Agents Start To Panic: Round 2 - Observatory

The amount of inventory sitting on agents books must be piling up because I received the following email detailing agents putting pressure on sellers to lower prices in Observatory, which ironically enough is supposed to already be one of the more affordable areas in Cape Town:

During the past week, we contacted all the owners of property on the market in Observatory and asked them to reduce their asking prices in an attempt to make house prices more affordable. Below is the result of our efforts:

87 ARNOLD STREET: REDUCED FROM R780 000 TO R750 000. An immaculate lock-up-and-go property with low maintanace. Two huge bedrooms with built-in cupboards here, an open plan lounge that overlooks the back garden, a fitted kitchen and pleasant bathroom.

17 IRWELL STREET: REDUCED FROM R845 000 TO R795 000. Two bedrooms, two bathrooms and an outside room with a w/c and basin in this sunny home in a tree-lined street.

6 ROBINS ROAD: REDUCED FROM R915 000 TO R865 000. Modernized Victorian home in excellent condition. Two bedrooms with open plan living between the kitchen, lounge and private courtyard.

31 LOWER COLLINGWOOD ROAD: REDUCED FROM R1 100 000 TO R995 000. Freestanding home with three bedrooms, two bathrooms, a study and large garden. Secure parking too, in a quiet position close to the greenbelt area by the Liesbeek River.

22b. ASH STREET: REDUCED FROM R1 150 000 TO R1 100 000. Most unusual home with two bedrooms and a big and private garden and a separate self-contained wooden house hiding in one corner of the property. Secure parking too.

The largest drop was 9.5% (from R1 100 000 to R995 000) the smallest 3.8% (R780 000 to R750 000).