A Calming Influence for Us Portlanders Who Think Housing Prices are Out of Control
January 23, 2007
An apartment is for sale in London’s Chelsea area. An 11′x7′ apartment with a closet that serves both as the kitchen and bathroom, has no wiring, was formerly a janitor’s closet and is full of rubble and trash. The asking price is £170,000. That’s right, £170,000. At today’s exchange rate that would be roughly $337,076. That’s about $4378/sq. foot. Wowza.
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The best part is that Chelsea is an absolute dump. It’s the home of all the pretentious types who like to tell others they live in the most over-priced part of the most over-priced city in the world.
Half a garage once went there for £100,000 (about $190,000).
Now I’m not Portland’s biggest fan (I do like the place, but I’ve been to Sydney!), but I’d rather live in the skankiest part of Portland than Chelsea, even if the place wasn’t the biggest rip off since extended warranties on PCs.