After two failed auctions perhaps the R3.6 million asking price on this Simon's Town McMansion, which I assume is the reserve price at the auctions, might be a bit high. I remember when ads proclaimed this place as having a 'market value' of R7.5 million and the asking price was R4.5 million. Now it's 'market value' is not even R3.6 million. It's still listed for R3.95 million at the realtor's site.
24 June 2008
When The Second Auction Fails...
After two failed auctions perhaps the R3.6 million asking price on this Simon's Town McMansion, which I assume is the reserve price at the auctions, might be a bit high. I remember when ads proclaimed this place as having a 'market value' of R7.5 million and the asking price was R4.5 million. Now it's 'market value' is not even R3.6 million. It's still listed for R3.95 million at the realtor's site.
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Nice looking house - lets say I want to live in Simons Town, what do I need to afford it. R4m needed after buying costs. Get a 15% bond, add a few grand for maintenance, rates etc and we need R55,000 a month.
Add tax on my salary and we need to earn about R860,000 a year just to pay for the house alone. Add in living costs and we need to be pulling in at least R1.5m per annum.
Not many folk in sleepy little Simons Town doing that I suspect. No wonder the house is not selling.
In the past you bought knowing you could always sell it on for a quick mil profit - buy it now and you are more likely to sell later for a mil loss.
So almost a mil needed to be earned a year to live in it and possibly a mil loss if I sell it, that's one very expensive view.
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