square feet. For a large apartment - 2,000 feet plus - the cost would be considerably higher. Also a luxe building (full staff, health club with pool etc) - would be considerably higher.
It's not like in London where someone else owns the land and you only sort of buy the house.
Sep 7th, 2004, 04:19 PM
#53
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The "average" apartment size given by yourself of 1600 sq. ft. is well over double that of its London counterpart. 1600 sq. ft. in London is considered a large two bed apartment, or a large two bed mews house. A freehold mews house of this size in Mayfair or Belgravia would be well in excess of 3.5m USD.
For around 60m USD you can purchase a freehold interest in a property of ambassadorial proportions (25000 sq. ft.) in Belgravia.
For around 60m USD you can purchase a freehold interest in a property of ambassadorial proportions (25000 sq. ft.) in Belgravia.
Sep 7th, 2004, 04:20 PM
#54
I'm not certain the wages keep up proportionally to cost-of-living. I think 1 poster hit the nail on the head... more people want to live in London, New York, or even Seattle than they do in Arkansas. Just look at the population stats. There's a reason!
Sep 7th, 2004, 06:27 PM
#55
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Sorry M-k2 -
I was talking about average apartments - in a middle class residentail neighborhood. If you consider a white glove building on Fifth Avenue or CPW the price would be more in the $3/4 million range - and would have a monthly maintenance of $3,000 - $4,000 on top of that.
I was talking about average apartments - in a middle class residentail neighborhood. If you consider a white glove building on Fifth Avenue or CPW the price would be more in the $3/4 million range - and would have a monthly maintenance of $3,000 - $4,000 on top of that.
Sep 8th, 2004, 12:15 AM
#56
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Blimey! lkarpiloff, bet you never thought that a simple, straightforward question about where to get a decent cheap breakfast near where you're going to be staying could turn into a great big rant about average sq feet and property prices!!
I'm frankly baffled - both by the turn of the conversation and also by the fact that people are so clued up on size to cost ratio - what are you all, estate agents?!!
But who knows? Maybe now you'll just skip breakfast and buy a house instead?!
I'm frankly baffled - both by the turn of the conversation and also by the fact that people are so clued up on size to cost ratio - what are you all, estate agents?!!
But who knows? Maybe now you'll just skip breakfast and buy a house instead?!
Good idea Tallulah.
Sep 8th, 2004, 01:25 PM
#59
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I don't know (or care, really) about the price per sq. ft. of real estate in London, New York or Arkansas, but in answer to your original question... If you find there isn't a good, inexpensive breakfast place near your hotel, you can always plan to leave a bit early and stop at a place near to where you're going that day. You will find reasonable places to eat all over London. Even sandwich shops like Pret a Manger have breakfast sandwiches, muffins, etc...
Or, if you're not big breakfast eaters in the first place, stop by a grocery store and pick up something you can keep in your hotel room (granola bars, individually wrapped pastries, etc...)
Or, if you're not big breakfast eaters in the first place, stop by a grocery store and pick up something you can keep in your hotel room (granola bars, individually wrapped pastries, etc...)
