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London Tops New York For Pricey Housing

Posted by: Christian Madera

29 December 2006 - 2:00pm

Home prices in the British capital have made London the most expensive place to buy a home, supplanting New York City.

"A recent study by CB Richard Ellis Hamptons International, a real estate consultancy, shows that the highest-end properties in London already are able to command as much as $5,860 per square foot, while similar properties in New York City are able to garner a mere $5,276 per square foot.

Other central London properties now cost around $2,300 a square foot, compared with $1,900 in New York.

Britain's housing market has been red-hot for over a decade, with average house prices close to tripling since the mid-1990s.

Price gains have been even more stratospheric in some of the best parts of central London -- neighborhoods such as Notting Hill -- where average costs have gone up more than 240 percent."

Full Story: London now priciest home market
Source: San Jose Mercury News, December 29, 2006
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The decision to abandon a property is a symptom of the loss of confidence. And while abandonment certainly affects confidence among surrounding homeowners, the most important question to answer is not "how do we deal with abandoned properties?" but "what is the most cost-effective way to restore market confidence, and how do abandoned properties fit into that picture?"
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