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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: biometricgngboy who wrote (15152)	11/16/2003 9:18:16 AM
From: biometricgngboy	Respond to of 306849

$340,000 cupboard for sale By COLIN FERNANDEZ 16nov03 (Click on link for photograph of studio) heraldsun.news.com.au IN real estate agent-speak it is "a newly-refurbished studio apartment" or "ideal for the first-time home buyer". In reality, it is a cupboard that has been converted into a tiny flat. But, although the property includes only a 3 metre by 3 metre room and a miniature bathroom, it is on sale for $340,000 - making Melbourne's rocketing real estate prices appear a little sluggish. Whoever buys the flat will have to be satisfied with sleeping on a bunk bed, perched on top of the wardrobe. They will also have to be prepared to squeeze through a narrow hallway and climb over the toilet to reach the shower, and to cook on a basic hob. But astonishingly, the second-floor studio in Earls Court, West London, has already had a stream of interested viewers willing to fork out a sum of money that would easily buy a substantial family home in many towns and cities throughout Australia. Real estate agent James Bailey, from Douglas and Gordon, admitted: "It is tiny. It's the smallest flat I've been asked to sell in 18 years. "But there is always a market for property in London, and this is one of its best residential areas." One of those interested is a wealthy publisher based in the south of France. He spends three days a week in London and has been mainly living in hotels. "He's looking for a permanent base where he can put his head down, store his suits and have somewhere to wash," Mr Bailey said. DAILY MAIL