Long time followers of this blog know that we have been following the development of The Rockwell, a new development in Green Point. When we last checked in November 2006 sales looked to be stagnating with 1 unit sold in two months.I checked in today and I can say that sales are no longer stagnating. In November last year they had sold 84 units out of 150. According to their availability page as of today they have only sold 72. That's 12 units cancelled in the five months since November. Ouch.
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A friend's neighbour's house has just been bought in Rondebosch by an estate agent at a price 33% less than the listed price - that means the owners were trying to sell it at a 50% increase on its real value ... I know advertised prices are more than selling prices, but this seems pretty extreme.
Are buyers totally out of touch with reality, are they being just plain greedy hoping to catch some rich sucker, or is the market weaker than we thought?
Have you had any feedback recently ?
I haven't gotten any really but I don't expect to get any emails from sellers telling me the market is tanking.
I get the odd email in from some people. For instance I got one from a guy who lives in Fernwood. Some developer bought an old house and demolished it and built two houses on the property (never mind they're two big houses crammed onto a single plot) and is trying to sell them for R4 million each. They've been sitting for MONTHS and no advertised price drop although if you had to ask the seller they would probably ask for less initially. I think two seperate agencies had sole mandate and now it's a free for all of signs on the lawn outside.
He also mentioned that in the street next to that one are two houses that have been sitting unfinished (no interior construction just a nicely painted shell) for close on three years now.
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