Feb 4, 2007

Possbily a step down from your mom's basement

In London's Chelsea neighborhood (yes, that Chelsea), $340,000 apparently won't get you much real estate. An 11' by 7' janitor's closet has gone on sale for exactly that amount. Even the apartment's broker called it "extremely depressing." (Could you ever imagine an American realtor saying that? They'd call it a "fixer-upper" at the very least.)

"We have to go in with a torch because the lights do not work and it is full of rubble," Jason North, associate director at Lane Fox.

Nevertheless, the flat is expected to attract buyers due to its close proximity to the fashionable bars, shops and leisure facilities of Kensington and Chelsea.

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