It's always heartwarming when an old friend returns for the holidays. For instance this flat in Century City has been on sale since at least September 2007, and we last wrote about it in March 2008. It's price has gone from R799 000, down to R780 000, up to R800 000, back down to R780 000, up to R790 000 and back to R780 000 where it's been for the last 9 months, all while pulling in R3 500/month rent which doesn't cover half the bond costs on a 100% bond.
25 December 2008
An Old Friend Returns In Century City
It's always heartwarming when an old friend returns for the holidays. For instance this flat in Century City has been on sale since at least September 2007, and we last wrote about it in March 2008. It's price has gone from R799 000, down to R780 000, up to R800 000, back down to R780 000, up to R790 000 and back to R780 000 where it's been for the last 9 months, all while pulling in R3 500/month rent which doesn't cover half the bond costs on a 100% bond.
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7 comments:
It is unfortunate but it seems we are seeing a lot of similar properties that are just not selling.
On another subject i would like to know if anyone can recommend a good letting agent in HoutBay. I have been told a lot of them are just useless
I still wouldn't buy that place for R500 000. WAY overpriced. What do you get for your money. Next to stuff all.
Saffers just dont get it at the moment...a worldwide property boom preceded a presently deepening worldwide recession. In lay terms; small bubble = small crash, big bubble = big crash, and we are in the midst of the biggest crash since 1929. Wake up Saffers and stop being greedy, the world has changed
this has nothing todo with a recession or anyone being greedy, if you can not be objective then dont chat.
even if we were having this chat 3 years ago i would say that century city is high risk, if you can avoid to invest there for 10 years then ok but right now i can only see the developers being the ones who would make money there.
Century City prices are at its peak (and slowly dropping... albeit slower than expected).
I remember seeing a penthouse there 2 year sago, for R800k! Madness I tell ya! Now they are floating for about R780k!
I also saw a 1 bed in Bougain Villa's 2 years ago. Was R780k with garage! A year later, I eventually settled for a 2 bedroom (same size as 1 bed) for R630k in Royal Ascot! And its like 5 mins from Century City. HAHAHA
I asked myself "How often would I walk to the mall!?" and that answered my needs!!!
Sub, one of the prime reasons for these ridiculous prices in CC and the rest of SA is greed and the lure of easy money.
I don't hold the view that one must be objective within a popular paradigm, just because it is popular, resigning oneself with mantras such as "thats business". If we all did that then corruption abounds, like it does. A Krishnamurti quote "It is no measure of health to be well adjusted to a profoundly sick society"
Ok Sub, the figures are coming in, what was that about no recession? Look at the horizon and not at your feet bud.
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