It's the Saturday Open Thread! This weekends reading: Realestateweb's (so far) 3 part series on the Sharemax Ponzi Scheme Property Syndication. It's nice to see actual journalism for a change from Realestateweb.
So silent? Come on, you lot! If they could inflate the bubble with hot air then we can deflate it with cold reason! Send me your weak resolve, your huddled masses of unsold slaveboxes!
Been tracking Private Property in the City Bowl and Atlantic Seaboard - whoooweee but there's some major league post World Cup remorse setting in - price drops of between 20 and 25 percent on a couple of places.
"A total of 69 homes in various Cape Town locations will be going on auction on Saturday 28 August 2010.
"This will be the year’s largest Cape residential auction and has attracted widespread interest from local and international buyers with a record crowd expected.
Ish Hendricks of Auction Alliance says the properties are valued between R200k and R3m and are situated in the Southern Suburbs, Northern Suburbs, Helderberg and Atlantic Seaboard. “Due to the variety of properties on offer the auction offers a mix of investment opportunities for both first-time buyers and the experienced property investor.”"
Ish says a "wide variety of properties", I say glut. This is just getting started.
The properties will get auctioned and then the owners will scream blue murder as the highest bid is 20% less than they think their house is worth MINIMUM.
The AA sign goes up saying "Gone!", the bidder is left behind by the property big-players (if they feel it is worth it), the owner rejects all of the offers and the agents circle whispering poison in the owner's ear about how the auction was a mistake and how they can and will get a better offer for them.
Lo and behold 6 weeks later there is the same property up on propertygenie and in the newspaper under the title "Brand new listing!"
AA is auctioning a whole block of flats on the corner of Orange and Upper Orange street in town. Is the current owner struggling with non paying tenants ?
The tradesmen are giving it a face lift with paint and plaster. Why bother - it won't increase the fetching price surely.
I think that it's only the land they're after. The new owner is just going to raze the whole block to the ground in order to build shoebox cubicles just like the Orangerie around the corner surely ?
Didn't you hear? The property market is making a recovery, prices are up and buyers are everywhere! We are all going to make a killing out of buy-to-lets and then we can all stand around in a big circle and sing kumbaya until the cows come home or daddy takes my T-bird away!
8 comments:
http://baselinescenario.com/2010/08/23/housing-in-ten-words/
Property will never be the same...
So silent? Come on, you lot! If they could inflate the bubble with hot air then we can deflate it with cold reason! Send me your weak resolve, your huddled masses of unsold slaveboxes!
Been tracking Private Property in the City Bowl and Atlantic Seaboard - whoooweee but there's some major league post World Cup remorse setting in - price drops of between 20 and 25 percent on a couple of places.
examples please BC...
All I'm seeing is the same shit at the same price, if not a little higher.
The most amusing development is to see residential property that went to auction last month reappearing on agent's books the next month.
Right you are, JDog.
These three from Private Property (ref number in brackets)
Woodstock (J43986) - was R8m in June, now 6m - 25% drop.
Clifton (J42374) - was R25-million, now R19.5m - 22% drop.
Sea Point (J40542) - was R2.6m, now R2.095 - 19.4% drop.
At some point more in a pretty list and mail them to CT Bubble so he can do a proper post.
This on Property24 today:
"A total of 69 homes in various Cape Town locations will be going on auction on Saturday 28 August 2010.
"This will be the year’s largest Cape residential auction and has attracted widespread interest from local and international buyers with a record crowd expected.
Ish Hendricks of Auction Alliance says the properties are valued between R200k and R3m and are situated in the Southern Suburbs, Northern Suburbs, Helderberg and Atlantic Seaboard. “Due to the variety of properties on offer the auction offers a mix of investment opportunities for both first-time buyers and the experienced property investor.”"
Ish says a "wide variety of properties", I say glut. This is just getting started.
Auction Alliance is a load of old whooeey.
The properties will get auctioned and then the owners will scream blue murder as the highest bid is 20% less than they think their house is worth MINIMUM.
The AA sign goes up saying "Gone!", the bidder is left behind by the property big-players (if they feel it is worth it), the owner rejects all of the offers and the agents circle whispering poison in the owner's ear about how the auction was a mistake and how they can and will get a better offer for them.
Lo and behold 6 weeks later there is the same property up on propertygenie and in the newspaper under the title "Brand new listing!"
AA is auctioning a whole block of flats on the corner of Orange and Upper Orange street in town.
Is the current owner struggling with non paying tenants ?
The tradesmen are giving it a face lift with paint and plaster.
Why bother - it won't increase the fetching price surely.
I think that it's only the land they're after.
The new owner is just going to raze the whole block to the ground in order to build shoebox cubicles just like the Orangerie around the corner surely ?
Didn't you hear? The property market is making a recovery, prices are up and buyers are everywhere! We are all going to make a killing out of buy-to-lets and then we can all stand around in a big circle and sing kumbaya until the cows come home or daddy takes my T-bird away!
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