And no I don't mean that the residents of Mandela Rhodes Place property values are less than their mortgages, I mean that the place is literally under water:
A flood emergency was declared yesterday by staff at one of Cape Town's newest and swankiest city centre developments just three months after the billion-rand complex opened its doors.
About 10pm on Friday, residents of apartments on the fourth floor of Mandela Rhodes Place were shocked to find water flooding into their homes.
Witnesses said that within minutes the water was "cascading" down into the lobby and lower floors, soaking residents and patrons at restaurants.
We've talked before on this blog about the fact that because there's so much development going on coupled with the fact that skilled artisans are becoming rarer and rarer and that developers will cut as many corners as possible to extract most profit as possible we wouldn't be surprised if building quality, even in supposed luxury developments like Mandela Rhodes Place, is less than what one would normally expect. Others are a bit more suprised
It's incredible. This is one of the most expensive property developments in the city and just shortly after opening, this happens. It's unbelievable.
It has just been the most incredible mess and for it to have happened in a place that is supposed to provide the very best in luxury and service is just beyond belief.
Now you know why I stay away from new developments like the plague. If you think this is a freak accident think again. I've heard horror stories about build quality from people who've bought in new developments and from people who worked on them as well bitching about some of the work quality (with other contractors of course).
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