I've been attending quite a few repo residential auctions and thought i'd send you some figures:
San Marina (Marina Da Gama) - 3 Bedroom / 2 bathroom house
Agent selling price: R749 000
Sold at auction: R425 000
San Marina (Marina Da Gama) - 2 Bedroom / 1 bathroom house
Agent selling price: R599 000
Sold at auction: R415 000
Costa Da Gama - 2 bedroom/ 1 Bathroom house
Agent selling price : R529 000
Sold at auction: R340 000
Pinelands - 2 bedroom flat (92 m/sq)
Agent selling price: R799 000
Sold at auction: R514 000
Rondebosch East 2 Bedroom flat (18 months old)
Agent selling price: R585 000
Sold at auction: R300 000
Table View 3 bedroom/ 2 bathroom house
Agent selling price: R795 000
Sold at auction: R 438 000
Durbanville 4 Bedroom / 2 Bathroom
Agent selling price: R2.25 million
Sold at auction: R1.05 million
Pinelands - 8 bedrooms/ 4 bathrooms (400 m/sq house on 900 m/sq plot in pristine condition) sold for R1.4 million - conservative value by Sheriff was R2.7 million ( a little optimistic but never the less)
Agent selling price is the price the property was going for before the house got repo'd. The auction price is the price knocked down by the Sheriff.
13 October 2008
Bank Repo Auctions: Prices Plunge
Reader TA writes:
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5 comments:
Is there anyway of verifying these figures? Not that I'm skeptical, I just want to know where to find if myself.
Thanks
Interesting... How does one find out about auctions like these?
I am the person who sent these figures in and they are 100% genuine...actually, i am the purchaser of three of the properties myself.
Sheriffs auctions are becoming very common and the best thing to do is to call the different sheriffs in the areas like Wynberg, Simonstown, Cpe Town, Belville, Goodwood, Kuils River etc. and ask for a list.
There are bargains to be had especially when the banks are offloading them at low prices in order to stem their losses.
Interesting.
I've been very bearish on property for the last 4 years. But at prices like these it might be time to start buying.
Does these figures include all costs like auction commission and VAT?
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