This 2 bed flat in Century City has been on the market for at least one and a half years with the price bouncing up and down between R780 000 and R800 000. Will someone just buy it already and put the seller out of his agony.And look at that view, Sandrift East never looked so beautiful...
5 comments:
Century City is way way overpriced along with Royal Ascot. There is no reason for prices to be so other than the fact that the developers were greedy.
Maybe the owners must get rid of the cats and the urine smell, fix the broken windows and put back the plug covers. The green stuff growing in the shower is also not really helping.
Cannot imagine what the place must look like inside if they cannot get it sold in 18 months - sounds like a reasonable price.
I have a place in Royal Ascot. I am paying for it quiet comfortably (doubling monthly premiums) but believe that my place should have cost me about 15% less.
I paid R630k, though I do believe that R530k would be "reasonable". If you ask me, my place should have cost me R450k.
But, I have no regrets of buying. I moved in December 2007. By March 2008, my place was SELLING for R750k (marketed at R780k). Today, it is being marketed for R700k.
I'm still making a profit in these turbulent times. But its not about making profit cause its a long term investment from my side... will rent out in future and acqure something bigger!
To the person above who thinks they bought a bargain at R630K in Royal Ascot, try and sell your property today at R700K aqnd I bet you you wont have one taker. Even at R650K, buyers are non existant.
Your property is at best, worth R600K today. Prices in that area have dropped through the floor and its people like you who get caught in the middle thinking they bought a bargain when in reality, they paid too much!
You fail to say if its a two or one bedroom. But at that price I assume its a two bedroom at that price. And does the price exclude costs and transfer duty?
You can rent it out at R4000 at the very most. Minus the levies (about R600), rates (about R200), maintenance etc etc and you should gross about R3300. That is a pathetic 4.5 % nett return. The bank gives you 10% interest nowdays. And dont mention capital growth because its dead in the water.
I dare you to get a evaluation from a estate agent who works the area like Rawson and Remax (who have offices at the Paddocks so you dont have to walk too far). Ask them and get back to us with what they said. I bet you a grand that they will say your property is worth R600k or less.
Oops, should have said you gross R3000 per month on the rent. In that case, your return is even lower at about 4%. What a shit buy!
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