Royal Carlisle is an about to be completed (transfer in May 2009) development in Milnerton and is supposedly 80% sold out. That last 20% however is turning out to be tougher than expected.2 bed/1 bath apartments were on the market for R790 000 and are now going for R590 000 while 1 bed apartments were going for R550 000, then according to the developers own site, reduced to R490 000 and now down to R420 000. And these reductions are taking place for a block that only requires a R10 000 deposit and offers R3 500/month rental assistance!
I would hate to be one of the early buyers who bought off plan at R790 000 (or even R490 000) only to watch over 25% of my 'investment' disappear.
17 comments:
checked out thier site
"up to R3500 pm rental guarantee"
thats really helpfull. what are they guaranteeing? that you will definitely be able to rent the pos out at some price below R3500 pm?
count me in, jeez I have been wondering how to waste all the excess cash i have in these boom times haha
This is off Koeberg Road. By the shell garage, where the steers is (cnr. Koeberg and Montague Dr.)
1. Crap location and if you travel at night, seems dodgy and unsafe!
2. Same 'ol cheap finishes (even at R420k!!!)
3. Predominantly "dodgy" people around that area! Walking on the street, etc. You really dont want to be around those suckers!!!
The developer os desperate. Checkout all the posts on Gumtree for the past 2 weeks! DESPERATE with a capital D!
Oh, and to be exact, from Royal Ascot, its at least 3-4km from there (from Paddocks Shopping Centre). So its not quiet "next to Royal Ascot".
They only using Royal Ascot for the prestige name! Suckers!
Sakkie, no offence, but there ain't no prestige associated with Royal Ascot! It's a dormitory burb with all the charm a strip-mall. I'm sure you can find some decent places there but let's not lose sight of the fact that it's InstaBurb wedged between a swamp and an industrial hell-hole!
I first noticed this development a couple weeks ago while cruizin down Koeberg Rd looking for a quickie (just kiddin). Anyway, I thought it was an office development and the wife pointed out that 'no, it's a residential complex'. I was amazed since it's plugged right there inbetween low grade industrial sites and some real grotty 2 bed numbers. This isn't Milnerton, it's more like Rugby extension. You don't walk the streets there at night, or even dusk and dawn. This thing is a loser and it's location is a disaster
Joe,
I think you're referring to Palm Springs, a development which really should be called 'Used Carlot View'
Beanie, no offense taken. But compared to Peki-lands and Blouberg (and Milnerton central), I think Royal Ascot kicks butt! :)
I agree that RA is exagerated but if I look at value for money, and area (within close proximity), I'd much rather choose RA over Peki-lands, Table View or over-populated and traffic-congested Blouberg!
I hear what you are saying but then again, we might as well complain about every area everywhere in the country. Cause theres townships etc. close to every "rich/decent" place in this country.
Sakkie, true that. I suppose RA can count its blessings that it's not P'lands.
By the way, have you ever seen this awesome article about P'lands on Hayibo.com?
First para:
Disaster management teams were rushed to Cape Town's Koeberg nuclear reactor this morning amid reports that a suburb near the power plant had been devastated by radiation. Rescuers confirmed that they had found a "desolate wasteland populated by dazed zombie-like people" but added that there was no need to panic as this was "an average day in Parklands".
Rest of article at http://www.hayibo.com/articles/view/829
At those prices I'm buying one.
It might not be Royal Ascot but have you seen the views of the mountain. It's a bargain price and won't be beaten. FYI the reason they selling the last units for a discount is because registration is soon and they need to start with phase 2. First class development.
What first clas development? These units are your standard developer ala RDP finishings.
When the rental assistance ends, then you'll be in for a nasty shock when the rental you achieve on a one is R2500 and your levies are R600 plus excluding council rates.
Some people wouldnt know a bad investment even if it banged their wife in front of them.
I have been past this site and its literally in Montague Gardens. Just the other day they had a cash in transit heist at the Shell garage mentioned by Sakkie above.
This development is similar to Palm Springs axcept here you have views of industrial warehouse as opposed to car lots.
Buy at your own risk.
if one buys a property to live as opposed to a short term investment,there are a lot of advantages ,not having to leave at the whim of your landlord,being able to adapt the property to your own personal needs,most of your calculations are on a short term basis,while no can predict the market over 20 years ,assuming average capital gains of 5%per annum,your mortgage repayments will be less than rental inflation payments after 12 years,thereafter your mortgage will be lower than rent for as long as you choose to keep the property.capital gain will also have kicked in by then.
point is one has to take a longer term view when buying property.
If you can call granite as a standard in a RDP house then maybe you would be correct but your not.
Also to have an en-suite in a 2bedr unit plus a braai area at a price of a Bellville apartment on Voortrekker. The rental of R2500 and a levy off R600 plus council rates is to be honest just ridiculous. That will never happen. For R2500 you'll get a grannyflat in Belhar. You just can't compare the two. It is definitely an excellent investment and I'm still very happy with my purchase. As for a cash in transit heist, where doesn't this happen? South-Africa isn't save anywhere, so don't be fooled.
To Anon above,
Keep living in your dreamworld that that developement is a "gem". Why do I get the feeling that you might be the guy thats selling the units (cause I emailed you from Gumtree to tell you what people think of your crap development).
Go ahead, why not buy all of those apartments and rent them all out and start counting your profits!!! Delussional gat!!!
I've been to that place. I just dont feel safe driving there in the afternoon (let alone at night). Its a crap location and like some above said, its in Montague Gardens (cause the Shell Garage falls under Montague Gardens, as does the Steers and Debonairs).
As for Palm Springs, I remember wanting to buy it cause it was a bargain, but for me, its about location. I'd rather buy a smaller place in a safer/better area than buy a big place in a dodgy area. And for those that bought Palm Springs, that was the WORST investment EVER!!! Cant believe they got fooled!! BADLY!!!
Sakz
It is really not a bad area i live close by
We are in the process of buying a 2 bed.... we kind off thought that it wasn't that bad. We have family residing in RA and when we saw it we fell in love with the area. Much better than S/Suburbs. Even though the mall is small the Spar is very very clean and we've only received good customer service there.
Why do you want to walk around at night anyway?? This will be our first HOME. We are planning to stay there and give it some tlc inside before selling it again.
Sakkie it would be nice to afford something better but here in the "REAL WORLD" we try our best. We have been in Cape Town for 2 years know and I can honestly say that I didn't feel safe in Rondebosch Village...
Why are you wasting your time slandering this place...thought you'd be off right now looking for a better deal elsewhere.
Dear Prospective Property Buyers mentioned above,
I'm reading your comments above, and I've never come across such truths as what you have said as investors. It's what I have said about the prospects of renting there, yet you want to con your renters on those points.
You're acutually willing to rent this place to someone who might have a child, that could become a drug addict or worse because of the illegal immigrant living next door?
And guess what guys??? You try and get those poeple out once they're in and made holes in walls or sold the ready installed brand new oven and hob.
Royal Ascot, does have a good name among renters because it's safe and secure, and yes, Royal Carlisle is a barnacle on Royal Ascot, but not part of it, and looks absolutely hidious from it's enntrance.
Try having a look at Gordons Bay. You can get a 2 bedroom appartment for between 2800 and 3100, with excellent finishes. Bath and Shower, Balcony with Braai, and a walking distance from the beach.
It's far out of town, but since the Metro put the Express train into place, you get a coffee or hot chocolate and the newspaper on your way to work, for the same price as driving to work in the bumper to bumper traffic from Table View (same time - 1 hour)
It's looking more and more amiable, than living in a hole for 3500 with neighbours you would never want to associate.
Seriously?
dear,
all mens/womens
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