The NY Times has an interesting article about the real estate market in Central London. The article begins:
An odd thing was happening, or rather not happening, as dusk fell the other day across Belgravia, home to some of the world’s most valuable real estate: almost no one seemed to be coming home. Perhaps half the windows were dark.
It seems that practically the only people who can afford to live there don’t actually want to. Last year, the real estate firm Savills found that at least 37 percent of people buying property in the most expensive neighborhoods of central London did not intend them to be primary residences.
It's interesting to think about how real estate prices can determine the atmosphere of a neighborhood.
The article describes how some of the more affluent neighborhoods in London have become ghost neighborhoods. Increasingly, wealthy people from all over the world are buying up the top market real estate in cities like London or New York. For them these apartments and houses are investments or little more than an alternative to a hotel on business or leisure trips. They don't live in their apartments for most of the year and this has an impact on the neighborhood. Some might value the quiet and relatively empty streets, but it also means that amenities like restaurants, cafes and shops might not be profitable enough and end up closing. Almost exclusively residential neighborhoods could be created in the middle oft the city: urban suburbia. This seems like a contradiction to the reason why most people want to move into a city in the first place: the convenience and vibe that having all your amenities and entertainment around the corner provides.
Big cities like London are New York are in constant flux. If you're not familiar with a new city it can be hard to determine which kind of neighborhood is right for you.
We believe that living in an environment that you love is important. Whether you prefer the hustle and bustle of a hip neighborhood or the quiet community of an established area, it's not just your home that needs to be right, the surroundings are equally important. We hope to make finding the right place easier for our users.
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