15
Mar
Mayfair Market Report from Wetherell - March 2011
"No-one knows Mayfair better than Wetherell"
Our Mayfair International Realty colleague Peter Wetherell has
established himself as the recognised expert on this highly
exclusive market and his property reports make interesting and
valuable reading.
Nick Churton of Mayfair International Realty says "I eagerly
await Peter's monthly Market Reports. Each month Peter gives a
great insight into this most unique of markets."
March's report studies the various ways that property can be
marketed.
STRICTLY BY APPOINTMENT ONLY
The rise of "Quietly on Market"
"One of the leading website portals today indicated that my
postcode in Mount Street had 14,670 potential “registered
buyers” to see the property when the details were added and
the property goes on the market.
As the total number of properties sold over the last 4 years
totals just over 500 units in Mayfair St James’s this over
exposure seems somewhat excessive.
Wetherell have seen an increasing number of properties coming to
the market as “off market” - available only for the
chosen few – no details on the internet – discreet
telephone calls made only to vetted buyers known or recommended by
our agency. "
Traditionally there have been three methods of property
sale:
by Private Treaty (For Sale, caveat emptor and
subject to contract)
by Auction (established reserve with secret
minimum bid, 10% and sold when the gavel strikes)
by Tender being either Informal
Tender (best bid, caveat emptor and subject to contract)
or Formal Tender (with closing date and bankers
draft for 10%).
Before the internet gave data to the masses, the intellectual
copyright for property for sale was in the gift of the
vendor’s estate agent who through their established business
had the turnover and knowledge to advise on price and marketing to
applicants who had registered with them and more importantly had
been vetted by them.
Nowadays potential buyers or “voyeurs” can drop into
the street with Google, see a video armchair tour of the property,
download the floor plans and look up the history of sales in the
area.
Vendors however like the benefits of “testing the
water”. Quietly on the market with viewing strictly by
appointment with a guide price puts the onus on the buyer. It
allows the agent to put all the pressure on the side of the buyer
by asking them to name their maximum price.
As soon as the "best bid" is selected, a non-returnable deposit
can be requested for a contract to be issued to proceed to a swift
exchange of contracts.
If an acceptable offer is not received by the end date then the
property can proceed to a Private Treaty method of sale and hit the
internet with all those 14,670 potential “registered
buyers”.
Wetherell are currently instructed on about £200 million of
property openly available for sale but additionally have nearly
half that amount again being offered as “off
market”.
We have specialised in Mayfair for over a quarter of a century and
as an award winning estate agents for marketing and service we
recognise that not all vendors want their property to be openly
marketed for personal reasons - the biggest being privacy.
They want to eliminate the property voyeurs and have a focused
marketing campaign directed to buyers who are seriously looking and
other Ambassadors who know the buyers looking in the market and
have been asked to recommend.
Here's just a few of the most special properties being marketed
by Wetherell this month
11 South Audley Street, W1K 1HH -
£10,000,000
A Beautifully restored and immaculately refurbished Grade II listed
Georgian Townhouse (4,112 Sq Ft) with a private two-tier garden
leading into 'secret' communal gardens. For full details
click here
10 Chesterfield Hill, W1J 5BP -
£4,500,000
PRICE REDUCED FROM £5,750,000 Outwardly an unlisted corner
town-house (2608 square feet) dating from the mid C18th, which
belies its contemporary interior including a remarkable double
height library. For full details
click here
14 Shepherd Street, W1J 7JF - £1,250 per
week
A beautifully redecorated three bedroom maisonette located in the
heart of Shepherd's Market. For full details
click here
Standbrook House Old Bond Street, W1S 4PD - £800
per week
A fantastic one bedroom apartment in the heart of Mayfair's
exclusive shopping district. Located on Bond Street and a moments
walk away from Green Park. The apartment has been recently
refurbished with wooden floors throughout to provide a very light
and contemporary living space. For full details
click here
Kind Regards
Peter Wetherell
Wetherell
020 7529 5560
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