Rus News Journal

The market of elite habitation in Petersburg

developers

the Market of elite habitation become for a long time already the Basic suppliers of expensive apartments has turned to independent sector of the Petersburg market of real estate. Until recently its development has been connected with activity of the realtor companies settling communal flats. However 80 % of communal flats suitable for moving are already sold to new owners, and the new phase of development when the great bulk of expensive habitation will be delivered on the market by developers now begins.

80 % of the Petersburg elite apartments - the former communal flats
In Petersburg, as well as in Moscow, the market of elite real estate began with operations on moving of communal flats. In first half 90 - h years such operations made the big profit, and the best realtor forces of Petersburg have been focused on this segment of the market. Vigour of the Petersburg realtors has led to that communal flats in prestigious disctricts of the city practically does not remain.
the Geography of moving of the Petersburg elite has developed for a long time already, and in last year - two essentially does not change: quarters round Smolnogo, around metro station Chernyshevsky (streets Furshtadtsky, Shpalernaja, Tchaikovsky; the Taurian street and all microdistrict of the Taurian garden) are especially prestigious; the Admiralty area - round the Isaakievsky area and in the beginning Pea; streets adjoining to the Neva prospectus - Pushkin, Revolts, Big and Small Sea, Italian); Vasilevsky island - quays of Neva, 1 - I, 2 - I, 3 - I lines; the Petrograd party - Mytninsky quay, the Kirov and Kronverksky prospectuses. By tradition areas of Stone island and the Mars field are considered as the elite.
in Petersburg there were no yet the uniform criteria, allowing to name apartment elite. Anyway, its area should be not less than 100 2 at a convenient lay-out. If to take into consideration a full set of standard signs - a site, quality of the house, the area, quality of repair, an input from street, presence of a parking, protection, social composition of neighbours, - that is a little such apartments, and even the largest realtor firms hardly spend on them more than 1 - 2 transactions in a month.
repair cost all influences final cost of elite apartments more considerably. In certain cases repair work stands not less, than apartment (average cost of repair - $300 - 350 for 2, but quite often it happens and is more expensive). To get perspective apartments in the property, then to spend re-planning and already at a final stage to search for the buyer presume only very steady companies. Recently this scheme is unpopular, as demand for expensive real estate is very limited.
Term of realisation of apartment a total area from 100 to 200 2 depends on a site and a floor. Apartments in the centre on 1 - 2 floors are on sale quickly enough as are convenient for razmeshchenenija small offices. Their price fluctuates from $350 to $540 for square metre (without repair cost). Basically to arrange offices in inhabited apartments illegally. As the order of the mayor about strengthening of control over appropriate use of premises while it is not clear will affect this category of objects published in December of last year. Possibilities completely to check up all available housing at administration is not present, but random inspections are quite probable, and if with prohibition to arrange offices in apartments will start to be realised the Moscow variant with corresponding sanctions, the prices for such apartments will decrease.
premise Transfer into the ground floor in uninhabited fund - the procedure which has been fulfilled enough by operators of the secondary market, but anyway it means time (to 2 - 3 months) and financial (to several thousand dollars) expenses.

on change to communal flats new apartments
Transactions with elite apartments come occupy 3 - 5 % of total amount of operations in the market of the Petersburg real estate (according to agencies the House Plus Bekar InterOccidental and Adveks ) . For a year in the secondary market through brokers - intermediaries is on sale 100 - 120 apartments which completely are meeting the requirements of buyers with high solvency, and 1000 - 1500 apartments with any lacks.
experts consider that possibilities of old fund in the historical centre are almost settled (or will be settled the next months). Basically attractive communal flats suffices, but their moving and operational development to a necessary degree of quality demand such expenses that the time of recovery of outlay of projects of reconstruction will make five - seven years, on what the domestic investor, as a rule, does not go.
to the secondary market of elite objects reconstructed apartment houses and cottage settlements in near suburb can make a serious competition. (The superstructure of penthouses, the reconstruction, new building) through intermediaries usually do not pass the projects connected with building of elite habitation - builders use own schemes of realisation, avoiding commission expenses.
projects of low building in city boundaries, undoubtedly, are perspective. Anyway, the companies which have realised them consider this business favourable and intend to expand the participation in it. In the end of summer of last year the elite complex on crossing of the prospectus of Glory and the Bucharest street, consisting of 24 blocked four-storeyed cottages and 16 - a condominium has been put in operation. The complex has been erected by joint efforts of the companies RussobaltStroj and Itus . According to the builder, all houses and apartments are sold. However under other data, the part of objects belongs till now to the builder and is exposed in listings. Initial cost 1 2 made $750 for cottages and $1100 for apartments. By data, there were resale cases in the secondary market at the prices on 15 - 20 % above the prices of the builder.
in the end of the last year the company Itus has started realisation of one more project of low building, having received zemleotvod on Krestovsky island. According to preliminary data, cost of one square metre will make to $3 thousand, building end is planned for 1997.
however, despite successes of cottage builders, bolshy investors show interest nevertheless to many-storeyed elite projects. It is considered to be the first of them house reconstruction on a Sink, spent by nowadays not existing company Peter - Haka . By the end of 1994 all apartments in this building have been sold at the price from $2 thousand for square metre. But, according to a number of experts, despite high cost of apartments, the developer has not received essential profit on building reconstruction.
Now in a different stage of readiness is about ten similar projects, however the largest and, perhaps, the most advanced is the civil-engineering design of a multipurpose building on the Petrograd party, not far from a cruiser Auroras . The customer of building is the company evrosib - SPb . The building surrenders in three turns. The first consists of 62 three - six-room apartments, underground garage, about 2 thousand 2 office areas, is sports - the improving centre with pool and a sauna. The area located steps (from 6 to 9 floors) buildings - 18 815 2. The project Estimated cost - $24 million
first stage Commissioning is planned in the summer - autumn of 1996. Cost of sale 1 2 habitation makes $3,5 - 5 thousand According to managers of the project, are already paid by buyers more than 10 apartments at the price of $3500 for 2. That, basically, is amazing, as even for the Moscow market of real estate such prices are close to the limiting.
the general market capacity of elite habitation in Petersburg to estimate rather difficult. According to leading realtor firms, the annual volume of transactions with expensive habitation makes approximately $40 - 50 million Price situation is that that the Petersburg apartments concerning to elite, are not much more expensive than typical apartments in Moscow. Therefore, despite rather low demand for expensive habitation today, prospects of growth at this market, undoubtedly, are, and an investment of means in elite habitation, by estimations of experts, can bring high enough profits.

IGOR - IVANOV, DMITRY - SINOCHKIN