http://www.luxist.com/2009/01/11/falling-prices-in-london-and-manhattan-luxury-real-estate/ Luxist Comments for Falling Prices In London and Manhattan Luxury Real Estate http://www.luxist.com/media/feedlogo.gif http://www.luxist.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/http://www.luxist.com/2009/01/11/falling-prices-in-london-and-manhattan-luxury-real-estate/http://www.luxist.com/2009/01/11/falling-prices-in-london-and-manhattan-luxury-real-estate/
Property everywhere here was and still is overvalued, partly because of the property surveyors (who get paid more if they can artificially inflate the numbers). Traditionally, developers have a 30% margin, but many developers were reaching 100% before the credit crunch as they took advantage of the ultra-inflated house prices.]]>Jan 12th 2009 11:36AM