What can I do? I rent an apartment and the people living downstairs, who own their flat, come home late on the weekends (3am or so) making a huge noise, blowing vuvuzelas and acting like drunkard dunces. I can't wait for my lease to expire so I can move away. Should I buy a vuvuzela and blow it outside their bedroom window early one morning when they are sleeping? HELP!
@ Anon#1, I know your pain. I used to live above a flat full of Rwandan religious fanatics, who would have "salvation sessions" at all hours, slamming doors, whooping, etc. Call the police: there are bylaws against disturbing the peace. If the cops won't respond (and they should) then send them a lawyer's letter.
Fish rots from the head. If the larnie parts of the market implode then the rest can't be far off. I've given up waiting for houses to become affordable anyway. Vote for anybody that proposes to boost government revenue with high property tax, become John's smirking revenge.
Last Anon, there's a theory that suggests bubbles or manias only finally collapse when the last sensible people are drawn into them. If you as a sensible property bear are finally starting to doubt, and thinking you should buy, it's a clear sign that we're near a turning point.
We've all seen the figures about how tiny the turnover over property sales is. It's a trickle. The people who are buying and selling are cash-rich Baby Boomers or a tiny clique of wealthy professionals. They would be inclined to buy higher-end properties, which would account for the upward creep in prices we're seeing.
When interest rates start climbing - and they will, perhaps even by the end of this year - Jannie and Sannie Klippies-and-Coke are going to be forced to sell. And that's when the huge flood of lower- and middle-segment properties hits.
Can I add my 2 cents? I think there won't be a huge bubble burst. South Africans are very bad and stubborn business people in general - the World Cup has demonstrated this. What we are going to see is people holding out for their asking prices even if it takes years and years with no growth. That is the way the average South African thinks - they would rather cut off their nose to spite their face than accept things the way they are and live in the real world.
Based on the real price charts and the ratio of the length of time booms take compared to crashes, the US real price will bottom in 2015.
SA's real property price usually bottoms 2 or 3 years after the US historically. So think 2018 for a real bottom ... plenty of time yet.
The world is presently going through the bull trap stage - the eye of the storm giving false hope to suckers - the real sh!tstorm is still coming - think Great Depression 2 - carnage in the stock market - rivers of blood in the property market.
This thing is far from over. Its going to be long.
10 comments:
What can I do? I rent an apartment and the people living downstairs, who own their flat, come home late on the weekends (3am or so) making a huge noise, blowing vuvuzelas and acting like drunkard dunces. I can't wait for my lease to expire so I can move away. Should I buy a vuvuzela and blow it outside their bedroom window early one morning when they are sleeping? HELP!
Another golf estate goes bankrupto. 3rd one I've heard of in recent weeks (on these pages). Could that be the sound a golf estate bubble popping?
http://www.iol.co.za/index.php?from=rss_Finance%20And%20Labour&set_id=1&click_id=594&art_id=vn20100705044654434C658503
Who cares about gold estates, only the super rich could ever afford them. I want to know when "affordable" type housing is going to become affordable.
@ Anon#1, I know your pain. I used to live above a flat full of Rwandan religious fanatics, who would have "salvation sessions" at all hours, slamming doors, whooping, etc. Call the police: there are bylaws against disturbing the peace. If the cops won't respond (and they should) then send them a lawyer's letter.
@ anon 3
Fish rots from the head. If the larnie parts of the market implode then the rest can't be far off.
I've given up waiting for houses to become affordable anyway.
Vote for anybody that proposes to boost government revenue with high property tax, become John's smirking revenge.
Cape Argus business watch - " Consumer inflation at 4.6 % "
How the F#%@ can they write that ?
What an insult to our intelligence. 4.6 % in Alices' Wonderland maybe.
People... we have been lied to. This bubble is not going to burst is it? I think our bubble is made of titanium alloy and it's going nowhere!
Last Anon, there's a theory that suggests bubbles or manias only finally collapse when the last sensible people are drawn into them. If you as a sensible property bear are finally starting to doubt, and thinking you should buy, it's a clear sign that we're near a turning point.
We've all seen the figures about how tiny the turnover over property sales is. It's a trickle. The people who are buying and selling are cash-rich Baby Boomers or a tiny clique of wealthy professionals. They would be inclined to buy higher-end properties, which would account for the upward creep in prices we're seeing.
When interest rates start climbing - and they will, perhaps even by the end of this year - Jannie and Sannie Klippies-and-Coke are going to be forced to sell. And that's when the huge flood of lower- and middle-segment properties hits.
Can I add my 2 cents? I think there won't be a huge bubble burst. South Africans are very bad and stubborn business people in general - the World Cup has demonstrated this. What we are going to see is people holding out for their asking prices even if it takes years and years with no growth. That is the way the average South African thinks - they would rather cut off their nose to spite their face than accept things the way they are and live in the real world.
Based on the real price charts and the ratio of the length of time booms take compared to crashes, the US real price will bottom in 2015.
SA's real property price usually bottoms 2 or 3 years after the US historically. So think 2018 for a real bottom ... plenty of time yet.
The world is presently going through the bull trap stage - the eye of the storm giving false hope to suckers - the real sh!tstorm is still coming - think Great Depression 2 - carnage in the stock market - rivers of blood in the property market.
This thing is far from over. Its going to be long.
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