London’s smallest apartment is 10 ft by 8 ft… in total. And it’s under contract for over $280,000! Incredible.
Click Here to watch the CNN video clip about the “residence”.
Real estate is a funny thing. Our perspective of value is often colored by our experiences or our circumstances; which is to say that value is in the eye of the beholder (to just dive headfirst into the cliche).
Let’s take two buyers who are looking at the same Lowcountry property. One buyer is from Manhattan and is accustomed to paying well north of $1.5M for a reasonably located 900 sq ft apartment on the Upper West Side. The other buyer is from Charlotte and is accustomed to paying $450K for a custom 4,000 sq ft home. Both have legitimate experiences from which to draw upon… but both would be wrong to use said experiences to inform value in the Lowcountry. All markets are local. If you’re buying, make sure you have a Realtor who can provide a wealth of market information from which you can then make the best (informed) decision for your family.