Back in 2008 you could buy off plan a 2 bed/2 bath 120m2 duplex at The Orangerie for between R3 100 000 and R3 500 000. Today you can pick one up for R2 650 000.That's at least a R400 000 drop in capital value not to mention the potentially hundreds of thousands of Rands in bond payments.
And the scary thing is a couple months ago a similar unit was on the market for R2 300 000!
Update: A reader just sent me a link to the latest (dated 3 Jan 2011) price list for the Orangerie
Here's how the prices compare:
| Unit | Initial Price | Jan 2011 Price |
|---|---|---|
AG 3 | R3,31,2000 | R2,850,000 |
AG 9 | R3,445,000 | R2,850,000 |
AG 10 | R3,275,000 | R2,850,000 |
BG 3 | R3,289,000 | R2,850,000 |
BG 4 | R3,312,000 | R2,850,000 |
BG 13 | R3,346,000 | R2,850,000 |
If you bought off plan back in 2008 I hope you negotiated your purchase price down. Waaaaay down. Also good luck selling your unit in the near future while it competes with unsold developer stock.
4 comments:
Still too expensive for a 2 bed with not much of a view and a building seemingly designed to replicate the asthetics of a parking garage.
A levie of almost R 2.5k is ridiculous.
Ok so the bond is like R27k a month plus a levy of R2.5k. And these things only rent out at around R12k a month... hmmm
What about rates of about R700 + electricity of R500 ???
What a rip-off. Who were the developers & estate agents?
Their marketing departments should be nominated for OSCAR awards...lol
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