CRISIS? WHAT CRISIS?

"This summer, it took London real-estate firm Marsh & Parsons less than a month to sell a pricey property in Kensington, one of the most prestigious parts of the British capital. Sixty-three potential buyers flocked to view the white row house, which has five bedrooms, a ground-floor kitchen and a strip of gravel for a garden. The sale price of £6.75 million ($10.4 million) was both above the asking price and the home's price in 2007, when it was previously for sale and the market was at a record high before the global financial meltdown. A Kensington house recently sold for £6.75 million - above both the asking price and the home's price in 2007, when it was last for sale. Real estate in the most upscale parts of London has enjoyed a roaring comeback from a short dip during the downturn, with prices for the area's luxury homes back to stratospheric." (Wall Street Journal, 14 September) RD