Thursday, February 15, 2007

moscow / nyt

bubble world tour: next stop moscow.......


MOSCOW — Does an apartment building originally constructed for Heroes of Socialist Labor have market cachet?
Just ask Peter Falatyn, an American living in Moscow. Real estate prices have doubled in the last year, pushing him out of the apartment he has been renting for the last six and half years. “.....

.....many owners in Moscow, have found themselves sitting on gold mines and decided to sell, sometimes forcing out renters like Mr. Falatyn.

Evans (www.evans.ru), a real estate agency with offices just two blocks away, says two apartments in Mr. Falatyn’s building are for sale. One is the same size as his — 74 square meters, or almost 797 square feet — and is listed at $792,000. (He initially paid $1,200 a month, but that was increased to $1,700 a month last year.) ( this is a picture of the building)


According to Karina Kheifetz, one of Evans’s two managing partners, listing prices in Moscow now average a little more than $5,000 per square meter, or about $463 per square foot. In the Patriarch’s Pond neighborhood, they are a minimum of $10,000 per square meter, or almost $926 per square foot.

At the very top of the market, Ms. Kheifetz said, some apartments are selling for as much as $30,000 per square meter, or almost $2,780 per square foot.

In Mr. Falatyn’s building, she added, prices are $10,700 per square meter, or $990 per square foot. And as for rentals there, three-room apartments now range from $3,000 to $4,200 a month. (....., apartments in Russia are categorized by the total number of rooms, not the number of bedrooms.)

The unsettled political and investment climate in Russia might decrease future demand for real estate in Moscow somewhat, but there would have to be a drastic change in supply and demand to bring the prices down significantly, Ms. Kheifetz wrote by e-mail from New York, where Evans has just opened an office in SoHo.

“Even though it sounds crazy, it is a fact,” she wrote. “The reasons for the hike in property prices are the rapid growth in demand (more cash and mortgage money available), lack of other trustworthy investment instruments and extremely limited supply of housing.”

Muscovites generally want to trade up from their cramped Communist-era quarters, where three generations often shared one tiny apartment. And just about anyone in Russia who has profited from the booming oil and commodities market wants a piece of Moscow real estate, either as a home or an investment.


Foreigner investors, Ms. Kheifetz said, have little impact on the market. ....
Location is everything in Moscow. So, in desirable districts, even ugly prefabricated Soviet buildings with facades that look like moldy bathroom tile can cost as much as top-of-the line housing in neighborhoods with less cachet. .....

Lining the hallway wall are prints from his favorite Parisian shop, to remind him why he has not bought an apartment in Moscow. “In the Sixth and Seventh Districts in Paris, in Saint Michel and Saint Germain, you can buy an apartment for 10,000 to 12,000 euros a square meter,” or about $1,200 to $1,445 a square foot, he said. “It will be in a beautiful building, overlooking parks.

“You don’t have pools of sewage in the basement.” .....

He is not alone, Ms. Kheifetz said. “A client of ours, who has relied on the rental income from a small Moscow apartment for a while, is considering trading it for a villa in Italy, which she can afford at the current price levels.”

When Mr. Falatyn does buy a home, he said, it may very well be Stateside. “I’m very seriously considering Palm Springs,” he said. “For $300,000 to $350,000, you can buy a house with a pool.” (uhhhh. i hope he can wait.....da sollte er besser noch warten)

Labels: ,

5 Comments:

Blogger Lance Chalmers said...

Please Mr. Falatyn, you can buy my house in Merida Mexico for $139,000 USD with a 8 metre by 3.8 metre pool and two floors in a good location in the center of the city. Real estate taxes are $30 a year, and eggs cost $1.28 a kilo. Merida is a very safe city with all modern conveniences and a sunny climate on the gulf. Contact me at bluetygre@yahoo.com

4:00 PM  
Anonymous Anonymous said...

This article is off by 3 months. Now the crash in Moscow is underway, almost nothing is moving at these ridiculous prices.

7:45 AM  
Blogger Unknown said...

ninest123 12.26
louis vuitton, michael kors outlet, tory burch outlet, louis vuitton, nike air max, polo ralph lauren outlet, louboutin outlet, prada outlet, oakley sunglasses, tiffany and co, louboutin shoes, nike outlet, christian louboutin outlet, cheap oakley sunglasses, ray ban sunglasses, ray ban sunglasses, burberry outlet online, louis vuitton outlet, polo ralph lauren outlet, oakley sunglasses, ugg boots, louboutin, chanel handbags, michael kors outlet, longchamp outlet, ray ban sunglasses, burberry, tiffany jewelry, michael kors outlet, michael kors outlet, louis vuitton, oakley sunglasses, jordan shoes, replica watches, longchamp outlet, uggs on sale, prada handbags, nike air max, ugg boots, longchamp, oakley sunglasses, michael kors, replica watches, michael kors outlet, nike free, gucci outlet, ugg boots, louis vuitton outlet, ugg boots

7:21 PM  
Blogger Unknown said...

michael kors, nike trainers, tn pas cher, true religion jeans, sac longchamp, sac guess, true religion outlet, ray ban pas cher, nike free run uk, air jordan pas cher, nike air max, true religion jeans, coach purses, nike air max, converse pas cher, vans pas cher, nike free, louboutin pas cher, timberland, hollister, michael kors, nike roshe run, true religion jeans, nike huarache, hogan, longchamp pas cher, vanessa bruno, air max, nike air max, oakley pas cher, hollister, lacoste pas cher, lululemon, burberry, abercrombie and fitch, ralph lauren uk, nike blazer, mulberry, replica handbags, air force, michael kors, longchamp, michael kors, ray ban uk, nike roshe, north face, ralph lauren pas cher, north face, coach outlet, new balance pas cher

7:24 PM  
Blogger Unknown said...

canada goose outlet, moncler, supra shoes, pandora jewelry, canada goose, pandora charms, moncler, swarovski crystal, thomas sabo, canada goose, links of london, sac louis vuitton pas cher, swarovski, converse outlet, juicy couture outlet, ugg pas cher, barbour, doudoune canada goose, barbour jackets, moncler, ugg boots uk, replica watches, ugg,uggs,uggs canada, moncler, pandora charms, moncler, canada goose uk, moncler, juicy couture outlet, canada goose outlet, canada goose, louis vuitton, doke gabbana outlet, moncler, wedding dresses, pandora jewelry, louis vuitton, louis vuitton, bottes ugg, moncler outlet, lancel, coach outlet, hollister, toms shoes, montre pas cher, marc jacobs, ugg,ugg australia,ugg italia, karen millen, louis vuitton, canada goose
ninest123 12.26

7:31 PM  

Post a Comment

<< Home