03 May 2012

What The Hell?

From the latest Lightstone quarterly property report:

Is the Western Cape property price inflation about to go through the floor? And why has it diverged so far from the national average?

19 February 2012

Sunday Open Thread: Pawpaw Hits The Fan At Auction Alliance

Auction kickback scandal

Auction company Auction Alliance has allegedly been colluding with banks, liquidators and attorneys in a money making racket, according to reports on Saturday. 

The Saturday Star reported that a 13-year old paper trail revealed that the company had paid kickbacks to attorneys, liquidators, and bank staff to ensure business went their way.


25 December 2011

Christmas Sunday Open Thread

I'm somewhere in the Garden Route dodging for sale signs on golf estates, but it's still time for the open thread - Christmas edition!

15 December 2011

The Orangerie: Will The Bloodbath Stop?

It was barely a month ago when we discovered 2 bed apartments at The Orangerie, which had initially been on the market for +R3million were now being sold off for R2.5million.

Now Pam Golding has two more 2 bed units with an asking price of R2 395 000. And there is no transfer duty as it's direct from the developer, which means that if you bought in the Orangerie and you're trying to sell you are competing with the developer, who can probably cut prices again if required, and the buyer has to pay transfer.

Good luck!

12 December 2011

Sunday Open Thread

It's the Sunday Open Thread. This weeks topic, with the selling season in high gear are things worse, better or the same for agents and sellers?

24 November 2011

The Orangerie: The Bloodbath Continues

Back in January we wrote how apartments in The Orangerie, which had been initially sold for well over R3 million were being sold by the developer for R2 850 000. It seems since then time has not helped those prices recover.

This ad is a new listing for a 2 bed apartment in The Orangerie.

The asking price? Now down to R2 500 000.

22 November 2011

Rare Sale In Execution In Sea Point Spotted

Sea Point Reader-in-Chief PJ writes:
Spotted a rare notice of a Sale In Execution on an apartment in Sea Point in a block called Oakholm. Usually the process never gets that far because a buyer usually steps in beforehand. Not this time...

17 November 2011

08 November 2011

ABSA: House Prices Growth Lagging Behind Inflation

Houses hurting as inflation outpaces property prices
House prices are not growing in line with inflation, according to Absa's latest property price indices released on Monday.

"The average real price [at constant 2008 prices] of houses in the middle-segment of the market was in September this year about 13% below its peak of mid-2007," Absa Home Loans property analyst Jacques du Toit said in a statement.

"This was the result of average nominal house price growth being below the average headline consumer price inflation rate during this period."

In nominal growth, the effects of inflation are not taken into account, while real prices factor in the effect of inflation.

03 November 2011

Your Architecture Is Sad: Sea Point

There's bad architecture... and then there's sad architecture. This 3 bed house in Sea Point sent in by reader PJ is a prime example of that. PJ writes:

Sea Point is home to a fantastic mixture of architecture. But look at this POS. It's two concrete boxes stacked on top of each other. They'll call it "modern", I call it cheap.

26 October 2011

Lew Geffen Atlantic Seaboard Dust Up

Trust me being out the country when some truly juicy stuff starts going down. It seems Lew Geffen is getting into some dirty dealings with his Atlantic Seaboard franchisees. Reader KS sent me a link to a blog covering all the news: Lew Geffen Sothebys Scandals.

11 October 2011

Epic 4 Week Open Thread

Been shipped off to the UK for 2 weeks followed by another 2 weeks holiday touring around Europa. See you in a bit.

25 September 2011

Mandela Rhodes Place Liquidated

When we first wrote about Mandela Rhodes Pace back in February 2007, it was literally underwater.

Then in July 2011 we heard that even though it had been completed years earlier it was still releasing unsold apartments onto the market.

And now, it's being liquidated with supposedly 62(!) unsold apartments hitting the market. If you bought into MRP and are trying to sell... my condolences.

20 September 2011

Ugliest House in Cape Town on Auction!

Reader DM wrote in to tell us that the ugliest house in Cape Town, last seen on sale for 10 bar in April 2011, is now up for auction.

Just read this opening sentence: 'Buy the plot and get the house for free'. It's so ugly it's nearly worthless!

18 September 2011

Sunday Open Thread

It's the Sunday Open Thread.

Folks I'm being absolutely smashed at work at the moment and there's a very good chance I'm going to be sent to Ol' Blighty for a month or so, so posting might be light till then...

01 September 2011

Golf Estate Holiday Homes - A Match Made in Financial Hell

We know that when things turn south in the property market, holiday homes are usually the first to be offloaded at discount prices. And we also know that golf estates tend to be crap investments. So combine the two and what do you get? The Garden Route!

Property slump hits Garden Route golf estates

The property market slump has also taken the shine off the host of multimillion-rand golf estate developments on the Garden Route, a sector which less than 10 years ago was still being heralded as a major economic driver for the region.

This year alone the golf estates of Pinnacle Point in Mossel Bay and Le Grande in George have been on the receiving end of insolvency rulings, while property advertising suggests other Garden Route golf estates are under pressure.

Last week there were 26 properties for sale at the Oubaai golf estate outside George, with stands from R1 million to luxury houses listed for R10m up for grabs.

Pinnacle Point had 15 properties for sale, including a R14m luxury house, 53 properties were listed at Pezula in Knysnawhile 46 properties were on sale at Kingswood in George.